ACTIVE MERCHANT SERVICES LIMITED

Company Registration Number:
07123394 (England and Wales)

Unaudited abridged accounts for the year ended 19 January 2021

Period of accounts

Start date: 01 July 2020

End date: 19 January 2021

ACTIVE MERCHANT SERVICES LIMITED

Contents of the Financial Statements

for the Period Ended 19 January 2021

Balance sheet
Notes

ACTIVE MERCHANT SERVICES LIMITED

Balance sheet

As at 19 January 2021


Notes

7 months to 19 January 2021

2020


£

£
Fixed assets
Tangible assets: 3 256,273 340,816
Total fixed assets: 256,273 340,816
Current assets
Debtors: 4 137,232 229,772
Cash at bank and in hand: 493,997 194,269
Total current assets: 631,229 424,041
Creditors: amounts falling due within one year: 5 (295,174) (287,012)
Net current assets (liabilities): 336,055 137,029
Total assets less current liabilities: 592,328 477,845
Creditors: amounts falling due after more than one year:     (1,779)
Provision for liabilities: (51,933) (51,933)
Total net assets (liabilities): 540,395 424,133
Capital and reserves
Called up share capital: 20 20
Profit and loss account: 540,375 424,113
Shareholders funds: 540,395 424,133

The notes form part of these financial statements

ACTIVE MERCHANT SERVICES LIMITED

Balance sheet statements

For the year ending 19 January 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 05 September 2022
and signed on behalf of the board by:

Name: Mr John Carr
Status: Director

The notes form part of these financial statements

ACTIVE MERCHANT SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 19 January 2021

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Revenue represents amounts receivable for the provision of payment solution services provided before the balance sheet date, net of VAT and trade discounts.

Tangible fixed assets and depreciation policy

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:Fixtures, fittings at 25% per annum on a straight line basis Computer equipment at 33.3% per annum on a straight line basis The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Intangible fixed assets and amortisation policy

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Other accounting policies

Cash and cash equivalentsCash and cash equivalents 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.TaxationThe tax expense represents the sum of the tax currently payable and deferred tax.Current taxThe 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.Deferred taxDeferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, 1n which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

ACTIVE MERCHANT SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 19 January 2021

2. Employees

7 months to 19 January 2021 2020
Average number of employees during the period 18 18

ACTIVE MERCHANT SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 19 January 2021

3. Tangible Assets

Total
Cost £
At 01 July 2020 855,733
Additions 73,509
At 19 January 2021 929,242
Depreciation
At 01 July 2020 514,917
Charge for year 158,052
At 19 January 2021 672,969
Net book value
At 19 January 2021 256,273
At 30 June 2020 340,816

ACTIVE MERCHANT SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 19 January 2021

4. Debtors

7 months to 19 January 2021 2020
££
Debtors due after more than one year: 0 123,390

ACTIVE MERCHANT SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 19 January 2021

5. Creditors: amounts falling due within one year note

Trade creditors £229,852 (2020: £13,557)Other taxation and social security £65,322 (2020: £166,842)Other creditors none (2020: £106,613)

ACTIVE MERCHANT SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 19 January 2021

6. Post balance sheet events

On 20 January 2021, DNA Payments Limited, a company incorporated in the United Kingdom, acquired 100% of the share capital of Active Merchant Services Limited.