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For the year ended 31 December 2022
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Registered number: 12971027
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Kofa Holdings Ltd - Registered number: 12971027
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Statement of financial position
As at 31 December 2022
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The company's financial statements have been prepared in accordance with the provisions applicable to companies
subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Page 1
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Kofa Holdings Ltd - Registered number: 12971027
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Statement of financial position (continued)
As at 31 December 2022
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue and signed by:
The notes on pages 4 to 7 form part of these financial statements.
Page 2
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Statement of changes in equity
For the year ended 31 December 2022
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Shares issued during the year
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The notes on pages 4 to 7 form part of these financial statements.
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Page 3
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Notes to the financial statements
For the year ended 31 December 2022
Kofa Holdings Ltd is a private company limited by shares and is incorporated in England & Wales. The address of the registered office of the company is 21 Bennerley Rd, London, SW11 6DR. The company registration number is 12971027.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The company has received assurance from the shareholder that he will continue to give financial support to the company for a period of twelve months from the date of signing of these financial statements.
On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis. However, should the financial support mentioned above not be forthecoming, the going concern basis used in preparing the company's financial statements may be invalid and adjustments would have to be made necessary should this basis not continue to be appropriate.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Page 4
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Notes to the financial statements
For the year ended 31 December 2022
2.Accounting policies (continued)
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Interest income is recognised in profit or loss using the effective interest method.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was 2 (2021 - 1).
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Page 5
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Notes to the financial statements
For the year ended 31 December 2022
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Investments in subsidiary companies
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At 1 January 2022 (as restated)
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The following was a subsidiary undertaking of the Company:
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Kofa Technologies Limited
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No. 17 Swaniker Road, Abelempke, P.O. Box GP 814, ACCRA
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Kofa Technologies Limited is a limited liability company incorporated and domiciled in Ghana under the Companies Act, 2019 (Act 992).
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Allotted, called up and fully paid
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14,035 (2021 - 10,188) Ordinary shares of £0.01 each
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Page 6
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Notes to the financial statements
For the year ended 31 December 2022
6.Share capital (continued)
On 28 January 2022, 2,286 ordinary shares were issued at £0.01 per share.
On 02 February 2022, a further 1,561 ordinary shares were issued at £0.01 per share.
During the year the directors were made aware that the accounting entries relating to an investment addition were omitted in prior years. Adjusting for this error relating to the prior period had the following impact in the year ended 31 December 2021:
- Increase fixed asset investments by £34,610
- Increase creditors by £34,610
Page 7
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