Kuflink ceo's chat / interview Jan 2021

I wanted to get an update out to you all to address the latest financial accounts that have been published at Companies House which was for the period 2018/2019 filed by Ernst & Young in February 2021.

The board made a decision as of 1st September 2020 to engage with new auditors who are MHA Macintyre Hudson. The FCA register was updated in September 2020. The 2019/2020 accounts are being worked on and we are confident these will be filed soon.

We have been working through all the points highlighted by Ernst & Young during the 2019 audit and I can confidently say that we have tackled the majority of them already and are currently working through the remaining with Macintyre Hudson.

In respect of VAT, we have been in contact with HMRC since September last year, as the pandemic created delays in earlier contact. The VAT amount has already been set aside (which is c£160k) by the business and we are working with our new auditors to settle by the June 2021 deadline required by HMRC.

With regards to the Material Uncertainty in relation to the Going Concern, we have managed to cut significant costs within the business which has enabled the group to move to a self-sustainable model meaning profits are being generated on a monthly basis and we envisage this to be the case for the foreseeable future. In addition, we are in contact with our major shareholders if and when equity injection is needed.

For 2021, the business is in very good shape. Losses have narrowed to a point where we are confident that we are likely to announce break-even or a profit very soon.

During the pandemic alone we have repaid over £25m of capital and interest to our investors and in total, over £73m has been repaid and we continue to repay capital and interest on an ongoing basis.

If you have any questions, the team and I are here for you so please do not hesitate to contact us on 01474 334 488, on live chat or email us at Hello@kuflink.com.

Narinder Khattoare
CEO