Noba Capital Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Noba Capital Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11483220 . The registered office is Unit 302, Screenworks 22 Highbury Grove, London, N5 2EF.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:

the Company has transferred to the buyer the significant risks and rewards of ownership of the goods;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the economic benefits associated with the transaction will flow to the Company; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Leasehold	20% Straight line
Fixtures & Fittings	25% Straight line

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Noba Capital Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.5. Stocks and Work in Progress

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.

2.6. Foreign Currencies

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

2.7. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

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Noba Capital Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.8. Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2.9. Research and development costs

Expenditure on research and development is written off in the year it is incurred unless it meets the criteria to allow it to be capitalised. Costs of research are always written off in the year in which they are incurred. Where development costs are recognised as an asset, they are amortised over the period expected to benefit from them. Amortisation of the capitalised costs begins once the developed product comes into use, typically at rate of 33.33% straight line.

2.10. Freehold investment property

Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.

2.10. Investments

Unlisted investments (except those held as subsidiaries, associates or joint ventures) are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.

2.11. Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 4 (2023: 5)

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Noba Capital Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Tangible Assets

	Land & Property
	Leasehold	Fixtures & Fittings	Total
	£	£	£
Cost
As at 1 January 2024	2,615	24,797	27,412
Additions	-	3,371	3,371

As at 31 December 2024	2,615	28,168	30,783

Depreciation
As at 1 January 2024	1,569	18,630	20,199
Provided during the period	523	2,467	2,990

As at 31 December 2024	2,092	21,097	23,189

Net Book Value
As at 31 December 2024	523	7,071	7,594

As at 1 January 2024	1,046	6,167	7,213

5. Investments

	Unlisted	Other	Total
	£	£	£
Cost or Valuation
As at 1 January 2024	25,002	539,587	564,589

As at 31 December 2024	25,002	539,587	564,589

Provision
As at 1 January 2024	-	-	-

As at 31 December 2024	-	-	-

Net Book Value
As at 31 December 2024	25,002	539,587	564,589

As at 1 January 2024	25,002	539,587	564,589

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	59,508	104,802
Other debtors	1,415,779	1,265,610

	1,475,287	1,370,412

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Noba Capital Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	17,891	33,769
Amounts owed to group undertakings	102,782	96,908
Other creditors	1,866,372	1,769,229
Taxation and social security	94,397	49,819

	2,081,442	1,949,725

8. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Bank loans	33,900	39,672

9. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	300	300

10. Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

11. Related Party Transactions

Transactions with related parties

At the balance sheet date a director was owed £1,701,798 (2023: £1,631,153). At the balance sheet date another director was owed £158,479 (2023: £129,734). At the balance sheet date the company owed £106,335 (2023: owed £90,709) by another company related by common directorship.

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		7,594		7,213
Investments	5		564,589		564,589

			572,183		571,802
CURRENT ASSETS
Debtors	6	1,475,287		1,370,412
Cash at bank and in hand		54,941		13,800

		1,530,228		1,384,212
Creditors: Amounts Falling Due Within One Year	7	(2,081,442 )		(1,949,725 )

NET CURRENT ASSETS (LIABILITIES)			(551,214 )		(565,513 )

TOTAL ASSETS LESS CURRENT LIABILITIES			20,969		6,289

Creditors: Amounts Falling Due After More Than One Year	8		(33,900 )		(39,672 )

NET LIABILITIES			(12,931 )		(33,383 )

CAPITAL AND RESERVES
Called up share capital	9		300		300
Profit and Loss Account			(13,231 )		(33,683 )

SHAREHOLDERS' FUNDS			(12,931)		(33,383)