Contents of the Financial Statements
for the Period Ended 31 December 2020
Directors' report period ended
31 December 2020
The directors present their report with the financial statements of the company for the period ended 31 December 2020
Principal activities of the company
Swifin Platform Ltd is principally engaged in the development and provision of technology-driven solutions and services. In line with its registered SIC codes 62012 (Business and domestic software development), 63120 (Web portals), 66190 (Activities auxiliary to financial intermediation not elsewhere classified), and 94990 (Activities of other membership organisations not elsewhere classified). The Company’s core activities comprise:
Software Development: Designing, developing, and deploying innovative business and domestic software solutions, with a particular focus on financial technology platforms.
Web Portal Services: Operating secure, user-centric web portals to facilitate digital services and enable seamless interaction between users, partners, Businesses and financial institutions.
Financial Intermediation Support: Offering ancillary services that complement and enhance financial intermediation, including payment processing, transaction facilitation, and associated customer support.
Membership-Based Offerings: Managing and administering membership-driven communities and initiatives, fostering collaboration and shared economic opportunities for individuals and organisations alike.
These activities are carried out with the objective of delivering reliable, compliant, and accessible platforms that enhance financial inclusion and drive sustainable growth in collaboration with service partners.
Political and charitable donations
The Directors confirm that the Company made no donations to political parties or other political organisations during the financial year. In addition, the Company did not make any contributions to charitable entities throughout the reporting period.
Company policy on disabled employees
Our Company is committed to creating an inclusive and supportive environment for disabled employees. We recognise our duty to ensure that no applicant or employee is subject to unlawful discrimination or less favourable treatment on the grounds of disability.
We continually review our recruitment practices and workplace arrangements to ensure fair and equitable opportunities for disabled candidates and employees. Where necessary, we will make reasonable adjustments to remove or minimise any substantial barriers to participation in the workplace.
By fostering a culture of respect and understanding, we aim to empower disabled employees to perform their roles effectively and to contribute fully to the Company’s success. We uphold all relevant legislation concerning disability and undertake to review this policy regularly to maintain and improve its effectiveness.
Additional information
African Kingdoms’ Lumi (AKL)
The Company holds African Kingdoms’ Lumi (AKL) as an intangible asset on its balance sheet, reflected at the initial issue rate published by the Economic Community of the African Diaspora (ECO-6) and ADCB. The recognition of AKL as an intangible asset is predicated on the assumption that appropriate economic conditions will exist for future convertibility and exchange. The Company will continue to monitor regulatory developments and market factors to determine whether any revisions to the carrying value are necessary in accordance with applicable accounting standards.
Directors
The director shown below has held office during the whole of the period from
27 December 2019
to
31 December 2020
Dr. Linus Etube
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
18 January 2021
And signed on behalf of the board by:
Name: Dr. Linus Etube
Status: Director
Profit And Loss Account
for the Period Ended
31 December 2020
|
2020
|
|
£
|
Turnover: |
518
|
|
Cost of sales: |
0
|
|
Gross profit(or loss): |
518
|
Distribution costs: |
(
3,691
)
|
|
Administrative expenses: |
(
61
)
|
|
Operating profit(or loss): |
(3,234)
|
Interest receivable and similar income: |
0
|
|
Interest payable and similar charges: |
(
10,163
)
|
|
Profit(or loss) before tax: |
(13,397)
|
Tax: |
0
|
|
Profit(or loss) for the financial year: |
(13,397)
|
Balance sheet
As at
31 December 2020
|
Notes |
2020
|
|
|
£
|
Called up share capital not paid: |
|
0
|
|
Fixed assets |
Intangible assets: |
|
0
|
|
Tangible assets: |
|
0
|
|
Investments: |
|
0
|
|
Total fixed assets: |
|
0
|
Current assets |
Debtors: |
|
0
|
|
Cash at bank and in hand: |
|
33,968
|
|
Total current assets: |
|
33,968
|
Net current assets (liabilities): |
|
33,968
|
Total assets less current liabilities: |
|
33,968
|
Creditors: amounts falling due after more than one year: |
3 |
(
47,364
)
|
|
Provision for liabilities: |
|
0
|
|
Accruals and deferred income: |
0
|
|
Total net assets (liabilities): |
|
(13,396)
|
Capital and reserves |
Called up share capital: |
|
1
|
|
Share premium account: |
|
0
|
|
Profit and loss account: |
|
(13,397 )
|
|
Total Shareholders' funds: |
|
( 13,396 )
|
The notes form part of these financial statements
Balance sheet statements
For the year ending 31 December 2020 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
This report was approved by the board of directors on
25 January 2021
and signed on behalf of the board by:
Name:
Dr. Linus Etube
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 31 December 2020
-
1. Accounting policies
Basis of measurement and preparation
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102
Turnover policy
Turnover represents amounts receivable from the Company’s ordinary activities, stated net of value added tax and any other applicable sales taxes. The Company recognises turnover when control of the goods or services passes to the customer, in accordance with the requirements of FRS 102 Section 1A.
