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Registration number: 08647886

Goboplus Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Goboplus Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Goboplus Limited

Company Information

Directors

Mr Paul John Deville

Mr Mohammad Salman Bhatti

Registered office

6 Oakhurst Avenue
East Barnet
Barnet
London
EN4 8DL

Accountants

SK Accountants
Accountants
53 Hurstdene Avenue
Staines Upon Thames
Surrey
TW18 1JG

 

Goboplus Limited

(Registration number: 08647886)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

32,815

4,285

Current assets

 

Stocks

6

62,362

38,511

Debtors

7

187,994

147,519

Cash at bank and in hand

 

241,425

232,154

 

491,781

418,184

Creditors: Amounts falling due within one year

8

(347,507)

(265,366)

Net current assets

 

144,274

152,818

Total assets less current liabilities

 

177,089

157,103

Creditors: Amounts falling due after more than one year

8

(24,668)

(35,207)

Net assets

 

152,421

121,896

Capital and reserves

 

Called up share capital

9

1,000

1,000

Retained earnings

151,421

120,896

Shareholders' funds

 

152,421

121,896

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 July 2024 and signed on its behalf by:
 

.........................................
Mr Mohammad Salman Bhatti
Director

 

Goboplus Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
6 Oakhurst Avenue
East Barnet
Barnet
London
EN4 8DL
England

These financial statements were authorised for issue by the Board on 15 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Goboplus Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

Reducing balance 20%

Furniture and fittings

Reducing balance 20%

Motor vehicles

Reducing balance 20%

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

Nil

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Goboplus Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Goboplus Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 9).

 

Goboplus Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Cost or valuation

Amortisation

Carrying amount

At 31 December 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

9,708

-

1,420

11,128

Additions

1,820

30,790

-

32,610

At 31 December 2023

11,528

30,790

1,420

43,738

Depreciation

At 1 January 2023

5,758

-

1,085

6,843

Charge for the year

934

3,079

67

4,080

At 31 December 2023

6,692

3,079

1,152

10,923

Carrying amount

At 31 December 2023

4,836

27,711

268

32,815

At 31 December 2022

3,950

-

335

4,285

6

Stocks

2023
£

2022
£

Other inventories

62,362

38,511

7

Debtors

Current

2023
£

2022
£

Trade debtors

135,256

100,781

Other debtors

52,738

46,738

 

187,994

147,519

 

Goboplus Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

117,869

71,779

Taxation and social security

39,435

37,595

Accruals and deferred income

41,956

2,700

Other creditors

148,247

153,292

347,507

265,366

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

24,668

35,207

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

       

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

24,668

35,207

11

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £19.00 (2022 - £35.00) per each Ordinary

19,000

35,000

 

 

12

Related party transactions

 

Goboplus Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Transactions with directors

2023

At 1 January 2023
£

Repayments by director
£

At 31 December 2023
£

Mr Paul John Deville

Non-interest loan due to / (from) director

89,746

20,000

109,746

2022

At 1 January 2022
£

Repayments by director
£

At 31 December 2022
£

Mr Paul John Deville

Non-interest loan due to / (from) director

44,925

44,821

89,746

 

Goboplus Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

65,153

62,833

Contributions paid to money purchase schemes

33,633

-

98,786

62,833

Dividends paid to directors

2023
£

2022
£

Mr Paul John Deville

Ordinary shares

-

21,700

 

 

Mr Mohammad Salman Bhatti

Ordinary shares

5,000

3,500