Orbital Basements Limited - Period Ending 2022-07-31

Orbital Basements Limited

Contents of the Financial Statements
for the Year Ended 31 July 2022

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 7

Orbital Basements Limited

Company Information
for the Year Ended 31 July 2022

Director:

JJ Greene

Registered office:

Rusholt House Willets Lane Denham, Uxbridge Middlesex UB9 4HE

Registered number:

08901653

Accountants:

Wem & Co Chartered Accountants Savoy House Savoy Circus London W3 7DA

Orbital Basements Limited

(Registration number: 08901653)
Balance Sheet as at 31 July 2022

	Note	31.07.22		31.07.21
		£	£	£	£
FIXED ASSETS
Tangible assets	4		12,830		21,566
CURRENT ASSETS
Stocks	5	4,500		4,500
Debtors	6	97,373		246,480
Cash at bank and in hand		532		6,078
		102,405		257,058
CREDITORS
Creditors within 1yr	7	1,135,251		1,070,676
Net current liabilities			(1,032,846)		(813,618)
Total assets less current liabilities			(1,020,016)		(792,052)
Creditors Amounts falling due after more than one year	7		32,882		90,483
PROVISIONS FOR LIABILITES			(2,748)		(2,748)
Net liabilities			(1,055,646)		(885,283)
CAPITAL AND RESERVES
Called up share capital			1		1
Profit and loss account			(1,055,647)		(885,284)
Shareholders' deficit			(1,055,646)		(885,283)

For the financial year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Orbital Basements Limited

(Registration number: 08901653)
Balance Sheet as at 31 July 2022 (continued)

Approved and authorised by the director on 26 October 2022
 

......................................... JJ Greene Director

Orbital Basements Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 July 2022

1.	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Rusholt House
Willets Lane
Denham, Uxbridge
Middlesex
UB9 4HE

These financial statements were authorised for issue by the director on 26 October 2022.

2.	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency is Pound Sterling (£).

Summary of disclosure exemptions

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Going concern

The financial statements have been prepared on a going concern basis. However, the balance sheet shows negative equity.
The company is dependent on the continued support of its shareholders, which is expected to continue for at least the next twelve months. As a result, the directors feel it is appropriate to prepare the financial statements on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Orbital Basements Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 July 2022 (continued)

2	Accounting policies (continued)

Government grants

Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Computer equiptment	33% straight line basis
Plant and machinery	25% straight line basis
Motor vehicles	20% straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

3.	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2021 - 7).

Orbital Basements Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 July 2022 (continued)

4.	Tangible assets

	Plant and machinery etc £
Cost or valuation
At 1 August 2021	193,329
At 31 July 2022	193,329
Depreciation
At 1 August 2021	171,763
Charge for the year	8,736
At 31 July 2022	180,499
Carrying amount
At 31 July 2022	12,830
At 31 July 2021	21,566

5.

Stocks

	31.07.22 £	31.07.21 £
Other inventories	4,500	4,500

6.

Debtors

	31.07.22 £	31.07.21 £
Trade debtors	-	17,833
Prepayments	417	5,417
Other debtors	96,956	223,230
	97,373	246,480

Orbital Basements Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 July 2022 (continued)

7.

Creditors

Creditors: amounts falling due within one year

	Note	31.07.22 £	31.07.21 £
Due within one year
Loans and borrowings		76,785	100,375
Trade creditors		146,202	176,935
Amounts owed to group undertakings and undertakings in which the company has a participating interest		170,509	77,325
Taxation and social security		138,915	144,238
Accruals and deferred income		9,400	10,000
Wages and salaries		38,838	18,328
Other creditors		177,313	166,619
Directors loan account		377,289	376,856
		1,135,251	1,070,676

Creditors: amounts falling due after more than one year

	Note	31.07.22 £	31.07.21 £
Due after one year
Loans and borrowings		32,882	90,483

8.	Parent and ultimate parent undertaking

The ultimate parent is Orbital London Limited , incorporated in England and Wales .

 

9.	Impact of Covid-19

The COVID-19 pandemic continues to effect businesses in 2022. Measures taken by the government to contain the virus have signifcantly affected economic activity, which in turn have implications for the financial reporting.
Management has considered the consequences of COVID-19 and other events and conditions and it has determined that they do not create a material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern.