1 false false false false false false false false false false true false false false true true false true true No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 100,000 46,667 6,666 53,333 46,667 53,333 505,995 1,476,554 71,775 219,550 2,130,324 2,130,324 505,995 xbrli:pure xbrli:shares iso4217:GBP 09616248 2022-07-01 2023-06-30 09616248 2023-06-30 09616248 2022-06-30 09616248 2021-07-01 2022-06-30 09616248 2022-06-30 09616248 2021-06-30 09616248 bus:RegisteredOffice 2022-07-01 2023-06-30 09616248 bus:LeadAgentIfApplicable 2022-07-01 2023-06-30 09616248 bus:Director1 2022-07-01 2023-06-30 09616248 core:NetGoodwill 2022-06-30 09616248 core:NetGoodwill 2023-06-30 09616248 core:AfterOneYear 2023-06-30 09616248 core:WithinOneYear 2023-06-30 09616248 core:WithinOneYear 2022-06-30 09616248 core:ShareCapital 2023-06-30 09616248 core:ShareCapital 2022-06-30 09616248 core:SharePremium 2023-06-30 09616248 core:SharePremium 2022-06-30 09616248 core:RetainedEarningsAccumulatedLosses 2023-06-30 09616248 core:RetainedEarningsAccumulatedLosses 2022-06-30 09616248 core:NetGoodwill 2022-07-01 2023-06-30 09616248 core:NetGoodwill 2022-06-30 09616248 core:CostValuation core:Non-currentFinancialInstruments 2022-06-30 09616248 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-06-30 09616248 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-06-30 09616248 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2023-06-30 09616248 core:CostValuation core:Non-currentFinancialInstruments 2023-06-30 09616248 core:Non-currentFinancialInstruments 2023-06-30 09616248 core:Non-currentFinancialInstruments 2022-06-30 09616248 bus:SmallEntities 2022-07-01 2023-06-30 09616248 bus:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 09616248 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 09616248 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 09616248 bus:FullAccounts 2022-07-01 2023-06-30
COMPANY REGISTRATION NUMBER: 09616248
OGHENE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 June 2023
OGHENE LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
OGHENE LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
Director
Mr O Itoje
Registered office
Lynton House
7-12 Tavistock Square
London
WC1H 9BQ
Accountants
BSG Valentine (UK) LLP
Chartered Accountants
Lynton House
7 - 12 Tavistock Square
London
WC1H 9BQ
OGHENE LIMITED
STATEMENT OF FINANCIAL POSITION
30 June 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Intangible assets
5
46,667
53,333
Investments
6
2,130,324
505,995
------------
---------
2,176,991
559,328
CURRENT ASSETS
Debtors
7
140,353
46,113
Cash at bank and in hand
926,623
1,396,229
------------
------------
1,066,976
1,442,342
CREDITORS: amounts falling due within one year
8
( 348,346)
( 260,807)
------------
------------
NET CURRENT ASSETS
718,630
1,181,535
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,895,621
1,740,863
CREDITORS: amounts falling due after more than one year
9
( 315,122)
------------
------------
NET ASSETS
2,580,499
1,740,863
------------
------------
CAPITAL AND RESERVES
Called up share capital
1,165
1,165
Share premium account
99,000
99,000
Profit and loss account
2,480,334
1,640,698
------------
------------
SHAREHOLDERS FUNDS
2,580,499
1,740,863
------------
------------
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
OGHENE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 19 March 2024 , and are signed on behalf of the board by:
Mr O Itoje
Director
Company registration number: 09616248
OGHENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9BQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over 15 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Intangible assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
100,000
---------
Amortisation
At 1 July 2022
46,667
Charge for the year
6,666
---------
At 30 June 2023
53,333
---------
Carrying amount
At 30 June 2023
46,667
---------
At 30 June 2022
53,333
---------
6. Investments
Other investments other than loans
£
Cost
At 1 July 2022
505,995
Additions
1,476,554
Disposals
( 71,775)
Revaluations
219,550
------------
At 30 June 2023
2,130,324
------------
Impairment
At 1 July 2022 and 30 June 2023
------------
Carrying amount
At 30 June 2023
2,130,324
------------
At 30 June 2022
505,995
------------
7. Debtors
2023
2022
£
£
Trade debtors
104,200
38,025
Amounts owed by group undertakings and undertakings in which the company has a participating interest
8,088
8,088
Other debtors
28,065
---------
--------
140,353
46,113
---------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
21,312
6,457
Corporation tax
149,337
172,196
Social security and other taxes
46,349
15,378
Other creditors - net wages
63,858
39,190
Other creditors
67,490
27,586
---------
---------
348,346
260,807
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
315,122
---------
----
10. Director's advances, credits and guarantees
As at the balance sheet date an amount of £50,611 was owed to the director by the company.