COMPANY REGISTRATION NUMBER:
11655203
Pay Later Financial Services Europe Limited |
|
Filleted Unaudited Financial Statements |
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Pay Later Financial Services Europe Limited |
|
Statement of Financial Position |
|
30 June 2023
Current assets
Debtors |
5 |
112,518 |
– |
Cash at bank and in hand |
4,425 |
1 |
|
--------- |
---- |
|
116,943 |
1 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
74,908 |
– |
|
--------- |
---- |
Net current assets |
42,035 |
1 |
|
-------- |
---- |
Total assets less current liabilities |
42,035 |
1 |
|
-------- |
---- |
|
|
|
|
Capital and reserves
Called up share capital |
1 |
1 |
Profit and loss account |
42,034 |
– |
|
-------- |
---- |
Shareholders funds |
42,035 |
1 |
|
-------- |
---- |
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
23 November 2023
, and are signed on behalf of the board by:
Company registration number:
11655203
Pay Later Financial Services Europe Limited |
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Notes to the Financial Statements |
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Year ended 30 June 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4th Floor, 33 Cannon Street, London, EC4M 5SB, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis which relies upon the continuing support of the parent company.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4.
Employee numbers
The average number of persons employed by the company, excluding directors, was Nil (2022: Nil).
5.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
112,518 |
– |
|
--------- |
---- |
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|
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6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
59,998 |
– |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
14,910 |
– |
|
-------- |
---- |
|
74,908 |
– |
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-------- |
---- |
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7.
Controlling party
The immediate parent undertaking is
Pay Later Group Limited
, a company registered in England and Wales. The registered address of the Pay Later Group Limited is 4th Floor, 33 Cannon Street, London, England, EC4M 5SB
. In the opinion of the directors there is no ultimate controlling party.