SWIFIN PLATFORM LTD

Company Registration Number:
12378201 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 01 January 2023

End date: 31 December 2023

SWIFIN PLATFORM LTD

Contents of the Financial Statements

for the Period Ended 31 December 2023

Company Information - 3
Report of the Directors - 4
Profit and Loss Account - 5
Balance sheet - 6
Additional notes - 8
Balance sheet notes - 12

SWIFIN PLATFORM LTD

Company Information

for the Period Ended 31 December 2023




Director: Dr. Linus Etube
Registered office: 11
Elounda Court
Benfleet
England
SS7 5QA
Company Registration Number: 12378201 (England and Wales)

SWIFIN PLATFORM LTD

Directors' Report Period Ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal Activities

Swifin Platform Ltd develops and provides tech solutions aligned with SIC codes 62012, 63120, 66190, and 94990, focusing on software, web portals, financial intermediation support, and membership-based services to foster financial inclusion.

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 the employment of disabled persons

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

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 2023 to 31 December 2023
Dr. Linus Etube

This report was approved by the board of directors on 25 January 2024
And Signed On Behalf Of The Board By:

Name: Dr. Linus Etube
Status: Director

SWIFIN PLATFORM LTD

Profit and Loss Account

for the Period Ended 31 December 2023


Notes

2023
£

2022
£
Turnover 9,491 29,367
Gross Profit or (Loss) 9,491 29,367
Distribution Costs ( 16,073 ) ( 26,481 )
Administrative Expenses ( 152 ) ( 937 )
Operating Profit or (Loss) ( 6,734 ) 1,949
Interest Receivable and Similar Income 1 2
Interest Payable and Similar Charges ( 3,711 ) ( 13,445 )
Profit or (Loss) Before Tax ( 10,444 ) ( 11,494 )
Profit or (Loss) for Period ( 10,444 ) ( 11,494 )

The notes form part of these financial statements

SWIFIN PLATFORM LTD

Balance sheet

As at 31 December 2023


Notes

2023
£

2022
£
Fixed assets
Intangible assets: 5 99,999,999 11,543,493
Total fixed assets: 99,999,999 11,543,493
Current assets
Debtors: 6 242 172
Cash at bank and in hand: 95 2,660
Total current assets: 337 2,832
Net current assets (liabilities): 337 2,832
Total assets less current liabilities: 100,000,336 11,546,325
Creditors: amounts falling due after more than one year: 7 ( 82,543 ) ( 74,592 )
Total net assets (liabilities): 99,917,793 11,471,733

The notes form part of these financial statements

SWIFIN PLATFORM LTD

Balance sheet continued

As at 31 December 2023


Notes

2023
£

2022
£
Capital and reserves
Called up share capital: 1 1
Revaluation reserve: 8 99,928,239 11,483,227
Profit and loss account: ( 10,447 ) ( 11,495 )
Shareholders funds: 99,917,793 11,471,733

For the year ending 31 December 2023 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 2024
And Signed On Behalf Of The Board By:

Name: Dr. Linus Etube
Status: Director

The notes form part of these financial statements

SWIFIN PLATFORM LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 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.

    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.

    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.

SWIFIN PLATFORM LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees


    2023

    2022
    Average number of employees during the period 1 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 being outsourced to reputable, industry-leading providers. This strategy ensures efficiency, flexibility, and cost-effectiveness across core and support processes.

SWIFIN PLATFORM LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 3. Off balance sheet disclosure

    No

SWIFIN PLATFORM LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Dividends


2023
£

2022
£
Dividends paid 0 0

No dividends were declared or paid during the reporting period. The Directors continue to review the Company’s financial position and will consider distributing profits when it is deemed prudent and in the best interests of the business.

SWIFIN PLATFORM LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Intangible assets

Other Total
Cost £ £
At 01 January 2023 11,543,493 11,543,493
Additions 88,456,506 88,456,506
Disposals - -
Revaluations - -
Transfers - -
At 31 December 2023 99,999,999 99,999,999
Amortisation
Amortisation at 01 January 2023 - -
Charge for year - -
On disposals - -
Other adjustments - -
Amortisation at 31 December 2023 - -
Net book value
Net book value at 31 December 2023 99,999,999 99,999,999
Net book value at 31 December 2022 11,543,493 11,543,493

The Company holds African Kingdoms’ Lumi (AKL) as an intangible asset on its balance sheet, reflected at the initial issue rate of USD 15.96 per AKL published by the Economic Community of the African Diaspora (ECO-6). The aggregate values shown are estimated from GBPUSD rate on the balance sheet date. Based on this methodology the actual balance sheet value is in excess of the equivalent of GBP99999999 shown due to a limitation in the filing system (the actual value is GBP111000697). 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.

SWIFIN PLATFORM LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Debtors


2023
£

2022
£
Other debtors 242 172
Total 242 172
Debtors due after more than one year: 242 172

SWIFIN PLATFORM LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

7.Creditors: amounts falling due after more than one year


2023
£

2022
£
Other creditors 82,543 74,592
Total 82,543 74,592

SWIFIN PLATFORM LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

8. Revaluation reserve


2023
£
Balance at 01 January 2023 11,483,227
Surplus or deficit after revaluation 88,445,012
Balance at 31 December 2023 99,928,239

During the reporting period, the Company recognised a net movement equivalent to £88445012 on its intangible asset, valued at £99928239, which was recorded in the revaluation reserve. The retained loss of -£71761 from the previous year remains unchanged in reserves. The revaluation reserve balance reflects the updated carrying value of the intangible asset and will be reviewed annually or when indicators of material change arise.

SWIFIN PLATFORM LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 9. Financial Commitments

    At the reporting date, Swifin Platform Ltd had no material capital commitments contracted but not provided for in these financial statements. The Company’s principal financial commitments arise primarily from its contractual arrangements with external service providers. These commitments, which typically include information technology outsourcing agreements and other professional support services, are governed by multi-year contracts and subscription-based arrangements.

    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.

SWIFIN PLATFORM LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

10.1. Loans to Directors

Name of director receiving advance or credit: Dr. Linus Etube
Description of the transaction:
During the period, no loans were advanced to Directors. Instead, Directors provided on-demand funding as needed, with no formal interest, ensuring the Company’s working capital needs are met.
Balance at 01 January 2023 0
Advances or credits made: 0
Advances or credits repaid: 0
Balance at 31 December 2023 0