1 February 2022 v2023.25.1 limited_company_frs_102_section_1a_v1_1_0 companies_houseSoftwarefalsetruetruetrueNo description of principal activitytruexbrli:purexbrli:sharesiso4217:GBP117697522022-02-012023-01-31117697522023-01-31117697522022-01-3111769752core:WithinOneYear2023-01-3111769752core:WithinOneYear2022-01-3111769752core:AfterOneYear2023-01-3111769752core:AfterOneYear2022-01-3111769752core:ShareCapital2023-01-3111769752core:ShareCapital2022-01-3111769752core:RetainedEarningsAccumulatedLosses2023-01-3111769752core:RetainedEarningsAccumulatedLosses2022-01-3111769752bus:Director12022-02-012023-01-3111769752bus:RegisteredOffice2022-02-012023-01-3111769752core:OfficeEquipment2022-02-012023-01-31117697522021-02-012022-01-3111769752core:PlantMachinery2023-01-3111769752core:CostValuation2022-02-0111769752core:CostValuation2023-01-311176975212022-02-012023-01-3111769752countries:EnglandWales2022-02-012023-01-3111769752bus:AuditExemptWithAccountantsReport2022-02-012023-01-3111769752bus:PrivateLimitedCompanyLtd2022-02-012023-01-3111769752bus:SmallEntities2022-02-012023-01-3111769752bus:FullAccounts2022-02-012023-01-31
Company registration number:
11769752
GOAB Limited
Unaudited Filleted Financial Statements for the year ended
31 January 2023
GOAB Limited
Statement of Financial Position
31 January 2023
20232022
Note££
Fixed assets    
Investments 6
159,135
 
159,135
 
Current assets    
Debtors 7
1,457
 
1,550
 
Cash at bank and in hand
470
 
1,596
 
1,927
 
3,146
 
Creditors: amounts falling due within one year 8
(5,547
)
(3,066
)
Net current (liabilities)/assets
(3,620
)
80
 
Total assets less current liabilities 155,515   159,215  
Creditors: amounts falling due after more than one year 9
(148,668
)
(156,427
)
Net assets
6,847
 
2,788
 
Capital and reserves    
Called up share capital
30
 
30
 
Profit and loss account
6,817
 
2,758
 
Shareholders funds
6,847
 
2,788
 
For the year ending
31 January 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • 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;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
25 October 2023
, and are signed on behalf of the board by:
Mr A Akande
Director
Company registration number:
11769752
GOAB Limited
Notes to the Financial Statements
Year ended
31 January 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
24 Y Deri Duon
,
Lisvane
,
Cardiff
,
CF14 0AA
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office equipment
33% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

4 Average number of employees

The average number of persons employed by the company during the year was
1
(2022:
1.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 February 2022
and
31 January 2023
750
 
Depreciation  
At
1 February 2022
and
31 January 2023
750
 
Carrying amount  
At
31 January 2023
-  
At 31 January 2022 -  

6 Investments

Other investments other than loans
£
Cost  
At
1 February 2022
159,135
 
At
31 January 2023
159,135
 
Impairment  
At
1 February 2022
and
31 January 2023
-  
Carrying amount  
At
31 January 2023
159,135
 
At 31 January 2022
159,135
 
Other investments are two investment properties and are stated at cost.

Investments held at valuation

In respect of fixed asset investments held at valuation, the comparable amounts that would have been recognised if the assets had been carried under the historical cost model are as follows:
20232022
Other investmentsOther investments
££
Aggregate historical cost 159,135   159,135  
Carrying amount 159,135   159,135  

7 Debtors

20232022
££
Other debtors
1,457
 
1,550
 

8 Creditors: amounts falling due within one year

20232022
££
Taxation and social security
952
 
(302
)
Other creditors
4,595
 
3,368
 
5,547
 
3,066
 

9 Creditors: amounts falling due after more than one year

20232022
££
Other creditors
148,668
 
156,427
 

10 Director's advances, credit and guarantees

The following advances and credits to directors subsisted during the year ended 31 January 2023 and for the year ended 31 January 2022:
Mr A Akande
For the year ended 31st January 2023 the balance outstanding at start of year was £51,083, amounts advanced was £5,451, amounts repaid was £Nil and the balance outstanding at end of year was £45,632. £45,632 was owed to Mr A Akande from the company, £Nil is stated within creditors: amounts falling due within one year and £45,632 is stated within creditors: amounts falling due after more than one year.
For the year ended 31st January 2022 the balance outstanding at start of year was £39,042, amounts advanced was £Nil, amounts repaid was £12,041 and the balance outstanding at end of year was £51,083. £51,083 was owed to Mr A Akande from the company, £83 is stated within creditors: amounts falling due within one year and £51,000 is stated within creditors: amounts falling due after more than one year.
Mrs GO Badero
For the year ended 31st January 2023 the balance outstanding at start of year was £5,026, amounts advanced was £Nil, amounts repaid was £2,861 and the balance outstanding at end of year was £7,887. £7,887 was owed to Mrs GO Badero from the company, £Nil is stated within creditors: amounts due within one year and £7,887 is stated within creditors: amounts falling due after more than one year.
For the year ended 31st January 2022 the balance outstanding at start of year was £27,745, amounts advanced was £22,719, amounts repaid was £Nil and the balance outstanding at end of year was £5,026. £5,026 was owed to Mrs GO Badero from the company, £26 is stated within creditors: amounts due within one year and £5,000 is stated within creditors: amounts falling due after more than one year.

11 Controlling party

The shareholders of the company during the year ended 31 January 2023 and for the period ended 31 January 2022 were:
4 Ordinary Class A Shares - Ganiat Olaide Badero
24 Ordinary Class B Shares - Ademola Akande
2 Ordinary Class C Shares - Bukola Badero
The company was under the control of Ademola Akende for the year ended 31 January 2023 and for the year ended 31 January 2022.