Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31truetruetruetrue15truetruetruetruetruetruetrue29falsePayPoint plc2022-04-01true 03703548 2022-04-01 2023-03-31 03703548 2021-04-01 2022-03-31 03703548 2023-03-31 03703548 2022-03-31 03703548 2021-04-01 03703548 2 2021-04-01 2022-03-31 03703548 d:Exceptional 2022-04-01 2023-03-31 03703548 d:Exceptional 2021-04-01 2022-03-31 03703548 e:CompanySecretary1 2022-04-01 2023-03-31 03703548 e:Director1 2022-04-01 2023-03-31 03703548 e:Director2 2022-04-01 2023-03-31 03703548 e:Director3 2022-04-01 2023-03-31 03703548 e:Director4 2022-04-01 2023-03-31 03703548 e:Director5 2022-04-01 2023-03-31 03703548 e:Director6 2022-04-01 2023-03-31 03703548 e:Director7 2022-04-01 2023-03-31 03703548 e:Director7 2023-03-31 03703548 e:RegisteredOffice 2022-04-01 2023-03-31 03703548 d:PlantMachinery 2022-04-01 2023-03-31 03703548 d:PlantMachinery 2023-03-31 03703548 d:PlantMachinery 2022-03-31 03703548 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03703548 d:ComputerEquipment 2022-04-01 2023-03-31 03703548 d:ComputerEquipment 2023-03-31 03703548 d:ComputerEquipment 2022-03-31 03703548 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03703548 d:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 03703548 d:OtherPropertyPlantEquipment 2023-03-31 03703548 d:OtherPropertyPlantEquipment 2022-03-31 03703548 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03703548 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03703548 d:ComputerSoftware 2022-04-01 2023-03-31 03703548 d:ComputerSoftware 2023-03-31 03703548 d:ComputerSoftware 2022-03-31 03703548 d:IntangibleAssetsOtherThanGoodwill 2023-03-31 03703548 d:IntangibleAssetsOtherThanGoodwill 2022-03-31 03703548 d:CurrentFinancialInstruments 2023-03-31 03703548 d:CurrentFinancialInstruments 2022-03-31 03703548 d:Non-currentFinancialInstruments 2023-03-31 03703548 d:Non-currentFinancialInstruments 2022-03-31 03703548 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03703548 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 03703548 d:ShareCapital 2022-04-01 2023-03-31 03703548 d:ShareCapital 2023-03-31 03703548 d:ShareCapital 2021-04-01 2022-03-31 03703548 d:ShareCapital 2022-03-31 03703548 d:ShareCapital 2021-04-01 03703548 d:OtherMiscellaneousReserve 2022-04-01 2023-03-31 03703548 d:OtherMiscellaneousReserve 2023-03-31 03703548 d:OtherMiscellaneousReserve 2021-04-01 2022-03-31 03703548 d:OtherMiscellaneousReserve 2022-03-31 03703548 d:OtherMiscellaneousReserve 2021-04-01 03703548 d:OtherMiscellaneousReserve 2 2021-04-01 2022-03-31 03703548 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 03703548 d:RetainedEarningsAccumulatedLosses 2023-03-31 03703548 d:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 03703548 d:RetainedEarningsAccumulatedLosses 2022-03-31 03703548 d:RetainedEarningsAccumulatedLosses 2021-04-01 03703548 d:RetainedEarningsAccumulatedLosses 2 2021-04-01 2022-03-31 03703548 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 03703548 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-03-31 03703548 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 03703548 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 03703548 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 03703548 d:TaxLossesCarry-forwardsDeferredTax 2022-03-31 03703548 d:OtherDeferredTax 2023-03-31 03703548 e:OrdinaryShareClass1 2022-04-01 2023-03-31 03703548 e:OrdinaryShareClass1 2023-03-31 03703548 e:OrdinaryShareClass1 2022-03-31 03703548 e:FRS101 2022-04-01 2023-03-31 03703548 e:Audited 2022-04-01 2023-03-31 03703548 e:FullAccounts 2022-04-01 2023-03-31 03703548 e:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03703548 d:FinancialInstrumentsFairValueThroughProfitOrLoss 2022-04-01 2023-03-31 03703548 d:FinancialLiabilitiesAmortisedCost 2022-04-01 2023-03-31 03703548 d:FinancialInstrumentsDesignatedFairValueThroughProfitOrLoss 2022-04-01 2023-03-31 03703548 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2022-04-01 2023-03-31 03703548 d:ComputerSoftware d:InternallyGeneratedIntangibleAssets 2022-04-01 2023-03-31 03703548 2 2022-04-01 2023-03-31 03703548 4 2022-04-01 2023-03-31 03703548 d:CurrentFinancialInstruments 7 2023-03-31 03703548 d:CurrentFinancialInstruments 7 2022-03-31 03703548 d:WithinOneYear 2023-03-31 03703548 d:WithinOneYear 2022-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03703548









