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Baobab Ebooks Services Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2023

Registration number: 08647383

 

Baobab Ebooks Services Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Baobab Ebooks Services Limited

Balance Sheet

31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

4,143

4,978

Current assets

 

Debtors

6

9,223

9,942

Cash at bank and in hand

 

14,355

54,006

 

23,578

63,948

Creditors: Amounts falling due within one year

7

(345,540)

(355,272)

Net current liabilities

 

(321,962)

(291,324)

Net liabilities

 

(317,819)

(286,346)

Capital and reserves

 

Called up share capital

200

200

Share premium reserve

9,800

9,800

Profit and loss account

(327,819)

(296,346)

Shareholders' deficit

 

(317,819)

(286,346)

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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

.........................................
J Hardinge
Director

   
     

Company Registration Number: 08647383

 

Baobab Ebooks Services Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

The principal place of business is:
Aylesbeare Common Business Park
Exmouth Road
Aylesbeare
Devon
EX5 2DG

2

Accounting policies

Statement of compliance

The Financial statements have been prepared under the historic cost convention and in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The functional currency of Baobab Ebooks Services Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates.

Going concern

During the year the company continued to develop the software for providing educational Ebooks. The company recorded a loss after tax for the year of £31,473, and as at 31 December 2023 had net current liabilities of £321,962. The company is dependent on the support from entities referred to in note 8, the major creditors, who have confirmed that they have no intention of seeking repayment of the amount owed of £308,520 in the foreseeable future. Subject to the continued support from the entities referred to in note 8, the directors are satisfied the company has sufficient cash balances and adequate resources to discharge it's obligations as they fall due for a period of no less than 12 months from the approval of the financial statements. Therefore, the directors continue to adopt the going concern basis of presentation.

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.

 

Baobab Ebooks Services Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

Intangible assets

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

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

33% straight line

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

25% straight line

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

 

Baobab Ebooks Services Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

Financial instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

The company holds the following financial instruments, all of which meet the conditions to be classified as basic instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances; and
• Loans from related parties.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Loans from related parties are initially recorded at transaction price, including transaction costs. Interest-bearing loans where the returns are a combination of positive fixed and variable rates over the life of the instrument are subsequently measured at amortised cost using the effective interest method. Non-interest bearing loans repayable on demand are measured at transaction price.


 

Baobab Ebooks Services Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Intangible assets

Website
 £

Total
£

Cost or valuation

At 1 January 2023

93,463

93,463

Additions

3,431

3,431

At 31 December 2023

96,894

96,894

Amortisation

At 1 January 2023

88,485

88,485

Amortisation charge

4,266

4,266

At 31 December 2023

92,751

92,751

Carrying amount

At 31 December 2023

4,143

4,143

At 31 December 2022

4,978

4,978

5

Tangible assets

Office equipment
 £

Total
£

Cost or valuation

At 1 January 2023

2,790

2,790

At 31 December 2023

2,790

2,790

Depreciation

At 1 January 2023

2,790

2,790

At 31 December 2023

2,790

2,790

Carrying amount

At 31 December 2023

-

-

 

Baobab Ebooks Services Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

6

Debtors

2023
 £

2022
 £

Trade debtors

7,469

8,539

Other debtors

1,754

1,403

9,223

9,942

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

28,767

21,055

Other creditors

308,520

324,249

Accruals and deferred income

8,253

9,968

345,540

355,272

8

Related party transactions

Summary of transactions with entities with joint control or significant interest

The company is reliant on financial support from entities with joint control. This financial support is in the form of interest free loans that are repayable on demand. An interest free loan has also been advanced from a subsidiary of one of these entities, which is also repayable on demand. The balance owed by the company to these entities at the balance sheet date was £308,520 (2022: £324,249).