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Registration number: 11929149

Report of the Director and


Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

for
 

Crunch Payments Limited

 

Crunch Payments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Crunch Payments Limited

Company Information

Directors:

F M Dewar

C S Dewar

Registered office:

Brent Hall Warley Gap
Little Warley
Brentwood
CM13 3DP

Registered number:

11929149

Accountants:

Wem & Co
Chartered Accountants
Savoy House
Savoy Circus
London
W3 7DA

 

Crunch Payments Limited

(Registration number: 11929149)
Balance Sheet as at 30 April 2023

Note

30.04.23

30.04.22

   

£

£

£

£

FIXED ASSETS

   

 

Intangible assets

4

 

14,817

 

16,648

Tangible assets

5

 

21,324

 

17,313

   

36,141

 

33,961

CURRENT ASSETS

   

 

Debtors

6

267,768

 

313,239

 

Cash at bank and in hand

 

113,350

 

42,991

 

 

381,118

 

356,230

 

CREDITORS

   

 

Creditors within 1yr

7

1,306,509

 

1,678,372

 

Net current liabilities

   

(925,391)

 

(1,322,142)

Total assets less current liabilities

   

(889,250)

 

(1,288,181)

Creditors
Amounts falling due after more than one year

7

 

2,057,409

 

30,833

Net liabilities

   

(2,946,659)

 

(1,319,014)

CAPITAL AND RESERVES

   

 

Called up share capital

 

1,000

 

1,000

Profit and loss account

 

(2,947,659)

 

(1,320,014)

Shareholders' deficit

   

(2,946,659)

 

(1,319,014)

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Crunch Payments Limited

(Registration number: 11929149)
Balance Sheet as at 30 April 2023 (continued)

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 March 2024

.........................................
C S Dewar
Director

 

Crunch Payments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1.

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Brent Hall Warley Gap
Little Warley
Brentwood
CM13 3DP
United Kingdom

2.

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency is Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis on the basis that the directors and associated companies have agreed to support the company for the forseeable future.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Crunch Payments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% straight line basis

Office equipment

20% straight line basis

Motor vehicles

5 years straight line basis

Computer equipment

33.33% straight line basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible assets

25% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Crunch Payments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3.

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 10).

 

Crunch Payments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

4.

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 May 2022

24,825

24,825

Additions acquired separately

5,000

5,000

At 30 April 2023

29,825

29,825

Amortisation

At 1 May 2022

8,177

8,177

Amortisation charge

6,831

6,831

At 30 April 2023

15,008

15,008

Carrying amount

At 30 April 2023

14,817

14,817

At 30 April 2022

16,648

16,648

5.

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

13,129

18,000

31,129

Additions

6,258

-

6,258

At 30 April 2023

19,387

18,000

37,387

Depreciation

At 1 May 2022

2,316

11,500

13,816

Charge for the year

4,147

(1,900)

2,247

At 30 April 2023

6,463

9,600

16,063

Carrying amount

At 30 April 2023

12,924

8,400

21,324

At 30 April 2022

10,813

6,500

17,313

 

Crunch Payments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

6.

Debtors

Current

Note

30.04.23
£

30.04.22
£

Trade debtors

 

27,476

27,047

Amounts owed by related parties

5,001

43,169

Prepayments

 

11,073

7,788

Other debtors

 

224,218

235,235

   

267,768

313,239

Included in other debtors is £192,163 of recoverable R&D tax credit.

7.

Creditors

Creditors: amounts falling due within one year

Note

30.04.23
£

30.04.22
£

Due within one year

 

Loans and borrowings

8

10,000

19,167

Trade creditors

 

149,975

105,436

Taxation and social security

 

14,674

11,968

Accruals and deferred income

 

23,803

11,900

Other creditors

 

1,108,057

1,529,901

 

1,306,509

1,678,372

Included in other creditors is the amount owed to the two directors on which no interest or repayment terms have been set.

 

Crunch Payments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

7

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

30.04.23
£

30.04.22
£

Due after one year

 

Loans and borrowings

8

2,057,409

30,833

8.

Loans and borrowings

30.04.23
£

30.04.22
£

Non-current loans and borrowings

Bank borrowings

30,833

30,833

Other borrowings

2,026,576

-

2,057,409

30,833

Other borrowings consist of loan from a company under common control. Interest at 1% above the official rate is charged and loan is repayable within one year and one day.

30.04.23
£

30.04.22
£

Current loans and borrowings

Bank borrowings

10,000

19,167