RSM 2000 LIMITED









DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
RSM 2000 LIMITED
 
 
COMPANY INFORMATION


Directors
A Dale 
C Paul 
N M Young 
D Vant 
S Coles 
J Toolan 
R Harding (appointed 14 August 2023)




Company secretary
B McLelland



Registered number
03703548



Registered office
1 The Boulevard
Shire Park

Welwyn Garden City

Hertfordshire

AL7 1EL




Independent auditor
KPMG LLP, Statutory Auditor
Chartered Accountants

15 Canada Square

Canary Wharf

London

E14 5GL





 
RSM 2000 LIMITED
 

CONTENTS



Page
Directors' Report
1 - 3
Independent Auditor's Report to The Members of RSM 2000 Limited
4 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 23


 
RSM 2000 LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report 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 they have elected to prepare the financial statements in accordance with UK accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 101 Reduced Disclosure Framework
 
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 judgments and estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations or have no realistic alternative but to do so.

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 responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.  

Principal activity

The principal activity of the company is the provision of payment and billing services.

Results and dividends

The profit for the year, after taxation, amounted to £1,202k (2022 - loss £193k).

No dividends were paid during the year (2022: £nil).

Directors

The directors who served during the year were:

A Dale 
C Paul 
N M Young 
D Vant 
S Coles 
Page 1

 
RSM 2000 LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

J Toolan 

Political contributions

There were no political contributions in the current year or previous year.

Environment, people and culture

We aim to create a positive working environment that enables us to attract and retain a talented workforce. We recruit externally from a wide range of industries.
We keep our people informed of Company performance and new developments through different channels  including formal business updates, staff briefings and regular team meetings.
RSM 2000 values diversity and it is important to us that our working environment is one where all are treated  equally, and which is free from discrimination in respect of gender, ethnicity, religion, sexual orientation, age or  disability. We are committed to offering equal opportunities to all our people. Our Diversity and Inclusion Policy  can be found on the PayPoint Group website.

Future developments

The Company is a key subsidiary of the PayPoint Group and Group priorities for financial year 2023/24 impact the Company. The key ones are set out in the Group annual report and accounts and relevant ones include:

Payments & Banking Division

Grow integrated payments services.

Build on strong momentum in Open Banking to expand services for existing and new clients.

Reinforce PayPoint’s position as the leader in disbursement services for central and local government.

PayPoint Group

Underpinning the PayPoint Group’s future success is the continued development and investment in our people,systems and organisation.

Deliver secure and resilient technology platform and services to all partners and launch improvements to core billing/settlement systems.

Make further progress on our ESG approach across the enlarged business to deliver responsible and sustainable value for shareholders.

