Registered number:
FOR THE YEAR ENDED 31 JANUARY 2024
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KAIZEN REPORTING LIMITED
COMPANY INFORMATION
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KAIZEN REPORTING LIMITED
CONTENTS
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KAIZEN REPORTING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
The directors present their strategic report of the company and Kaizen Reporting Limited (KRL) for the year ended 31 January 2024.
I am pleased to report on another period of sustained progress for Kaizen Reporting Limited. This year has seen further progress in growing our solutions to further meet client needs as well as continued growth in our client base.
As a group, our Mission is to revolutionise compliance. By that we aim to reduce the cost of achieving compliance with regulatory obligations through the confluence of technology and regulatory expertise. We recognise that compliance is extremely difficult and where things go wrong in terms of reporting obligations, can very quickly add significant costs and stress as well as diverting management focus. Our aim is to lower the day to day costs of reporting compliance whilst increasing the confidence management and regulators have in the quality of their reported data. We provide this through our ReportShield suite of solutions. Principal Activities The principal activities of the firm are the development and provision of software driven solutions used in regulatory compliance in the financial services industry. More specifically, KRL operates as the leading provider of reporting assurance across the UK and EU. KRL provides the most in-depth testing of reporting accuracy across multiple high volume and high complexity reporting obligations such as SFTR and MiFID. Additionally, KRL provides a comprehensive regulatory completeness solution which goes far beyond a simple reconciliation for each of the regulations we cover. We also support our clients by making our leading experts across each of the reporting regimes we cover available to them to address reporting questions, conduct reviews of their reporting controls or to assist in liaison with regulators. Corporate Restructuring On 28 February 2023, the Kaizen group underwent a corporate restructuring to place all subsidiaries under a holding company Kaizen Regtech Group Limited. This included KRL which divested of the subsidiaries and now sits as a KRGL 100% subsidiary. External Investment To aid the continued growth in the company during the period and subsequently, we have been engaged in a process to secure an investor into the Kaizen group. The investment was completed on 31st October 2024 and we are pleased to welcome the support of Guidepost Growth Equity. Not only are they providing financial investment into the growth of the business but they bring a wealth of SAAS and capital markets experience and an extremely strong network of experts to Kaizen. Review of business KRL continued to trade well during the period, with sales increasing 15% over the year and we continued expanding our pipeline of opportunities with both existing clients and prospects. We have also continued to provide clients with added value through our publications and our Reporting Community which hosts several very well attended events each year.
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KAIZEN REPORTING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
We continue to progress with our optimisation programme. KRL has seen our headcount grow from 81 at the end of the previous financial year to 89 as at 31 January 2024. This increase in headcount represents increased investment in our solutions and resourcing to ensure we continue to provide a premium service to our clients as our client base increases. Profitability for KRL improved with a showing a profit after tax of just over £1m for the year. To get a better view of profitability, I would point you in the direction of the group accounts as we have continued our strategy of reinvesting into our solutions across the group. We continue to be selected as the assurance provider of choice for the leading financial firms. Our universal testing approach allows our clients to take full comfort from our assurance findings allowing them to prioritise and optimise improvements to their reporting systems. During the period we continued to invest heavily in ensuring we deliver the most comprehensive testing on the market alongside the most competitive pricing. Investments Over the period we were active in pursuing our M&A strategy with the acquisition of CloudSinc, an early stage self-service reconciliation platform which is focused on the user experience.
Inflation
We have experienced and continue to experience a period of sustained inflationary pressured. This has an impact on our cost base which is predominantly impacted by inflation in the technology sector. Following on from the pandemic there has been continued upward wage pressure and cost of the technologies we use within KRL. We have been carefully managing this issue and we are pleased to say that clients have recognised the transition from a stable low inflation environment to a more unpredictable high inflation environment. Regulatory Environment The regulatory environment, i.e. the focus of regulators and their appetite to take action against firms, s very difficult to assess. It is clearly impacted by geopolitical events and we are seeing anti-regulatory rhetoric from the US which may impact the reporting regulations but will certainly impact the overall regulatory environment and consequently the budgets that firms allocate to their overall reporting framework. We are also seeing continued focus on the competitiveness of the UK and the new competitiveness obligation that is now placed on the FCA. These changes obviously impact how regulators will operate going forward and we can therefore expect that there will be efforts to reduce the burden that reporting represents. This is most likely to be applied in the UK MiFIR re-write which is currently under review. Competition Pricing pressure on client budgets is the primary business risk we face whilst competition from consultancies and other assurance firms over the period remains. We expect the need for senior management to know their reporting position to drive continued sales of our assurance services as this is the only way to get this view through our deep testing. Other light-weight alternatives leave senior management unsighted and open to challenge by regulators. Intellectual Property A constant risk for Kaizen has been the protection of our intellectual property. Much of this relates to our testing methodology and the specific tests we have designed. We take all measures we can to prevent leakage of our IP and will use legal measures if evidence of IP misuse is identified.
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KAIZEN REPORTING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
People
We have worked hard to build a great culture at Kaizen and to look after and develop our people. This has resulted in a low voluntary attrition rate over the period. People like working here. Continued high demand for expertise in both regulation and technology spheres could represent a risk on the cost side of the business and potentially disruptive changes in personnel. We continue to operate a hybrid model allowing staff flexibility in their working arrangements where we can. This is working well and we have seen high levels of productivity under this model. There is, however, a risk that productivity falls away as teams spend less time together and are exposed to fewer serendipitous conversations. We are closely monitoring this and are looking to improve communications across the business to counteract any impact of remote working and working in a larger organisation.
