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REGISTERED NUMBER: 13153069 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

African Originals Limited

African Originals Limited (Registered number: 13153069)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


African Originals Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: S Bahanda
Ms M M Judd
P H Redman
H R B Rudd
Ms A Schneider





REGISTERED OFFICE: 35 Royal Crescent
London
W11 4SN





REGISTERED NUMBER: 13153069 (England and Wales)





ACCOUNTANTS: Wilson Partners Limited
1st Floor
One Suffolk Way
Sevenoaks
Kent
TN13 1YL

African Originals Limited (Registered number: 13153069)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 10,176 14,315
Investments 5 3,364,043 3,364,043
3,374,219 3,378,358

CURRENT ASSETS
Stocks - 9,441
Debtors 6 6,349,960 4,074,095
Cash at bank 1,135,444 440,822
7,485,404 4,524,358
CREDITORS
Amounts falling due within one year 7 71,359 69,969
NET CURRENT ASSETS 7,414,045 4,454,389
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,788,264

7,832,747

CAPITAL AND RESERVES
Called up share capital 8 594,892 356,927
Share premium 9 7,922,453 4,071,155
Other reserves 9 3,768,023 4,691,617
Foreign exchange reserve 9 (1,205,519 ) (1,205,519 )
Retained earnings 9 (291,585 ) (81,433 )
SHAREHOLDERS' FUNDS 10,788,264 7,832,747

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:



Ms A Schneider - Director


African Originals Limited (Registered number: 13153069)

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


1. STATUTORY INFORMATION

African Originals Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of fifteen years.

Website development is being amortised evenly over its estimated useful life of three years.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

African Originals Limited (Registered number: 13153069)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 14,919
AMORTISATION
At 1 January 2023 604
Charge for year 4,139
At 31 December 2023 4,743
NET BOOK VALUE
At 31 December 2023 10,176
At 31 December 2022 14,315

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 3,364,043
NET BOOK VALUE
At 31 December 2023 3,364,043
At 31 December 2022 3,364,043

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors - 5,541
Other debtors 954 37,240
954 42,781

Amounts falling due after more than one year:
Amounts owed by group undertakings 6,349,006 4,031,314

Aggregate amounts 6,349,960 4,074,095

African Originals Limited (Registered number: 13153069)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 11,184 56,291
Taxation and social security 9,698 169
Other creditors 50,477 13,509
71,359 69,969

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
7,211,663 Ordinary USD 0.1 594,892 356,927

The following shares were allotted and fully paid for cash during the period:

879,264 Ordinary shares at $1.69 each
2,030,000 Ordinary shares at $1.73 each

9. RESERVES
Foreign
Retained Share Other exchange
earnings premium reserves reserve Totals
£    £    £    £    £   

At 1 January 2023 (81,433 ) 4,071,155 4,691,617 (1,205,519 ) 7,475,820
Deficit for the year (210,152 ) (210,152 )
Cash share issue - 3,850,468 (803,269 ) - 3,047,199
SPA forex - 830 (120,325 ) - (119,495 )
At 31 December 2023 (291,585 ) 7,922,453 3,768,023 (1,205,519 ) 10,193,372

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Ms A Schneider.