REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2023 |
for |
Coda Platform Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2023 |
for |
Coda Platform Limited |
Coda Platform Limited (Registered number: 11899378) |
Contents of the Financial Statements |
for the year ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Coda Platform Limited |
Company Information |
for the year ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors & |
Chartered Accountants |
1-2 Charterhouse Mews |
London |
EC1M 6BB |
Coda Platform Limited (Registered number: 11899378) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Coda Platform Limited (Registered number: 11899378) |
Notes to the Financial Statements |
for the year ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Coda Platform Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
Management have considered the financial position of the entity and have concluded that the going concern basis of preparation is appropriate. Key considerations for this included the convertible note long term liabilities of £2,505,744, which they believe are likely to convert to equity on their expiry date. In addition to the loan conversion, the company has restructured the business to reduce the number of staff and further reduce costs.Accounting for the aforementioned transactions and conditions, the financial projections for the company for the next twelve months and beyond show continued investment which will allow the company to remain a going concern for the foreseeable future. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Contracts with customers. Revenue from in game advertising arises from contractual relationships with advertising networks, agencies and brokers to display advertisements in our games. |
Performance obligations. For all advertising arrangements our obligation is to provide the inventory for advertisements to be displayed in our games. Revenue is therefore recognised at a point in time, this being once the advertisement has been displayed in our game for the user to see. |
Transaction price. The transaction price in advertising arrangements is the product of the number of advertising units delivered (e.g. impression, offers, video viewed etc.). and the contractually agreed price per advertising unit. |
Allocation of transaction price. The advertising units delivered are individual performance obligations and therefore the allocation of price is completed as per the agreed price per advertising unit. |
Revenue recognised. Once the transaction price has been calculated, we have completed our obligation to serve the advertisement within our application and thus the service has been transferred to the customer at a point in time, revenue is recognised. |
Cost of sales |
The related cost of providing services recognised as revenue in the current period is included in cost of sales. Cost of sales consists of User acquisition costs and Marketing & Analytics. |
Tangible fixed assets |
Fixtures and fittings - Straight line over 5 years |
Computer equipment - Straight line over 3 years |
Coda Platform Limited (Registered number: 11899378) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
There was no research and development expenditure within the current year. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Trade and other receivables |
Trade receivables are amounts due from customers for services performed in the ordinary course of business. The collections are expected either immediately or within 30 days, hence they are classified as current assets. |
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. |
A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments (more than 30 days overdue) are considered indicators that the trade receivable is impaired. |
Trade and other payables |
Trade payables are initially measured at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. |
Cash and cash equivalents |
In the company's statement of cash flows, cash and cash equivalents includes cash on hand and deposits held at call with banks. |
Coda Platform Limited (Registered number: 11899378) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Basic financial instruments |
Basic financial instruments are initially accounted for at their transaction price except for financing transactions (such as certain debt instruments) which are measured at the present value of the future payments discounted using a market rate of interest. Subsequently, basic financial instruments are measured as follows: |
Debt instruments shall be measured using the effective interest method. For debt instruments expected to be settled within one year, they shall be measured at the undiscounted amount of cash expected to be received or paid. Interest free loans may require fair value adjustments. As an accounting policy choice, an entity may choose to measure debt instruments at fair value with changes in fair value recognised in the profit and loss account. |
Commitments to make or receive a loan shall be measured at cost less impairment. With the exception of the requirement to fair value, certain publicly traded investments, FRS 102 will not result in a change in how most entities value basic financial instrument |
Other financial instruments |
All other financial instruments are initially recognised at fair value, which is normally the transaction price. Other financial instruments are subsequently measured at fair value with any changes in the fair value recorded in the profit and loss account. |
Foreign currencies |
Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Coda Platform Limited (Registered number: 11899378) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade creditors |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Other creditors |
The other creditors relate to convertible loan notes raised through the UK Government's Future Fund scheme. The number of shares which will convert will be dependent on the market value on the conversion date. The conversion terms therefore fail the "fixed for fixed" test which would be indicative of a compound instrument. The entire convertible loan notes, equating to £2,689,964 have been recognised in non-current liabilities because the conversion date takes place 36 months after the year-end. |
Following the balance sheet date, the company extended the maturity date of the convertible loan notes. Initially set to convert within 12 months, the maturity has now been extended to 36 months after the year-end. |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | RELATED PARTY DISCLOSURES |
During the year the following transactions occurred with Mr S C Gokalp, a director of the company. At the balance sheet date, included within other debtors, is an amount due from Mr S C Gokalp of £7,633 (2022: £7,633). |
During the year the following transactions occurred with Mr C Gunusen, a director of the company. At the balance sheet date, included within other debtors, is an amount due from Mr C Gunusen of £12,951 (2022: £11,951). |
Mr S C Gokalp has a directorship at Bigger Games Limited. During the year the company paid Bigger Games Limited a total of £1,896 (2022: £9,864) relating to direct costs and revenue sharing. |
Mr S C Gokalp has a shareholding at Mer-Tel. During the year, the company paid Mer-Tel £767,842 (2022: £739,417) relating to consultancy fees. |
Coda Platform Limited (Registered number: 11899378) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
10. | SATISFACTION OF CHARGE |
During the year ended 31 March 2023, the Company obtained a full satisfaction of charge registered against its Charge Over Bank Accounts. The charge, originally registered on 22 August 2019 with registration number 1189 9378 0001, secured bank services from Silicon Valley Bank UK Limited. |
The full satisfaction of the charge was completed on 3 November 2022. This satisfaction resulted in the closure of bank services. |