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REGISTERED NUMBER: 07687209 (England and Wales)











Unaudited Financial Statements

for the Period 1 January 2023 to 30 June 2024

for

!OBAC UK Limited

!OBAC UK Limited (Registered number: 07687209)

Contents of the Financial Statements
for the Period 1 January 2023 to 30 June 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


!OBAC UK Limited

Company Information
for the Period 1 January 2023 to 30 June 2024







DIRECTORS: J R Lawson-Brown
I Spreadborough
P Woolvine





REGISTERED OFFICE: Unit 9, Berry Court Farm
Bramley Road
Little London
Tadley
Hampshire
RG26 5AT





REGISTERED NUMBER: 07687209 (England and Wales)





ACCOUNTANTS: Butt Miller
Chartered Accountants
1 Minster Court
Tuscam Way
Camberley
Surrey
GU15 3YY

!OBAC UK Limited (Registered number: 07687209)

Statement of Financial Position
30 June 2024

2024 2022
Notes £    £   
CURRENT ASSETS
Stocks 5 - 17,166
Debtors 6 161,267 127,422
Cash at bank 2,706 28,195
163,973 172,783
CREDITORS
Amounts falling due within one year 7 (5,370,142 ) (5,051,421 )
NET CURRENT LIABILITIES (5,206,169 ) (4,878,638 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(5,206,169

)

(4,878,638

)

CREDITORS
Amounts falling due after more than one
year

8

(3,478

)

(9,171

)
NET LIABILITIES (5,209,647 ) (4,887,809 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (5,209,747 ) (4,887,909 )
(5,209,647 ) (4,887,809 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2025 and were signed on its behalf by:





P Woolvine - Director


!OBAC UK Limited (Registered number: 07687209)

Notes to the Financial Statements
for the Period 1 January 2023 to 30 June 2024


1. STATUTORY INFORMATION

!OBAC UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The current accounting period was extended for administrative purposes, this means that the amounts presented in the financial statements are not entirely comparable with those for the previous year.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Operating leases
Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period of the lease.

Pension costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate.

!OBAC UK Limited (Registered number: 07687209)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 30 June 2024


2. ACCOUNTING POLICIES - continued

Going concern
As at 30 June 2024 the company had net liabilities. The directors are nevertheless of the opinion that the going concern basis of accounting remains appropriate, and that the company will continue to operate effectively for the foreseeable future, owing in part to the continued financial support of the existing shareholders. The directors are also confident of bringing the company's product effectively to market in the near future to generate positive working capital, and have secured substantial investment to fund the commercialisation of !OBAC's technologies.

Foreign currencies
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 are included in the Income Statement for the period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2023 6,413
Disposals (4,188 )
At 30 June 2024 2,225
DEPRECIATION
At 1 January 2023 6,413
Eliminated on disposal (4,188 )
At 30 June 2024 2,225
NET BOOK VALUE
At 30 June 2024 -
At 31 December 2022 -

5. STOCKS
2024 2022
£    £   
Stocks - 17,166

6. DEBTORS
2024 2022
£    £   
Amounts falling due within one year:
Trade debtors 7,937 4,182
Other debtors 147,849 116,495
VAT 1,981 3,245
157,767 123,922

!OBAC UK Limited (Registered number: 07687209)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 30 June 2024


6. DEBTORS - continued
2024 2022
£    £   
Amounts falling due after more than one year:
Other debtors 3,500 3,500

Aggregate amounts 161,267 127,422

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£    £   
Bank loans 3,795 3,795
Trade creditors 155,936 111,962
Amounts owed to group undertakings 5,186,948 4,903,226
Social security and other taxes 193 7,838
Other creditors 20,076 18,750
Accruals 3,194 5,850
5,370,142 5,051,421

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2022
£    £   
Bank loans - 1-2 years 3,478 3,795
Bank loans - 2-5 years - 5,376
3,478 9,171

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2022
£    £   
Within one year 18,000 18,000
Between one and five years 21,000 39,000
39,000 57,000