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REGISTERED NUMBER: 10661695 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

MY EU PAY LTD.

MY EU PAY LTD. (REGISTERED NUMBER: 10661695)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MY EU PAY LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Sarah Dees
Stephen Ullman
John Campbell
Nafisa Abdullaeva





REGISTERED OFFICE: 24 King William Street
London
EC4R 9AT





REGISTERED NUMBER: 10661695 (England and Wales)





AUDITORS: Defries Weiss (Accountants) Limited
Statutory Auditors
1 Bridge Lane
London
NW11 0EA

MY EU PAY LTD. (REGISTERED NUMBER: 10661695)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 60,964 76,205
Tangible assets 5 5,673 4,122
66,637 80,327

CURRENT ASSETS
Debtors 6 1,058,722 26,911
Cash at bank and in hand 1,668,973 1,428,780
2,727,695 1,455,691
CREDITORS
Amounts falling due within one year 7 816,891 651,242
NET CURRENT ASSETS 1,910,804 804,449
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,977,441

884,776

PROVISIONS FOR LIABILITIES 1,078 -
NET ASSETS 1,976,363 884,776

CAPITAL AND RESERVES
Called up share capital 310,085 310,085
Retained earnings 1,666,278 574,691
SHAREHOLDERS' FUNDS 1,976,363 884,776

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 November 2023 and were signed on its behalf by:





Sarah Dees - Director


MY EU PAY LTD. (REGISTERED NUMBER: 10661695)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of section 1A of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is based on fees received for the provision of remittance services. Fees charged on taking on a new client are recognised in full on receipt. Transaction fees are recognised when the funds are transferred and when the company has the right to the fees.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost
less any accumulated amortisation and any accumulated impairment losses. Computer software is amortised annually at 20% of the reducing balance.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful
life, as follows:

Computer equipment- 3 years on a straight-line basis
Fixtures & fittings- 4 years on a straight-line basis

Financial instruments
Basic financial assets and liabilities, including trade debtors and creditors, other debtors and creditors and amounts with related parties are initially recognised at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangements constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets and liabilities classified as receivable or payable within one year are not amortised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


MY EU PAY LTD. (REGISTERED NUMBER: 10661695)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange prevailing at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange at prevailing the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.



3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2022
and 31 March 2023 134,678
AMORTISATION
At 1 April 2022 58,473
Charge for year 15,241
At 31 March 2023 73,714
NET BOOK VALUE
At 31 March 2023 60,964
At 31 March 2022 76,205

MY EU PAY LTD. (REGISTERED NUMBER: 10661695)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 10,405
Additions 5,368
At 31 March 2023 15,773
DEPRECIATION
At 1 April 2022 6,283
Charge for year 3,817
At 31 March 2023 10,100
NET BOOK VALUE
At 31 March 2023 5,673
At 31 March 2022 4,122

6. DEBTORS
31.3.23 31.3.22
£    £   
Amounts falling due within one year:
Trade debtors 7,104 -
Sundry debtors 110,673 26,911
117,777 26,911

Amounts falling due after more than one year:
Other debtors 940,945 -

Aggregate amounts 1,058,722 26,911

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 55,006 64,464
Amounts owed to group undertakings - 417,711
Taxation and social security 667,773 117,672
Sundry creditors 94,112 51,395
816,891 651,242

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Warren Weiss LLB, MSc, MA, FCA (Senior Statutory Auditor)
for and on behalf of Defries Weiss (Accountants) Limited

MY EU PAY LTD. (REGISTERED NUMBER: 10661695)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

9. FINANCIAL COMMITMENTS

At the balance sheet date the company was committed to payments of £16,688 (2022: £36,713) in respect of land and buildings under a lease expiring on 21 January 2024 of which £16,688 (2022: £20,025) was due within one year.

At the balance sheet date the company was also committed to payments of £207,000 (2022: £nil) in respect of land and buildings under a lease expiring on 30 September 2024 of which £138,000 (2022: £nil) was due within one year.


10. ULTIMATE HOLDING COMPANY

The ultimate holding company is S8 d.d. which was incorporated in Slovenia and for which the registered office is 34a, Cesta V Gorice, 1000 Ljubljana.


11. CLIENTS' FUNDS

Cash at bank excludes £27,869,969 (2022: £17,081,532) which is held in segregated accounts that are subject to safeguarding restrictions. These are clients' monies which do not belong to the company.