Company registration number 11225671 (England and Wales)
COLENKO LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
COLENKO LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
509,409
387,979
Tangible assets
5
6,776
5,296
Investments
6
40,025
40,025
556,210
433,300
Current assets
Debtors
7
204,804
165,809
Cash at bank and in hand
309,369
390,343
514,173
556,152
Creditors: amounts falling due within one year
8
(64,803)
(19,886)
Net current assets
449,370
536,266
Total assets less current liabilities
1,005,580
969,566
Creditors: amounts falling due after more than one year
9
(14,120)
(23,348)
Net assets
991,460
946,218
Capital and reserves
Called up share capital
10
16
16
Share premium account
769,995
769,995
Profit and loss reserves
221,449
176,207
Total equity
991,460
946,218
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
COLENKO LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 July 2024 and are signed on its behalf by:
R R F Roscoe
Director
Company Registration No. 11225671
COLENKO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Colenko Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor Regis House, 45 King William Street, London, United Kingdom, EC4R 9AN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
Preparation of consolidated financial statements
The financial statements contain information about Colenko Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.
1.2
Turnover
Turnover arises from the fees charged to lenders and borrowers for the use of the online lending and borrowing exchange.
1.3
Research and development expenditure
Costs directly attributable to the development projects are capitalised as intangible assets only when technical feasibility of the project is demonstrated, the company has an intention and ability to complete and use the software and the costs can be measured reliably. Such costs include purchases of materials and services and payroll-related costs of employees directly involved in the project. Research costs are recognised as an expense when incurred.
Amortisation is recognised so as to write off the cost over their useful lives on the following bases:
Development costs
Costs to be amortised over 10 years from the point of recognition.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
COLENKO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand.
1.7
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
COLENKO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
4
COLENKO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Intangible fixed assets
Other
£
Cost
At 1 January 2023
470,301
Additions
175,323
At 31 December 2023
645,624
Amortisation and impairment
At 1 January 2023
82,322
Amortisation charged for the year
53,893
At 31 December 2023
136,215
Carrying amount
At 31 December 2023
509,409
At 31 December 2022
387,979
5
Tangible fixed assets
Computers
£
Cost
At 1 January 2023
6,657
Additions
3,803
At 31 December 2023
10,460
Depreciation and impairment
At 1 January 2023
1,361
Depreciation charged in the year
2,323
At 31 December 2023
3,684
Carrying amount
At 31 December 2023
6,776
At 31 December 2022
5,296
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
40,025
40,025
COLENKO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Fixed asset investments
(Continued)
- 7 -
The company's investment at the balance sheet date in the share capital of related undertaking company includes the following:
Name of undertaking: Avid Finance Ltd.
Registered office: 1 Lyric Square, London, England, W6 0NB
Nature of business: Financial Intermediation
Class of shares held: Ordinary shares
% held: 100%
Name of undertaking: Colenko Secured Investments 1 Ltd
Registered office: 1 Lyric Square, London, England, W6 0NB
Nature of business: Financial Intermediation
Class of shares held: Ordinary shares
% held: 100%
Name of undertaking: Colenko Secured Lending 1 Ltd
Registered office: 1 Lyric Square, London, England, W6 0NB
Nature of business: Financial Intermediation
Class of shares held: Ordinary shares
% held: 100%
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
74,921
88,989
Corporation tax recoverable
30,785
17,266
Other debtors
39,098
29,554
144,804
135,809
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
60,000
30,000
Total debtors
204,804
165,809
COLENKO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
8,531
8,303
Trade creditors
42,209
2,435
Taxation and social security
10,610
5,883
Other creditors
3,453
3,265
64,803
19,886
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
14,120
23,348
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,580,832 Ordinary Shares of 0.00001 each
16
16
11
Ultimate Controlling Party
The ultimate controlling party is Robert R F Roscoe.