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REGISTERED NUMBER: 08642156 (England and Wales)














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: S A Dutta
A M Forrestal
H M Kenneway
D K Modi
D L Sommer





Registered office: 100 Liverpool Street
London
EC2M 2AT





Registered number: 08642156 (England and Wales)





Accountants: Cooper Parry Advisory Limited
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 8,329 13,443
8,329 13,443

Current assets
Debtors 6 94,100 140,063
Cash at bank 175,895 292,475
269,995 432,538
Creditors
Amounts falling due within one year 7 580,903 344,826
Net current (liabilities)/assets (310,908 ) 87,712
Total assets less current liabilities (302,579 ) 101,155

Creditors
Amounts falling due after more than one
year

8

360,000

170,000
Net liabilities (662,579 ) (68,845 )

Capital and reserves
Called up share capital 9 280 280
Share premium 6,145,740 6,145,740
Retained earnings (6,808,599 ) (6,214,865 )
(662,579 ) (68,845 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 May 2025 and were signed on its behalf by:





H M Kenneway - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Development costs are being amortised evenly over their estimated useful life of three years.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 11 (2023 - 14 ) .

4. Intangible fixed assets
Development
costs
£   
Cost
At 1 January 2024
and 31 December 2024 843,996
Amortisation
At 1 January 2024
and 31 December 2024 843,996
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 13,419 59,637 73,056
Depreciation
At 1 January 2024 13,419 46,194 59,613
Charge for year - 5,114 5,114
At 31 December 2024 13,419 51,308 64,727
Net book value
At 31 December 2024 - 8,329 8,329
At 31 December 2023 - 13,443 13,443

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 72,880 115,999
Other debtors 21,220 24,064
94,100 140,063

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 13,923 28,672
Taxation and social security 27,794 32,417
Other creditors 529,186 273,737
580,903 344,826

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 10,000 20,000
Other creditors 350,000 150,000
360,000 170,000

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.