Company Registration No. 14442275 (England and Wales)
Ofeh Technologies Limited
Unaudited accounts
for the year ended 31 October 2024
Ofeh Technologies Limited
Unaudited accounts
Contents
Ofeh Technologies Limited
Company Information
for the year ended 31 October 2024
Secretary
UHUKA, Mercy, Mrs.
Company Number
14442275 (England and Wales)
Registered Office
1 Boulmer Road
Cowley
Uxbridge
UB8 2NP
United Kingdom
Accountants
Ease Accounting Associates UK Limited
Chartered Accountants
Base Point Dartford Business Park
54 Victoria Road
DARTFORD
Kent
DA1 5FS
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Ofeh Technologies Limited for the year ended 31 October 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Ofeh Technologies Limited for the year ended
31 October 2024 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of Ofeh Technologies Limited, as a body, in accordance with the terms of our engagement letter dated 31 December 2023. Our work has been undertaken solely to prepare for your approval the accounts of Ofeh Technologies Limited and state those matters that we have agreed to state to the Board of Directors of Ofeh Technologies Limited, as a body, in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ofeh Technologies Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Ofeh Technologies Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Ofeh Technologies Limited. You consider that Ofeh Technologies Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Ofeh Technologies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Ease Accounting Associates UK Limited
Chartered Accountants
Chartered Accountants
Base Point Dartford Business Park
54 Victoria Road
DARTFORD
Kent
DA1 5FS
11 July 2025
Ofeh Technologies Limited
Statement of financial position
as at 31 October 2024
Cash at bank and in hand
6
22,796
Creditors: amounts falling due within one year
(22,398)
(13,316)
Net current (liabilities)/assets
(22,392)
9,480
Net (liabilities)/assets
(21,889)
10,151
Called up share capital
1
1
Profit and loss account
(21,890)
10,150
Shareholders' funds
(21,889)
10,151
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 11 July 2025 and were signed on its behalf by
UHUKA, Solomon
Director
Company Registration No. 14442275
Ofeh Technologies Limited
Notes to the Accounts
for the year ended 31 October 2024
Ofeh Technologies Limited is a private company, limited by shares, registered in England and Wales, registration number 14442275. The registered office is 1 Boulmer Road, Cowley, Uxbridge, UB8 2NP, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25% Reducing Balance
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Ofeh Technologies Limited
Notes to the Accounts
for the year ended 31 October 2024
The financial statements have been prepared on a going concern basis, notwithstanding that the company’s shareholder funds show a negative balance as at the reporting date.
The directors have assessed the financial position of the company and have prepared a cash flow forecast for at least the next 12 months from the date of approval of these financial statements. Based on this assessment, the directors are confident that the company has adequate resources to continue its operations and meet its liabilities as they fall due.
Key considerations include:
• Support from Creditors: The directors have obtained assurances from key creditors that payment terms will remain favourable to support the company’s liquidity position.
• Profitability and Cash Flow: The company is expected to generate sufficient cash flow from operations to cover its ongoing obligations.
• Director Support (if applicable): The directors are committed to providing financial support to the company, if necessary, to ensure it continues as a going concern.
• Access to Financing (if applicable): The company has access to additional financing facilities, which remain undrawn at the reporting date.
The directors have no intention to liquidate the company or to cease trading. Consequently, they believe it is appropriate to prepare the financial statements on a going concern basis.
This conclusion is supported by the company's track record, future projections, and plans for improving financial performance and strengthening its balance sheet
Investment Activity and Strategic Outlook
During the year, the company invested in short-term rental properties (Airbnb-style investments) with the aim of generating income from the holiday let market. However, due to unforeseen market conditions and operational challenges, the investment did not perform as expected and resulted in a loss for the year.
In response, the company acted promptly to divest from the underperforming assets to limit further exposure and preserve capital. The directors have taken lessons from this experience and are reviewing the company’s investment strategy.
Despite this setback, the company remains committed to its core business activities and intends to refocus in the next financial period with a more robust and risk-managed approach, concentrating on stable, long-term core business activities.
4
Tangible fixed assets
Computer equipment
Ofeh Technologies Limited
Notes to the Accounts
for the year ended 31 October 2024
5
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
-
2,189
Loans from directors
21,903
10,502
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
7
Average number of employees
During the year the average number of employees was 0 (2023: 0).