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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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KUDOS INNOVATIONS LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR |
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KUDOS INNOVATIONS LIMITED |
KUDOS INNOVATIONS LIMITED (REGISTERED NUMBER: 08642156) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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KUDOS INNOVATIONS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Stapleton House |
Block A, 2nd Floor |
110 Clifton Street |
London |
EC2A 4HT |
KUDOS INNOVATIONS LIMITED (REGISTERED NUMBER: 08642156) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2016 |
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31.12.16 | 31.12.15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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KUDOS INNOVATIONS LIMITED (REGISTERED NUMBER: 08642156) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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1. | STATUTORY INFORMATION |
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Kudos Innovations Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
No significant judgements or estimates have been used to arrive at the figures contained within these financial |
statements. |
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Turnover |
Turnover represents revenue recognised, excluding value added tax. |
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Other income |
Other income represents grants receivable. |
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Tangible fixed assets |
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Office equipment | - |
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Computer equipment | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
KUDOS INNOVATIONS LIMITED (REGISTERED NUMBER: 08642156) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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3. | ACCOUNTING POLICIES - continued |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the |
operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Going concern |
The financial statements have been prepared on the going concern basis. During the year the company incurred |
losses but the directors were successful in raising additional investment. The directors have a reasonable |
expectation that they have sufficient resources to meet its obligations if and when they become due. It is on that |
basis they consider the company should continue to adopt the going concern basis of accounting in preparing the |
financial statements. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Office | Computer |
equipment | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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KUDOS INNOVATIONS LIMITED (REGISTERED NUMBER: 08642156) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.16 | 31.12.15 |
value: | £ | £ |
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Ordinary shares | £0.00001 | 132 | 116 |
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The Ordinary share capital of £116 is divided into the following classes. |
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Ordinary shares 9,000,000 shares of £0.00001 each |
A1 Ordinary shares 1,800,073 shares of £0.00001 each |
A2 Ordinary shares 785,294 shares of £0.00001 each |
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On 25 March 2015, the company sub divided its issued share capital of 45 A Ordinary and 45 B Ordinary £1 |
shares into 4,500,000 A Ordinary £0.00001 and 4,500,000 B Ordinary £0.00001 shares. On the same date, the |
company re-designated A Ordinary and B Ordinary shares into Ordinary shares. No consideration was received |
as part of this re-designation. |
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Between 27 March 2015 and 7 April 2015, the company issued 1,800,073 A Ordinary £0.00001 shares for a |
total consideration of £560,000. |
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On 10 December 2015, the company re-designated 1,800,073 £0.00001 A Ordinary shares into 1,800,073 |
£0.00001 A1 Ordinary shares. No consideration was received as part of this re-designation. On the same date, |
the company issued 785,294 £0.00001 A2 Ordinary shares for a total consideration of £426,237. |
KUDOS INNOVATIONS LIMITED (REGISTERED NUMBER: 08642156) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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9. | RELATED PARTY DISCLOSURES |
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TBI Communications Limited |
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A company in which the director M Kenneway is a majority shareholder |
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During the year the company re-imbursed TBI Communications Limited, a company incorporated in England |
and Wales, for expenditure totalling £1,505. |
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All transactions with related parties are conducted at arm's length. |
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10. | ULTIMATE CONTROLLING PARTY |
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The company is under the control of the directors by virtue of their shareholdings. |
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11. | FIRST YEAR ADOPTION |
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This is the first year that the company has presented its results and financial position in accordance with FRS |
102. The last financial statements under UK GAAP were for the year ended 31 December 2015. The date that the |
company transitioned to FRS 102 was 1 January 2015. |
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The policies applied under the entity's previous accounting framework are not materially different to FRS 102 |
and have no impacted on equity or profit or loss. |