Company registration number 07898685 (England and Wales)
AKUNA EUROPE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
AKUNA EUROPE LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
AKUNA EUROPE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
5
225,790
153,370
Current assets
Trade and other receivables
6
4,424,211
169,711
Cash and cash equivalents
42,777
41,909
4,466,988
211,620
Current liabilities
7
(1,339,625)
(227,339)
Net current assets/(liabilities)
3,127,363
(15,719)
Total assets less current liabilities
3,353,153
137,651
Equity
Called up share capital
11
100
100
Retained earnings
3,353,053
137,551
Total equity
3,353,153
137,651

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.

The financial statements were approved by the board of directors and authorised for issue on 22 November 2024 and are signed on its behalf by:
N M Alexieva
Director
Company registration number 07898685 (England and Wales)
AKUNA EUROPE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 April 2022
100
4,476
4,576
Year ended 31 March 2023:
Profit and total comprehensive income
-
133,075
133,075
Balance at 31 March 2023
100
137,551
137,651
Year ended 31 March 2024:
Profit and total comprehensive income
-
3,215,502
3,215,502
Balance at 31 March 2024
100
3,353,053
3,353,153
AKUNA EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Akuna Europe Limited is a private company limited by shares incorporated in England and Wales. The registered office is Paternoster House, 65 St. Paul's Churchyard, London, England, EC4M 8AB. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

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.

The company can take advantage of the following disclosure exemptions under FRS 101:

Where required, equivalent disclosures are given in the group accounts of Akuna Holdings LLC. The group accounts of Akuna Holdings LLC can be obtained as set out in note 18.

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Turnover represents amounts received from related parties for services provided, including trade monitoring and position management. Transfer pricing methodologies applied are reviewed annually by external tax advisers to ensure the amounts received are on an arm's length basis.

 

AKUNA EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, 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:

Leasehold land and buildings
over the length of the lease
IT equipment
over three years

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 recognised in the income statement.

1.5
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

AKUNA EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, 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 inventories or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

AKUNA EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

 

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Critical accounting estimates and judgements

The company makes estimates and assumptions concerning the future. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

 

AKUNA EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
6
6
4
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
151,428
141,603
5
Property, plant and equipment
Leasehold land and buildings
IT equipment
Total
£
£
£
Cost
At 1 April 2023
297,947
5,886
303,833
Additions
152,302
87,026
239,328
At 31 March 2024
450,249
92,912
543,161
Accumulated depreciation and impairment
At 1 April 2023
149,804
659
150,463
Charge for the year
152,733
14,175
166,908
At 31 March 2024
302,537
14,834
317,371
Carrying amount
At 31 March 2024
147,712
78,078
225,790
At 31 March 2023
148,143
5,227
153,370

Property, plant and equipment includes right-of-use assets, as follows:

Right-of-use assets
2024
2023
£
£
Net values at the year end
Property
147,712
148,143
Total additions in the year
152,302
152,746
Depreciation charge for the year
Property
152,733
145,428
AKUNA EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Property, plant and equipment
(Continued)
- 8 -
6
Trade and other receivables
2024
2023
£
£
VAT recoverable
26,862
42,320
Amounts owed by fellow group undertakings
4,346,054
76,012
Other receivables
34,469
35,179
Prepayments and accrued income
16,826
16,200
4,424,211
169,711
7
Liabilities
2024
2023
Notes
£
£
Trade and other payables
8
147,448
53,272
Corporation tax
1,043,423
22,510
Other taxation and social security
-
2,419
Lease liabilities
9
148,754
149,138
1,339,625
227,339
8
Trade and other payables
2024
2023
£
£
Accruals and deferred income
147,448
53,272
9
Lease liabilities
2024
2023
Maturity analysis
£
£
Within one year
148,754
149,138

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2024
2023
£
£
Current liabilities
148,754
149,138
AKUNA EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Lease liabilities
(Continued)
- 9 -
2024
2023
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
9,314
5,646
10
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
21,232
4,404

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

11
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
100
100
100
100
12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Amit Sharma
Statutory Auditor:
Goodman Jones LLP
Date of audit report:
Date: .........................
13
Contingent liabilities

The company has a financial commitment in respect of its rental premises which amounts to £152,302 which has been recognised as a right of use asset lease liability within creditors (2023: £152,746).

14
Related party transactions

The company has taken advantage of the exemption available in accordance with paragraph 8(k) of FRS 101 not to disclose transactions entered between two or more member of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

AKUNA EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
15
Controlling party

The parent undertaking that prepares group accounts and in which the company is a member is Akuna

Holdings LLC. The registered office address of Akuna Holdings LLC is 333 South Wabash Avenue, Ste 2600,

Chicago, IL 60604, USA.

2024-03-312023-04-01N M AlexievaR DuckworthJ A C HarrisH HumphreyfalsefalseCCH SoftwareiXBRL Review & Tag 2024.22024-11-25078986852023-04-012024-03-31078986852024-03-31078986852023-03-3107898685core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-03-3107898685core:ComputerEquipment2024-03-3107898685core:ContinuingOperations2024-03-3107898685core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3107898685core:ComputerEquipment2023-03-3107898685core:CurrentFinancialInstruments2024-03-3107898685core:CurrentFinancialInstruments2023-03-3107898685core:ShareCapital2024-03-3107898685core:ShareCapital2023-03-3107898685core:RetainedEarningsAccumulatedLosses2024-03-3107898685core:RetainedEarningsAccumulatedLosses2023-03-31078986852022-03-3107898685bus:Director12023-04-012024-03-3107898685core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3107898685core:RetainedEarningsAccumulatedLosses2023-04-012024-03-31078986852022-04-012023-03-3107898685core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3107898685core:ComputerEquipment2023-03-31078986852023-03-3107898685core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-04-012024-03-3107898685core:ComputerEquipment2023-04-012024-03-3107898685core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3107898685core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3107898685bus:PrivateLimitedCompanyLtd2023-04-012024-03-3107898685bus:FRS1012023-04-012024-03-3107898685bus:Audited2023-04-012024-03-3107898685bus:Director22023-04-012024-03-3107898685bus:Director32023-04-012024-03-3107898685bus:Director42023-04-012024-03-3107898685bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3107898685bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP