ORBITAL PROFESSIONAL EMPLOYMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2021
Orbital Professional Employment Limited is a private company limited by shares, incorporated in England and Wales (registered number: 12641371). It's registered office is Digital Media Centre, County Way, Barnsley, South Yorkshire, United Kingdom, S70 2JW. The company has been incorporated on 3rd June 2020. The principal activity throughout the period was the management of human resources functions.
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Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The Company's functional and presentation currency is pounds sterling.
The following principal accounting policies have been applied:
The financial statements have been prepared on the basis that the company will be able to continue
as a going concern. The directors have based this assumption on the expectation that sufficient
profits will be generated to cover the net current liabilities.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
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the amount of revenue can be measured reliably;
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it is probable that the Company will receive the consideration due under the contract;
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the stage of completion of the contract at the end of the reporting period can be measured reliably; and
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the costs incurred and the costs to complete the contract can be measured reliably.
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