Continue our ‘Welcoming Everyone’ programme

Execute with intensity and accountability.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 2

 
RSM 2000 LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Auditor

KPMG LLP have confirmed that they will be resigning as auditors after the completion of this years audit as part of the Group's rotation of auditors. Their resignation will be accepted at the forthcoming annual general meeting and a resolution to appoint PricewaterhouseCoppers LLP will be proposed.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





D Vant
Director

Date: 26 October 2023

1 The Boulevard
Shire Park
Welwyn Garden City
Hertfordshire
AL7 1EL

Page 3

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RSM 2000 LIMITED
 



Page 4

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RSM 2000 LIMITED
 


We have audited the financial statements of RSM 2000 Limited (“the Company”) for the year ended 31 March 2023,which comprise the Statement of comprehensive income, Statement of financial position, Statement of changes in equity and related notes, including the accounting policies in note 2

In our opinion the financial statements: 

give a true and fair view of the state of the Company’s affairs as at 31 March 2023 and of its profit for the year then ended; 

have been properly prepared in accordance with UK accounting standards, including FRS 101 Reduced Disclosure Framework; 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 are described below.  We have fulfilled our ethical responsibilities under, and are independent of the Company in accordance with, UK ethical requirements including the FRC Ethical Standard.  We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.  

Going concern  

The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the Company or to cease its operations, and as they have concluded that the Company’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).

In our evaluation of the directors’ conclusions, we considered the inherent risks to the Company’s business model and analysed how those risks might affect the Company’s financial resources or ability to continue operations over the going concern.
 
Our conclusions based on this work:

we consider that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate;

we have not identified, and concur with the directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for the going concern period.


However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the Company will continue in operation. 

Fraud and breaches of laws and regulations – ability to detect

Identifying and responding to risks of material misstatement due to fraud

To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

Enquiring of directors and inspection of policy documentation as to the Company’s high-level policies and procedures to prevent and detect fraud, including the internal audit function, and the Company’s channel for “whistleblowing”, as well as whether they have knowledge of any actual, suspected or alleged fraud.

Reading Board minutes.

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud
Page 5

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RSM 2000 LIMITED
 


throughout the audit. 

As required by auditing standards, and taking into account possible pressures to meet profit targets, we perform procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries. On this audit we do not believe there is a fraud risk related to revenue recognition because of the low complexity and judgement involved in revenue recognition.

We did not identify any additional fraud risks.

We performed procedures including: 

Identifying journal entries to test based on risk criteria and comparing the identified entries to supporting documentation. These included those posted by senior finance management, those posted without a user ID or a seldom user ID, those containing certain words in journal description, those posted to unusual accounts, those with rounded amounts reversals of accruals and provisions.

Identifying and responding to risks of material misstatement related to compliance with laws and regulations

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience ,and through discussion with the directors and others management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations.  

As the Company is regulated, our assessment of risks involved gaining an understanding of the control environment including the entity’s procedures for complying with regulatory requirements. 

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation, and taxation legislation, and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.  

Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation.  We identified the following areas as those most likely to have such an effect: payment service regulations, consumer credit regulations, health and safety, anti-bribery, employment law, and certain aspects of company legislation, recognising the nature of the Company’s activities to provide payment services and consumer credit activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. 
 
In addition, as with any audit, there remained a higher risk of non-detection of fraud, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

Page 6

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RSM 2000 LIMITED
 


Directors’ report  

The directors are responsible for the directors’ report.  Our opinion on the financial statements does not cover that report and we do not express an audit opinion thereon.  

Our responsibility is to read the directors’ report and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge.  Based solely on that work: 
 
we have not identified material misstatements in the directors’ report; 

in our opinion the information given in that report for the financial year is consistent with the financial statements; and  

in our opinion that report has been prepared in accordance with the Companies Act 2006.  


Matters on which we are required to report by exception  

Under the Companies Act 2006 we are required 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; or  

the directors were not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report.  


We have nothing to report in these respects.  

Directors’ responsibilities  

As explained more fully in their statement set out on  page 1, the directors are responsible for: the preparation of the financial statements and for being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; 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 they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.  

Auditor’s responsibilities  

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 our opinion in an auditor’s report.  Reasonable assurance is a high level of assurance, but does not 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.  
A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditscopeukprivate.

The purpose of our audit work and to whom we owe our responsibilities  

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 an auditor’s report 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.


