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REGISTERED NUMBER: 08859544 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

Stanchion Payment Solutions (UK) Ltd

Stanchion Payment Solutions (UK) Ltd (Registered number: 08859544)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Stanchion Payment Solutions (UK) Ltd

Company Information
for the Year Ended 28 February 2023







DIRECTORS: C G Williams - S African
R A Clegg
D S Van Biljon-S African





SECRETARY:





REGISTERED OFFICE: 6 High Street
Wheathampstead
Hertfordshire
AL4 8AA





REGISTERED NUMBER: 08859544 (England and Wales)





ACCOUNTANTS: Fenlon & Co
Chartered Certified Accountants
6 High Street
Wheathampstead
Hertfordshire
AL4 8AA

Stanchion Payment Solutions (UK) Ltd (Registered number: 08859544)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,508 4,231

CURRENT ASSETS
Debtors 5 1,551,219 751,450
Cash at bank 17,406 21,484
1,568,625 772,934
CREDITORS
Amounts falling due within one year 6 2,827,756 2,171,993
NET CURRENT LIABILITIES (1,259,131 ) (1,399,059 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,254,623

)

(1,394,828

)

CAPITAL AND RESERVES
Called up share capital 7 25 25
Retained earnings (1,254,648 ) (1,394,853 )
SHAREHOLDERS' FUNDS (1,254,623 ) (1,394,828 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Stanchion Payment Solutions (UK) Ltd (Registered number: 08859544)

Balance Sheet - continued
28 February 2023


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 27 October 2023 and were signed on its behalf by:





R A Clegg - Director


Stanchion Payment Solutions (UK) Ltd (Registered number: 08859544)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Stanchion Payment Solutions (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is 6 High Street, Wheathampstead, Herts AL4 8AA.

The financial statements are presented in Sterling, which is the functional currency of the company.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below. These financial statements have been prepared in accordance with FRS 102, Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

The Accounts show Net Current Liabilities of £1,309,492 . The directors believe that the company has adequate financial resources to continue in operation for the foreseeable future and accordingly the annual financial statements have been prepared on a going concern basis. The directors have satisfied themselves that the company can count on the support of its holding company, Montant Ltd. The Directors are not aware of any new material changes that may adversely impact the company.

Turnover & revenue recognition
When the outcome of a transaction involving the rendering of services can be estimated reliably, revenue associated with the transaction is recognised by reference to the stage of completion of the transaction at the end of the reporting period. The outcome of a transaction can be estimated reliably when all the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the company;
- the stage of completion of the transaction at the end of the reporting period can be measured reliably; and
- the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.

When the outcome of the transaction involving the rendering of services cannot be estimated reliably, revenue shall be recognised only to the extent of the expenses recognised that are recoverable.

Revenue is measured at the fair value of the consideration received or receivable and represents the amounts receivable for goods and services provided in the normal course of business, net of trade discounts and volume rebates, and value added tax..

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

Stanchion Payment Solutions (UK) Ltd (Registered number: 08859544)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Property, plant and equipment are tangible items that:
- are held for use in the production or supply of goods or services, for rental to others or for administrative purposes; and
- are expected to be used during more than one period.

Fixed Assets are carried at cost less accumulated depreciation and accumulated impairment losses.

Cost includes all costs incurred to bring the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Costs include costs incurred initially to acquire or construct an item of property, plant and equipment and costs incurred subsequently to add to, replace part of, or service it. If a replacement cost is recognised in the carrying amount of an item of property, plant and equipment, the carrying amount of the replaced part is derecognised.

Depreciation is provided using the straight-line method to write down the cost, less estimated residual value over the useful life of the property, plant and equipment, which is as follows:

Furniture and fixtures 6 years
Information Technology equipment 3 years
Information Technology software 2 years.

The residual value, depreciation method and useful life of each asset are reviewed at each annual reporting period if there are indicators present that there has been a significant change from the previous estimate.

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

Taxation
Taxation represents the sum of tax currently payable and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Research & Development Tax Credits are recognised to the extent that it is regarded as more likely than not that they will be recovered. Research & Development Tax Credits are not discounted.

