Company Registration No. 03557684 (England and Wales)
KOLAJOLA (UK) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
KOLAJOLA (UK) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
KOLAJOLA (UK) LTD
BALANCE SHEET
AS AT
29 SEPTEMBER 2024
29 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
6
13,135,363
13,135,363
Investments
5
1,000
1,000
13,136,363
13,136,363
Current assets
Debtors
7
1,486,053
1,394,383
Cash at bank and in hand
3,557
7,502
1,489,610
1,401,885
Creditors: amounts falling due within one year
8
(199,926)
(117,734)
Net current assets
1,289,684
1,284,151
Total assets less current liabilities
14,426,047
14,420,514
Creditors: amounts falling due after more than one year
9
(9,963,115)
(10,095,059)
Provisions for liabilities
(550,271)
(550,213)
Net assets
3,912,661
3,775,242
Capital and reserves
Called up share capital
600
600
Profit and loss reserves
3,912,061
3,774,642
Total equity
3,912,661
3,775,242

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

KOLAJOLA (UK) LTD
BALANCE SHEET (CONTINUED)
AS AT
29 SEPTEMBER 2024
29 September 2024
- 2 -

For the financial year ended 29 September 2024 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 members have 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 and signed by the director and authorised for issue on 15 August 2025
Mr K Lawal
Director
Company Registration No. 03557684
KOLAJOLA (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Kolajola (UK) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 95/97 Lower Addiscombe Road, Croydon, Surrey, CR0 6PT.

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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

 

Rental income is recognised in the period in to which the lease period relates.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
Leaseholds are depreciated at 10% p.a. on straight line method
Motor vehicles
25% p.a. on reducing balance method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

KOLAJOLA (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Fixed asset investments

Interests in subsidiaries 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.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.8
Taxation

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

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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
0
0

All labour was supplied by a related party.

KOLAJOLA (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 SEPTEMBER 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 30 September 2023 and 29 September 2024
20,000
Amortisation and impairment
At 30 September 2023 and 29 September 2024
20,000
Carrying amount
At 29 September 2024
-
0
At 29 September 2023
-
0
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 30 September 2023
16,398
5,998
22,396
Disposals
(16,398)
-
0
(16,398)
At 29 September 2024
-
0
5,998
5,998
Depreciation and impairment
At 30 September 2023
16,398
5,998
22,396
Eliminated in respect of disposals
(16,398)
-
0
(16,398)
At 29 September 2024
-
0
5,998
5,998
Carrying amount
At 29 September 2024
-
0
-
0
-
0
At 29 September 2023
-
0
-
0
-
0
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,000
1,000
6
Investment property
2024
£
Fair value
At 30 September 2023 and 29 September 2024
13,135,363
KOLAJOLA (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 SEPTEMBER 2024
6
Investment property
(Continued)
- 6 -

Investment property comprises £13,135,363. MJ Group International Ltd carried out an external valuation for a number of properties in May 2023. MJ Group International Ltd is not connected to the company. The directors have revalued the properties at September 2024

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
7,580,887
7,580,887
Accumulated depreciation
-
-
Carrying amount
7,580,887
7,580,887
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
180,958
89,288
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
1,305,095
1,305,095
Total debtors
1,486,053
1,394,383

The amounts owed by subsidiary and related parties (included in other debtors) are interest free, with no security and no fixed repayment terms.

KOLAJOLA (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 SEPTEMBER 2024
- 7 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
26,832
20,094
Taxation and social security
103,935
69,725
Other creditors
69,159
27,915
199,926
117,734

The amounts owed to related parties (included in other creditors) are interest free, with no security and no fixed repayment terms.

9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,963,115
10,095,059

The company has two charges held against the loans.

 

The first is a fixed and floating charge dated 27th May 2021 over a number the properties and associated assets held by the company.

 

The second charge is a fixed charge dated 15th August 2019 over all of the land and buildings in title K335887 and all associated assets.

10
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
2,991,262
3,957,659
Non distributable profits in the year
-
(966,397)
At the end of the year
2,991,262
2,991,262
11
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
1,305,095
1,305,095
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