Page 7

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RSM 2000 LIMITED
 




James Tracey (Senior statutory auditor)

  
for and on behalf of

KPMG LLP, Statutory Auditor
Chartered Accountants
15 Canada Square
Canary Wharf
London
E14 5GL

1 November 2023

Page 8

 
RSM 2000 LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£000
£000

  

Revenue
 4 
6,312
2,073

Cost of revenue
  
(2,986)
(1,292)

Gross profit
  
3,326
781

Administrative expenses
  
(1,676)
(672)

Exceptional item
  
-
(358)

Operating profit/(loss)
  
1,650
(249)

Tax on profit/(loss)
  
(448)
56

Profit/(loss) for the financial year
  
1,202
(193)

Other comprehensive income
  
-
-

  

Total comprehensive income for the year
  
1,202
(193)

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

The notes on pages 12 to 23 form part of these financial statements.

Page 9

 
RSM 2000 LIMITED
REGISTERED NUMBER:03703548

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£000
£000

  

Fixed assets
  

Intangible assets
 8 
5,816
4,491

Property, plant and equipments
 9 
3
11

  
5,819
4,502

Current assets
  

Debtors: amounts falling due after more than one year
 10 
-
62

Debtors: amounts falling due within one year
 10 
1,034
669

Cash at bank and in hand
 11 
1,866
1,742

  
2,900
2,473

Creditors: amounts falling due within one year
 12 
(964)
(808)

Net current assets
  
 
 
1,936
 
 
1,665

Total assets less current liabilities
  
7,755
6,167

  

Provisions for liabilities
  

Deferred taxation
 15 
(386)
-

  

Net assets
  
7,369
6,167


Capital and reserves
  

Called up share capital 
 16 
5,000
5,000

Share-based payment reserve
  
142
142

Profit and loss account
 17 
2,227
1,025

  
7,369
6,167


The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


N M Young
Director
Date: 26 October 2023

The notes on pages 12 to 23 form part of these financial statements.

Page 10

 
RSM 2000 LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Share-based payment reserve
Profit and loss account
Total equity

£000
£000
£000
£000

At 1 April 2022
5,000
142
1,025
6,167


Comprehensive income for the year

Profit for the year
-
-
1,202
1,202
Total comprehensive income for the year
-
-
1,202
1,202


At 31 March 2023
5,000
142
2,227
7,369



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022


Called up share capital
Share-based payments reserve
Profit and loss account
Total equity

£000
£000
£000
£000

At 1 April 2021
-
-
1,218
1,218


Comprehensive income for the year

Loss for the year
-
-
(193)
(193)
Total comprehensive income for the year
-
-
(193)
(193)


Contributions by and distributions to owners

Shares issued during the year
5,000
-
-
5,000

Share-based payment reserve
-
142
-
142


Total transactions with owners
5,000
142
-
5,142


At 31 March 2022
5,000
142
1,025
6,167


The notes on pages 12 to 23 form part of these financial statements.

Page 11

 
RSM 2000 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

RSM 2000 Limited is a private Company, limited by shares, incorporated in England and Wales, under the Companies Act 2006. The address of the registered office is given on the Company Information page and the nature of the Company's operations, and its principal activity are set out in the Director Report on page 1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.
In the transition to FRS 101 from UK-adopted IFRS, the Company has made no measurement and recognition adjustments.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
 - paragraph 118(e) of IAS 38 Intangible Assets;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 74A(b) of IAS 16
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.
Page 12

 
RSM 2000 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.2
Financial Reporting Standard 101 - reduced disclosure exemptions (continued)

   the requirement of new but not yet effective IFRS's.
 
This information is included in the consolidated financial statements of PayPoint plc as at 31 March 2023 and these financial statements may be obtained from 1 The Boulevard, Shire Park, Welwyn Garden City, Hertfordshire, AL7 1EL.

 
2.3

Going concern

At 31 March 2023, the Company had cash and cash equivalents of £1.9 million. The Company has a resilient statement of financial position, with net assets of £7.4 million as at 31 March 2023, having made a profit for the year of £1.2m.   
The Directors have prepared cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, the Company will have sufficient funds, to meet its liabilities as they fall due for that period.
Consequently, the directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.5

Leases

The Company as a lessee

The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases and leases of low value assets.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. 

