Year Ended
Registration number:
Baobab Ebooks Services Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Baobab Ebooks Services Limited
Balance Sheet
31 December 2023
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Fixed assets |
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Intangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Shareholders' deficit |
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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:
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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
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Company Registration Number: 08647383
Baobab Ebooks Services Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal place of business is:
Aylesbeare Common Business Park
Exmouth Road
Aylesbeare
Devon
EX5 2DG
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
Baobab Ebooks Services Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2023
Financial instruments
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
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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At 31 December 2023 |
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Amortisation |
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At 1 January 2023 |
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Amortisation charge |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Tangible assets |
Office equipment |
Total |
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Cost or valuation |
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At 1 January 2023 |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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Baobab Ebooks Services Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2023
Debtors |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Due within one year |
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Trade creditors |
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Other creditors |
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Accruals and deferred income |
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Related party transactions |
Summary of transactions with entities with joint control or significant interest