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Logo On Report
Registered Number: 12416157
England and Wales

 

 

 

OLAKEM LTD



Unaudited Financial Statements
 


Period of accounts

Start date: 01 January 2025

End date: 31 December 2025
Directors Memunat Oluwakemi Ogunnaike
Olatunbosun Olamide Ogunnaike
Registered Number 12416157
Registered Office 1 Meadow View
Walderslade Road
Chatham
ME5 0LY
Accountants Julius and Julius and Associates LLP
70, Clapton Square

London
E5 8HW
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 31 December 2025
Principal activities
Principal activity of the company during the financial was Buying, selling and real letting of own real estate activities.
Statement of directors' responsibilities
The directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to
  • select suitable accounting policies and then apply them consistently
  • make judgments and accounting estimates that are reasonable and prudent
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business


The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Directors
The directors who served the company throughout the year were as follows:
Memunat Oluwakemi Ogunnaike
Olatunbosun Olamide Ogunnaike

This report was approved by the board and signed on its behalf by:


----------------------------------
Memunat Oluwakemi Ogunnaike
Director

Date approved: 14 January 2026
2
 
 
Notes
 
2025
£
  2024
£
Fixed assets      
Tangible fixed assets 3 218,667    251,816 
218,667    251,816 
Current assets      
Cash at bank and in hand 53,777    491 
Creditors: amount falling due within one year 4 (8,198)  
Net current assets 45,579    491 
 
Total assets less current liabilities 264,246    252,307 
Creditors: amount falling due after more than one year 5 (281,957)   (267,925)
Net assets (17,711)   (15,618)
 

Capital and reserves
     
Called up share capital 2    2 
Profit and loss account (17,713)   (15,620)
Shareholders' funds (17,711)   (15,618)
 


For the year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 14 January 2026 and were signed on its behalf by:


-------------------------------
Memunat Oluwakemi Ogunnaike
Director
3
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 January 2024 2  (10,851) (10,849)
Profit/(Loss) for the year (4,769) (4,769)
Total comprehensive income for the year (4,769) (4,769)
Total investments by and distributions to owners
At 31 December 2024 2  (15,620) (15,618)
At 01 January 2025 2  (15,620) (15,618)
Profit/(Loss) for the year (2,093) (2,093)
Total comprehensive income for the year (2,093) (2,093)
Total investments by and distributions to owners
At 31 December 2025 2  (17,713) (17,711)
4
General Information
Olakem Ltd is a private company, limited by shares, registered in England and Wales, registration number 12416157, registration address 1 Meadow View, Walderslade Road, Chatham, ME5 0LY.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognized initially at cost and subsequently investment properties are measured at historical cost less depreciation, and less accumulated impairment losses. This means that investment property is restated at depreciated historical cost.



2.

Average number of employees

Average number of employees during the year was 1 (2024 : 2).
3.

Tangible fixed assets

Cost or valuation Investment properties   Total
  £   £
At 01 January 2025 226,035    226,035 
Additions  
Disposals  
At 31 December 2025 226,035    226,035 
Depreciation
At 01 January 2025  
Charge for year 7,368    7,368 
On disposals  
At 31 December 2025 7,368    7,368 
Net book values
Closing balance as at 31 December 2025 218,667    218,667 
Opening balance as at 01 January 2025 251,816    251,816 


4.

Creditors: amount falling due within one year

2025
£
  2024
£
Accrued Expenses 1,000   
Directors' Current Accounts 7,198   
8,198   

5.

Creditors: amount falling due after more than one year

2025
£
  2024
£
Bank Loans- Mortgage 222,268    170,842 
Other Loans   97,083 
Equity Loan 59,689   
281,957    267,925 

6.

Equity on the remortgage property

The account include the Equity of £59,687 (see note 7) on the remortgage property on the 1st August 2025, when the property was revalued to £226,035 for 25 years. 
5