Company Registration No. 06578657 (England and Wales)
PAYPRO EUROPE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
PAYPRO EUROPE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PAYPRO EUROPE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
3
1,957,656
716,891
Cash at bank and in hand
4,593,409
3,367,792
6,551,065
4,084,683
Creditors: amounts falling due within one year
4
(6,530,871)
(4,138,396)
Net current assets/(liabilities)
20,194
(53,713)
Capital and reserves
Called up share capital
5
79
79
Profit and loss reserves
20,115
(53,792)
Total equity
20,194
(53,713)

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 20 November 2023 and are signed on its behalf by:
Mr T Madjar
Director
Company Registration No. 06578657
PAYPRO EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Paypro Europe Limited is a private company limited by shares incorporated in England and Wales. The registered office is Berkeley Square House Berkeley Square, Mayfair, London, England, W1J 6BD.

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
Going concern

During the year the company made a profit for the year of £73,907 (2021: £120,423) and the balance sheet had a surplus of £20,194 (2021: deficit of £53,713). The company has the financial support of its parent company, which has confirmed such support for a period of at least twelve months from the date of approval of these financial statements.true

 

The directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future and have therefore continued to prepare the financial statements on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The company is a reseller of software and digital goods and has no residual commitments or rights over the software supplied. Therefore, revenue and any related expense are both recognised in full on the date of sale.

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 unless the arrangement 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 classified as receivable within one year are not amortised.

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.

PAYPRO EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.5
Taxation
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.

1.6
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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.7
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
1
1
3
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,939,616
696,534
Corporation tax recoverable
-
0
3,580
Other debtors
18,040
16,777
1,957,656
716,891
PAYPRO EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
4
Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to group undertakings
5,660,165
3,362,227
Corporation tax
5,777
-
0
Other taxation and social security
825,282
744,420
Other creditors
39,647
31,749
6,530,871
4,138,396
5
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of €1 each
79
79
6
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.

The senior statutory auditor was Gilles Siow.
The auditor was HW Fisher LLP.
7
Parent company

The company's parent and ultimate controlling party is Paypro Global Inc, a company incorporated in Ontario, Canada, whose registered office is 225 The East Mall, Suite 1117, Toronto ON, M9B 0A9, Canada.

2022-12-312022-01-01false20 November 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedMr T MadjarMr D Jordan065786572022-01-012022-12-31065786572022-12-31065786572021-12-3106578657core:CurrentFinancialInstruments2022-12-3106578657core:CurrentFinancialInstruments2021-12-3106578657core:ShareCapital2022-12-3106578657core:ShareCapital2021-12-3106578657core:RetainedEarningsAccumulatedLosses2022-12-3106578657core:RetainedEarningsAccumulatedLosses2021-12-3106578657bus:Director12022-01-012022-12-31065786572021-01-012021-12-3106578657bus:PrivateLimitedCompanyLtd2022-01-012022-12-3106578657bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3106578657bus:FRS1022022-01-012022-12-3106578657bus:Audited2022-01-012022-12-3106578657bus:Director22022-01-012022-12-3106578657bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP