ORBIT_PROPERTY_MANAGEMENT - Accounts


Company Registration No. 05102383 (England and Wales)
ORBIT PROPERTY MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
PAGES FOR FILING WITH REGISTRAR
ORBIT PROPERTY MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
Notes to the financial statements
3 - 10
ORBIT PROPERTY MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2017
31 August 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
20,157
3,652
Investments
4
9,471
9,471
29,628
13,123
Current assets
Debtors
7
647,446
663,822
Investments
8
100,000
100,000
Cash at bank and in hand
764,739
691,067
1,512,185
1,454,889
Creditors: amounts falling due within one year
9
(400,481)
(501,784)
Net current assets
1,111,704
953,105
Total assets less current liabilities
1,141,332
966,228
Capital and reserves
Called up share capital
11
7,500
7,500
Share premium account
234,000
234,000
Profit and loss reserves
899,832
724,728
Total equity
1,141,332
966,228

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have 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.

ORBIT PROPERTY MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2017
31 August 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 May 2018 and are signed on its behalf by:
Mr. B. Shah
Director
Company Registration No. 05102383
ORBIT PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
- 3 -
1
Accounting policies
Company information

Orbit Property Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Bruton Street, Berkeley Square, Mayfair, London, W1J 6QE.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 amounts 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 financial statements for the year ended 31 August 2017 are the first financial statements of Orbit Property Management Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 September 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Business combinations

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.3
Turnover

Turnover represents amounts receivable for management of real estate services net of VAT.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently 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:

Fixtures, fittings & equipment
33% on straight line basis
Motor vehicles
25% on straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

ORBIT PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
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 is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Cash at bank and in hand

Cash at bank and in hand 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.

1.8
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.

ORBIT PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

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 amortised 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 a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 amortised.

 

Debt instruments are subsequently carried at amortised 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 business 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 amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

ORBIT PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
1
Accounting policies
(Continued)
- 6 -
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. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 12 (2016 - 11).

ORBIT PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
- 7 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2016
57,230
Additions
24,948
Disposals
(18,000)
At 31 August 2017
64,178
Depreciation and impairment
At 1 September 2016
35,578
Depreciation charged in the year
8,443
At 31 August 2017
44,021
Carrying amount
At 31 August 2017
20,157
At 31 August 2016
3,652
4
Fixed asset investments
2017
2016
£
£
Investments
9,471
9,471

 

5
Subsidiaries

Details of the company's subsidiaries at 31 August 2017 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Orbit Property Management Birmingham Limited
England and Wales
Managing real estate
Ordinary
100.00
-
Orbit Facilities Management Limited
England and Wales
Facilities management
Ordinary
100.00
-
Orbit Property Investments Limited
England and Wales
Property investment
Ordinary
93.75
6.25
Orbit Immobilien GmbH
Germany
Managing real estate
Ordinary
100.00
-
Orbit Facilities Services Limited
England and Wales
Combined facilities support activities
Ordinary
93.75
6.25
ORBIT PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
5
Subsidiaries
(Continued)
- 8 -
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss) for the year
Capital and Reserves
2016
2016
£
£
Orbit Property Management Birmingham Limited
301,152
446,223
Orbit Facilities Management Limited
53,489
127,344
Orbit Property Investments Limited
1,595,873
1,531,596
Orbit Facilities Services Limited
-
22,353
6
Financial instruments
2017
2016
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
100,000
100,000
7
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
35,847
64,929
Amounts owed by group undertakings
527,848
527,848
Other debtors
83,751
71,045
647,446
663,822
8
Current asset investments
2017
2016
£
£
Other investments
100,000
100,000
ORBIT PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
- 9 -
9
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
52,526
51,711
Amounts due to group undertakings
22,253
22,253
Corporation tax
13,238
12,564
Other taxation and social security
52,013
40,195
Other creditors
260,451
375,061
400,481
501,784
10
Retirement benefit schemes
2017
2016
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
4,706
1,170

