| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2024 |
| for |
| Coda Platform Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2024 |
| for |
| Coda Platform Limited |
| Coda Platform Limited (Registered number: 11899378) |
| Contents of the Financial Statements |
| for the year ended 31 March 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Chartered Accountants' Report | 8 |
| Coda Platform Limited |
| Company Information |
| for the year ended 31 March 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 1-2 Charterhouse Mews |
| London |
| EC1M 6BB |
| Coda Platform Limited (Registered number: 11899378) |
| Balance Sheet |
| 31 March 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| 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 | ( |
) | ( |
) |
| ( |
) | ( |
) |
| The director acknowledges his 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. |
| Coda Platform Limited (Registered number: 11899378) |
| Balance Sheet - continued |
| 31 March 2024 |
| The financial statements were approved by the director and authorised for issue on |
| Coda Platform Limited (Registered number: 11899378) |
| Notes to the Financial Statements |
| for the year ended 31 March 2024 |
| 1. | STATUTORY INFORMATION |
| Coda Platform Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going Concern |
| The directors have considered the company's financial position, noting sufficient current assets to meet short term liabilities, and have a reasonable expectation that the company has adequate resources to continue operations for the foreseeable future. |
| Forecasts and cash flow plans covering at least twelve months from approval have been reviewed with no material uncertainties identified. The directors are also negotiating with the UK Government’s Future Fund scheme regarding the convertible loan notes which are due to convert to equity on the Maturity Date of 8 February 2026. |
| 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 2024 |
| 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 2024 |
| 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 2023 |
| Disposals | ( |
) |
| At 31 March 2024 |
| DEPRECIATION |
| At 1 April 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 March 2024 |
| NET BOOK VALUE |
| At 31 March 2024 |
| At 31 March 2023 |
| Coda Platform Limited (Registered number: 11899378) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2024 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| 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 £2,882,962 have been recognised in non-current liabilities because the conversion date takes place on the Maturity Date of 8 February 2026. |
| 8. | 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 £NIL (2023: £7,633). |
| During the year the following transactions occurred with Mr C Gunusen, a former director of the company. At the balance sheet date, included within other debtors, is an amount due from Mr C Gunusen of £NIL (2023: £12,951). |
| Mr S C Gokalp has a directorship at Bigger Games Limited. During the year the company paid Bigger Games Limited a total of £NIL (2023: £1,896) 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 £18,336 (2023: £767,842) relating to consultancy fees. |
| Chartered Accountants' Report to the Director |
| on the Unaudited Financial Statements of |
| Coda Platform Limited |
| The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Coda Platform Limited for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the director of Coda Platform Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Coda Platform Limited and state those matters that we have agreed to state to the director of Coda Platform Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Coda Platform Limited and its director for our work or for this report. |
| It is your duty to ensure that Coda Platform Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Coda Platform Limited. You consider that Coda Platform Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Coda Platform Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| 1-2 Charterhouse Mews |
| London |
| EC1M 6BB |