GoAfrica Ltd
(formerly known as GoAscendal Investments Limited)
Unaudited Financial Statements
For the year ended 31 December 2023
For Filing with Registrar
Company Registration No. 04523881 (England and Wales)
GoAfrica Ltd
(formerly known as GoAscendal Investments Limited)
Company Information
Director
J Coetzee
Company number
04523881
Registered office
90 High Holborn
London
WC1V 6LJ
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
GoAfrica Ltd
(formerly known as GoAscendal Investments Limited)
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Goafrica Ltd
GoAfrica Ltd
(formerly known as GoAscendal Investments Limited)
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
-
0
704,468
Current assets
Debtors
5
-
0
205,431
Cash at bank and in hand
15,272
8,661
15,272
214,092
Creditors: amounts falling due within one year
6
(15,800)
(203,175)
Net current (liabilities)/assets
(528)
10,917
Net (liabilities)/assets
(528)
715,385
Capital and reserves
Called up share capital
7
1
1
Other reserves
964,916
704,468
Profit and loss reserves
(965,445)
10,916
Total equity
(528)
715,385

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 26 February 2025 and are signed on its behalf by:
J  Coetzee
Director
Company Registration No. 04523881
Goafrica Ltd
GoAfrica Ltd
(formerly known as GoAscendal Investments Limited)
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information

GoAfrica Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 90 High Holborn High Holborn, London, England, WC1V 6LJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Fixed asset investments

Interests in jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

Basic financial instruments are measured at amortised cost. The company has no other financial instruments or basic financial instruments measured at fair value.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Goafrica Ltd
GoAfrica Ltd
(formerly known as GoAscendal Investments Limited)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees
There were no employees other than directors for either 2023 or 2022.
Goafrica Ltd
GoAfrica Ltd
(formerly known as GoAscendal Investments Limited)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 4
4
Fixed asset investments
2023
2022
£
£
Joint venture in Betterrides Labs Limited (accounted for at cost less impairment)
-
0
704,468
Movements in fixed asset investments
Shares in joint ventures
£
Cost or valuation
At 1 January 2023
704,468
Additions
260,448
At 31 December 2023
964,916
Impairment
At 1 January 2023
-
Impairment losses
964,916
At 31 December 2023
964,916
Carrying amount
At 31 December 2023
-
At 31 December 2022
704,468
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
13,611
Amounts owed by group undertakings
-
0
98,646
Other debtors
-
905
Prepayments and accrued income
-
0
92,269
-
205,431
Goafrica Ltd
GoAfrica Ltd
(formerly known as GoAscendal Investments Limited)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 5
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
0
104,828
Other creditors
-
92,269
Accruals and deferred income
15,800
6,078
15,800
203,175
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
8
Parent company

The company is a wholly owned subsidiary of Betterrides.AI Ltd, a company incorporated in England and Wales. The ultimate controlling party is GoMetro UK Limited, a company incorporated in England and Wales.

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