Orion Building Maintenance Ltd

ORION BUILDING MAINTENANCE LTD - Company Information

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Registered Number
08959549
(England and Wales)

Unaudited Financial Statements for the Year ended
30 March 2023

Orion Building Maintenance Ltd

Company Information
for the year from 31 March 2022 to 30 March 2023


Directors	Mrs L Watts
	Mr M Watts


Registered Address	10 Western Road
	Romford
	RM1 3JT


Registered Number	08959549 (England and Wales)

Orion Building Maintenance Ltd

Balance Sheet as at
30 March 2023

	Notes	2023		2022
		£	£	£	£
Fixed assets
Tangible assets	8		72,440		49,380
			72,440		49,380
Current assets
Stocks	11	6,600		3,850
Debtors	12	522,242		335,726
Cash at bank and on hand		760,181		434,477
		1,289,023		774,053
Creditors amounts falling due within one year	13	(634,319)		(286,811)
Net current assets (liabilities)			654,704		487,242
Total assets less current liabilities			727,144		536,622
Creditors amounts falling due after one year	14		(6,913)		(3,246)
Provisions for liabilities	16		(13,764)		(9,382)
Net assets			706,467		523,994
Capital and reserves
Called up share capital			1,000		1,000
Profit and loss account			705,467		522,994
Shareholders' funds			706,467		523,994

The company was entitled to exemption from audit for this reporting period 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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 14 December 2023, and are signed on its behalf by:

Mr M Watts
Director
Registered Company No. 08959549

Orion Building Maintenance Ltd

Notes to the Financial Statements
for the year ended 30 March 2023

1.	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Compliance with applicable reporting framework
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	First time adoption and other factors relevant to transition
	These financial statements for the period ended 30 March 2021 are the first financial statements of Orion Building Maintenance Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2019. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note. Equity as reported under previous UK GAAP has decreased by £6,418 due to adjustments arising from transaction to FRS 102 relating to deferred tax, equity reported under FRS 102 is £351,943. Profit as reported under previous UK GAAP has decreased by £6,418 due to adjustments arising from transaction to FRS 102 relating to deferred tax.

First time adoption and other factors relevant to transition

These financial statements for the period ended 30 March 2021 are the first financial statements of Orion Building Maintenance Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2019. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note.

Equity as reported under previous UK GAAP has decreased by £6,418 due to adjustments
arising from transaction to FRS 102 relating to deferred tax, equity reported under FRS 102 is
£351,943.

Profit as reported under previous UK GAAP has decreased by £6,418 due to adjustments arising from transaction to FRS 102 relating to deferred tax.

4.	Principal activities
	The principal activity of the company continued to be that of general building services.

5.	Basis of measurement used in financial statements
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

6.	Accounting policies

	Functional and presentation currency policy
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


		Reducing balance (%)
	Fixtures and fittings	20
	Vehicles	25

	Stocks policy
	Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Deferred tax policy
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax policy

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Foreign currency translation and operations policy
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation and operations policy

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Government grants and other government assistance policy
	Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Government grants and other government assistance policy

Government grants are recognised at the fair value of the asset received or receivable when there
is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance
conditions are met. Where a grant does not specify performance conditions it is recognised in
income when the proceeds are received or receivable. A grant received before the recognition
criteria are satisfied is recognised as a liability.

	Leases policy
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

	Employee benefits policy
	Contributions to defined contribution plans are expensed in the period to which they relate.

7.	Employee information


		2023		2022
	Average number of employees during the year	14		12

8.	Property, plant and equipment

	Vehicles	Fixtures & fittings	Total
	£	£	£
Cost or valuation
At 31 March 22	108,353	3,448	111,801
Additions	45,707	1,319	47,026
At 30 March 23	154,060	4,767	158,827
Depreciation and impairment
At 31 March 22	60,353	2,068	62,421
Charge for year	23,426	540	23,966
At 30 March 23	83,779	2,608	86,387
Net book value
At 30 March 23	70,281	2,159	72,440
At 30 March 22	48,000	1,380	49,380

9.	Directors advances, credits and guarantees
	At the year end the company owed the director £706 (2022 - £26) by way of their director's current account.

10.	Dividends proposed and payable

	2023	2022
	£	£
Dividends Paid	87,000	38,000
Total	87,000	38,000


	The dividends shown below were paid in the year in respect of shares held by the company’s directors.

11.	Stocks

	2023	2022
	£	£
Other stocks	6,600	3,850
Total	6,600	3,850

12.	Debtors

	2023	2022
	£	£
Trade debtors / trade receivables	509,050	324,971
Other debtors	8,084	2,016
Prepayments and accrued income	5,108	8,739
Total	522,242	335,726


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

13.	Creditors within one year

	2023	2022
	£	£
Trade creditors / trade payables	333,362	73,574
Taxation and social security	261,950	131,587
Finance lease and HP contracts	6,702	11,220
Other creditors	980	64,106
Accrued liabilities and deferred income	31,325	6,324
Total	634,319	286,811


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. The hire purchase creditor due both within and after one year is secured against the asset to which it relates.

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

The hire purchase creditor due both within and after one year is secured against the asset to which it relates.

14.	Creditors after one year

	2023	2022
	£	£
Other creditors	6,913	3,246
Total	6,913	3,246

15.	Finance lease and HP contracts after one year

		2023		2022
		£		£
	Finance lease and HP contracts	6,913		3,246

16.	Provisions for liabilities

	2023	2022
	£	£
Net deferred tax liability (asset)	13,764	9,382
Total	13,764	9,382