Lease payments included in the measurement of the lease liability comprise:

fixed lease payments (including in-substance fixed payments), less any lease incentives;


The lease liability was included in 'Creditors' on the Statement of Financial Position.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The Company remeasures the lease liability (and makes a corresponding adjustment to the related
Page 13

 
RSM 2000 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.5
Leases (continued)

right-of-use asset) in the event of a change in future lease payments.

The Company did not make any such adjustments during the periods presented.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets were depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The right-of-use assets are included in the 'Intangible Assets', 'Tangible Fixed Assets' and 'Investment Property' lines, as applicable, in the Statement of Financial Position.

The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 2.12.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has used this practical expedient.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 14

 
RSM 2000 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

  
2.9

Current and deferred taxation

The Group’s policy is to pay tax when due but to minimise tax payments where practically possible,  without engaging in aggressive tax schemes.
The tax expense represents the amount payable in respect of the year under review based on the taxable profit for the year and the provision for deferred tax. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and items that are not taxable or deductible. 
The Group’s liability for current tax is calculated using tax rates that are applicable to the current year. 
Deferred tax is provided in full on taxable temporary differences between the tax bases of assets and liabilities and their carrying amounts. Deferred tax is calculated using tax rates that have been  substantively enacted by the balance sheet date. Deferred tax assets are recognised on deductible temporary differences to the extent that it is probable that future taxable profit will be available  against which the tax asset will be realised. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each balance sheet 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 charged or credited in the statement of profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, in which case the deferred tax is recorded in other comprehensive income or equity.

 
2.10

Exceptional items

Exceptional items are recognised as typically one-off, non-recurring or intermittent, and because of their nature and expected infrequency of the events giving rise to them, do not reflect current operational performance. 

 
2.11

Intangible assets

Intangible assets are stated at cost less accumulated amortisation and less accumulated impairment losses. The Company develops computer software and other intangible assets for its own use. 
Development expenditure on large projects is recognised as an intangible asset if the product or process is technically and commercially feasible and the Company intends to and has the technical ability and sufficient resources to complete development, future economic benefits are probable and if the Company can measure reliably the expenditure attributable to the intangible asset during its development. The costs that are capitalised are the directly attributable costs necessary to create and prepare the asset for operations.
Development costs recognised as an intangible asset are amortised on a straight-line basis over its useful life, which is between five and ten years. Other software costs are recognised in administrative expenses when incurred.

Page 15

 
RSM 2000 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.12

Property, plant and equipments

Property, plant and equipment under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant and machinery
-
straight line over 3 years
Computer equipment
-
straight line over 3 years
Right of use assets
-
straight line over lease period

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Debtors

Trade receivables are initially recorded at fair value and represent the amount of commission due from clients or fees from retailers for which payment has not been received, less an allowance for doubtful accounts that is estimated based on factors such as the credit rating of the customer, historical trends, the current economic environment and other information.

 
2.14

Cash and cash equivalents

For the purpose of the Statement of Financial Position, cash and cash equivalents comprise cash at bank  and short-term deposits with original maturity of less than three months and are subject to insignificant risk of changes in value.

 
2.15

Creditors

Trade payables are initially recorded at fair value and represent the value of invoices received from suppliers for purchases of goods and services for which payment has not been made



 
2.16

Financial instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets and financial liabilities are initially measured at fair value. 
 

Page 16

 
RSM 2000 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

Fair value through profit or loss

All of the Company's financial assets are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset. 

Impairment of financial assets

The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.

Financial liabilities

Fair value through profit or loss

Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship.

At amortised cost

Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.

Page 17

 
RSM 2000 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an on going basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of the revision and future years if the revision affects both current and future years.
The directors have assessed that, in preparing the Company's financial statements, there are no critical accounting judgements on key sources of estimation uncertainty.


4.


Revenue

All revenue arose within the United Kingdom and is attributable to the principal activity.


5.


