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Registered Number: 12490130
England and Wales

 

 

 

ONEAFRICA TECHNOLOGIES LTD


Abridged Accounts
 


Period of accounts

Start date: 01 March 2022

End date: 28 February 2023
Accountants report
You consider that the company is exempt from an audit for the year ended 28 February 2023 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Gcc Accountants Ltd
28 February 2023



....................................................
Gcc Accountants Ltd
Unit 67, Cariocca Business Park
2 Sawley Road
MANCHESTER
M40 8BB
28 November 2023
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Intangible fixed assets 3 65,000   
Tangible fixed assets 4 326    536 
65,326    536 
Current assets      
Debtors 107,236   
Cash at bank and in hand 485,820    104,593 
593,056    104,593 
Creditors: amount falling due within one year (830,890)   (115,529)
Net current liabilities (237,834)   (10,936)
 
Total assets less current liabilities (172,508)   (10,400)
Accruals and deferred income (27,778)  
Provisions for liabilities (450)   (225)
Net liabilities (200,736)   (10,625)
 

Capital and reserves
     
Called up share capital 5 43,000    43,000 
Profit and loss account (243,736)   (53,625)
Shareholder's funds (200,736)   (10,625)
 


For the year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 28 November 2023 and were signed by:


-------------------------------
Tracey Abiola
Director
2
General Information
ONEAFRICA TECHNOLOGIES LTD is a private company, limited by shares, registered in England and Wales, registration number 12490130, registration address The Colony, Piccadilly Way, Manchester, M1 3BR.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured, regardless of when the payment was received. 
Revenue is measured at the fair value of the consideration received or receivable. 
Income from foreign exchange comprises income from the purchase and sale of foreign currencies.
Commission, foreign exchange margin and other incidental income to the remittance transaction are recognised on the completion of each respective transaction. The company charges a fixed fee as commission income and earns a foreign exchange margin on remittance transactions which is the difference between the exchange rate at which the company deals with banks and the rate offered to customers. 
When the company provides a service to its customers, consideration is invoiced and generally due immediately upon satisfaction of a service provided at a point in time or at the end of the contract period for a service provided over time. 
Research and development expenditure
Research and development expenditure is charged to the income statement in the period in which it is incurred.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included in the income statement.
The company's functional and presentation currency is GBP
Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transactions and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. 
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Software License
Software License is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the Software License of 5 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Computer Equipment 3 Straight Line
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
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 instruments.
The company only enters a basic financial instruments transaction that recognises financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.

Debt instruments (other than those wholly repayable or receivable within one year) including loans and other account receivables and payable, are initially measured at present value of future cashflows, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently, at an undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of short-term instruments constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an outright short-term loan that is not at market rate, the financial asset or liability Is measured initially at the present value of future cash flows discounted at the market rate of interest for similar debt instruments and subsequently at amortised cost, unless it qualifies as a loan from the director in the case of a small company, or public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured.

At fair value with charges recognised in the profit and loss account if the shares are publicly traded or their fair value can otherwise be measured reliably.

At cost less impairment for all other investments.

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.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairments. If objective evidence of impairment if found, an impairment loss is recognised in the profit and loss account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset-carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate if the current effective interest rate is determined under the contract.

For financial assets measured at cost, less impairment, the impairment loss is measured as the difference between an asset carrying amount and the best estimate of the recoverable amount which approximates the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

























2.

Average number of employees

Average number of employees during the year was 4 (2022 : 1).
3.

Intangible fixed assets

Cost Other   Total
  £   £
At 01 March 2022  
Additions 65,000    65,000 
Disposals  
At 28 February 2023 65,000    65,000 
Amortisation
At 01 March 2022  
Charge for year  
On disposals  
At 28 February 2023  
Net book values
At 28 February 2023 65,000    65,000 
At 28 February 2022  


4.

Tangible fixed assets

Cost or valuation Computer Equipment   Total
  £   £
At 01 March 2022 629    629 
Additions  
Disposals  
At 28 February 2023 629    629 
Depreciation
At 01 March 2022 93    93 
Charge for year 210    210 
On disposals  
At 28 February 2023 303    303 
Net book values
Closing balance as at 28 February 2023 326    326 
Opening balance as at 01 March 2022 536    536 


5.

Share Capital

Authorised
43,000 Class A shares of £1.00 each
Allotted, called up and fully paid
2023
£
  2022
£
43,000 Class A shares of £1.00 each 43,000    43,000 
43,000    43,000 

3