REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2022 |
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ORITAIN UK LIMITED |
REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2022 |
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FOR |
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ORITAIN UK LIMITED |
ORITAIN UK LIMITED (REGISTERED NUMBER: 09783112) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2022 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Income Statement | 3 |
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Other Comprehensive Income | 4 |
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Balance Sheet | 5 |
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Statement of Changes in Equity | 7 |
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Notes to the Financial Statements | 8 |
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ORITAIN UK LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 March 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Herschel House |
58 Herschel Street |
Slough |
Berkshire |
SL1 1PG |
ORITAIN UK LIMITED (REGISTERED NUMBER: 09783112) |
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REPORT OF THE DIRECTORS |
for the Year Ended 31 March 2022 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2022. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2021 to the date of this report. |
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Other changes in directors holding office are as follows: |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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ORITAIN UK LIMITED (REGISTERED NUMBER: 09783112) |
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INCOME STATEMENT |
for the Year Ended 31 March 2022 |
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31.3.22 | 31.3.21 |
as restated |
Notes | £ | £ |
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REVENUE |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT |
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Interest payable and similar expenses | 4 |
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PROFIT BEFORE TAXATION | 5 |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL YEAR |
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ORITAIN UK LIMITED (REGISTERED NUMBER: 09783112) |
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OTHER COMPREHENSIVE INCOME |
for the Year Ended 31 March 2022 |
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31.3.22 | 31.3.21 |
as restated |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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ORITAIN UK LIMITED (REGISTERED NUMBER: 09783112) |
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BALANCE SHEET |
31 March 2022 |
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31.3.22 | 31.3.21 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
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Property, plant and equipment | 9 |
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CURRENT ASSETS |
Debtors | 10 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 11 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
12 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 14 |
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Retained earnings | 15 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps 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 Sections 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. |
ORITAIN UK LIMITED (REGISTERED NUMBER: 09783112) |
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BALANCE SHEET - continued |
31 March 2022 |
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The financial statements were approved by the Board of Directors and authorised for issue on
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ORITAIN UK LIMITED (REGISTERED NUMBER: 09783112) |
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STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 31 March 2022 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 April 2020 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 March 2021 |
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(3,568,395 | ) | ( |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 March 2022 |
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ORITAIN UK LIMITED (REGISTERED NUMBER: 09783112) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2022 |
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1. | STATUTORY INFORMATION |
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Oritain Uk Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparation |
These financial statements have transitioned from FRS 102 1a in the previous year to FRS 101 at the start of the period. |
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These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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The company's financial statements are presented in sterling. |
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The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework": |
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• | the requirements of IFRS 7 Financial Instruments: Disclosures; |
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the requirements of paragraphs 10(d), 10)(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D and 111 of IAS
1 Presentation of Financial Statements; |
• | the requirements of paragraphs 134 to 136 of IAS 1 Presentation of Financial Statements; |
• | the requirements of IAS 7 Statement of Cash Flows; |
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the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates
and Errors; |
• | the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures; |
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the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into
between two or more members of a group. |
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Turnover |
A contract may include various components of goods/services which may be separate performance obligations, or which are combined in a joint performance obligation. Revenue is recognised as the group's performance obligations are satisfied. |
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Revenue is only reported if it is deemed probable that the group will benefit from the related financial benefits. If there is significant uncertainty regarding payment, related costs or the risk of returns, no revenue is recognised. Revenue is recognised at the fair value of what has been received, or is expected to be received, less discounts granted. Estimates of revenue, costs and percentage of completion are revised if circumstances change. Changes in estimates are reported in the income statement in the period information about the conditions that led to the change is received. |
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Tangible fixed assets |
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Plant and machinery | - |
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Taxation |
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the balance sheet date. |
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Foreign currencies |
