deltron
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Post by deltron on Aug 31, 2021 17:46:07 GMT
Apparently Companies House have had them for a week or so, but they've not been uploaded yet for some reason.
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Post by kuflink on Sept 1, 2021 10:35:25 GMT
Good morning, further to your post, we wanted to reassure you that the Kuflink Ltd accounts have already been submitted and Companies House have acknowledged this. They are currently running behind with their processing of accounts and are working on those received by them 20th August 2021 Companies House processing timesThe accounts were sent to Companies House 24th August 2021 and we are currently awaiting their upload. Please see our FAQ relating to this which also includes the accounts to view. If you have any questions at all please do call our Investor Relations Team on 01474 33 44 88. |
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69m
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Post by 69m on Sept 8, 2021 18:44:50 GMT
The 2019/2020 accounts for Kuflink Ltd are certainly a lot less alarming than last year's. The replacement auditors haven't had to give a 'qualified opinion', they haven't identified any material uncertainties relating to going concern, and they're willing to continue as auditors.
Some aspects of the Directors' Report do raise questions, though.
For instance, it says that Kuflink Ltd has minimal credit risk because it's just the operator of the P2P platform (and so has no direct exposure to the underlying P2P loans, which are administered by Kuflink Bridging Ltd).
However, it later mentions that the company had to issue loan notes on its own balance sheet to partly fund new P2P loans (because P2P lenders weren't supplying enough cash). A specific amount isn't stated, but the financial statements show a significant increase in the net inter-company debtor / creditor figure.
Assessing the overall state of the business is difficult without seeing the corresponding accounts for Kuflink Bridging Ltd too. Unfortunately, they haven't been uploaded to the Companies House web site yet, hence yesterday's first Gazette notice for compulsory strike-off.
PS: If any Kuflink directors read this, using the term 'investor' in your accounts to describe both shareholders and P2P lenders is really confusing!
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dave4
Member of DD Central
Cynical is a hobby not a lifestyle
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Post by dave4 on Sept 9, 2021 7:05:41 GMT
You have been sent this email because you are following
KUFLINK BRIDGING LTD (07889226)
9 Sep 2021 DISS40 Compulsory strike-off action has been discontinued
Update below Received 10.51 am today
BRIDGING LTD (07889226)
The following information is available from the company's filing history.
Date Form Description
9 Sep 2021 AA Full accounts made up to 30 June 2020
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dave4
Member of DD Central
Cynical is a hobby not a lifestyle
Posts: 998
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Post by dave4 on Sept 9, 2021 10:11:33 GMT
The 2019/2020 accounts for Kuflink Ltd are certainly a lot less alarming than last year's. The replacement auditors haven't had to give a 'qualified opinion', they haven't identified any material uncertainties relating to going concern, and they're willing to continue as auditors.
Some aspects of the Directors' Report do raise questions, though.
For instance, it says that Kuflink Ltd has minimal credit risk because it's just the operator of the P2P platform (and so has no direct exposure to the underlying P2P loans, which are administered by Kuflink Bridging Ltd).
However, it later mentions that the company had to issue loan notes on its own balance sheet to partly fund new P2P loans (because P2P lenders weren't supplying enough cash). A specific amount isn't stated, but the financial statements show a significant increase in the net inter-company debtor / creditor figure.
Assessing the overall state of the business is difficult without seeing the corresponding accounts for Kuflink Bridging Ltd too. Unfortunately, they haven't been uploaded to the Companies House web site yet, hence yesterday's first Gazette notice for compulsory strike-off.
PS: If any Kuflink directors read this, using the term 'investor' in your accounts to describe both shareholders and P2P lenders is really confusing!
There have been a run of sizable loans recently. Add covid nervousness and last years accounts comments im not surprised. There continues to be and has been a good loan flow, the appeal to lenders on these loans Quality and indeed the platform is something personal to lenders. I feel the platform is pushing ahead and with recent platform upgrades, info upgrades and good comm's through this forum and platform/ e mail ect.
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nyneil
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Post by nyneil on Sept 9, 2021 14:29:46 GMT
kuflink With the high LTVs (or even worse, high LTGDV), now heading, uncomfortably, towards 70%, It's hardly surprising that cash isn't forthcoming! Mine certainly isn't - 6.8% for high 60s LTV. No thank you.
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Post by stevepn on Sept 11, 2021 9:20:55 GMT
kuflink With the high LTVs (or even worse, high LTGDV), now heading, uncomfortably, towards 70%, It's hardly surprising that cash isn't forthcoming! Mine certainly isn't - 6.8% for high 60s LTV. No thank you. What is the difference between LTV and LTGDV?
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Post by overthehill on Sept 11, 2021 9:28:54 GMT
kuflink With the high LTVs (or even worse, high LTGDV), now heading, uncomfortably, towards 70%, It's hardly surprising that cash isn't forthcoming! Mine certainly isn't - 6.8% for high 60s LTV. No thank you. What is the difference between LTV and LTGDV? LTGDV is based on the predicted value of the finished development rather than the current value for LTV e.g. a piece of land.
EDIT: predicted is not the best word for the RICS valuation procedure but unfortunately as we've seen many times an unrealistic guess would be more accurate.
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Post by df on Sept 12, 2021 0:45:22 GMT
kuflink With the high LTVs (or even worse, high LTGDV), now heading, uncomfortably, towards 70%, It's hardly surprising that cash isn't forthcoming! Mine certainly isn't - 6.8% for high 60s LTV. No thank you. I've stopped paying much attention to LTVs/GDVs after a first handful of crystallised losses on other platforms - in the event of default most of these figures appeared to be meaningless. I tend to think the ability to select good borrowers and handle the process is more important than the advertised LTGDVs.
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nyneil
Member of DD Central
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Post by nyneil on Sept 12, 2021 15:53:17 GMT
kuflink With the high LTVs (or even worse, high LTGDV), now heading, uncomfortably, towards 70%, It's hardly surprising that cash isn't forthcoming! Mine certainly isn't - 6.8% for high 60s LTV. No thank you. I've stopped paying much attention to LTVs/GDVs after a first handful of crystallised losses on other platforms - in the event of default most of these figures appeared to be meaningless. I tend to think the ability to select good borrowers and handle the process is more important than the advertised LTGDVs. Agreed, and Kuflink has been much better at this than many other platforms. However, an accurately valued 50% LTV gives a better chance of capital recovery than 70% does, after admin fees, fire sale prices etc....
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Post by df on Sept 12, 2021 17:56:30 GMT
I've stopped paying much attention to LTVs/GDVs after a first handful of crystallised losses on other platforms - in the event of default most of these figures appeared to be meaningless. I tend to think the ability to select good borrowers and handle the process is more important than the advertised LTGDVs. Agreed, and Kuflink has been much better at this than many other platforms. However, an accurately valued 50% LTV gives a better chance of capital recovery than 70% does, after admin fees, fire sale prices etc.... Yes, when the platform is doing a good job LTV starts making sense. When Kuflink offers tiers I always go for the lowest and put more cash in it than in other higher LTV/GDV loans. I'm still very new to KUF, but so far I have a positive impression.
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bababill
Member of DD Central
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Post by bababill on Sept 13, 2021 5:51:29 GMT
p2pindependentforum.com/post/435479"Interesting to note that the just-published 2019/2020 annual accounts for Kuflink Bridging Ltd include £6.6M of outstanding loans to directors or related parties (page 35). £5.3M of the £6.6M was funded via the P2P platform, using the Auto Invest product only. The bulk of that amount could have been a single loan, because the concentration risk section (page 11) states that the portfolio's largest loan of £4.4M was lent to a related party. There's not necessarily anything untoward about this, especially if the credit acceptance, security and interest rate policies were in line with those applied to any other borrower. Kuflink has fully disclosed this information, too (at least in the accounts). It's also important to remember that the figures quoted above were the situation on 30 June 2020 - things might have changed a lot since then." 69m Member of DD Central ------ I just read the above on another thread....I need some time to digest this. I would have missed it so posting it under this thread as more appropriate.
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Post by Ace on Jan 10, 2023 19:34:48 GMT
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Post by Ace on Jan 10, 2023 20:23:25 GMT
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 10, 2023 20:31:24 GMT
Very detailed, lot of stuff to pick through. Kuflink profitable but bit down on last year (stripping out tax rebate), £900k ringfenced for winddown, loans to directors through platform increased KBL - profits up significantly, big chunk of loans to related party on platform Group accounts overdue
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