Company Registration No. 04363231 (England and Wales)
Orbit Portsmouth Limited
Unaudited accounts
for the year ended 31 March 2023
Orbit Portsmouth Limited
Unaudited accounts
Contents
Orbit Portsmouth Limited
Company Information
for the year ended 31 March 2023
Director
Richard Michael Britten Long
Company Number
04363231 (England and Wales)
Registered Office
THE WICHENFORD ESTATE OFFICE,
THE HILL FARM
WICHENFORD
WORCESTER
WR6 6YY
United Kingdom
Orbit Portsmouth Limited
Statement of financial position
as at 31 March 2023
Tangible assets
2,004,700
2,008,037
Cash at bank and in hand
14,396
46,235
Creditors: amounts falling due within one year
(348,292)
(301,432)
Net current assets
268,037
210,730
Total assets less current liabilities
2,272,737
2,218,767
Creditors: amounts falling due after more than one year
(765,000)
(765,000)
Provisions for liabilities
Deferred tax
(104,500)
(104,500)
Net assets
1,403,237
1,349,267
Called up share capital
4
4
Revaluation reserve
593,766
593,766
Fair value reserve
445,500
445,500
Profit and loss account
363,967
309,997
Shareholders' funds
1,403,237
1,349,267
For the year ending 31 March 2023 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 18 December 2023 and were signed on its behalf by
Richard Michael Britten Long
Director
Company Registration No. 04363231
Orbit Portsmouth Limited
Notes to the Accounts
for the year ended 31 March 2023
Orbit Portsmouth Limited is a private company, limited by shares, registered in England and Wales, registration number 04363231. The registered office is THE WICHENFORD ESTATE OFFICE,, THE HILL FARM, WICHENFORD, WORCESTER, WR6 6YY, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as at the reporting end date. The surplus of deficit on revaluation is recognised in profit or loss and subsequently transferred to a separate non-distributable reserve, net of deferred tax.
On disposal any profit or loss on the disposal proceeds received less the valuation held are recognised in the profit and loss account. A transfer is created between the non-distributable reserves and the profit and loss reserve for the element that relates to the property disposed of.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment.
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.
Orbit Portsmouth Limited
Notes to the Accounts
for the year ended 31 March 2023
4
Tangible fixed assets
Land & buildings
Plant & machinery
Total
Cost or valuation
At cost
At cost
At 1 April 2022
2,000,000
159,746
2,159,746
At 31 March 2023
2,000,000
159,746
2,159,746
At 1 April 2022
-
151,709
151,709
Charge for the year
-
3,337
3,337
At 31 March 2023
-
155,046
155,046
At 31 March 2023
2,000,000
4,700
2,004,700
At 31 March 2022
2,000,000
8,037
2,008,037
Amounts falling due within one year
Trade debtors
58,075
52,938
Accrued income and prepayments
8,846
278
Other debtors
535,012
412,711
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
38,984
1,681
Taxes and social security
14,620
28,472
Other creditors
294,688
223,974
7
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
765,000
765,000
The ultimate controlling party is Elementiata Securities Limited.
9
Average number of employees
During the year the average number of employees was 0 (2022: 0).
