GOAB_Limited_31_Jan_2025_companies_house_set_of

GOAB Limited

Statement of Financial Position

31 January 2025

		2025		2024
	Note	£		£
Fixed assets
Investments	6	266,635		159,135
Current assets
Debtors	7	7,694		1,363
Cash at bank and in hand		5,584		2,153
		13,278		3,516
Creditors: amounts falling due within one year	8	(10,144	)	(7,053	)
Net current assets/(liabilities)		3,134		(3,537	)
Total assets less current liabilities		269,769		155,598
Creditors: amounts falling due after more than one year	9	(254,632	)	(144,383	)
Net assets		15,137		11,215
Capital and reserves
Called up share capital		30		30
Profit and loss account		15,107		11,185
Shareholders funds		15,137		11,215

For the year ending

31 January 2025

, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

These

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.

These

financial statements

were approved by the board of directors and authorised for issue on

31 October 2025

, and are signed on behalf of the board by:

Mr A Akande

Director

Company registration number:

11769752

GOAB Limited

Notes to the Financial Statements

Year ended

31 January 2025

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is

24 Y Deri Duon

Lisvane

Cardiff

CF14 0AA

, United Kingdom.

2 Statement of compliance

These

financial statements

have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The

financial statements

have been prepared on the historical cost basis, as modified by the revaluation of certain assets.

The

financial statements

are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Office equipment

33% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4 Average number of employees

The average number of persons employed by the company during the year was

(2024:

1.00

5 Tangible assets

	Plant and machinery etc.
	£
Cost
At 1 February 2024 and 31 January 2025	750
Depreciation
At 1 February 2024 and 31 January 2025	750
Carrying amount
At 31 January 2025	-
At 31 January 2024	-

6 Investments

	Other investments other than loans
	£
Cost
At 1 February 2024	159,135
Additions	107,500
At 31 January 2025	266,635
Impairment
At 1 February 2024 and 31 January 2025	-
Carrying amount
At 31 January 2025	266,635
At 31 January 2024	159,135

Other investments are three investment properties and are stated at cost.

Investments held at valuation

In respect of fixed asset investments held at valuation, the comparable amounts that would have been recognised if the assets had been carried under the historical cost model are as follows:

	2025	2024
	Other investments	Other investments
	£	£
Aggregate historical cost	266,635	159,135
Carrying amount	266,635	159,135

7 Debtors

	2025		2024
	£		£
Other debtors	7,694		1,363

8 Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	3,000	-
Taxation and social security	1,308	1,382
Other creditors	5,836	5,671
	10,144	7,053

9 Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	9,146	-
Other creditors	245,486	144,383
	254,632	144,383

10 Director's advances, credit and guarantees

The following advances and credits to directors subsisted during the year ended 31 January 2025 and for the year ended 31 January 2024:

Mr A Akande

For the year ended 31st January 2025 the balance outstanding at start of year was £57,175, amounts advanced was £42,970, amounts repaid was £17,981 and the balance outstanding at end of year was £32,186. £32,186 was owed to Mr A Akande from the company, £Nil is stated within creditors: amounts falling due within one year and £32,196 is stated within creditors: amounts falling due after more than one year.

For the year ended 31st January 2024 the balance outstanding at start of year was £45,632, amounts advanced was £Nil, amounts repaid was £11,543 and the balance outstanding at end of year was £57,175. £57,175 was owed to Mr A Akande from the company, £Nil is stated within creditors: amounts falling due within one year and £57,175 is stated within creditors: amounts falling due after more than one year.

Mrs GO Badero

For the year ended 31st January 2025 the balance outstanding at start of year was £22,907, amounts advanced was £2,567, amounts repaid was £16,314 and the balance outstanding at end of year was £36,654. £36,654 was owed to Mrs GO Badero from the company, £Nil is stated within creditors: amounts due within one year and £34,952 is stated within creditors: amounts falling due after more than one year.

For the year ended 31st January 2024 the balance outstanding at start of year was £7,887, amounts advanced was £Nil, amounts repaid was £15,020 and the balance outstanding at end of year was £22,907. £22,907 was owed to Mrs GO Badero from the company, £Nil is stated within creditors: amounts due within one year and £22,907 is stated within creditors: amounts falling due after more than one year.

11 Controlling party

The shareholders of the company during the year ended 31 January 2025 and for the year ended 31 January 2024 were:

4 Ordinary Class A Shares - Ganiat Olaide Badero

24 Ordinary Class B Shares - Ademola Akande

2 Ordinary Class C Shares - Bukola Badero

The company was under the control of Ademola Akende for the year ended 31 January 2025 and for the year ended 31 January 2024.