Orchard (Special Projects) Limited - Period Ending 2023-04-30

Orchard (Special Projects) Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Orchard (Special Projects) Limited

Company Information

Director

Mr N J Eagle

Registered office

8a Carlton Crescent Southampton Hampshire SO15 2EZ

Accountants

Lines & Company Ltd 8 Highfield Road West Moors Ferndown Dorset BH22 0NA

Orchard (Special Projects) Limited

(Registration number: 07410915)
Balance Sheet as at 30 April 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	4	20,508	10,371
Current assets
Stocks	5	2,095,331	715,708
Debtors	6	926,593	19,749
Cash at bank and in hand		11,421	664,903
		3,033,345	1,400,360
Creditors: Amounts falling due within one year	7	(2,774,037)	(1,041,833)
Net current assets		259,308	358,527
Total assets less current liabilities		279,816	368,898
Creditors: Amounts falling due after more than one year	7	(20,833)	(30,833)
Net assets		258,983	338,065
Capital and reserves
Called up share capital	8	100	100
Retained earnings		258,883	337,965
Shareholders' funds		258,983	338,065

Orchard (Special Projects) Limited

(Registration number: 07410915)
Balance Sheet as at 30 April 2023

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 January 2024
 

Mr N J Eagle Director

Orchard (Special Projects) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8a Carlton Crescent
Southampton
Hampshire
SO15 2EZ
England

These financial statements were authorised for issue by the director on 19 January 2024.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is possible that the economic benefits associated with the transaction can be measured reliably.

Orchard (Special Projects) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Motor vehicles	Straight line over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Orchard (Special Projects) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Orchard (Special Projects) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Financial instruments

Classification
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102, in full, to all of its financial instruments.

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and financial liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities

 Recognition and measurement
.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at the transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from group companies and related parties that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

 

Orchard (Special Projects) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4	Tangible assets

	Motor vehicles  £	Total £
Cost or valuation
At 1 May 2022	17,285	17,285
Additions	16,994	16,994
At 30 April 2023	34,279	34,279
Depreciation
At 1 May 2022	6,914	6,914
Charge for the year	6,857	6,857
At 30 April 2023	13,771	13,771
Carrying amount
At 30 April 2023	20,508	20,508
At 30 April 2022	10,371	10,371

5

Stocks

	2023 £	2022 £
Work in progress	2,095,331	715,708

6

Debtors

Current	Note	2023 £	2022 £
Trade debtors		299,593	12,369
Amounts owed by related parties	10	513,000	-
Other debtors		114,000	7,380
		926,593	19,749

Orchard (Special Projects) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Creditors

Creditors: amounts falling due within one year

	Note	2023 £	2022 £
Due within one year
Loans and borrowings	9	10,000	10,000
Trade creditors		71,545	36,229
Taxation and social security		23,978	16,852
Accruals and deferred income		1,300	-
Other creditors		2,667,214	978,752
		2,774,037	1,041,833

Creditors: amounts falling due after more than one year

	Note	2023 £	2022 £
Due after one year
Loans and borrowings	9	20,833	30,833

8	Share capital

Allotted, called up and fully paid shares

	2023		2022
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

9	Loans and borrowings

	2023 £	2022 £
Non-current loans and borrowings
Bank borrowings	20,833	30,833

	2023 £	2022 £
Current loans and borrowings
Bank borrowings	10,000	10,000

Orchard (Special Projects) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

10	Related party transactions

Summary of transactions with associates

At the balance sheet dates loans amounting to £513,000 (2022: £nil) were owed to the company.
 
No interest was paid on these loans during the year and there are no fixed terms for repayment. These amounts are included within debtors falling due within one year.