Orwin Limited Accounts

HAHN AUTOMATION LTD - Company Information

Company number 04628123






	Orwin Limited
			Directors' Report and Unaudited Accounts
			31 December 2019




							Pages

Company Information							2
Directors' Report							3
Accountant's Report							4
Profit and Loss Account							5
Statement of Comprehensive Income							6
Balance Sheet							7
Statement of Changes in Equity							8
Notes to the Accounts							9 to 15


Directors

B.G. Murphy
C. Whiteley











































Registered Office

3 Brockwell Road
Crowther
Washington
Tyneand Wear
NE38 0AF

Accountants

Robinson & Co
12 Regent Terrace
Gateshead
Tyne and Wear

NE8 1LU


The Directors present their report and the accounts for the year ended 31 December 2019.

Principal activities
The principal activity of the company during the year under review was the provision of engineering services.




Directors

The Directors who served at any time during the year were as follows:

B.G. Murphy
C. Whiteley


































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

C. Whiteley
Director
31 January 2020

Independent Accountant's Report to the Board of directors of Orwin Limited on the preparation of the unaudited statutory accounts for the year ended 31 December 2019

In order to assist you to fulfil your duties under the Companies Act 2006 , we have prepared for your approval the financial statements of Orwin Limited for the year ended 31 December 2019 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the Notes to the Accounts from the company's accounting records and from information and explanations you have given us.
Opinion Our work has been undertaken so that we might state to the company's members those matters we are required to state to them in an assurance report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our work, for this report, or for the opinions we have formed. These financial statements are the responsibility of the Company' s management. Our responsibility is to issue a report on these financial statements based on our review. We have reviewed the accompanying balance sheet of Orwin Limited as at 31 December 2019, and the income statement, statement of changes in equity for the year then ended.
In our opinion the accounts: give a true and fair view of the state of the company's affairs as at 31 December 2019 and of its profit for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion We are independent of the company in accordance with the ethical requirements that are relevant to our review of the accounts in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out below, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We conducted our review in accordance with the Companies Act 2006 and applicable standards or practices. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion. Based on our review, nothing has come to our attention that causes us to believe that the accompanying financial statements do not give a true and fair view (or are not presented fairly, in all material respects) in accordance with Accounting Standards.
Responsibilities of directors The directors are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error. In preparing the accounts, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Reporting accountant’s responsibilities for the accounts Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue a report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that a review conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of user s taken on the basis of these accounts.



Robinson & Co
Accountants
12 Regent Terrace
Gateshead
Tyne and Wear

NE8 1LU
31 January 2020

FOR THE YEAR ENDED 31 December 2019

	Notes	2019		2018

		£		£
Turnover	1	10,365,705	1	8,958,941

Cost of Sales	1	(7,756,019)	1	(6,999,493)

Gross profit		2,609,686		1,959,448



Administrative expenses	1	(2,221,789)	1	(1,515,618)

Other operating income	1	222,768	1	5,889

Operating profit		610,665		449,719



Other interest receivable	1	11,761	1	2,163



Interest payable and similar charges	1	(3,770)	1	(2,758)



Profit on ordinary activities before taxation		618,656		449,124

Taxation	1	(117,593)	0	-

Profit for the financial year after taxation	7	501,063	6	449,124

FOR THE YEAR ENDED 31 December 2019

	2019	2018

	£	£
Profit for the financial year after taxation	501,063	449,124







Total comprehensive income for the period	501,063	449,124

AT	31 December 2019


Company No.		04628123		Notes	2019	2018
					£	£
Fixed assets
	Intangible assets			3	19,456	21,720
	Tangible assets			4	200,789	196,773


					220,245	218,493
Current assets
	Stocks			5	399,187	284,151
	Debtors			6	2,152,777	1,802,744

	Cash at bank and in hand				2,536,875	2,346,900
					5,088,839	4,433,795
Creditors: Amount falling due within one year				7	(3,888,392)	(3,471,175)
Net current assets					1,200,447	962,620
Total assets less current liabilities					1,420,692	1,181,113
Creditors: Amounts falling due after more than one year				8	(57,952)	(69,436)



Net assets					1,362,740	1,111,677

Capital and reserves
	Called up share capital				1	1



	Profit and loss account			9	1,362,739	1,111,676

Total equity					1,362,740	1,111,677


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 December 2019 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.


