ACCOUNTS - Final Accounts preparation

Commitments under operating leases

At 31 March 2018 the Company had future minimum lease payments under non-cancellable operating leases as follows:

ORION SUPPORT SERVICES LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2018-03-312018-03-31false2017-04-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activity 06814159 2017-04-01 2018-03-31 06814159 2018-03-31 06814159 2016-04-01 2017-03-31 06814159 2017-03-31 06814159 c:Director1 2017-04-01 2018-03-31 06814159 c:Director2 2017-04-01 2018-03-31 06814159 c:Director2 2018-03-31 06814159 c:Director3 2017-04-01 2018-03-31 06814159 c:Director3 2018-03-31 06814159 c:RegisteredOffice 2017-04-01 2018-03-31 06814159 d:Buildings d:LongLeaseholdAssets 2017-04-01 2018-03-31 06814159 d:Buildings d:LongLeaseholdAssets 2018-03-31 06814159 d:Buildings d:LongLeaseholdAssets 2017-03-31 06814159 d:PlantMachinery 2017-04-01 2018-03-31 06814159 d:PlantMachinery 2018-03-31 06814159 d:PlantMachinery 2017-03-31 06814159 d:PlantMachinery d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 06814159 d:MotorVehicles 2017-04-01 2018-03-31 06814159 d:MotorVehicles 2018-03-31 06814159 d:MotorVehicles 2017-03-31 06814159 d:MotorVehicles d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 06814159 d:FurnitureFittings 2017-04-01 2018-03-31 06814159 d:FurnitureFittings 2018-03-31 06814159 d:FurnitureFittings 2017-03-31 06814159 d:OtherPropertyPlantEquipment 2017-04-01 2018-03-31 06814159 d:OtherPropertyPlantEquipment 2018-03-31 06814159 d:OtherPropertyPlantEquipment 2017-03-31 06814159 d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 06814159 d:Goodwill 2017-04-01 2018-03-31 06814159 d:Goodwill 2017-03-31 06814159 d:CurrentFinancialInstruments 2018-03-31 06814159 d:CurrentFinancialInstruments 2017-03-31 06814159 d:Non-currentFinancialInstruments 2018-03-31 06814159 d:Non-currentFinancialInstruments 2017-03-31 06814159 d:CurrentFinancialInstruments d:WithinOneYear 2018-03-31 06814159 d:CurrentFinancialInstruments d:WithinOneYear 2017-03-31 06814159 d:Non-currentFinancialInstruments d:AfterOneYear 2018-03-31 06814159 d:Non-currentFinancialInstruments d:AfterOneYear 2017-03-31 06814159 d:ShareCapital 2018-03-31 06814159 d:ShareCapital 2017-03-31 06814159 d:SharePremium 2018-03-31 06814159 d:SharePremium 2017-03-31 06814159 d:OtherMiscellaneousReserve 2017-03-31 06814159 d:RetainedEarningsAccumulatedLosses 2018-03-31 06814159 d:RetainedEarningsAccumulatedLosses 2017-03-31 06814159 c:OrdinaryShareClass1 2017-04-01 2018-03-31 06814159 c:OrdinaryShareClass1 2018-03-31 06814159 c:OrdinaryShareClass2 2017-04-01 2018-03-31 06814159 c:OrdinaryShareClass2 2018-03-31 06814159 c:OrdinaryShareClass3 2017-04-01 2018-03-31 06814159 c:OrdinaryShareClass3 2018-03-31 06814159 c:OrdinaryShareClass4 2017-04-01 2018-03-31 06814159 c:OrdinaryShareClass4 2018-03-31 06814159 c:FRS102 2017-04-01 2018-03-31 06814159 c:AuditExempt-NoAccountantsReport 2017-04-01 2018-03-31 06814159 c:FullAccounts 2017-04-01 2018-03-31 06814159 c:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 06814159 d:WithinOneYear 2018-03-31 06814159 d:WithinOneYear 2017-03-31 06814159 d:BetweenOneFiveYears 2018-03-31 06814159 d:BetweenOneFiveYears 2017-03-31 06814159 d:MoreThanFiveYears 2018-03-31 06814159 d:MoreThanFiveYears 2017-03-31 xbrli:shares iso4217:GBP xbrli:pure

Company registration number: 06814159

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 MARCH 2018

	ORION SUPPORT SERVICES LIMITED


ORION SUPPORT SERVICES LIMITED

COMPANY INFORMATION

Directors	J M Stride
	E A Watkins (resigned 20 July 2017)
	D Butt (appointed 20 July 2017, resigned 30 January 2018)


Registered number	06814159


Registered office	Orion House, Cody Dock
	South Crescent
	Canning Town
	London
	E16 4TL


ORION SUPPORT SERVICES LIMITED REGISTERED NUMBER:06814159

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2018

		2018		2017
Note		£		£

Fixed assets
Tangible assets	5		2,612,322		3,190,459
			2,612,322		3,190,459
Current assets
Stocks		9,190		9,190
Debtors: amounts falling due within one year	6	879,186		1,249,219
Cash at bank and in hand		34,103		4,292
		922,479		1,262,701
Creditors: amounts falling due within one year	7	(3,035,221)		(3,277,022)
Net current liabilities			(2,112,742)		(2,014,321)
Total assets less current liabilities			499,580		1,176,138
Creditors: amounts falling due after more than one year	8		(487,680)		(3,333,305)

Net assets/(liabilities)			11,900		(2,157,167)

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ORION SUPPORT SERVICES LIMITED REGISTERED NUMBER:06814159

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2018

	2018	2017
Note	£	£

Capital and reserves
Called up share capital	9	173	173
Share premium account		1,124,927	1,124,927
Other reserves		-	83,804
Profit and loss account		(1,113,200)	(3,366,071)
		11,900	(2,157,167)

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of 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 financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 May 2018.

