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REGISTERED NUMBER: 12224072 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Oodua Asset Ltd

Oodua Asset Ltd (Registered number: 12224072)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Oodua Asset Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Mr A O Olusanya





REGISTERED OFFICE: Number Sixty One
Alexandra Road
Lowestoft
Suffolk
NR32 1PL





REGISTERED NUMBER: 12224072 (England and Wales)





ACCOUNTANTS: CUNNINGHAMS
Number Sixty One
Alexandra Road
Lowestoft
Suffolk
NR32 1PL

Oodua Asset Ltd (Registered number: 12224072)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 107,423 107,423

CURRENT ASSETS
Debtors 5 572 788
Cash at bank 1,484 670
2,056 1,458
CREDITORS
Amounts falling due within one year 6 40,324 36,397
NET CURRENT LIABILITIES (38,268 ) (34,939 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

69,155

72,484

CREDITORS
Amounts falling due after more than one
year

7

77,310

77,107
NET LIABILITIES (8,155 ) (4,623 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (8,156 ) (4,624 )
(8,155 ) (4,623 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Oodua Asset Ltd (Registered number: 12224072)

Balance Sheet - continued
31 March 2024


The 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.

The financial statements were approved by the director and authorised for issue on 27 August 2024 and were signed by:





Mr A O Olusanya - Director


Oodua Asset Ltd (Registered number: 12224072)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Oodua Asset Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover is comprised of rents receivable.

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 107,423
NET BOOK VALUE
At 31 March 2024 107,423
At 31 March 2023 107,423

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 572 788

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 1,747 3,697
Other loans 5,000 10,000
Directors' current accounts 32,821 21,720
Accrued expenses 756 980
40,324 36,397

Oodua Asset Ltd (Registered number: 12224072)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans - 1-2 years 1,747 3,697
Bank loans - 2-5 years 5,242 11,092
Bank loans more 5 yr by instal 46,571 38,567
Other loans - 1-2 years 5,000 10,000
Other loans - 2-5 years 18,750 13,751
77,310 77,107

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 46,571 38,567

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 55,307 57,053

The company's freehold property is charged to its bankers as security for its borrowings.