Company Registration No. 08456118 (England and Wales)
ORANGE EST8 LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2021
ORANGE EST8 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Information for management
-
ORANGE EST8 LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
325,125
287,147
Investment properties
4
5,151,833
4,469,323
5,476,958
4,756,470
Current assets
Debtors
5
953,842
633,404
Cash at bank and in hand
209,488
8,508
1,163,330
641,912
Creditors: amounts falling due within one year
6
(615,195)
(746,874)
Net current assets/(liabilities)
548,135
(104,962)
Total assets less current liabilities
6,025,093
4,651,508
Creditors: amounts falling due after more than one year
7
(5,420,189)
(4,250,412)
Net assets
604,904
401,096
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
604,903
401,095
Total equity
604,904
401,096
ORANGE EST8 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2021
31 March 2021
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on
21 July 2021
Mr R R Russo
Director
Company Registration No. 08456118
ORANGE EST8 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
1
Accounting policies
Company information
Orange Est8 Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
6 Forest Road, Loughborough, Leicestershire, LE11 3NP.
1.1
Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold property
10% Straight line
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset, or the asset's cash generating unit
is estimated
and compared to the carrying amount
in order to determine the extent of the impairment loss (if any).
Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
1.6
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
ORANGE EST8 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
1
1
ORANGE EST8 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 5 -
3
Tangible fixed assets
Leasehold property
£
Cost
At 1 April 2020
359,191
Additions
266,005
Disposals
(185,717)
At 31 March 2021
439,479
Depreciation and impairment
At 1 April 2020
72,044
Depreciation charged in the year
42,310
At 31 March 2021
114,354
Carrying amount
At 31 March 2021
325,125
At 31 March 2020
287,147
4
Investment property
2021
£
Fair value
At 1 April 2020
4,469,324
Additions
682,509
At 31 March 2021
5,151,833
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
953,842
633,404
ORANGE EST8 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 6 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
45,691
36,976
Trade creditors
116,558
356,603
Corporation tax
43,927
29,791
Other creditors
409,019
323,504
615,195
746,874
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
3,600,763
2,791,736
Other creditors
1,819,426
1,458,676
5,420,189
4,250,412
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1