Orchard Connects Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11911779 (England and Wales)

Audited Financial Statements for the Year Ended 30 September 2020

for

Orchard Connects Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M S Wordley

J Carpenter

K Mcdonald

REGISTERED OFFICE:

c/o Orchard

Trade Street

Cardiff

South Glamorgan

CF10 5DT

REGISTERED NUMBER:

11911779 (England and Wales)

AUDITORS:

Ecovis Wingrave Yeats LLP

Waverley House

7-12 Noel Street

London

W1F 8GQ

ACCOUNTANTS:

Macey Owen Limited

5 Willow Walk

Cowbridge

CF71 7EE

CURRENT ASSETS

Debtors

4,338

100

Cash at bank

39,771

2,691

44,109

2,791

CREDITORS

Amounts falling due within one year

(34,148

)

(1,603

)

NET CURRENT ASSETS

9,961

1,188

TOTAL ASSETS LESS CURRENT LIABILITIES

9,961

1,188

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

9,861

1,088

9,961

1,188

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 September 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 June 2021 and were signed on its behalf by:

M S Wordley - Director

1.	STATUTORY INFORMATION

Orchard Connects Limited 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies

Going Concern

At the year end the Company has net assets of £9,961 (2019: £1,188). The directors have considered the expected impact of the current global pandemic on the Company. Despite the social and economic conditions, the directors are confident that they are able to manage the business effectively during these challenging times. After making relevant enquiries and carrying out various scenario planning the directors have a reasonable expectation that the Company has adequate resources to continue in operation for the foreseeable future. For this reason they continue to adopt a going concern basis in preparing the financial statements. Refer to note 6 for details of the Coronavirus Business Interruption Loan taken by the Group post year end.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Government grants

Government grants are accounted under the accruals model as permitted by FRS 102. During the year the Group has received governmental support through the Coronavirus Job Retention Scheme. The government grants received in the year are of a revenue nature and are recognised in the Consolidated Statement of Comprehensive Income in the same year as the related expenditure.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value fo the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an outright short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cashflows discounted at a market rate of interest for similar debt instruments and subsequently at amortised cost, unless it qualifies as a loan from a direct in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kate Barekati (Senior Statutory Auditor)

for and on behalf of Ecovis Wingrave Yeats LLP

5.	POST BALANCE SHEET EVENTS

Post year end the Parent Company obtained a loan as part of the government's Coronavirus Business Interruption Loan Scheme introduced in response to the global pandemic, in line with the actions of many other businesses. A loan facility of £450,000 was agreed in October 2020 from Barclays Bank and the loan was drawn down in full in October 2020.

6.	ULTIMATE CONTROLLING PARTY

The immediate parent company at 30 September 2020 was The Orchard Media & Events Group Limited, a company incorporated in England and Wales. The results of the Company are consolidated into the immediate parent company and copies of its consolidated financial statements are available from the Companies House website.