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

11
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
7,500Ordinary shares of £1 each
7,500
7,500
7,500
7,500
12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2017
2016
£
£
400,132
34,856
13
Related party transactions
ORBIT PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
13
Related party transactions
(Continued)
- 10 -

During the year, the company had financial transactions with the following wholly owned or controlled subsidiaries:

 

                    Balance outstanding    

                      at the year end            

                      Amount            

                     DR/CR             

 

Orbit Facilities Management Ltd £434 (2016 - £718)

Orbit Property Management

Birmingham Ltd             £658 (2016 - £24,254)

 

Included within the above are the following management charges;

 

                     2017             2016

Oribit Propert Managment

Birmingham Ltd                £240,000 £240,000

 

At the year end, £114,000 (2016: £244,000) was due to the shareholders in respect of dividends.

 

At the end of the year, the balance due from Orbit Property Investments Ltd amounted to £527,848 (2016: £527,848)

 

During the year, £400,000 (2016: £400,000) was received from wholly owned or controlled subsidiaries.

 

All the above companies are either 100% subsidiaries of the company or the company owns a controlling interest in them apart from Orbit Asset Management Limited which is related by virtue of a common directorship.

 

The company had financial transactions with Linkbrook Limited which is related by virtue of common directorship and shareholding. Included in other debtors is a balance receivable from Linkbrook Limited amounting to £Nil (2016: £12,000).

2017-08-312016-09-01falseCCH SoftwareCCH Accounts Production 2018.100No description of principal activity14 May 2018Mr. L. MasonMr. B. ShahMr Peter Chapman051023832016-09-012017-08-31051023832017-08-31051023832016-08-3105102383core:OtherPropertyPlantEquipment2017-08-3105102383core:OtherPropertyPlantEquipment2016-08-3105102383core:CurrentFinancialInstruments2017-08-3105102383core:CurrentFinancialInstruments2016-08-3105102383core:ShareCapital2017-08-3105102383core:ShareCapital2016-08-3105102383core:SharePremium2017-08-3105102383core:SharePremium2016-08-3105102383core:RetainedEarningsAccumulatedLosses2017-08-3105102383core:RetainedEarningsAccumulatedLosses2016-08-3105102383core:ShareCapitalOrdinaryShares2017-08-3105102383core:ShareCapitalOrdinaryShares2016-08-3105102383bus:Director22016-09-012017-08-3105102383core:FurnitureFittings2016-09-012017-08-3105102383core:MotorVehicles2016-09-012017-08-3105102383core:OtherPropertyPlantEquipment2016-08-3105102383core:OtherPropertyPlantEquipment2016-09-012017-08-3105102383core:Subsidiary12016-09-012017-08-3105102383core:Subsidiary22016-09-012017-08-3105102383core:Subsidiary32016-09-012017-08-3105102383core:Subsidiary42016-09-012017-08-3105102383core:Subsidiary52016-09-012017-08-3105102383core:Subsidiary112016-09-012017-08-3105102383core:Subsidiary212016-09-012017-08-3105102383core:Subsidiary312016-09-012017-08-3105102383core:Subsidiary412016-09-012017-08-3105102383core:Subsidiary512016-09-012017-08-3105102383core:Subsidiary122016-09-012017-08-3105102383core:Subsidiary222016-09-012017-08-3105102383core:Subsidiary332016-09-012017-08-3105102383core:Subsidiary422016-09-012017-08-3105102383core:Subsidiary532016-09-012017-08-3105102383bus:OrdinaryShareClass12016-09-012017-08-3105102383bus:OrdinaryShareClass12017-08-3105102383bus:PrivateLimitedCompanyLtd2016-09-012017-08-3105102383bus:FRS1022016-09-012017-08-3105102383bus:AuditExemptWithAccountantsReport2016-09-012017-08-3105102383bus:SmallCompaniesRegimeForAccounts2016-09-012017-08-3105102383bus:Director12016-09-012017-08-3105102383bus:Director32016-09-012017-08-3105102383bus:FullAccounts2016-09-012017-08-31xbrli:purexbrli:sharesiso4217:GBP