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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Orbitonix Limited is a private company limited by shares and is incorporated in Scotland. The address of the
registered office is disclosed on the company information page. The company's principal trading activity is in
relation to new orbits of mobile development.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The financial statements are prepared on a going concern basis, considering that the Company relies on the
financial support of the parent company to continue to meet its liabilities as and when they fall due for at least
twelve months from the date of approval of the financial statements. The parent company has substantial cash
reserves and is well equipped to provide adequate funding to the Company to ensure it maintains a sound
financial situation and is in a position to meet its debt obligations for the foreseeable future.
Whilst the Coronavirus pandemic is still creating some uncertainty globally, it is hoped that all the relevant measures that the director has put into place over the last year, together with the ongoing vaccine immunisation taking place across the world, the ongoing impact this will have on the company is minimal.
At the date of signing the balance sheet, there is further global uncertainty being caused by world events including the war in Ukraine, inflation and supply chain shortages. These factors are being continuously monitored by the director and the impacts mitigated, where possible, with forward planning, supply chain and
cost management.
Whilst some uncertainties still exist and these may cast doubt on the company’s ability to continue as a going
concern, the director has assessed that the actions he has taken should enable it to continue in operational existence for at least twelve months from the approval of these accounts.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Short-term debtors are measured at transaction price, less any impairment.
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