Approved by the board on 31 January 2020

And signed on its behalf by:

C. Whiteley			B.G. Murphy
Director			Director

FOR THE YEAR ENDED 31 December 2019

		Share Capital	Retained earnings	Total equity
		£	£	£
	At 1 January 2018	1	662,552	662,553




	Profit for the period		449,124	449,124







	At 31 December 2018 and 1 January 2019	1	1,111,676	1,111,677




	Profit for the period		501,063	501,063

	Dividends		(250,000)	(250,000)
	At 31 December 2019	1	1,362,739	1,362,740

FOR THE the YEAR ENDED 31 December 2019

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006 . There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

The accounts are presented in Sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Intangible fixed assets

Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Leasehold land and buildings

10%-33%% straight line

Plant and machinery

10%-33%% straight line

Motor vehicles

25%-33%% straight line

Furniture, fittings and equipment

16%-100%% straight line

Freehold investment property

Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.
No depreciation is provided in respect of investment properties.

Investments

Unlisted investments are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Foreign currencies

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).
Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

2	Employees
			2019	2018
			Number	Number
		The average number of persons employed during the year :	86	64

3	Intangible fixed assets
			Goodwill	Patents and trade-marks	Develop-ment costs	Total
			£	£	£	£
		Cost
		At 1 January 2019	20,800	5,852	92,500	119,152


		At 31 December 2019	20,800	5,852	92,500	119,152
		Amortisation and impairment
		At 1 January 2019	1,920	3,012	92,500	97,432
		Charge for the year	1,920	344	-	2,264


		At 31 December 2019	3,840	3,356	92,500	99,696
		Net book values
		At 31 December 2019	16,960	2,496	-	19,456
		At 31 December 2018	18,880	2,840	-	21,720

4	Tangible fixed assets
			Land and buildings	Plant and machinery	Motor vehicles	Fixtures, fittings and equipment	Total
			£	£	£	£	£
		Cost or revaluation
		At 1 January 2019	125,357	103,095	117,675	77,187	423,314
		Additions	2,476	3,006	50,114	30,651	86,247


		Disposals	(6,084)	(116,141)	(19,781)	-	(142,006)
		At 31 December 2019	121,749	(10,040)	148,008	107,838	367,555
		Depreciation
		At 1 January 2019	94,018	44,080	48,627	39,816	226,541
		Charge for the year	7,792	19,881	41,630	14,777	84,080


		Disposals	(6,084)	(116,141)	(19,781)	(1,849)	(143,855)
		At 31 December 2019	95,726	(52,180)	70,476	52,744	166,766
		Net book values
		At 31 December 2019	26,023	42,140	77,532	55,094	200,789
		At 31 December 2018	31,339	59,015	69,048	37,371	196,773

5	Stocks
			2019	2018
			£	£
		Raw materials and consumables	202,471	257,305
		Work in progress	196,716	26,846

			399,187	284,151

6	Debtors
			2019	2018
			£	£
		Trade debtors	1,512,336	1,123,878
		Amounts owed by group undertakings	538,727	537,221





		Prepayments and accrued income	101,714	141,645
			2,152,777	1,802,744

7	Creditors:
		amounts falling due within one year
			2019	2018
			£	£


		Stage payment in advance	2,391,548	2,788,170
		Obligations under finance lease and hire purchase contracts	27,038	41,128
		Trade creditors	886,010	320,911


		Other taxes and social security	151,911	178,833

		Other creditors	242,679	67,695
		Accruals and deferred income	189,206	74,438
			3,888,392	3,471,175

8	Creditors:
		amounts falling due after more than one year
			2019	2018
			£	£



		Obligations under finance lease and hire purchase contracts	57,952	69,436




			57,952	69,436

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

10	Commitments

		Capital commitments	2019	2018
			£	£


		Other financial commitments	2019	2018
			£	£
		Total commitments under non-cancellable operating leases:	142,500	142,500



