Company registration number 11313622 (England and Wales)
BCB PAYMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
BCB PAYMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
BCB PAYMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
3
4,008,543
1,681,522
Cash at bank and in hand
2,252,022
6,917,046
6,260,565
8,598,568
Creditors: amounts falling due within one year
4
(3,591,168)
(6,444,277)
Net current assets
2,669,397
2,154,291
Capital and reserves
Called up share capital
6
1,500,000
1,500,000
Profit and loss reserves
1,169,397
654,291
Total equity
2,669,397
2,154,291

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

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

The financial statements were approved by the board of directors and authorised for issue on 29 September 2023 and are signed on its behalf by:
Mr O Von Landsberg-Sadie
Director
Company Registration No. 11313622
BCB PAYMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2021
350,630
-
(70,688)
279,942
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
724,979
724,979
Issue of share capital
6
1,149,370
-
-
1,149,370
Share-based payments capital contribution
-
221,089
-
0
221,089
Intra-group recharge in respect of share-based payments capital contribution
-
(221,089)
-
(221,089)
Balance at 31 December 2021
1,500,000
-
654,291
2,154,291
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
515,106
515,106
Balance at 31 December 2022
1,500,000
-
1,169,397
2,669,397
BCB PAYMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information

BCB Payments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Merchant Square, London, W2 1AS.

1.1
Accounting convention

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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

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

1.2
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. The fair value of consideration considers trade discounts, settlement discounts and volume rebates, and is net of any VAT or other sales related taxes. It is recognised when the specific criteria have been met for each of the following as described below:

 

Set-up fees

Revenue is recognised upon provisioning client accounts in line with signed contract agreements.

 

Subscription and minimum fees

Revenue is recognised on a monthly basis from customers with active accounts in line with signed contract agreements.

 

Transaction and related fees

Revenue is earned on transactions undertaken for clients and recognised on a monthly basis in arrears.

 

Balance fees

Revenue is earned on certain client balances; this is recognised on a monthly basis in arrears.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks and deposits held at call with banks.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

BCB PAYMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.6
Taxation

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

Current 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.

Deferred tax

Deferred 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, in 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.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black–Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

BCB PAYMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.10
Foreign exchange

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 in the period are included in profit or loss.

2
Employees

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

2022
2021
Number
Number
Total
-
0
-
0
3
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
603,511
865,248
Amounts owed by group undertakings
3,403,979
314,216
Other debtors
-
0
502,058
Prepayments and accrued income
1,053
-
0
4,008,543
1,681,522
4
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
-
0
19,030
Trade creditors
75,028
24,309
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,454,455
5,104,925
Taxation and social security
71,249
71,249
Other creditors
990,436
1,224,764
3,591,168
6,444,277
BCB PAYMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
5
Share-based payment transactions

In the prior year the group operated share-based payment schemes for more senior employees to enable them to share in the future growth in value of the business. The schemes included tax advantaged and unapproved share option plans over ordinary shares. All schemes related to equity instruments of the parent company.

 

The options were generally granted with an exercise price matching the prevailing market price of the underlying equity instrument. Options vested over three years from grant subject to continued employment by the group and expire ten years after the date of grant. Generally, options were only exercisable upon exit subject to customary exemptions. Employees are not entitled to dividends until the options are exercised.

 

This year the group has not recharged the share based payment to the company following a change in the accounting estimate to recognise the share based payment expense where the employees are present.

Liabilities and expenses

During the year, the company recognised total share-based payment expenses of £- (2021 - £221,089) which related to equity settled share based payment transactions.

 

6
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
150,000,000
150,000,000
1,500,000
1,500,000
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Daniel Rose
Statutory Auditor:
Gravita Audit II Limited
8
Parent company

The parent company of the company is BCB Group Holdings Limited, incorporated in England and Wales (Company number 11312470). Its registered office address is 5 Merchant Square, London, England, W2 1AS.

2022-12-312022-01-01false29 September 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedMr O  Von Landsberg-SadieMr O  Tonkin113136222022-01-012022-12-31113136222022-12-31113136222021-12-3111313622core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3111313622core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3111313622core:CurrentFinancialInstruments2022-12-3111313622core:CurrentFinancialInstruments2021-12-3111313622core:ShareCapital2022-12-3111313622core:ShareCapital2021-12-3111313622core:RetainedEarningsAccumulatedLosses2022-12-3111313622core:RetainedEarningsAccumulatedLosses2021-12-3111313622core:ShareCapital2020-12-3111313622core:RetainedEarningsAccumulatedLosses2020-12-3111313622bus:Director12022-01-012022-12-3111313622core:RetainedEarningsAccumulatedLosses2021-01-012021-12-31113136222021-01-012021-12-3111313622core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3111313622core:ShareCapital2021-01-012021-12-3111313622bus:PrivateLimitedCompanyLtd2022-01-012022-12-3111313622bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3111313622bus:FRS1022022-01-012022-12-3111313622bus:Audited2022-01-012022-12-3111313622bus:Director22022-01-012022-12-3111313622bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP