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REGISTERED NUMBER: 11417566 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

KEYPAY LTD

KEYPAY LTD (REGISTERED NUMBER: 11417566)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


KEYPAY LTD

COMPANY INFORMATION
for the Year Ended 30 June 2023







DIRECTOR: Mr B N Thompson





REGISTERED OFFICE: 10 John Street
London
WC1N 2EB





REGISTERED NUMBER: 11417566 (England and Wales)





AUDITORS: Oury Clark Chartered Accountants
Statutory Auditors
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

KEYPAY LTD (REGISTERED NUMBER: 11417566)

BALANCE SHEET
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,197 15,005

CURRENT ASSETS
Debtors 5 5,531,205 2,495,191
Cash at bank 25,465 1,634,436
5,556,670 4,129,627
CREDITORS
Amounts falling due within one year 6 2,801,019 1,480,364
NET CURRENT ASSETS 2,755,651 2,649,263
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,759,848

2,664,268

CAPITAL AND RESERVES
Called up share capital 8 100 100
Other reserves 9 56,582 -
Retained earnings 9 2,703,166 2,664,168
SHAREHOLDERS' FUNDS 2,759,848 2,664,268

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 director and authorised for issue on 15 March 2024 and were signed by:





Mr B N Thompson - Director


KEYPAY LTD (REGISTERED NUMBER: 11417566)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

KeyPay Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with 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. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis in light of the fact the ultimate parent company, Employment Hero Holdings Pty Ltd (incorporated in Australia) has confirmed that it will continue to support the company, as required, for a period of at least 12 months and 1 day from the date of the audit report.

Preparation of consolidated financial statements
The financial statements contain information about KeyPay Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents the provision of payroll services and associated benefits, including staff management and P11D reporting. All turnover is externally generated and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax. Turnover is recognised over the length of the contract.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Each asset will initially be measured at cost.

Computer equipment - Straight line over 3 years

Financial instruments
Basic Financial Instruments, as covered by Section 11 of FRS 102, are measured at amortised cost. The company does not have any Other Financial Instruments, as covered by Section 12 of FRS 102.

Taxation
Taxation for the year comprises current and deferred 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 or deferred 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 balance sheet date.


KEYPAY LTD (REGISTERED NUMBER: 11417566)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Share-based payments
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the rendering of services.

The cost of equity-settled transactions is measured at fair value on grant date. Fair value is independently determined using the Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the Group receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions.

The cost of equity-settled transactions is recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 19 ) .

KEYPAY LTD (REGISTERED NUMBER: 11417566)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2022 66,567
Additions 220
At 30 June 2023 66,787
DEPRECIATION
At 1 July 2022 51,562
Charge for year 11,028
At 30 June 2023 62,590
NET BOOK VALUE
At 30 June 2023 4,197
At 30 June 2022 15,005

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Amounts owed by group undertakings 5,435,864 2,418,286
Other debtors 95,341 76,905
5,531,205 2,495,191

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade creditors 60 4,997
Amounts owed to group undertakings 2,451,126 1,058,111
Taxation and social security 46,583 30,464
Other creditors & accruals 303,250 386,792
2,801,019 1,480,364

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.6.23 30.6.22
£    £   
Within one year - 9,520

KEYPAY LTD (REGISTERED NUMBER: 11417566)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
100 Ordinary £1 100 100

9. RESERVES
Retained Other
earnings reserves Totals
£    £    £   

At 1 July 2022 2,664,168 - 2,664,168
Profit for the year 38,998 38,998
Share option charge - 56,582 56,582
At 30 June 2023 2,703,166 56,582 2,759,748

The other reserves represents the Company's capital contribution reserve.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Emma Crowley (Senior Statutory Auditor)
for and on behalf of Oury Clark Chartered Accountants

We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-
"Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed."

11. ULTIMATE CONTROLLING PARTY

There is no individual ultimate controlling party.

12. ULTIMATE PARENT COMPANY

The immediate parent company is Webscale Pty Ltd.

The ultimate parent company is Employment Hero Holdings Pty Ltd, for which consolidated financial statements are prepared.

The registered address of both Webscale Pty Ltd and Employment Hero Holdings Pty Ltd is Level 2, 439-441 Kent Street, Sydney. Consolidated accounts are publicly available at ASIC Connect website.

KEYPAY LTD (REGISTERED NUMBER: 11417566)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

13. SECURED DEBT

In 2022, the company created a fixed and floating charge over its assets and a negative pledge all in favour of Sixth Street Specialty Lending, Inc. This charge is still outstanding.