for the Period Ended 31 December 2021
Company Information - 3 | |
Report of the Directors - 4 | |
Profit and Loss Account - 5 | |
Balance sheet - 6 | |
Additional notes - 8 | |
Balance sheet notes - 12 |
for the Period Ended 31 December 2021
Director: |
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Registered office: |
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Company Registration Number: |
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The directors present their report with the financial statements of the company for the period ended 31 December 2021
Principal Activities
Political and charitable donations
Company policy on the employment of disabled persons
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). 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 directors shown below have held office during the whole of the period from 01 January 2021 to 31 December 2021
This report was approved by the board of directors on
And Signed On Behalf Of The Board By:
Name:
Status: Director
for the Period Ended 31 December 2021
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2020 £ |
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Turnover |
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Cost of sales |
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Gross Profit or (Loss) |
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Income from coronavirus (COVID-19) business support grants | 0 | 0 | |
Distribution Costs |
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Administrative Expenses |
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Operating Profit or (Loss) |
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Interest Payable and Similar Charges |
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Profit or (Loss) Before Tax |
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Profit or (Loss) for Period |
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The notes form part of these financial statements
As at
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2020 £ |
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Fixed assets | |||
Intangible assets: | 5 |
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Total fixed assets: |
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Current assets | |||
Debtors: | 6 |
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Cash at bank and in hand: |
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Total current assets: |
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Net current assets (liabilities): |
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Total assets less current liabilities: |
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Creditors: amounts falling due after more than one year: | 7 |
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Total net assets (liabilities): |
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The notes form part of these financial statements
As at 31 December 2021
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Capital and reserves | |||
Called up share capital: |
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Revaluation reserve: | 8 |
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Profit and loss account: |
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Shareholders funds: |
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This report was approved by the board of directors on
And Signed On Behalf Of The Board By:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 December 2021
Basis of measurement and preparation
Turnover policy
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.
Valuation information and policy
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.
African Kingdoms’ Lumi (AKL)
AKL is recognised as an intangible asset at the initial issue rate published by the Economic Community of the African Diaspora (ECO-6). Ongoing valuation is contingent on the economic conditions supporting convertibility and exchange. Management reviews this valuation regularly in light of market developments and any emerging guidance or regulatory pronouncements.
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.
for the Period Ended 31 December 2021
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Average number of employees during the period |
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for the Period Ended 31 December 2021
for the Period Ended 31 December 2021
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Dividends paid |
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for the Period Ended 31 December 2021
Other | Total | |
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Cost | £ | £ |
At 01 January 2021 | - | - |
Additions | - | - |
Disposals | - | - |
Revaluations |
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Transfers | - | - |
At 31 December 2021 |
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Amortisation | ||
Amortisation at 01 January 2021 | - | - |
Charge for year | - | - |
On disposals | - | - |
Other adjustments | - | - |
Amortisation at 31 December 2021 | - | - |
Net book value | ||
Net book value at 31 December 2021 |
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Net book value at 31 December 2020 | - | - |
The aggregate value is based on Platform reserve, Residual Reserves and Transactions Reserves and the published issue rate of USD15.96 per AKL adjusted for the USDGBP exchange rate on the date pf the balance sheet.
for the Period Ended 31 December 2021
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Prepayments and accrued income |
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Other debtors |
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Total |
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Debtors due after more than one year: |
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for the Period Ended 31 December 2021
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Other creditors |
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Total |
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for the Period Ended 31 December 2021
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Balance at 01 January 2021 |
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Surplus or deficit after revaluation |
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Balance at 31 December 2021 |
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for the Period Ended 31 December 2021
The Directors have reviewed the Company’s financial commitments and are satisfied that appropriate resources are in place to meet all obligations as they fall due. The Company continues to monitor its contractual exposures to ensure prudent management of any ongoing or future financial liabilities.
for the Period Ended 31 December 2021
Name of director receiving advance or credit: |
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Description of the transaction: | |
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Balance at 01 January 2021 |
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Advances or credits made: |
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Advances or credits repaid: |
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Balance at 31 December 2021 |
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