Orbitec Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05052967 (England and Wales)

ORBITEC LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K Hennah

Mrs C J Hennah

SECRETARY:

Mrs C J Hennah

REGISTERED OFFICE:

Unit 40 Royal Scot Road

Pride Park

Derby

Derbyshire

DE24 8AJ

REGISTERED NUMBER:

05052967 (England and Wales)

FIXED ASSETS

Tangible assets

4

29,821

38,076

Investment property

5

150,720

150,720

180,541

188,796

CURRENT ASSETS

Stocks

261,402

251,012

Debtors

6

192,227

95,608

Cash at bank

1,183,849

928,416

1,637,478

1,275,036

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

7

571,320

385,749

NET CURRENT ASSETS

1,066,158

889,287

TOTAL ASSETS LESS CURRENT LIABILITIES

1,246,699

1,078,083

PROVISIONS FOR LIABILITIES

4,235

6,066

NET ASSETS

1,242,464

1,072,017

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

1,242,364

1,071,917

SHAREHOLDERS' FUNDS

1,242,464

1,072,017

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2022 and were signed on its behalf by:

K Hennah - Director

1.	STATUTORY INFORMATION

Orbitec Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

Turnover

Turnover represents net invoiced sales of goods and services, net of value added tax and trade discounts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Long leasehold

-

5% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

33% on cost

Motor vehicles

-

25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2020 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2021

17,700

70,653

130,571

103,908

322,832

Additions

-

-

24,602

-

24,602

At 31 December 2021

17,700

70,653

155,173

103,908

347,434

DEPRECIATION

At 1 January 2021

15,045

50,489

122,005

97,217

284,756

Charge for year

885

10,074

15,210

6,688

32,857

At 31 December 2021

15,930

60,563

137,215

103,905

317,613

NET BOOK VALUE

At 31 December 2021

1,770

10,090

17,958

3

29,821

At 31 December 2020

2,655

20,164

8,566

6,691

38,076

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2021

and 31 December 2021

150,720

NET BOOK VALUE

At 31 December 2021

150,720

At 31 December 2020

150,720

The investment property is stated at the original cost, which is not considered to be materially different from the market value.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

188,907

91,197

Other debtors

3,320

4,411

192,227

95,608

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

418,105

324,438

Taxation and social security

108,717

55,172

Other creditors

44,498

6,139

571,320

385,749

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary shares

£1

100

100

9.

CONTROL

The controlling party is the directors.