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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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:
At 31 December 2022, the company has net liabilities of £4,190 (2021 - £38,221) and is reliant upon 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 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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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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