Year Ended 31st January
2024 (£) 2023 (£) Growth Turnover 15,269,398 13,340,310 15% Operating Profit/(Loss) 1,029,970 (2,732,366) 138% Cash Balance 2,522,438 1,133,159 123%
This report was approved by the board and signed on its behalf.
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KAIZEN REPORTING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
The directors present their report and the financial statements for the year ended 31 January 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,117,814 (2023 - loss £1,069,229).
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The directors who served during the year were:
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KAIZEN REPORTING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
Product development
We are continuing our program to improve and extend our ReportShield group of Services. As always, our aim is to promote quality of reporting but also to reduce the internal cost of reporting for our clients. It is always a fine balance between rigour and cost so where it’s possible, we will put that choice, which is a risk, into the hands of our clients.The depth of our expertise and comprehensiveness of our systems means that we can support clients to make that an informed choice. We also anticipate increasing the number of regulations we cover. The market for our solutions We expect to see continued growth in our markets as client seek to get transparency if they’re reporting quality and address regulatory concerns in this area. Regulatory change There are several significant upgrades to existing regulations that have been implemented during 2024: EMIR refit, ASIC and MAS derivative reporting. Further regulatory reporting upgrades are scheduled for 2025: HKMA and Canada with MiFID review likely to go-live in 2027 both in the UK and in Europe which we expect to be very extensive in terms of change. Regulatory change represents a significant challenge to clients and we are ready to support our clients on that journey.
There have been no significant events affecting the Company since the year end.
The auditors, Halkin Lerman Davis Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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KAIZEN REPORTING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
This report was approved by the board and signed on its behalf.
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KAIZEN REPORTING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KAIZEN REPORTING LIMITED
We have audited the financial statements of KAIZEN REPORTING LIMITED (the 'Company') for the year ended 31 January 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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KAIZEN REPORTING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KAIZEN REPORTING LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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KAIZEN REPORTING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KAIZEN REPORTING LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and relevant taxation legislation. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their identification and assessment of the risk of irregularities, sample testing on the appropriate journals, reviewing accounting estimates for biases, corroborating balances recognised to supporting documentation on a sample basis and ensuring accounting policies are appropriate under the United Kingdom Generally Accepted Accounting Practice and applicable law. Owing to the inherent limitations of an audit, there is unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, include deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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KAIZEN REPORTING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KAIZEN REPORTING LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
Beaumont Chancery
44 Southampton Buildings
WC2A 1AP
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KAIZEN REPORTING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
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KAIZEN REPORTING LIMITED
REGISTERED NUMBER: 08362415
BALANCE SHEET
AS AT 31 JANUARY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 33 form part of these financial statements.
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KAIZEN REPORTING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
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KAIZEN REPORTING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023
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KAIZEN REPORTING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
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KAIZEN REPORTING LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
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KAIZEN REPORTING LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2024
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KAIZEN REPORTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Kaizen Reporting Limited, established in 2013, is a private company limited by shares, registered in England and Wales. The company’s registered number and registered office address are available on the company information page.
The principal activity of the company is to provide regulatory and data solutions aimed at simplifying compliance with the evolving regulatory landscape. By leveraging a combination of regulatory expertise and advanced technology, Kaizen Reporting Limited has developed an innovative universal data testing method. This method offers firms comprehensive visibility into the quality of their regulatory reporting data. The company’s automated ReportShield™ assurance services are widely trusted by leading financial institutions to identify and address reporting issues effectively.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements have been prepared on the going concern basis. The funds to meet the commitments and obligation of the company are provided by the parent company and the parent company has confirmed that it will continue to provide such funding as the Company may need to meet its financial obligations for the foreseeable future.
Functional and presentation currency
Transactions and balances
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KAIZEN REPORTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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KAIZEN REPORTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
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KAIZEN REPORTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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KAIZEN REPORTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
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KAIZEN REPORTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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KAIZEN REPORTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include: Provisions: Provisions are measured at the management’s best estimate of the expenditure required to settle the obligation at the end of the reporting period. These estimates are based on current legal and constructive obligations and may require the use of assumptions about future events.
Analysis of turnover by country of destination:
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KAIZEN REPORTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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KAIZEN REPORTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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KAIZEN REPORTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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KAIZEN REPORTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
10.Taxation (continued)
There were no factors that may affect future tax charges.
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KAIZEN REPORTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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KAIZEN REPORTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
13.Debtors (continued)
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KAIZEN REPORTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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KAIZEN REPORTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £392,442. As at the balance sheet date, contributions amounting £57,172 had not been paid over to the fund and are included within creditors.
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KAIZEN REPORTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
21.Other financial commitments
During the year, a major project was undertaken to prepare the company for third party investment. This involved creating a data analytics platform and various forms of due diligence (IT, Finance, Tax). The costs recognised in FY24 were £861,049 with committed costs after this period of £830,222.
As part of the share purchase agreement with London Reporting House Limited, Kaizen Reporting Limited has the following contingent liabilities: - If London Reporting House Limited reaches a monthly recurring revenue of £42,500, Kaizen will make an initial contingent payment of £300,000 to the company. - If London Reporting House Limited attains a monthly recurring revenue of £120,000, Kaizen will make a second contingent payment of £300,000 to the company.
On 28 February 2023, there was a change in the group structure. The ultimate controlling party is now Kaizen Regtech Group Limited, which holds 100% of the shares. Prior to this date the controlling party was Mr Dario Marcello Crispini, following the change, Kaizen Regtech Group Limited became the new parent company. Its registered office address is 30 St. Mary Axe, London, England, EC3A 8BF.
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