Company Registration No. 06746041 (England and Wales)
ORBEL HEALTH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
ORBEL HEALTH LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ORBEL HEALTH LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
121,213
145,468
Tangible assets
4
717
752
121,930
146,220
Current assets
Stocks
503
6,210
Debtors
5
383,961
99,084
Cash at bank and in hand
17,926
15,151
402,390
120,445
Creditors: amounts falling due within one year
6
(452,986)
(109,740)
Net current (liabilities)/assets
(50,596)
10,705
Total assets less current liabilities
71,334
156,925
Creditors: amounts falling due after more than one year
7
(45,766)
(45,766)
Provisions for liabilities
(136)
(143)
Net assets
25,432
111,016
Capital and reserves
Called up share capital
8
136,518
136,518
Share premium account
1,392,721
1,392,721
Profit and loss reserves
(1,503,807)
(1,418,223)
Total equity
25,432
111,016
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 December 2019 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.
T
he 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.
ORBEL HEALTH LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2019
31 December 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 July 2020 and are signed on its behalf by:
A Sutcliffe
Director
Company Registration No. 06746041
ORBEL HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
1
Accounting policies
Company information
Orbel Health Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
82 St John Street, London, EC1M 4JN.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have a reasonable expectation that the company will continue to have adequate resources to remain in operational existence for the foreseeable future
true
and also for a period of
more than one year from date of approval of these accounts.
In addition to this,
continued support will be available from the shareholders for the foreseeable future
. Therefore the going concern assumption has been applied in preparing these financial statements.
1.3
Turnover
Turnover represents the amounts derived from sales of goods which fall within the company's principal activity, stated net of value added ta
x
. The company recognises turnover when the goods are dispatched.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Patents
10% on straight line basis
1.6
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.
ORBEL HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
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:
Plant and machinery
25% on cost
Fixtures, fittings & equipment
25% on cost
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
.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand and deposits held at call with banks.
1.9
Debtors
Short term debtors are measured at transaction price, less any impairments. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
1.10
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.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
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.
ORBEL HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
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.
1.13
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
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
s
asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average number of employees (including directors) employed by the company during the year was Nil (2018 - Nil).
ORBEL HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
3
Intangible fixed assets
Patents
£
Cost
At 1 January 2019
260,526
Additions
3,019
Disposals
(1,715)
At 31 December 2019
261,829
Amortisation and impairment
At 1 January 2019
115,058
Amortisation charged for the year
26,140
Disposals
(582)
At 31 December 2019
140,616
Carrying amount
At 31 December 2019
121,213
At 31 December 2018
145,468
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2019
84,284
Additions
608
Disposals
(83,833)
At 31 December 2019
1,059
Depreciation and impairment
At 1 January 2019
83,532
Depreciation charged in the year
643
Eliminated in respect of disposals
(83,833)
At 31 December 2019
342
Carrying amount
At 31 December 2019
717
At 31 December 2018
752
ORBEL HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 7 -
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
226,580
-
Other debtors
157,381
99,084
383,961
99,084
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
10,579
10,824
Other creditors
442,407
98,916
452,986
109,740
7
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
45,766
45,766
Included in other creditors
falling due after more than one year is an
unsecured
and
interest free convertible loan
the company received from the Royal College of Art amounting to £
45,766
(201
8
: £4
5
,
766
).
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
13,651,795 Ordinary shares of 1p each
136,518
136,518
9
Events after the reporting date
The company issued 30,882 ordinary shares of £0.01 for a total consideration of £308,818 on 29 February 2020.
ORBEL HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 8 -
10
Related party transactions
Solway Nominees Pty Ltd
During the year
Solway Nominees Pty Ltd, a shareholder, paid expenses on behalf of the company totalling £
135
,
858
(201
8
: £
16,841
) and provided unsecured and interest free loans of £
32
,24
5
(201
8:
£
58,248
).
The loans are repayable on the earlier of
29 February
20
20
and the company issuing any new securities.
The company owed Solway Nominees Pty Ltd £
243
,
192
(201
8
: £
75,089
) at the balance sheet
date
and this amount is included within other creditors
.
11
Directors' transactions
During the year, the interest free loan of £22,466 which a former director made to the company was written off. The amount due to the former director as at 31 December 2019 was £Nil (201
8
: £22,466).