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Registration number: 13347230

Kaya Corporation Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 May 2022 to 31 December 2022

Pages for Filing with Registrar

 

Kaya Corporation Limited

(Registration number: 13347230)
Balance Sheet as at 31 December 2022

Note

31 December
2022
£

30 April
2022
£

Fixed assets

 

Investments

5

14,507

-

Current assets

 

Debtors

6

1,398,820

828,854

Cash at bank and in hand

 

1,603,321

63,953

 

3,002,141

892,807

Creditors: Amounts falling due within one year

7

(3,500)

(6,750)

Net current assets

 

2,998,641

886,057

Net assets

 

3,013,148

886,057

Capital and reserves

 

Called up share capital

8

110

100

Share premium reserve

3,036,005

892,722

Capital redemption reserve

3

-

Retained earnings

(22,970)

(6,765)

Shareholders' funds

 

3,013,148

886,057

For the financial period ending 31 December 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Kaya Corporation Limited

(Registration number: 13347230)
Balance Sheet as at 31 December 2022

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 October 2023 and signed on its behalf by:
 

.........................................
N Makris
Director

 

Kaya Corporation Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 31 December 2022

1

General information

The Company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
91 Wimpole Street
London
W1G 0EF
England

Principal activity

The principal activity of the Company is an investment holding company.

2

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.

Going concern

The financial statements have been prepared on a going concern basis.

Foreign currency transactions and balances

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the Profit and Loss account.

 

Kaya Corporation Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 31 December 2022

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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.

Financial instruments

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 non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

 

Kaya Corporation Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 31 December 2022

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.

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.

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.

3

Significant judgements and estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

4

Staff numbers

The average number of persons employed by the Company (including directors) during the period, was 0 (30 April 2022 - 0).

5

Investments

31 December
2022
£

30 April
2022
£

Investments in subsidiaries

14,507

-

 

Kaya Corporation Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 31 December 2022

Subsidiaries

£

Cost or valuation

Additions

14,507

Provision

Carrying amount

At 31 December 2022

14,507

6

Debtors

Note

31 December
2022
£

30 April
2022
£

Amounts owed by group undertakings and undertakings in which the Company has a participating interest

10

1,396,498

40,000

Other debtors

 

2,322

788,854

 

1,398,820

828,854

 

Kaya Corporation Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 31 December 2022

7

Creditors

Creditors: amounts falling due within one year

Note

31 December
2022
£

30 April
2022
£

Due within one year

 

Other creditors

 

3,500

6,750

Total trade and other creditors

 

3,500

6,750

8

Share capital

Allotted, called up and fully paid shares

 

31 December
2022

30 April
2022

 

No.

£

No.

£

Ordinary A Shares of £0.0001 (2022 - £0.0100) each

766,304

76.6304

1,696

16.96

Ordinary B Shares of £0.0001 (2022 - £0.0100) each

333,696

33.3696

304

3.04

 

1,100,000

110.00

2,000

20.00

Allotted, called up and not fully paid shares

 

31 December
2022

30 April
2022

 

No.

£

No.

£

Ordinary A Shares of £0.0001 (2022 - £0.0100) each

1,696

0.1696

6,273

62.73

Ordinary B Shares of £0.0001 (2022 - £0.0100) each

44

0.0044

1,727

17.27

 

1,740

-

8,000

80

 

Kaya Corporation Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 31 December 2022

New shares allotted

During the period 101,005 Ordinary B Shares having an aggregate nominal value of £10 were allotted for an aggregate consideration of £2,143,295.

9

Dividends

There were no dividends paid or proposed the current period.

10

Related party transactions

Summary of transactions with other related parties

Included in debtors in as an amount of £78,460 (April 2022: £40,000) representing a loan made to Kaya Research ApS, a company which became a subsidiary during the period. This loan is interest free and repayable on demand.

Also included in debtors is a loan to Kaya Advisory Ltd, a subsidiary acquired during the period, of £1,318,038 (April 2022: Nil). This loan is interest free and repayable on demand.