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Registered number: 03892877
OAB LIMITED
Unaudited Financial Statements
For The Year Ended 31 January 2024
Farringdon & Co
Chartered Accountants
176 Franciscan Road
London
SW17 8HH
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 03892877
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 59,656 71,241
59,656 71,241
CURRENT ASSETS
Stocks 6 24,746 20,820
Debtors 7 17,744 15,487
Cash at bank and in hand 93,119 143,568
135,609 179,875
Creditors: Amounts Falling Due Within One Year 8 (112,116 ) (135,087 )
NET CURRENT ASSETS (LIABILITIES) 23,493 44,788
TOTAL ASSETS LESS CURRENT LIABILITIES 83,149 116,029
NET ASSETS 83,149 116,029
CAPITAL AND RESERVES
Called up share capital 9 100 100
Income Statement 83,049 115,929
SHAREHOLDERS' FUNDS 83,149 116,029
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Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr M Zacchi
Director
17/09/2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
OAB LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 03892877 . The registered office is 23 Northcote Road, London, SW11 1NG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
2.3. Turnover
Turnover is recognised at the fair value of the consideration received or receivable for food, beverage and services provided in the normal course of business, and is shown net of VAT and other sales related taxes .
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the statement of profit and loss over its useful economic life.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Over the life of the lease
Plant & Machinery 20% Straight line
Fixtures & Fittings 20% Straight line
2.6. Stocks and Work in Progress
Stocks are stated at the lower of cost and estimated selling price. Cost comprises of the price paid for the drink stock.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. Taxation
The tax expense for the year comprises current tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
2.10. Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 26 (2023: 23)
26 23
4. Intangible Assets
Goodwill
£
Cost
As at 1 February 2023 202,751
As at 31 January 2024 202,751
Amortisation
As at 1 February 2023 202,751
As at 31 January 2024 202,751
Net Book Value
As at 31 January 2024 -
As at 1 February 2023 -
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5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 February 2023 79,730 181,459 28,299 289,488
Additions - 1,920 - 1,920
As at 31 January 2024 79,730 183,379 28,299 291,408
Depreciation
As at 1 February 2023 29,255 167,439 21,553 218,247
Provided during the period 3,986 5,970 3,549 13,505
As at 31 January 2024 33,241 173,409 25,102 231,752
Net Book Value
As at 31 January 2024 46,489 9,970 3,197 59,656
As at 1 February 2023 50,475 14,020 6,746 71,241
6. Stocks
2024 2023
£ £
Finished goods 24,746 20,820
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,678 1,200
Prepayments and accrued income 14,454 13,787
Staff Loan - 500
Corporation tax recoverable assets 1,612 -
17,744 15,487
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 22,322 36,206
Corporation tax 75 15,048
Other taxes and social security 6,142 13,626
VAT 20,097 19,422
Other creditors 16,163 15,152
Accruals and deferred income 46,860 30,480
Director's loan account 457 5,153
112,116 135,087
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Other Commitments
At 31 January 2024 the company had future minimum lease payments due under non-cancellable
operating leases for each of the following periods:
2024 2023
£ £
Not later than one year 65,000 65,000
Later than one year and not later than five years 260,000 260,000
Later than five years 130,000 195,000
455,000 520,000
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