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REGISTERED NUMBER: 12149419 (England and Wales)















CONTACTPAY SOLUTION LTD

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021






CONTACTPAY SOLUTION LTD (REGISTERED NUMBER: 12149419)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2021










Page

Company information 1

Report of the directors 2 to 3

Report of the independent auditors 4 to 7

Statement of profit or loss and other comprehensive
income

8


Statement of financial position 9

Statement of changes in equity 10

Statement of cash flows 11

Notes to the statement of cash flows 12

Notes to the financial statements 13 to 18


CONTACTPAY SOLUTION LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2021







Directors: S Caikovskis
A Gook





Registered office: Mazars LLP
30 Old Bailey
London
EC4M 7AU





Registered number: 12149419 (England and Wales)





Auditors: Wags LLP t/a Wagstaffs
Chartered Accountants and Statutory Auditors
Richmond House
Walkern Road
Stevenage
Hertfordshire
SG1 3QP

CONTACTPAY SOLUTION LTD (REGISTERED NUMBER: 12149419)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2021


The directors present their report with the financial statements of the company for the year ended 31st December 2021.

Principal activity
The operation and principal activity of the company is that of a payment services provider.

Dividends
No dividends will be distributed for the year ended 31st December 2021.

Directors
S Caikovskis has held office during the whole of the period from 1st January 2021 to the date of this report.

Other changes in directors holding office are as follows:

A Ziad - resigned 24th November 2021

A Gook was appointed as a director after 31st December 2021 but prior to the date of this report.

Statement of directors' responsibilities
The directors are responsible for preparing the Report of the directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with UK-adopted international accounting standards. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

CONTACTPAY SOLUTION LTD (REGISTERED NUMBER: 12149419)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2021


Auditors
The auditors, Wags LLP t/a Wagstaffs, are deemed to be reappointed in accordance with Section 487(2) of the Companies Act 2006.

On behalf of the board:





S Caikovskis - Director


22nd August 2022

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CONTACTPAY SOLUTION LTD


Opinion
We have audited the financial statements of Contactpay Solution Ltd (the 'company') for the year ended 31st December 2021 which comprise the Statement of profit or loss and other comprehensive income, the Statement of financial position, the Statement of changes in equity, the Statement of cash flows and Notes to the statement of cash flows, Notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the UK.

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31st December 2021 and of its loss for the year then ended;
-have been properly prepared in accordance with IFRSs as adopted by the UK; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the directors, but does not include the financial statements and our Report of the auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CONTACTPAY SOLUTION LTD


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of directors' responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CONTACTPAY SOLUTION LTD


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006 and UK corporate taxation laws.

- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of board minutes and papers provided by those charged with governance.

- We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team include:

- identifying and assessing the design effectiveness of controls management has in place to
prevent and detect fraud;

- understanding how those charged with governance considered and addressed the potential
for override of controls or other inappropriate influence over the financial reporting process;

- challenging assumptions and judgments made by management in its significant accounting
estimates;

- identifying and testing journal entries, in particular any journal entries posted with unusual
account combinations; and
- assessing the extent of compliance with the relevant laws and regulations.

- We have reviewed the financial statements and considered whether they are consistent with our understanding of the entity or indicate a previously unrecognised risk of material misstatement that could be due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CONTACTPAY SOLUTION LTD


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




N D Savjani FCA (Senior Statutory Auditor)
for and on behalf of Wags LLP t/a Wagstaffs
Chartered Accountants and Statutory Auditors
Richmond House
Walkern Road
Stevenage
Hertfordshire
SG1 3QP

6th September 2022

CONTACTPAY SOLUTION LTD (REGISTERED NUMBER: 12149419)

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST DECEMBER 2021

Period
9.8.19
Year Ended to
31.12.21 31.12.20
Notes £    £   

CONTINUING OPERATIONS
Revenue 18,091 2,436

Cost of sales (204,604 ) (133,975 )
GROSS LOSS (186,513 ) (131,539 )