Transactions denominated in foreign currencies are recorded at the rates of exchange ruling at the dates of the transactions, or at an average rate for the period if the rates do not fluctuate significantly. Monetary assets and liabilities are translated at year end exchange rates or, where appropriate, at rates of exchange fixed under the terms of the relevant transaction. The resulting exchange rate differences are charged to the profit and loss account. |
ORITAIN UK LIMITED (REGISTERED NUMBER: 09783112) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Employee benefit costs |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
31.3.22 | 31.3.21 |
as restated |
£ | £ |
Wages and salaries | 1,542,163 | 911,813 |
Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
31.3.22 | 31.3.21 |
as restated |
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31.3.22 | 31.3.21 |
as restated |
£ | £ |
Directors' remuneration |
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Information regarding the highest paid director is as follows: |
31.3.22 | 31.3.21 |
as restated |
£ | £ |
Emoluments etc | 234,999 | 189,720 |
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4. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.22 | 31.3.21 |
as restated |
£ | £ |
Loan interest |
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5. | PROFIT BEFORE TAXATION |
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The profit before taxation is stated after charging: |
31.3.22 | 31.3.21 |
as restated |
£ | £ |
Depreciation - owned assets |
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Computer software amortisation |
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Foreign exchange differences |
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ORITAIN UK LIMITED (REGISTERED NUMBER: 09783112) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2022 |
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6. | TAXATION |
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Analysis of tax expense |
No liability to UK corporation tax arose for the year ended 31 March 2022 nor for the year ended 31 March 2021. |
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7. | PRIOR YEAR ADJUSTMENT |
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At the start of the period the company transitioned to FRS 101 from FRS 102. As a result, the prior year comparative figures have been adjusted to be in accordance with FRS 101. |
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Adjustments have been made to accrued and deferred revenue, to be in line with IFRS 15. The impact of this adjustment on retained earnings brought forward was a decrease of £448,798. |
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In addition, the comparative figures were adjusted to reflect additional intercompany recharges. The impact of this adjustment on retained earnings brought forward was an increase of £448,798. |
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The net impact of both adjustments on retained earnings brought forward was £nil. |
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8. | INTANGIBLE FIXED ASSETS |
Computer |
software |
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COST |
At 1 April 2021 |
and 31 March 2022 |
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AMORTISATION |
At 1 April 2021 |
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Amortisation for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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ORITAIN UK LIMITED (REGISTERED NUMBER: 09783112) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2022 |
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9. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
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COST |
At 1 April 2021 |
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Additions |
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At 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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10. | DEBTORS |
31.3.22 | 31.3.21 |
as restated |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Amounts falling due after more than one year: |
Other debtors & prepayments |
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Aggregate amounts |
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11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
as restated |
£ | £ |
Bank loans and overdrafts (see note 13) |
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Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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VAT | 31,374 | 29,146 |
Other creditors |
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Directors' current accounts | - | 5,850 |
Accruals and deferred income |
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ORITAIN UK LIMITED (REGISTERED NUMBER: 09783112) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2022 |
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12. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.3.22 | 31.3.21 |
as restated |
£ | £ |
Bank loans (see note 13) |
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13. | FINANCIAL LIABILITIES - BORROWINGS |
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31.3.22 | 31.3.21 |
as restated |
£ | £ |
Current: |
Bank loans |
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Non-current: |
Bank loans - 1-2 years |
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Terms and debt repayment schedule |
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1 year or |
less | 1-2 years | 2-5 years | Totals |
£ | £ | £ | £ |
Bank loans |
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9,931 | 22,396 | 42,014 |
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The interest rate which applies to the loan agreement is 2.5% (fixed) per annum. |
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The loan is paid back in monthly repayments with the last repayment date being in June 2026. |
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14. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 31.3.22 | 31.3.21 |
value: | £ | £ |
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Ordinary | 1 | 100 | 100 |
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15. | RESERVES |
Retained |
earnings |
£ |
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At 1 April 2021 | ( |
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Profit for the year |
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At 31 March 2022 | ( |
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16. | ULTIMATE PARENT COMPANY |
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Oritain Global Limited (incorporated in New Zealand ) is regarded by the directors as being the company's ultimate parent company. |
ORITAIN UK LIMITED (REGISTERED NUMBER: 09783112) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2022 |
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17. | ULTIMATE CONTROLLING PARTY |
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There is no ultimate controlling party. |
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18. | ULTIMATE PARENT COMPANY |
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The ultimate parent company is Oritain Global Limited by virtue of the 100% shareholding in Oritain UK Limited. |