ORTUS Technology Limited Filleted accounts for Companies House (small and micro)

ORTUS TECHNOLOGY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07554900

ORTUS Technology Limited

Filleted Unaudited Financial Statements

31 March 2018

ORTUS Technology Limited

Financial Statements

Year ended 31 March 2018

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

ORTUS Technology Limited

Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Tangible assets	5	97,133	88,937
Investments	6	200	100
		--------	--------
		97,333	89,037

Current assets

Stocks		406,027	203,703
Debtors	7	2,239,312	6,282,287
Cash at bank and in hand		4,797,990	2,387,596
		------------	------------
		7,443,329	8,873,586

Creditors: amounts falling due within one year	8	4,925,727		6,104,461
		------------		------------
Net current assets			2,517,602		2,769,125
			------------		------------
Total assets less current liabilities			2,614,935		2,858,162

Creditors: amounts falling due after more than one year	9	1,653	8,574
		------------	------------
Net assets		2,613,282	2,849,588
		------------	------------

Capital and reserves

Called up share capital	10	1,000	1,000
Profit and loss account		2,612,282	2,848,588
		------------	------------
Shareholders funds		2,613,282	2,849,588
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

ORTUS Technology Limited

Statement of Financial Position (continued)

31 March 2018

These financial statements were approved by the board of directors and authorised for issue on 12 November 2018 , and are signed on behalf of the board by:

J P Rumsey

Director

Company registration number: 07554900

ORTUS Technology Limited

Notes to the Financial Statements

Year ended 31 March 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW.

2. Statement of compliance

These financial statements have been prepared in compliance with the provision of FRS 102 Section 1A small entities, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor Vehicles	-	25% straight line
Office Equipment	-	25 % straight line

Investments

Investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2017: 8 ).

5. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 April 2017	21,261	117,840	139,101
Additions	–	39,504	39,504
	--------	---------	---------
At 31 March 2018	21,261	157,344	178,605
	--------	---------	---------
Depreciation
At 1 April 2017	5,315	44,849	50,164
Charge for the year	4,872	26,436	31,308
	--------	---------	---------
At 31 March 2018	10,187	71,285	81,472
	--------	---------	---------
Carrying amount
At 31 March 2018	11,074	86,059	97,133
	--------	---------	---------
At 31 March 2017	15,946	72,991	88,937
	--------	---------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 March 2018	11,074
	--------
At 31 March 2017	15,946
	--------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2017	100
Additions	100
	----
At 31 March 2018	200
	----
Impairment
At 1 April 2017 and 31 March 2018	–
	----

Carrying amount
At 31 March 2018	200
	----
At 31 March 2017	100
	----

The company holds 100% of the share capital of the following company, registered in England. Registered Office 146 New London Road, Chelmsford, Essex, CM2 0AW.

Ortus Marine Services Limited

Ortus MedSupply Limited

7. Debtors

	2018	2017
	£	£
Trade debtors	903,294	4,600,479
Amounts owed by group undertakings	636,161	533,373
Prepayments and accrued income	358,044	263,732
Directors loan account	35,229	–
Amount due by related undertakings	306,437	876,895
Other debtors	147	7,808
	------------	------------
	2,239,312	6,282,287
	------------	------------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	3,003,992	4,354,733
Accruals and deferred income	757,623	65,204
Corporation tax	40,980	284,228
Social security and other taxes	712,762	1,124,757
Obligations under finance leases and hire purchase contracts	6,921	8,295
Amounts owed to related undertakings	402,963	220,050
Sundry creditors	–	100
Other creditors	486	47,094
	------------	------------
	4,925,727	6,104,461
	------------	------------

9. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Obligations under finance leases and hire purchase contracts	1,653	8,574
	-------	-------

10. Called up share capital

Issued, called up and fully paid

	2018		2017
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000.00	1,000	1,000.00
	-------	----------	-------	----------

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2018	2017
	£	£
Not later than 1 year	44,145	44,145
	--------	--------

12. Directors' advances, credits and guarantees

At the year end the C Hall owed the company £33,425 (2017 - £Nil) which is shown amongst debtors. The maximum amount outstanding during the year was £33,425 and no interest has been charged on this loan. The loan was repaid after the year end date. At the year end the R P Skingley owed the company £1,804 (2017 - £Nil) which is shown amongst debtors. The maximum amount outstanding during the year was £1,804 and no interest has been charged on this loan. The loan was repaid after the year end date.

13. Related party transactions

The company has taken advantage of the exemption granted under FRS 102 section 33.1A not to disclose transactions with group companies that are wholly owned. Information about related party transaction and outstanding balances are outlined below;

	2018	2017
	£	£
Amounts due from related parties	306,437	876,895
Amounts due to related parties	(402,963)	(220,050)
Management charges to related parties	50,000	50,000
Recharges expenses to related parties	130,641	34,305
Recharges expenses from related parties	(8,302)	(8,468)

At the year end the company owed directors £486 (2017 - £47,094) which is shown amongst creditors.