Stanchion Payment Solutions (UK) Ltd (Registered number: 08859544)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued

Research and development
Research and development expenditure is charged to the income statement in the period in which it is incurred. Development expenditure is capitalised when the criteria for recognising an asset are met, usually when a regulatory filing has been made and approval is considered highly probable. Equipment used for research and development is treated as an expense and hence not capitalised.

Leases
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership to the lessee. A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership.

Operating leases - lessee

Operating lease payments are recognised as an expense on a straight-line basis over the lease term except in cases where another systematic basis is representative of the time pattern of the benefit from the leased asset, even if the receipt of payments is not on that basis, or where the payments are structured to increase in line with expected general inflation.

Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the Profit and Loss Account.

Provisions and contingencies
Provisions are recognised when:
- the company has an obligation at the reporting date as a result of a past event;
- it is probable that the company will be required to transfer economic benefits in settlement; and
- the amount of the obligation can be estimated reliably.

Borrowing costs
Borrowing costs are recognised as an expense in the period in which they are incurred.

Translation of foreign currencies
A foreign currency transaction is recorded, on initial recognition in the functional currency of the company, by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

At the end of each reporting period:
- foreign currency monetary items are translated using the closing rate;
- non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction; and
- non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined.

Exchange differences arising on the settlement of monetary items or on translating monetary items at rates difference from those at which they were translated on initial recognition during the period or in previous annual financial statements are recognised in profit or loss in the period in which they arise.

Stanchion Payment Solutions (UK) Ltd (Registered number: 08859544)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 March 2022 6,045 14,150 20,195
Additions - 2,941 2,941
At 28 February 2023 6,045 17,091 23,136
DEPRECIATION
At 1 March 2022 5,243 10,721 15,964
Charge for year 419 2,245 2,664
At 28 February 2023 5,662 12,966 18,628
NET BOOK VALUE
At 28 February 2023 383 4,125 4,508
At 28 February 2022 802 3,429 4,231

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 26,888 41,511
Amounts owed by associates 1,130,999 709,416
Prepayments and accrued income 393,332 523
1,551,219 751,450

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade creditors 38,096 10,028
Amounts owed to associates 2,659,183 1,999,219
Social Security & Other Taxes 39,037 30,788
Accruals and deferred income 91,440 131,958
2,827,756 2,171,993

Stanchion Payment Solutions (UK) Ltd (Registered number: 08859544)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.23 28.2.22
value: £    £   
25 Ordinary Shares £1 25 25

8. PENSION COMMITMENTS

The company operates a defined contribution pension scheme for Directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £2,701 (2022: £3,594) were due to the fund.

9. RELATED PARTY DISCLOSURES


Relationships
Entity in which Directors have a significant influence:-

Stanchion Payment Solutions Africa (PTY) Ltd
Stanchion Payment Solutions PTY DMCC
Stanchion Payment Solutions USA Inc
Stanchion Payment Solutions APAC
Future Payment Solutions (Israel) Ltd
Montant Ltd


Directors:-
G C Williams
R A Clegg
D S Van Biljon

2023 2022
£ £
Related party balances -
Owed to Related Companies
Owed to Stanchion Payment Solutions USA Inc 957,396 646,741
Owed to Stanchion Payment Solutions Africa (Pty) Ltd 190,165 201,584
Owed to Stanchion Payment Solutions DMCC 1,102,631 845,648
Owed to Stanchion Payment Solutions APAC (Pty) 268,286 149,399
Owed to Montant Ltd 140,705 155,847
2,659,183 1,999,219
Owed by Related Companies -
Owed by Stanchion Payment Solutions (Pty) Ltd 926,837 504,225
Owed by Future Payment Solutions (Israel) Ltd 204,162 205,191
1,130,999 709,416


Stanchion Payment Solutions (UK) Ltd (Registered number: 08859544)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

10. ULTIMATE CONTROLLING PARTY

The company is a 100% subsidiary of Montant Ltd. Company registration 08338428 (England & Wales). Montant Ltd is controlled by the Directors of Stanchion Payments Solutions (UK) Ltd.