Registered number
08209757
OBEAB LIMITED
Filleted Accounts
30 September 2023
OBEAB LIMITED
Registered number: 08209757
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 24,191 27,858
Current assets
Stocks 141,199 135,699
Debtors 4 - 1,008
Cash at bank and in hand 34,795 14,745
175,994 151,452
Creditors: amounts falling due within one year 5 (165,989) (137,122)
Net current assets 10,005 14,330
Total assets less current liabilities 34,196 42,188
Creditors: amounts falling due after more than one year 6 (25,000) (35,000)
Net assets 9,196 7,188
Capital and reserves
Called up share capital 1 1
Profit and loss account 9,195 7,187
Shareholders' funds 9,196 7,188
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Atila Ardic
Director
Approved by the board on 31 January 2024
OBEAB LIMITED
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 20% reducing balance
Motor Vehicle 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Land and buildings Equipment, fixtures and fittings etc Motor vehicles Total
£ £ £ £
Cost
At 1 October 2022 9,000 38,038 15,995 63,033
Additions - 2,380 - 2,380
At 30 September 2023 9,000 40,418 15,995 65,413
Depreciation
At 1 October 2022 9,000 22,366 3,809 35,175
Charge for the year - 3,610 2,437 6,047
At 30 September 2023 9,000 25,976 6,246 41,222
Net book value
At 30 September 2023 - 14,442 9,749 24,191
At 30 September 2022 - 15,672 12,186 27,858
4 Debtors 2023 2022
£ £
Other debtors - 1,008
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 129,484 133,944
Taxation and social security costs 4,406 2,869
Other creditors 32,099 309
165,989 137,122
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 25,000 35,000
7 Controlling party
Atila Ardic
8 Other information
OBEAB LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
163 Silver Street
London
N18 1PL
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