2023-01-012023-12-312023-12-31false05386724OBK 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OBK LIMITED

Registered Number
05386724
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

OBK LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

Paul Kennedy

Company Secretary

KENNEDY, Lucy

Registered Address

53 Graham Avenue
Broxbourne
EN10 7DU

Place of Business

West Wing Goffs Oak House

Goffs Lane

Herts

Herts

EN7 5HG


Registered Number

05386724 (England and Wales)
OBK LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets38,75043,750
Tangible assets43961,665
9,14645,415
Current assets
Debtors597,204100,799
Cash at bank and on hand70,144199,424
167,348300,223
Creditors amounts falling due within one year6(169,180)(308,281)
Net current assets (liabilities)(1,832)(8,058)
Total assets less current liabilities7,31437,357
Net assets7,31437,357
Capital and reserves
Called up share capital11
Profit and loss account7,31337,356
Shareholders' funds7,31437,357
The financial statements were approved and authorised for issue by the Director on 19 September 2024, and are signed on its behalf by:
Paul Kennedy
Director
Registered Company No. 05386724
OBK LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £1.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard. These financial statements contain information about OBK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover comprises amounts chargeable to clients in respect of professional services provided during the accounting period including recoverable expenses on client assignments, exclusive of VAT. Services provided to clients during the accounting period, which at the balance sheet date have not been billed to clients have been recognised as turnover. Turnover recognised in this way is based on an assessment of the fair value of services provided at the balance sheet date a a proportion of the total value of the engagement. Unbilled turnover is recognised in debtors and where clients are billed in advance of the services these are recognised in creditors as prepaid income.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Current taxation
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.
Intangible assets
Intangible assets including Goodwill are initially recognised at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation any any accumulated impairment losses. Goodwill is being written off evenly over its estimated useful life of ten years. Other intangible assets are being written off over their estimated useful life of three years.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed at 33% per annum.
2.Average number of employees

20232022
Average number of employees during the year77
3.Intangible assets
Goodwill, being an amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of 10 years.

Total

£
Cost or valuation
At 01 January 23351,662
At 31 December 23351,662
Amortisation and impairment
At 01 January 23307,912
Charge for year35,000
At 31 December 23342,912
Net book value
At 31 December 238,750
At 31 December 2243,750
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 January 2367,312
At 31 December 2367,312
Depreciation and impairment
At 01 January 2365,647
Charge for year1,269
At 31 December 2366,916
Net book value
At 31 December 23396
At 31 December 221,665
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables66,59974,056
Other debtors2,1223,012
Prepayments and accrued income28,48323,731
Total97,204100,799
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables21,0616,102
Amounts owed to related parties54,356164,481
Taxation and social security32,06350,935
Other creditors42,89337,152
Accrued liabilities and deferred income18,80749,611
Total169,180308,281
7.Related party transactions
As at 31 December 2023 the company owed The Director, Paul Kennedy, £42,402 (2022: ££36,915). This loan is interest free and repayable on demand. As at 31 December 2023 the company owed Its holding company, Paul M Kennedy Limited £54,356 (2022: ££164,481). This loan is interest free and repayable on demand. Paul Kennedy, the Director is also the director and a shareholder of Goffs Oak Business School Limited. As at 31 December 2023 the company was owed £1,052 (2022: £ 1,052) by Goffs Oak Business School Limited. This loan is interest free and repayable on demand. During the year, The Director, Paul Kennedy, was paid £1,000 (2022:£1,000) for the use of his intellectual property in relation to a training course.