Administrative expenses (338,867 ) (354,390 )
OPERATING LOSS (525,380 ) (485,929 )
LOSS BEFORE INCOME TAX 4 (525,380 ) (485,929 )

Income tax 5 - -
LOSS FOR THE YEAR (525,380 ) (485,929 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(525,380

)

(485,929

)

CONTACTPAY SOLUTION LTD (REGISTERED NUMBER: 12149419)

STATEMENT OF FINANCIAL POSITION
31ST DECEMBER 2021

2021 2020
Notes £    £   
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 6 872 1,295
CURRENT ASSETS
Trade and other receivables 7 16,496 26,692
Cash and cash equivalents 8 181,228 799,383
197,724 826,075
TOTAL ASSETS 198,596 827,370
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 9 1,000 1,000
Retained earnings 10 (1,011,309 ) (485,929 )
TOTAL EQUITY (1,010,309 ) (484,929 )
LIABILITIES
NON-CURRENT LIABILITIES
Trade and other payables 11 1,162,697 1,004,427
CURRENT LIABILITIES
Trade and other payables 11 46,208 307,872
TOTAL LIABILITIES 1,208,905 1,312,299
TOTAL EQUITY AND LIABILITIES 198,596 827,370


The financial statements were approved by the Board of Directors and authorised for issue on 22nd August 2022 and were signed on its behalf by:





S Caikovskis - Director


CONTACTPAY SOLUTION LTD (REGISTERED NUMBER: 12149419)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST DECEMBER 2021

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 1,000 - 1,000
Deficit for the period - (485,929 ) (485,929 )
Total comprehensive income - (485,929 ) (485,929 )
Balance at 31st December 2020 1,000 (485,929 ) (484,929 )

Changes in equity
Deficit for the year - (525,380 ) (525,380 )
Total comprehensive income - (525,380 ) (525,380 )
Balance at 31st December 2021 1,000 (1,011,309 ) (1,010,309 )

CONTACTPAY SOLUTION LTD (REGISTERED NUMBER: 12149419)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31ST DECEMBER 2021

Period
9.8.19
Year Ended to
31.12.21 31.12.20
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (624,673 ) 799,882
Net cash from operating activities (624,673 ) 799,882

Cash flows from investing activities
Purchase of tangible fixed assets (79 ) (1,499 )
Net cash from investing activities (79 ) (1,499 )

Cash flows from financing activities
Amount introduced by directors 6,597 -
Share issue - 1,000
Net cash from financing activities 6,597 1,000

(Decrease)/increase in cash and cash equivalents (618,155 ) 799,383
Cash and cash equivalents at beginning
of year

2

799,383

-

Cash and cash equivalents at end of
year

2

181,228

799,383

CONTACTPAY SOLUTION LTD (REGISTERED NUMBER: 12149419)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31ST DECEMBER 2021


1. RECONCILIATION OF LOSS BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS
Period
9.8.19
Year Ended to
31.12.21 31.12.20
£    £   
Loss before income tax (525,380 ) (485,929 )
Depreciation charges 502 204
(524,878 ) (485,725 )
Decrease/(increase) in trade and other receivables 10,196 (26,692 )
(Decrease)/increase in trade and other payables (109,991 ) 1,312,299
Cash generated from operations (624,673 ) 799,882

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of cash flows in respect of cash and cash equivalents are in respect of these Statement of financial position amounts:

Year ended 31st December 2021
31.12.21 1.1.21
£    £   
Cash and cash equivalents 181,228 799,383
Period ended 31st December 2020
31.12.20 9.8.19
£    £   
Cash and cash equivalents 799,383 -

CONTACTPAY SOLUTION LTD (REGISTERED NUMBER: 12149419)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2021



1. STATUTORY INFORMATION

Contactpay Solution Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The comparative period shown in the financial statements is the period from 9 August 2019 to 31 December 2020. The directors have chosen to extend the financial reporting date to 31 December of each year following the incorporation of the company. The extended comparative period should be taken into account when reviewing the information within the financial statements.

2. ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis given the financial support available from the parent undertaking, along with the company's future objective to increase trade and become profitable.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, valued added tax and other direct taxes.

Revenue recognition
Revenue is recognised when services are supplied to customers such that risks and rewards of ownership have transferred to them.

Cash and cash equivalents
Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value.

In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position.

CONTACTPAY SOLUTION LTD (REGISTERED NUMBER: 12149419)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2021


2. ACCOUNTING POLICIES - continued

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment - 33% on cost

Taxation
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date.

Employee benefit costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the statement of profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
Period
9.8.19
Year Ended to
31.12.21 31.12.20
£    £   
Wages and salaries 164,701 183,480
Social security costs 4,043 15,061
Other pension costs 10,803 1,205
179,547 199,746

The average number of employees during the year was as follows:
Period
9.8.19
Year Ended to
31.12.21 31.12.20

Administrative staff and directors 4 3

CONTACTPAY SOLUTION LTD (REGISTERED NUMBER: 12149419)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2021


3. EMPLOYEES AND DIRECTORS - continued

Period
9.8.19
Year Ended to
31.12.21 31.12.20
£    £   
Directors' remuneration 120,116 161,480
Directors' pension contributions to money purchase schemes 8,677 1,205

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 1

4. LOSS BEFORE INCOME TAX

The loss before income tax is stated after charging/(crediting):
Period
9.8.19
Year Ended to
31.12.21 31.12.20
£    £   
Cost of inventories recognised as expense 204,604 74,231
Depreciation - owned assets 502 204
Auditors' remuneration 5,625 4,500
Foreign exchange differences (27,224 ) (2,033 )

5. INCOME TAX

Analysis of tax expense
No liability to UK corporation tax arose for the year ended 31st December 2021 nor for the period ended 31st December 2020.

CONTACTPAY SOLUTION LTD (REGISTERED NUMBER: 12149419)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2021


6. PROPERTY, PLANT AND EQUIPMENT
Computer
equipment
£   
Cost
At 1st January 2021 1,499
Additions 79
At 31st December 2021 1,578
Depreciation
At 1st January 2021 204
Charge for year 502
At 31st December 2021 706
Net book value
At 31st December 2021 872
At 31st December 2020 1,295

7. TRADE AND OTHER RECEIVABLES

2021 2020
£    £   
Current:
Other debtors 7,206 7,200
VAT - 19,492
Accrued income 7,030 -
Prepayments 2,260 -
16,496 26,692

8. CASH AND CASH EQUIVALENTS

2021 2020
£    £   
Bank accounts 181,228 799,383

CONTACTPAY SOLUTION LTD (REGISTERED NUMBER: 12149419)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2021


9. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
1,000 Ordinary £1 1,000 1,000

10. RESERVES
Retained
earnings
£   

At 1st January 2021 (485,929 )
Deficit for the year (525,380 )
At 31st December 2021 (1,011,309 )


11. TRADE AND OTHER PAYABLES

2021 2020
£    £   
Current:
Trade creditors - 80,204
Amounts owed to group undertakings - 223,874
Social security and other taxes 5,255 3,655
Other creditors - 139
Directors' current accounts 6,597 -
VAT 34,356 -
46,208 307,872

Non-current:
Amounts owed to group undertakings 1,162,697 1,004,427

Aggregate amounts 1,208,905 1,312,299

CONTACTPAY SOLUTION LTD (REGISTERED NUMBER: 12149419)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2021


12. RELATED PARTY TRANSACTIONS

The parent undertaking and ultimate holding company is QIWI Plc, a company incorporated in Cyprus. The registered office of QIWI Plc is 12-14 Kennedy Avenue, Kennedy Business Centre, 2nd Floor, Office 203, 1087 Nicosia Cyprus. The only group financial statements in which the results of the company are included are available from this address.

The directors have sole responsibility for planning, directing and controlling the activities of the entity and are therefore considered to be the key management personnel of the company. Details of remuneration paid to the directors is included in note 3 to the financial statements. There are no other key management personnel.