For Swifin Platform Ltd, turnover is generated primarily from the following streams:
Subscription Fees
Recognised evenly over the subscription period, reflecting the ongoing provision of access to the Company’s platforms and services.
Transaction Fees
Recognised at the point a transaction is executed on the platform, when the associated service has been delivered to the user.
Membership Fees
Recognised on a systematic basis over the membership term, reflecting the continuous nature of membership benefits.
Software and Web Portal Services
Where fees relate to bespoke software development or web portal enhancements, revenue is recognised over time as development milestones are completed and accepted by the customer. One-off or perpetual licence fees are recognised upon delivery of the software or portal solution if the Company has satisfied its performance obligations.
The Company continually reviews its turnover policy to ensure it remains aligned with applicable accounting standards and accurately reflects the substance of its contractual arrangements.
Tangible fixed assets depreciation policy
Tangible fixed assets are stated at historical cost less accumulated depreciation and any recognised impairment losses. Depreciation is charged so as to allocate the cost of these assets, less their estimated residual value, over their expected useful economic lives using the straight-line method. The principal annual rates are as follows:
Computer Equipment – 3 years
Office Equipment – 3 to 5 years
Furniture and Fittings – 5 years
Motor Vehicles – 4 years
Depreciation is charged from the date the asset is available for use and ceases on the earlier of the date the asset is classified as held for sale or the date it is derecognised. The carrying values of tangible fixed assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable.
Intangible fixed assets amortisation policy
Intangible fixed assets are capitalised at cost when it is probable that the expected future economic benefits attributable to the asset will flow to the Company and the cost of the asset can be measured reliably. These assets are subsequently carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation is charged so as to write off the cost of each asset over its estimated useful economic life on a straight-line basis. For Swifin Platform Ltd, the typical amortisation periods are as follows:
Developed Software and Related Intellectual Property – 3 to 5 years
Licences and Other Intangibles – Over the term of the licence or estimated useful economic life
Where an asset has an indefinite useful life, it is not amortised but is tested for impairment at least annually, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.
Valuation information and policy
Swifin Platform Ltd recognises assets and liabilities in accordance with applicable accounting standards, ensuring that valuations reflect reliable, relevant, and comparable information. The Company follows these principles:
Historical Cost Convention
Where no active market or readily determinable fair value exists, assets are valued at cost, adjusted for depreciation or amortisation and any impairment losses.
Fair Value Measurement
Where an active market exists or a reliable valuation can be obtained, fair value measurements are employed to ensure that assets and liabilities are stated at amounts for which they could be exchanged in an orderly transaction. Any changes in fair value are recognised in accordance with relevant standards.
Intangible Assets
Intangible assets are carried at cost less accumulated amortisation and any impairment losses, unless an active market valuation is available. The carrying values are reviewed periodically to determine whether adjustments to their fair value or amortised cost are required.
Impairment Reviews
All asset valuations are monitored for any indicators of impairment. Where there is evidence that an asset’s recoverable amount has fallen below its carrying value, an impairment charge is recognised immediately in the profit and loss account.
By adhering to these principles, Swifin Platform Ltd ensures the integrity and transparency of its financial reporting, providing stakeholders with relevant and reliable valuation information.
Notes to the Financial Statements
for the Period Ended 31 December 2020
-
2. Employees
|
2020 |
Average number of employees during the period |
1
|
|
The Company’s operational model is highly streamlined, relying heavily on outsourced arrangements with partner institutions and third-party service providers. This approach enables Swifin Platform Ltd to minimise its direct headcount and maintain a lean organisation. Consequently, the Company’s internal workforce is small, with specialised functions. Particularly those related to information technology largely outsourced to reputable, industry-leading providers. This strategy ensures efficiency, flexibility, and cost-effectiveness across core and support processes.