Registered Number
:
04927314
|
For the year ended 31 January 2020
England and Wales
Unaudited Report and Financial Statements
Orchid Telecom Limited
Statement of Financial Position
2019
2020
Property
,
plant and equipment
|
954
1,148
2
954
1,148
97,859
124,833
3
Trade and other receivables
|
106,454
157,841
4
1
Cash and cash equivalents
|
480
283,154
204,314
Trade and other payables
:
amounts falling due within one year
|
(184,955)
(239,163)
5
19,359
43,991
Net current assets
Total assets less current liabilities
|
44,945
20,507
Trade and other payables
:
amounts falling due after more than one
|
year
|
(22,661)
(9,315)
6
35,630
Net assets/liabilities
(2,154)
1,000
1,000
34,630
(3,154)
35,630
(2,154)
Shareholders' funds
For the year ended 31 January 2020 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 of its financial statements for the year ended 31 January 2020 in accordance with Section 476 of the Companies Act 2006
|
The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
|
b
)
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
|
financial year and of its profit or loss for each financial year in accordance with the requirements of Section
394
and
395
and
|
which otherwise comply with the requirements of the Companies Act
2006
relating to financial statements
,
so far as applicable
|
to the company
.
|
In accordance with Section
444
of the Companies Act
2006
,
the Income Statement has not been delivered
.
|
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
|
These financial statements were approved and authorised for issue by the Board on 17 April 2020 and were signed by:
|
The notes form part of these financial statements
|
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For the year ended 31 January 2020
Orchid Telecom Limited
Notes to the Financial Statements
Statutory Information
Orchid Telecom Limited is a private limited company
,
limited by shares
,
domiciled in England and Wales
,
registration number
|
04927314
.
|
Millhouse Offices
Old Uppingham Road
Billesdon
Leicestershire
LE7 9FN
The presentation currency is £ sterling
.
|
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section
1
A of Financial Reporting Standard
|
102
'
The Financial Reporting Standard applicable in the UK and Republic of Ireland
'
and the Companies Act
2006
.
The
|
financial statements have been prepared under the historical costs convention as modified by the revaluation of certain assets
.
|
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes.
|
Research and development
Research and development expenditure is charged to the profit and loss account in the period in which it is incurred.
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
|
Computer equipment
Fixtures and fittings
Inventories
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
|
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
|
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the profit and loss account.
|
Hire purchase and leasing commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term. The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
|
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the benefit of its directors/and employees. Contributions payable are charged to the profit and loss account in the period in which they are payable.
|
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For the year ended 31 January 2020
Orchid Telecom Limited
Notes to the Financial Statements Continued
Financial instruments
The company has elected to apply the provisions of Section
11
'
Basic Financial Instruments
'
and Section
12
'
Other Financial
|
Instruments Issues
'
of FRS
102
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 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
.
|
Basic financial assets
,
which include debtors and cash and bank balances
,
are initially measured at transaction price including
|
transaction costs and are subsequently carried at amortized 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
|
market rates of interest
.
Financial assets classified as receivable within one year are not amortized
.
|
Basic financial liabilities
|
Basic financial liabilities
,
including creditors 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 amortized
.
|
Debt instruments are subsequently carried at amortized 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 operations 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
|
amortized cost plus the effective interest method
.
|
Derecognition of financial liabilities
|
Financial liabilities are derecognised when the company
'
s contractual obligations expire or are discharged or cancelled
.
|
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event
,
it is probable
|
that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated
.
|
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For the year ended 31 January 2020
Orchid Telecom Limited
Notes to the Financial Statements Continued
2
.
Property
,
plant and equipment
|
1,490
350
1,140
100
-
100
1,240
350
1,590
Provision for depreciation and impairment
|
342
115
227
Charge for year
294
111
183
636
226
410
830
124
954
913
235
1,148
2019
2020
124,833
97,859
4
.
Trade and other receivables
|
2019
2020
136,766
57,562
21,075
48,892
106,454
157,841
5
.
Trade and other payables
:
amounts falling due within one year
|
2019
2020
22,164
16,791
14,867
21,064
Taxation and social security
|
31,614
11,344
170,518
135,756
239,163
184,955
Included in other creditors repayable within one year is an amount outstanding to Growth Street Provision Limited of £67,840 (219: £72,793). This amount is secured by way of a fixed and floating charge over all of the company's property and undertaking dated 23 October 2019.
|
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For the year ended 31 January 2020
Orchid Telecom Limited
Notes to the Financial Statements Continued
6
.
Trade and other payables
:
amounts falling due after more than one year
|
2019
2020
9,315
22,661
7
.
Guarantees and other financial commitments
|
The company operates a defined contribution pension scheme in respect of employees automatically enrolled into a work place
|
pension
.
The assets of the scheme are held separately from those of the company in an independently administered fund
.
|
Pension commitments
Operating lease commitments
|
At
31
January
2020
the company had outstanding commitments for future minimum lease payments under non
-
cancellable
|
operating leases amounting to £
25
,
575
(
2019
:
£
27
,
489
).
|
8
.
Average number of persons employed
|
During the year the average number of employees was 3 (2019 : 3).
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