		Pension commitments
		The company operates a defined contribution scheme

11	Dividends
			2019	2018
			£	£
		Dividends for the period:
		Dividends paid in the period	250,000	-

			250,000	-

		Dividends by type:
		Non-equity preference dividends	-	-
		Equity dividends	250,000	-
			250,000	-

Related party disclosures

Controlling parties

Immediate controlling party

Whiteley Murphy Limited

Ultimate controlling party

Hahn Beteiligungs Gmbh

Additional information

Its registered number is:

04628123

Its registered office is:

3 Brockwell Road

Crowther

Washington

Tyneand Wear

NE38 0AF

Orwin Limited0462812331 December 201901 January 2019false31 January 2020BTCSoftware AP Solution 2020 7.4.017.4.01046281232019-01-012019-12-31046281232019-12-3104628123bus:Director12019-01-012019-12-3104628123bus:Director22019-01-012019-12-3104628123bus:RegisteredOffice2019-01-012019-12-31046281232018-01-012018-12-31046281232018-12-3104628123core:WithinOneYear2019-12-3104628123core:WithinOneYear2018-12-3104628123core:AfterOneYear2019-12-3104628123core:AfterOneYear2018-12-3104628123core:ShareCapital2019-12-3104628123core:ShareCapital2018-12-3104628123core:RetainedEarningsAccumulatedLosses2019-12-3104628123core:RetainedEarningsAccumulatedLosses2018-12-3104628123core:RetainedEarningsAccumulatedLosses2018-01-012018-12-3104628123core:ShareCapital2019-01-0104628123core:RetainedEarningsAccumulatedLosses2019-01-01046281232019-01-0104628123core:RetainedEarningsAccumulatedLosses2019-01-012019-12-3104628123core:LeasedAssetsHeldAsLesseecore:LandBuildings2019-01-012019-12-3104628123core:PlantMachinery2019-01-012019-12-3104628123core:MotorVehicles2019-01-012019-12-3104628123core:FurnitureFittingsToolsEquipment2019-01-012019-12-3104628123core:Goodwill2019-01-0104628123core:PatentsTrademarksLicencesConcessionsSimilar2019-01-0104628123core:DevelopmentCostsCapitalisedDevelopmentExpenditure2019-01-0104628123core:Goodwill2019-12-3104628123core:PatentsTrademarksLicencesConcessionsSimilar2019-12-3104628123core:DevelopmentCostsCapitalisedDevelopmentExpenditure2019-12-3104628123core:Goodwill2019-01-012019-12-3104628123core:PatentsTrademarksLicencesConcessionsSimilar2019-01-012019-12-3104628123core:DevelopmentCostsCapitalisedDevelopmentExpenditure2019-01-012019-12-3104628123core:Goodwill2018-12-3104628123core:PatentsTrademarksLicencesConcessionsSimilar2018-12-3104628123core:DevelopmentCostsCapitalisedDevelopmentExpenditure2018-12-3104628123core:LandBuildings2019-01-0104628123core:PlantMachinery2019-01-0104628123core:MotorVehicles2019-01-0104628123core:FurnitureFittingsToolsEquipment2019-01-0104628123core:LandBuildings2019-01-012019-12-3104628123core:LandBuildings2019-12-3104628123core:PlantMachinery2019-12-3104628123core:MotorVehicles2019-12-3104628123core:FurnitureFittingsToolsEquipment2019-12-3104628123core:LandBuildings2018-12-3104628123core:PlantMachinery2018-12-3104628123core:MotorVehicles2018-12-3104628123core:FurnitureFittingsToolsEquipment2018-12-3104628123bus:SmallEntities2019-01-012019-12-3104628123bus:FullAccounts2019-01-012019-12-3104628123bus:AuditExempt-NoAccountantsReport2019-01-012019-12-3104628123bus:PrivateLimitedCompanyLtd2019-01-012019-12-31iso4217:GBPxbrli:pure