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Company No: 14088894 (England and Wales)

KVIKA CREDIT LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

KVIKA CREDIT LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

KVIKA CREDIT LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
KVIKA CREDIT LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
31.12.2023 31.12.2022
£ £
Current assets
Debtors
- due within one year 3 3,945,966 25,048,033
- due after more than one year 3 15,071,649 9,833,622
Cash at bank and in hand 23,823 22,172
19,041,438 34,903,827
Creditors: amounts falling due within one year 4 ( 19,734,515) ( 34,960,090)
Net current liabilities (693,077) (56,263)
Total assets less current liabilities (693,077) (56,263)
Net liabilities ( 693,077) ( 56,263)
Capital and reserves
Called-up share capital 5 1 1
Profit and loss account ( 693,078 ) ( 56,264 )
Total shareholder's deficit ( 693,077) ( 56,263)

For the financial year 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 Ltd (registered number: 14088894) 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

12 August 2024

KVIKA CREDIT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
KVIKA CREDIT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding 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 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 £693,077. 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.

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. Employees

Year ended
31.12.2023
Period from
05.05.2022 to
31.12.2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

3. Debtors

31.12.2023 31.12.2022
£ £
Debtors: amounts falling due within one year
Trade debtors 2,442,669 20,775,679
Amounts owed by connected companies 1,503,296 4,272,353
Other debtors 1 1
3,945,966 25,048,033
Debtors: amounts falling due after more than one year
Trade debtors 15,071,649 9,833,622

4. Creditors: amounts falling due within one year

31.12.2023 31.12.2022
£ £
Amounts owed to parent undertakings 19,731,815 32,086,788
Amounts owed to connected companies 0 1,913,218
Other creditors 2,700 960,084
19,734,515 34,960,090

5. Called-up share capital

31.12.2023 31.12.2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

6. Ultimate controlling party

Parent Company:

Kvika Banki Hf.
Katrínartún 2, 105 Reykjavík, Iceland