2022-06-062023-06-302023-06-30false14150004Paynest 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Paynest Ltd

Registered Number
14150004
(England and Wales)

Unaudited Financial Statements for the Period ended
30 June 2023

Paynest Ltd
Company Information
for the period from 6 June 2022 to 30 June 2023

Directors

M Gkontas
N Pereira

Registered Address

Building 423 - Sky View (Ro) Argosy Road Castle Donington
East Midlands Airport
Derby
DE74 2SA

Registered Number

14150004 (England and Wales)
Paynest Ltd
Statement of Financial Position
30 June 2023

Notes

2023

£

£

Fixed assets
Investments8945
945
Current assets
Debtors107,788
Cash at bank and on hand133,611
141,399
Creditors amounts falling due within one year11(12,168)
Net current assets (liabilities)129,231
Total assets less current liabilities130,176
Net assets130,176
Capital and reserves
Called up share capital800
Other reserves424,101
Profit and loss account(294,725)
Shareholders' funds130,176
The financial statements were approved and authorised for issue by the Board of Directors on 6 March 2024, and are signed on its behalf by:
N Pereira
Director
Registered Company No. 14150004
Paynest Ltd
Notes to the Financial Statements
for the period ended 30 June 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The company was incorporated on 6th June 2022 and started trading as of that date.
2.Compliance with applicable reporting framework
The financial statements have been prepared in accordance with the Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” including the provisions of Section 1A “Small Entities” and the Companies Act 2006.
3.Principal activities
The principal activity of the company during the period was that of providing financial products to employees through employers.
4.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention.
5.Accounting policies
Functional and presentation currency policy
The financial statements are presented in pound sterling (£) which is the company’s functional currency, and figures are rounded to the nearest whole pound.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue recognition policy
Revenue from the rendering of services is recognised by reference to the stage of completion of the transaction providing that; the amount of revenue associated with the transaction 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 can be measured reliably and the costs incurred or to be incurred in respect of completing the transaction can be measured reliably.
Taxation policy
Taxation for the period comprises current 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 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 statement of financial position date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Research and development policy
Revenue expenditure on research and development is written off in the period in which it is incurred.
Foreign currency translation and operations policy
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting period end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Leases policy
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses.
Employee benefits policy
Share-based payments The company operates an equity-settled compensation plan. The fair value of the services received in exchange for the grant of the options is recognised as an expense in the income statement except when it is considered immaterial to the financial statements. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled.
Valuation of financial instruments policy
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently,at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially,at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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. Cash and cash equivalents comprise cash on hand and demand 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 to changes in value.
Going concern
The financial statements have been prepared on the going concern basis. The company incurred losses during the year, however the directors believe that the company has sufficient financial resources to be able to meet its obligations, if and when, they become due, and that the company can continue in operational existence for a period of at least 12 months from the statement of financial position date. On this basis, the directors are of the opinion that they should continue to adopt the going concern basis in preparing the annual financial statements.
6.Critical estimates and judgements
No critical estimates or judgements have been applied in the preparation of these financial statements.
7.Employee information

2023
Average number of employees during the year0
8.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
Additions945945
At 30 June 23945945
Net book value
At 30 June 23945945

Notes

1Investments in group undertakings and participating interests
9.Description of event after reporting date
On 4 October 2023 the company issued 14,300 Pre-seed shares of £0.01 each at a price of £0.01 per share. On 4 October 2023 the company purchased 35,000 of its own Pre-seed shares of £0.01 each at a price of £0.01 per share. These shares were subsequently cancelled on 3 November 2023. On 3 November 2023 the company issued 7,000 Ordinary shares of £0.01 each at a price of £0.01 per share.
10.Debtors

2023

£
Amounts owed by group undertakings3,332
Other debtors2,495
Prepayments and accrued income1,961
Total7,788
11.Creditors within one year

2023

£
Trade creditors / trade payables10,971
Amounts owed to related parties859
Other creditors338
Total12,168