Orbit News Limited Accounts

ORBIT NEWS LIMITED - Company Information






Orbit News Limited

	Company No. 05775464
		Information for Filing with The Registrar
		14 July 2022

at	14 July 2022
Company No.		05775464	Notes	2022	2021
				£	£
Fixed assets
	Intangible assets		4	75,834	89,834
	Tangible assets		5	4,280	4,905


				80,114	94,739
Current assets

	Debtors		6	22,333	19,300

	Cash at bank and in hand			75,066	95,181
				97,399	114,481
Creditors: Amount falling due within one year			7	(47,402)	(48,629)
Net current assets				49,997	65,852
Total assets less current liabilities				130,111	160,591
Creditors: Amounts falling due after more than one year			8	(97,508)	(123,245)



Net assets				32,603	37,346

Capital and reserves
	Called up share capital			100	100



	Profit and loss account		9	32,503	37,246

Total equity				32,603	37,346



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the period ended 14 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 06 April 2023
And signed on its behalf by:
G. Skentelbery
Director
06 April 2023

for the period ended 14 July 2022

General information

Its registered number is: 05775464

Its registered office is:

New Media Centre

Old Road

Warrington

WA4 1AT

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of services is recognised when all the following conditions are satisfied:
• the Company has provided to the buyer the significant risks and rewards of ownership of the
services;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the services sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of services is recognised when services are delivered and legal title is passed.

Intangible fixed assets

Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

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

Furniture, fittings and equipment

20% on cost

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Defined contribution pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

3	Employees
			2022	2021
			Number	Number
		The average monthly number of employees (including directors) during the period:	6	8

4	Intangible fixed assets
			Goodwill	Total
			£	£
		Cost
		At 1 July 2021	280,000	280,000


		At 14 July 2022	280,000	280,000
		Amortisation and impairment
		At 1 July 2021	190,166	190,166
		Charge for the year	14,000	14,000


		At 14 July 2022	204,166	204,166
		Net book values
		At 14 July 2022	75,834	75,834
		At 30 June 2021	89,834	89,834

5	Tangible fixed assets
			Fixtures, fittings and equipment	Total
			£	£
		Cost or revaluation
		At 1 July 2021	47,773	47,773
		Additions	960	960



		At 14 July 2022	48,733	48,733
		Depreciation
		At 1 July 2021	42,868	42,868
		Charge for the year	1,585	1,585



		At 14 July 2022	44,453	44,453
		Net book values
		At 14 July 2022	4,280	4,280
		At 30 June 2021	4,905	4,905

6	Debtors
			2022	2021
			£	£
		Trade debtors	21,136	18,103






		Prepayments and accrued income	1,197	1,197
			22,333	19,300

7	Creditors:
		amounts falling due within one year
			2022	2021
			£	£

		Bank loans and overdrafts	10,000	8,438


		Trade creditors	3,318	3,313


		Other taxes and social security	32,659	35,453

		Other creditors	524	524
		Accruals and deferred income	901	901
			47,402	48,629

8	Creditors:
		amounts falling due after more than one year
			2022	2021
			£	£

		Bank loans and overdrafts	32,500	41,563




		Other creditors	65,008	81,682

			97,508	123,245

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.