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Company No: 14481087 (England and Wales)

KVIKA CREDIT II LTD

Unaudited Financial Statements
For the financial period from 14 November 2022 to 31 December 2023
Pages for filing with the registrar

KVIKA CREDIT II LTD

Unaudited Financial Statements

For the financial period from 14 November 2022 to 31 December 2023

Contents

KVIKA CREDIT II LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
KVIKA CREDIT II LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 31.12.2023
£
Current assets
Debtors
- due within one year 4 5,398,164
- due after more than one year 4 24,004,425
Cash at bank and in hand 5 2,023
29,404,612
Creditors: amounts falling due within one year 6 ( 29,505,850)
Net current liabilities (101,238)
Total assets less current liabilities (101,238)
Net liabilities ( 101,238)
Capital and reserves
Called-up share capital 7 1
Profit and loss account ( 101,239 )
Total shareholder's deficit ( 101,238)

For the financial period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Kvika Credit II Ltd (registered number: 14481087) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Iris Arna Johannsdottir
Director
Andri Orn Gunnarsson
Director

09 August 2024

KVIKA CREDIT II LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 14 November 2022 to 31 December 2023
KVIKA CREDIT II LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 14 November 2022 to 31 December 2023
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 II 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 Nations House, 103 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 directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £101,238. The company is supported through loans from the Parent Company. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the company. After making enquiries, the directors believe that any foreseeable debts can be met 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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

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.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

Period from
14.11.2022 to
31.12.2023
Number
Monthly average number of persons employed by the company during the period, including directors 3

4. Debtors

31.12.2023
£
Debtors: amounts falling due within one year
Trade debtors 5,369,521
Amounts owed by connected companies 28,643
5,398,164
Debtors: amounts falling due after more than one year
Trade debtors 24,004,425

5. Cash and cash equivalents

31.12.2023
£
Cash at bank and in hand 2,023

6. Creditors: amounts falling due within one year

31.12.2023
£
Amounts owed to parent undertakings 28,369,572
Amounts owed to associates 1,133,578
Other creditors 2,700
29,505,850

7. Called-up share capital

31.12.2023
£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1

8. Ultimate controlling party

Parent Company:

Kvika Banki Hf
Katrinartun, 105 Reykjavik, Iceland