J M Stride

Director

The notes on pages 3 to 8 form part of these financial statements.

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ORION SUPPORT SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

1.	General information

Orion Support Services Limited is a private company limited by shares incorporated in England and Wales. The
address of the registered office is disclosed on the company information page.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

As at the year end the Company shows net assets of £11,900 (2017: net liabilities of £2,157,167) and net current liabilities of £2,112,742 (2017: £2,014,321).
Since 31 March 2018 the business has been able to generate cash, and the directors believe that the Company will be able to achieve a positive trading result in the year ended 31 March 2019.
During the year as part of the debt restructuring process, an amount of £2,573,462 has been waived by one of the Company's creditors.
A further loan to the Company of £430,000 was also made available on 20 July 2017, of which £384,000 has
been drawn down at the time of signing these accounts.
The above transactions have enabled the Company to either settle or arrange agreed payment terms with its
creditors, allowing the directors to concentrate on generating business growth and returning the Company to
profitability. This is being achieved through strategic cost reduction, staff rationalisation and a focus on
profitable revenue streams.
Taking into account the above, the future projections and the continued support of its creditors, the directors
believe that the Company can continue to trade as a going concern.

2.3

Revenue

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

2.4

Intangible assets

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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ORION SUPPORT SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

2.5

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property	-	over the life of the lease
Plant and machinery	-	over 8 years
Motor vehicles	-	over 5 years with a residual balance of 25%
Fixtures and fittings	-	over 4 years
Website costs	-	over 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

2.6

Stocks

The value of the stock held by the business is in relation to materials already recovered from the waste, having
a value but not yet sold. The turnover of these stocks is very quick and the value represents 4 days of material
valued at the average price charged over the preceding three months.

2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.8

Convertible debt

The proceeds received on issue of the Company's convertible debt are allocated into their liability and equity components and presented separately in the Statement of financial position.

The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that did not include an option to convert.

The difference between the net proceeds of the convertible debt and the amount allocated to the debt component is credited direct to equity and is not subsequently remeasured. On conversion, the debt and equity elements are credited to share capital and share premium as appropriate.

Transaction costs that relate to the issue of the instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds.

Employees

The average monthly number of employees, including directors, during the year was 75 (2017 -94).

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ORION SUPPORT SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

4.	Intangible assets

		Goodwill
		£

	At 1 April 2017	280,000
	Disposals	(280,000)
	At 31 March 2018	-

	At 1 April 2017	280,000
	On disposals	(280,000)
	At 31 March 2018	-
	Net book value
	At 31 March 2018	-
	At 31 March 2017	-

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ORION SUPPORT SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

5.	Tangible fixed assets

	Long-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Website costs	Total
	£	£	£	£	£	£
Cost or valuation
At 1 April 2017	1,170,467	955,567	2,420,804	97,747	62,029	4,706,614
Additions	-	3,300	6,588	-	-	9,888
Disposals	-	(7,180)	(227,804)	-	-	(234,984)
At 31 March 2018	1,170,467	951,687	2,199,588	97,747	62,029	4,481,518
Depreciation
At 1 April 2017	131,615	391,956	832,808	97,747	62,029	1,516,155
Charge for the year	78,139	103,642	334,680	-	-	516,461
Disposals	-	(4,563)	(158,857)	-	-	(163,420)
At 31 March 2018	209,754	491,035	1,008,631	97,747	62,029	1,869,196
Net book value
At 31 March 2018	960,713	460,652	1,190,957	-	-	2,612,322
At 31 March 2017	1,038,852	563,611	1,587,996	-	-	3,190,459

Debtors

					2018	2017
					£	£


Trade debtors	760,562	990,074
Other debtors	88,005	151,521
Prepayments and accrued income	30,619	107,624
	879,186	1,249,219

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ORION SUPPORT SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

7.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Bank overdrafts	1	289
Other loans	-	210,000
Trade creditors	438,163	559,032
Other taxation and social security	663,949	530,220
Obligations under finance lease and hire purchase contracts	458,293	497,325
Other creditors	1,111,805	1,155,790
Accruals and deferred income	363,010	324,366
	3,035,221	3,277,022

8.	Creditors: Amounts falling due after more than one year
		2018	2017
		£	£

Other loans	-	2,304,985
Net obligations under finance leases and hire purchase contracts	487,680	1,028,320
	487,680	3,333,305

9.	Share capital
		2018	2017
		£	£

Allotted, called up and fully paid

5,999 Ordinary Shares shares of £0.01 each	60	60
3,335 Class A Ordinary Shares shares of £0.01 each	33	33
4,001 Class B Ordinary Shares shares of £0.01 each	40	40
4,001 Deferred Shares shares of £0.01 each	40	40

	173	173

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ORION SUPPORT SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

10.

Reserves

Share premium account

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Other reserves

This balance represents the equity component of the convertible loan provided in relation to the separation of the instrument between its debt and equity components. During the year as part of debt restructuring process the convertible loan was waived by the lender. As a result, £83,804 has been realised into the Statement of Comprehensive Income.

Profit and loss account

This reserve records retained earnings and accumulated losses.

Not later than 1 year	208,254	223,117
Later than 1 year and not later than 5 years	800,000	808,254
Later than 5 years	1,200,000	1,400,000
	2,208,254	2,431,371

12.	Related party transactions
	As at 31 March 2018, the company was owed £19,618 by its directors (2017: the company owed £5,179 to its directors). During the year the directors have received advances of £59,431 (2017: £16,581) from the company and made repayments of £34,634 (2017: £188,416). No interest was payable on these advances.

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