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Registration number: 10081174

Ogab Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Ogab Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Ogab Limited

Company Information

Directors

Osama Elogab

Nadia Elogab

Registered office

Unit 1A
Polden Business Centre
Bridgwater
Somerset
TA6 4AW

 

Ogab Limited

(Registration number: 10081174)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

9,495,942

7,888,289

Tangible assets

5

44,986

72,924

 

9,540,928

7,961,213

Current assets

 

Debtors

6

42,756

40,804

Cash at bank and in hand

 

320,250

88,594

 

363,006

129,398

Creditors: Amounts falling due within one year

7

(2,974,693)

(3,254,415)

Net current liabilities

 

(2,611,687)

(3,125,017)

Net assets

 

6,929,241

4,836,196

Capital and reserves

 

Called up share capital

8

71,847

51,847

Share premium reserve

7,031,829

5,051,829

Retained earnings

(174,435)

(267,480)

Shareholders' funds

 

6,929,241

4,836,196

For the financial year ending 29 February 2024 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 29 November 2024 and signed on its behalf by:
 

.........................................
Osama Elogab
Director

 

Ogab Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
Unit 1A
Polden Business Centre
Bridgwater
Somerset
TA6 4AW
United Kingdom

These financial statements were authorised for issue by the Board on 29 November 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.

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.

Asset class

Depreciation method and rate

Office Equipment

25% Straight Line

Plant and Machinery

25% Straight Line

 

Ogab Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Investment property

Amortisation

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

Asset class

Amortisation method and rate

Internally developed intangible assets

Over useful life as determined

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 13).

 

Ogab Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 March 2023

7,888,289

7,888,289

Additions internally developed

1,607,653

1,607,653

At 29 February 2024

9,495,942

9,495,942

Amortisation

Carrying amount

At 29 February 2024

9,495,942

9,495,942

At 28 February 2023

7,888,289

7,888,289

Cost relating to projects that will in the future be revenue generating are capitalised as intangible assets. Once the projects are revenue earning the intangible asset will be amortised over the economic life of the project.

 

Ogab Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

90,093

279,063

369,156

Additions

1,386

-

1,386

At 29 February 2024

91,479

279,063

370,542

Depreciation

At 1 March 2023

64,259

231,973

296,232

Charge for the year

5,525

23,799

29,324

At 29 February 2024

69,784

255,772

325,556

Carrying amount

At 29 February 2024

21,695

23,291

44,986

At 28 February 2023

25,834

47,090

72,924

6

Debtors

Current

2024
£

2023
£

Prepayments

30,000

30,000

Other debtors

12,756

10,804

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

-

4,193

Taxation and social security

185

185

Accruals and deferred income

2,500

2,500

Other creditors

2,972,008

3,247,537

2,974,693

3,254,415

8

Share capital

Allotted, called up and fully paid shares

 

Ogab Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

 

2024

2023

 

No.

£

No.

£

Ordinary of £0.01 each

7,184,665

71,847

5,184,665

51,847

         

9

Related party transactions

 

Ogab Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,107

8,250

Summary of transactions with other related parties

At the balance sheet date the amount due to Mr Osama Elogab (Director) is £2,972,009 (2023 - £3,247,537). No interest is charged on the amounts owing to the director.


 

Loans from related parties

2024

Key management
£

Total
£

At start of period

3,247,537

3,247,537

Advanced

1,725,455

1,725,455

Repaid

(2,000,983)

(2,000,983)

At end of period

2,972,009

2,972,009

2023

Key management
£

Total
£

At start of period

3,428,702

3,428,702

Advanced

1,685,651

1,685,651

Repaid

(1,866,816)

(1,866,816)

At end of period

3,247,537

3,247,537