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Registered number: 09923539
Oakhurst Africa Capital Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Chatsworth FD Ltd
Chartered Accountants
93 Beaumont Road
Petts Wood
Orpington
BR5 1JH
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09923539
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investments 5 9,060,670 9,536,266
9,060,670 9,536,266
CURRENT ASSETS
Debtors 6 608 3,704
Investments 7 - 131,311
Cash at bank and in hand 35,386 61,710
35,994 196,725
Creditors: Amounts Falling Due Within One Year 8 (9,325,377 ) (9,615,402 )
NET CURRENT ASSETS (LIABILITIES) (9,289,383 ) (9,418,677 )
TOTAL ASSETS LESS CURRENT LIABILITIES (228,713 ) 117,589
NET (LIABILITIES)/ASSETS (228,713 ) 117,589
CAPITAL AND RESERVES
Called up share capital 9 100 100
Fair value reserve 11 548,049 946,858
Profit and Loss Account (776,862 ) (829,369 )
SHAREHOLDERS' FUNDS (228,713) 117,589
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Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Graham Hurst
Director
14/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Oakhurst Africa Capital Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09923539 . The registered office is 68 Vincent Square, London, SW1P 2NU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The director has not identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern and the entity has the director's support to settle its financial liabilities as they fall due. As such preparation of the financial statements on a going concern basis remains appropriate.
2.3. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% straight line
Computer Equipment 25% straight line
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
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Page 4
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 2,385 2,524 4,909
As at 31 March 2024 2,385 2,524 4,909
Depreciation
As at 1 April 2023 2,385 2,524 4,909
As at 31 March 2024 2,385 2,524 4,909
Net Book Value
As at 31 March 2024 - - -
As at 1 April 2023 - - -
5. Investments
Unlisted
£
Cost
As at 1 April 2023 9,536,266
Additions 448,987
Disposals (491,721 )
Revaluations (432,862 )
As at 31 March 2024 9,060,670
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 9,060,670
As at 1 April 2023 9,536,266
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 608 -
Corporation tax recoverable assets - 3,704
608 3,704
7. Current Asset Investments
2024 2023
£ £
Unlisted investments - 131,311
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 3,360
Bank loans and overdrafts 625,909 1,253,241
Other taxes and social security 17 17
Accruals and deferred income 2,925 2,925
Director's loan account 8,696,526 8,355,859
9,325,377 9,615,402
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Financial Instruments
During year ended 31 March 2018, fixed charges over the assets of the company were created and registered by Citibank (Switzerland) AG / Citibank N.A.
11. Reserves
Fair Value Reserve
£
As at 1 April 2023 946,858
Movements in fair value reserve (432,863)
Transfer to profit and loss 34,054
As at 31 March 2024 548,049
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