Registration number:
Kuda Technologies Ltd
for the Year Ended 31 December 2020
Kuda Technologies Ltd
Contents
Company Information |
|
Accountants' Report |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Kuda Technologies Ltd
Company Information
Directors |
Babatunde Ogundeyi Mutairu Omotosho Mustapha Dr Ricardo Schaefer Andrew John McCormack |
Registered office |
|
Accountants |
|
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Kuda Technologies Ltd
for the Year Ended 31 December 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Kuda Technologies Ltd for the year ended 31 December 2020 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Kuda Technologies Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Kuda Technologies Ltd and state those matters that we have agreed to state to the Board of Directors of Kuda Technologies Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kuda Technologies Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Kuda Technologies Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Kuda Technologies Ltd. You consider that Kuda Technologies Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Kuda Technologies Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Porters Wood
St Albans
Hertfordshire
AL3 6PA
Kuda Technologies Ltd
(Registration number: 11472232)
Balance Sheet as at 31 December 2020
Note |
2020 |
2019 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
- |
|
Investments |
|
- |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
17,344 |
10,000 |
|
Share premium reserve |
7,336,782 |
- |
|
Profit and loss account |
(493,150) |
(2,924) |
|
Shareholders' funds |
6,860,976 |
7,076 |
For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Kuda Technologies Ltd
(Registration number: 11472232)
Balance Sheet as at 31 December 2020
Approved and authorised by the
......................................... |
Kuda Technologies Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Kuda Technologies Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Property, Plant & Equipment |
Straight line over 3 years |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value as follows
Asset class |
Amortisation method and rate |
Internally generated software |
Useful economic life once asset is revenue generating |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Kuda Technologies Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Kuda Technologies Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Intangible assets |
Internally generated software development costs |
Total |
|
Cost or valuation |
||
At 1 January 2020 |
|
|
Additions internally developed |
|
|
At 31 December 2020 |
|
|
Amortisation |
||
Carrying amount |
||
At 31 December 2020 |
|
|
At 31 December 2019 |
|
|
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
Additions |
|
|
At 31 December 2020 |
|
|
Depreciation |
||
Charge for the year |
|
|
At 31 December 2020 |
|
|
Carrying amount |
||
At 31 December 2020 |
|
|
Investments |
2020 |
2019 |
|
Investments in subsidiaries |
|
- |
Kuda Technologies Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Subsidiaries |
£ |
Cost or valuation |
|
Additions |
|
Provision |
|
Carrying amount |
|
At 31 December 2020 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
||||
2020 |
2019 |
||||||
Subsidiary undertakings |
|||||||
|
Nigeria |
|
|
|
Debtors |
2020 |
2019 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
|
Other debtors |
|
|
|
|
Details of non-current trade and other debtors
£6,525,623 (2019 -£1,074,620) of Debtors is classified as non current. The balance represents funds transferred to Kuda Microfinance Bank Limited, a company registered in Nigeria. This funding is a deposit for share capital and is showing as Deposit for Shares in the accounts of Kuda Microfinance Bank Ltd pending approval from the Central Bank of Nigeria to issue the shares. When approval is obtained the amounts are reclassified as Investment in Subsidiary in Kuda Technologies Ltd.
Kuda Technologies Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
|
Due within one year |
|||
Trade creditors |
- |
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
- |
|
Accruals and deferred income |
|
|
|
Other creditors |
|
- |
|
|
|
Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
|
Due after one year |
|||
Loans and borrowings |
- |
|
On 21 August 2020, the £1,161,000 ($1,548,000) of Safe Note Loans (Convertible Loans) were converted into 335,026 Seed preferred shares allocated to the Safe Note holders
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
|||
No. |
£ |
No. |
£ |
|
|
|
10,000.00 |
|
10,000.00 |
|
|
7,344.27 |
- |
- |
|
|
|
|
Related party transactions |
Loans from related parties
Kuda Technologies Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
2020 |
Key management |
Total |
Advanced |
|
|
At end of period |
|
|
Terms of loans from related parties
Non adjusting events after the financial period |
|