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Company No: 14088894 (England and Wales)

KVIKA CREDIT LTD

Unaudited Financial Statements
For the financial period from 05 May 2022 to 31 December 2022
Pages for filing with the registrar

KVIKA CREDIT LTD

Unaudited Financial Statements

For the financial period from 05 May 2022 to 31 December 2022

Contents

KVIKA CREDIT LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2022
KVIKA CREDIT LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2022
31.12.2022
£
Current assets
Debtors
- due within one year 3 25,048,033
- due after more than one year 3 9,833,622
Cash at bank and in hand 22,172
34,903,827
Creditors: amounts falling due within one year 4 ( 34,960,090)
Net current liabilities (56,263)
Total assets less current liabilities (56,263)
Net liabilities ( 56,263)
Capital and reserves
Called-up share capital 5 1
Profit and loss account ( 56,264 )
Total shareholder's deficit ( 56,263)

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.

Director's responsibilities:

The financial statements of Kvika Credit Ltd (registered number: 14088894) were approved and authorised for issue by the Director. They were signed on its behalf by:

Iris Arna Johannsdottir
Director

04 April 2024

KVIKA CREDIT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 05 May 2022 to 31 December 2022
KVIKA CREDIT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 05 May 2022 to 31 December 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Kvika Credit Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 103 Nations House, Wigmore Street, London, W1U 1QS, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

The Company only enters into basic financial instruments and 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 and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

2. Employees

Period from
05.05.2022 to
31.12.2022
Number
Monthly average number of persons employed by the Company during the period, including the director 2

3. Debtors

31.12.2022
£
Debtors: amounts falling due within one year
Trade debtors 19,870,747
Amounts owed by connected companies 4,272,353
Other debtors 904,933
25,048,033
Debtors: amounts falling due after more than one year
Trade debtors 9,833,622

4. Creditors: amounts falling due within one year

31.12.2022
£
Amounts owed to Parent undertakings 32,086,788
Amounts owed to connected companies 1,913,218
Other creditors 960,084
34,960,090

5. Called-up share capital

31.12.2022
£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1

6. Ultimate controlling party

Parent Company:

Kvika Banki Hf.
Katrínartún 2, 105 Reykjavík, Iceland