| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| KUDOS INNOVATIONS LIMITED |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| KUDOS INNOVATIONS LIMITED |
| KUDOS INNOVATIONS LIMITED (REGISTERED NUMBER: 08642156) |
| Contents of the Financial Statements |
| for the year ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| KUDOS INNOVATIONS LIMITED |
| Company Information |
| for the year ended 31 December 2024 |
| Directors: |
| Registered office: |
| Registered number: |
| Accountants: |
| Aissela |
| 46 High Street |
| Esher |
| Surrey |
| KT10 9QY |
| KUDOS INNOVATIONS LIMITED (REGISTERED NUMBER: 08642156) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| Fixed assets |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Current assets |
| Debtors | 6 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 7 |
| Net current (liabilities)/assets | ( |
) |
| Total assets less current liabilities | ( |
) |
| Creditors |
| Amounts falling due after more than one year |
8 |
| Net liabilities | ( |
) | ( |
) |
| Capital and reserves |
| Called up share capital | 9 |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| ( |
) | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| KUDOS INNOVATIONS LIMITED (REGISTERED NUMBER: 08642156) |
| Balance Sheet - continued |
| 31 December 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| KUDOS INNOVATIONS LIMITED (REGISTERED NUMBER: 08642156) |
| Notes to the Financial Statements |
| for the year ended 31 December 2024 |
| 1. | Statutory information |
| Kudos Innovations Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| The financial statements have been prepared on the going concern basis. The company incurred losses during the year, however the directors believe that the company has sufficient financial resources to be able to meet its obligations, if and when, they become due and that the company can continue in operational existence for a period of at least 12 months from the statement of financial position date. On this basis, the directors are of the opinion that they should continue to adopt the going concern basis in preparing the annual financial statements. |
| Key source of estimation, uncertainty and judgement |
| The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
| There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets. |
| There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| The company's turnover is wholly derived from the rendering of services. 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. |
| The statement of financial position is credited with the value of invoiced sales, as deferred income, which is then amortised to revenue over the period of the contract. At the statement of financial position date, the carrying value of deferred income reflects the total value of invoiced sales which has not yet been recognised as revenue. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| KUDOS INNOVATIONS LIMITED (REGISTERED NUMBER: 08642156) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 2. | Accounting policies - continued |
| Tangible fixed assets |
| Reducing Straight |
| balance line (years) |
| (%) |
| Fixtures and fittings - 4 |
| Office Equipment 20 3 |
| Financial instruments |
| Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
| Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
| Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
| Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
| Taxation |
| Taxation for the year comprises of current tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current 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. |
| Tax credits shown on the income statement represent tax credits received or receivable from HMRC as a result of claims made under HMRC’s R&D tax relief schemes. |
| Research and development |
| Development expenditure that meets the capitalisation requirements described in FRS 102 section 18paragraph 18.8H is capitalised in the statement of financial position under Intangible Assets. Development expenditure that does not meet the recognition criteria described in FRS 102 section 18 paragraph 18.8H is expensed to profit and loss in the period in which it is incurred. |
| The company qualifies to make claims under both the SME R&D tax relief scheme and the Research and Development Expenditure Credit scheme. Tax credits arising from successful claims under the SME R&D tax relief scheme are reflected 'below the line' as a reduction in the Corporation Tax charge or, if loss making, as a Corporation Tax credit. Tax credits arising from successful claims under the RDEC scheme are subject to Corporation Tax. Gross tax credits are therefore reflected ‘above the line’ in Other income with the corresponding charge to Corporation Tax reflected in the Corporation Tax charge, or credit (if loss making). Tax credits receivable from R&D claims are recognised in the reporting period in which the qualifying xpenditure is incurred. |
| KUDOS INNOVATIONS LIMITED (REGISTERED NUMBER: 08642156) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 2. | Accounting policies - continued |
| Foreign currencies |
| Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
| At each reporting period end, foreign currency monetary items are translated using the closing rate. |
| Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. |
| 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. |
| Cash and cash equivalents |
| Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value. |
| Trade and other creditors |
| Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| 4. | Intangible fixed assets |
| Development |
| costs |
| £ |
| Cost |
| At 1 January 2024 |
| and 31 December 2024 |
| Amortisation |
| At 1 January 2024 |
| and 31 December 2024 |
| Net book value |
| At 31 December 2024 |
| At 31 December 2023 |
| KUDOS INNOVATIONS LIMITED (REGISTERED NUMBER: 08642156) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 5. | Tangible fixed assets |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| Cost |
| At 1 January 2024 |
| and 31 December 2024 |
| Depreciation |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| Net book value |
| At 31 December 2024 |
| At 31 December 2023 |
| 6. | Debtors: amounts falling due within one year |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | Creditors: amounts falling due within one year |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| Included within other creditors is £150,000 (2023: £Nil) which relate to advanced subscription agreements which have a longstop date of 30 April 2025. The advanced subscription agreements do not bear interest. |
| Included within other creditors is £100,000 (2023: £Nil) which relate to a shareholder loan. The loan is unsecured, has a repayment date on or before 31 December 2025, and bears interest at a rate of 9% per annum. |
| 8. | Creditors: amounts falling due after more than one year |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| Other creditors |
| KUDOS INNOVATIONS LIMITED (REGISTERED NUMBER: 08642156) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 8. | Creditors: amounts falling due after more than one year - continued |
| The company's bank borrowings are guaranteed by the UK government under the Coronavirus Bounce Back Loan scheme. Fixed interest of 2.50% per annum is paid monthly with the final repayment being in December 2026. In accordance with FRS102, the loan is held as both current and non-current obligations. |
| Included within other creditors is £350,000 (2023: £150,000) which relate to 350,000 £1 unsecured convertible loan notes. The loan notes are redeemable between 31 December 2029 and 31 December 2034 or on an earlier qualifying event. The loan notes do not bear interest. |
| 9. | Called up share capital |
Number: |
Class: |
Nominal value: |
2024 |
2023 |
| 9,000,000 | Ordinary | 0.00001 | 90 | 90 |
| 1,800,073 | A1 Ordinary | 0.00001 | 18 | 18 |
| 3,835,330 | A2 Ordinary | 0.00001 | 38 | 38 |
| 2,069,567 | A3 Ordinary | 0.00001 | 21 | 21 |
| 2,932,549 | A4 Ordinary | 0.00001 | 29 | 29 |
| 8,352,455 | A5 Ordinary | 0.00001 | 84 | 84 |
| 280 | 280 |
| 10. | Events after reporting date |
| On 30 January 2025 and 11 February 2025 advanced subscription agreements were issued for a total of £100,000. The agreements have a longstop date of 30 April 2025 and do not bear interest. |
| 11. | Further information regarding the company's financial position |
| During the year, an R&D credit amounting to £11,245 was received. This amount relates to a claim made in the year ending 31 December 2023. |