Company Registration No. 13326419 (England and Wales)
Ceviant Finance Limited
Unaudited accounts
for the year ended 31 December 2023
Ceviant Finance Limited
Unaudited accounts
Contents
Ceviant Finance Limited
Company Information
for the year ended 31 December 2023
Directors
Kehinde Adeolu Dabiri
Akinola Toluwalase Sawyerr
Company Number
13326419 (England and Wales)
Registered Office
58 ACACIA ROAD
SUITE 2/3
LONDON
NW8 6AG
ENGLAND
Accountants
The Accountancy Cloud
1 Fore Street Avenue
London
EC2Y 9DT
Ceviant Finance Limited
Statement of financial position
as at 31 December 2023
Intangible assets
109,846
155,007
Tangible assets
10,339
13,814
Investments
393,550
32,000
Cash at bank and in hand
678,405
809,030
Creditors: amounts falling due within one year
(3,156,610)
(3,046,637)
Net current liabilities
(2,419,706)
(1,137,015)
Net liabilities
(1,905,971)
(936,194)
Called up share capital
100
100
Profit and loss account
(1,906,071)
(936,294)
Shareholders' funds
(1,905,971)
(936,194)
For the year ending 31 December 2023 the company was entitled to exemption from audit 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2025 and were signed on its behalf by
Kehinde Adeolu Dabiri
Director
Company Registration No. 13326419
Ceviant Finance Limited
Notes to the Accounts
for the year ended 31 December 2023
Ceviant Finance Limited is a private company, limited by shares, registered in England and Wales, registration number 13326419. The registered office is 58 ACACIA ROAD, SUITE 2/3, LONDON, NW8 6AG, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
Straight Line Basis at 25%
Computer equipment
Straight Line Basis at 25%
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The accounts have been prepared on the assumption that the company is able to carry on business as a going concern for the foreseeable future.
Ceviant Finance Limited
Notes to the Accounts
for the year ended 31 December 2023
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
4
Intangible fixed assets
Other
At 31 December 2023
180,644
Charge for the year
45,161
At 31 December 2023
70,798
At 31 December 2023
109,846
At 31 December 2022
155,007
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Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 January 2023
2,957
14,801
17,758
At 31 December 2023
2,957
15,618
18,575
At 1 January 2023
723
3,221
3,944
Charge for the year
592
3,700
4,292
At 31 December 2023
1,315
6,921
8,236
At 31 December 2023
1,642
8,697
10,339
At 31 December 2022
2,234
11,580
13,814
6
Investments
Subsidiary undertakings
Other investments
Total
Valuation at 1 January 2023
32,000
-
32,000
Additions
-
361,550
361,550
Valuation at 31 December 2023
32,000
361,550
393,550
Ceviant Finance Limited
Notes to the Accounts
for the year ended 31 December 2023
Amounts falling due within one year
Amounts due from group undertakings etc.
40,261
912,056
Other debtors
(5,768)
164,530
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Creditors: amounts falling due within one year
2023
2022
Taxes and social security
19,956
(964)
Other creditors
3,134,708
3,045,649
Loans from directors
1,946
1,952
Other Creditors includes Seed investment of £3.04m received in 2022.
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Transactions with related parties
During the Period Ended 31 December 2023, Ceviant Finance Ltd was owed £901,772 by Ceviant Payments Nigeria. This amount is interest free and is repayable on demand.
During the Period Ended 31 December 2023, Ceviant Finance Ltd owed £861,511 to Ceviant Payments Ltd. This amount is interest free and is repayable on demand.
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Average number of employees
During the year the average number of employees was 5 (2022: 4).