Kwikpay_Limited - Accounts

The director of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Kwikpay Limited is a private company limited by shares incorporated in England and Wales. The registered office is Devonshire House, 60 Goswell Road, London, EC1M 7AD.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

At the year end the company had net liabilities of £100,391 and made a loss of £161,224 in the year to 30 September 2018 as a result of continued investment in the Kwikpay platform. Included in trade creditors and other creditors are amounts due to the director and companies under common control totalling £128,200, and the director has confirmed that other external creditors would be given the first right of settlement over the sums owed to the directors or other related companies. Furthermore and subsequent to the year end the company raised £300,000 of funds via the issue of new ordinary shares. The director consider that this fundraising has provided the company with adequate funds in order to continue to trade and to meet its liabilities as they fall due for a period not less than 12 months from the date of signing these accounts. The accounts have therefore been prepared on the going concern.

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial instruments are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

The average monthly number of persons (including directors) employed by the company during the year was nil (2017: nil).

During the year the company issued 84,001 Ordinary A shares of £0.00005 each for a total consideration of £12,600.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

Included within other creditors is an amount of £7,500 (2017: £7,500) owing to Neeraj Bhatia, director of the company and £2,500 (2017: £2,500) to the estate of Shakeel Ahmed, both shareholders of the company in respect of loans given to the company. The loans are unsecured and interest free.

During the year director's fees of £61,467 (2017: £56,350) were payable to Telestell Limited, a company of which N Bhatia is a director. At the year end a balance of £120,700 (2017: £93,200) was due to Telestell Limited.

The company is controlled by the director, Neeraj Bhatia, by virtue of his majority shareholdings.