Employees

The company does not have any of its own employees by virtue of the fact that contracts of employment of employees within the Group are in the name of PayPoint Network Limited, a fellow subsidiary. PayPoint Network Ltd makes a recharge to the company all cost of staff assigned to deal with company's affairs.


6.


Directors' remuneration

The company does not have any of its directors employed by virtue of the fact that contracts of employment of directors within the Group are in the name of PayPoint plc, a parent company. PayPoint plc makes a recharge to the company for the proportion of directors costs relating to time spent on the company's affairs.





7.


Exceptional items

2023
2022
£000
£000


Share based payments
-
358

-
358

Page 18

 
RSM 2000 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Intangible assets




Computer software

£000



Cost


At 1 April 2022
4,620


Additions - external
1,460


Additions - internal
486


Disposals
(40)



At 31 March 2023

6,526



Amortisation


At 1 April 2022
129


Charge for the year
581


On disposals
-



At 31 March 2023

710



Net book value



At 31 March 2023
5,816



At 31 March 2022
4,491




Page 19

 
RSM 2000 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Property, plant and equipments





Plant, machinery, fixture and fittings
Terminals and computer equipment
Right of use assets
Total

£000
£000
£000
£000



Cost 


At 1 April 2022
10
12
80
102


Disposals
-
-
(80)
(80)



At 31 March 2023

10
12
-
22



Depreciation


At 1 April 2022
9
7
75
91


Charge for the year
-
3
5
8


Disposals
-
-
(80)
(80)



At 31 March 2023

9
10
-
19



Net book value



At 31 March 2023
1
2
-
3



At 31 March 2022
1
5
5
11

Page 20

 
RSM 2000 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Debtors

2023
2022
£000
£000

Due after more than one year

Deferred tax asset
-
62

-
62


2023
2022
£000
£000

Due within one year

Trade debtors
76
44

Amounts owed by group undertakings
276
-

Other debtors
504
539

Prepayments and accrued income
178
86

1,034
669



11.


Cash and cash equivalents

2023
2022
£000
£000

Cash at bank
1,866
1,742

1,866
1,742



12.


Creditors: Amounts falling due within one year

2023
2022
£000
£000

Trade creditors
219
79

Amounts owed to group undertakings
7
204

Other taxation and social security
103
-

Lease liabilities
-
7

Other creditors
219
50

Accruals and deferred income
416
468

964
808


Page 21

 
RSM 2000 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.

Leases

Company as a lessee

The Company's sole lease in respect of a building expired in April 2022.

Lease liabilities are due as follows:

2023
2022
£000
£000

Not later than one year
-
7

-
7


14.


Financial instruments

2023
2022
£000
£000

Financial assets


Cash and cash equivalents measured at fair value
1,866
1,742

Receivables
112
104

1,978
1,846




Financial assets comprises cash and cash equivalents, trade and other receivables.


15.


Deferred taxation




2023
2022


£000

£000






At beginning of year
62
(2)


Charged to profit or loss
(448)
64



At end of year
(386)
62

Page 22

 
RSM 2000 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
15.Deferred taxation (continued)

The deferred tax liability is made up as follows:

2023
2022
£000
£000


Accelerated capital allowances
-
(2)

Tax losses
68
64

Intangible assets
(454)
-

(386)
62


16.


Share capital

2023
2022
£000
£000
Allotted, called up and fully paid



5,000,100 (2022 - 5,000,100) Ordinary shares shares of £1.00 each
5,000
5,000

Share capital represents the nominal value of shares issued.



17.


Reserves

Profit and loss account

Retained earnings represents cumulative profits and losses, net of dividends paid and other adjustments.


18.


Controlling party

The immediate and ultimate controlling party of the Company is PayPoint plc, a company registered at 1 The Boulevard, Shire Park, Welwyn Garden City, Hertfordshire, AL7 1EL.
The largest and smallest group in which the results of the Company are consolidated is that headed by PayPoint plc. These accounts can be obtained from the registered office at 1 The Boulevard, Shire Park, Welwyn Garden City, Hertfordshire, AL7 1EL. No other group accounts include the results of the Company.

Page 23