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REGISTERED NUMBER: 14095997 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

PayItMonthly SPV1 Limited

PayItMonthly SPV1 Limited (Registered number: 14095997)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PayItMonthly SPV1 Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr B P Pursey
Mr C R Pursey





REGISTERED OFFICE: Office Suite
Gainsborough House
42 Bath Road
Cheltenham
GL53 7HW





REGISTERED NUMBER: 14095997 (England and Wales)





ACCOUNTANTS: Francis & Co
Second Floor
123 Promenade
Cheltenham
Gloucestershire
GL50 1NW

PayItMonthly SPV1 Limited (Registered number: 14095997)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
CURRENT ASSETS
Debtors 4 3,325,223 1,743,707
Cash at bank 83,500 180,491
3,408,723 1,924,198
CREDITORS
Amounts falling due within one year 5 493,723 1,774,198
NET CURRENT ASSETS 2,915,000 150,000
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,915,000

150,000

CREDITORS
Amounts falling due after more than one
year

6

2,914,000

149,000
NET ASSETS 1,000 1,000

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
1,000 1,000

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 26 January 2024 and were signed on its behalf by:





Mr B P Pursey - Director


PayItMonthly SPV1 Limited (Registered number: 14095997)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

PayItMonthly SPV1 Limited 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Debtors
Assigned loans receivable are included at the principal value less impairment losses for bad and doubtful debts. Impairment losses are estimated and provided for when the loan is set up with the adequacy of the estimate being reviewed at the year end. Impairment losses also include all loan repayments which are due beyond the original term and which are not due within 12 months.

Creditors
Creditors are measured at transaction value.

Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

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

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Assigned loans receivable 3,325,223 1,733,707
Other debtors - 10,000
3,325,223 1,743,707

Assigned Loans Receivable were assigned by the parent company.

PayItMonthly SPV1 Limited (Registered number: 14095997)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 7) - 1,200,000
Other creditors 493,723 574,198
493,723 1,774,198

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 7) 2,650,000 -
Other creditors 264,000 149,000
2,914,000 149,000

7. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank loans - 1,200,000
Amounts owed to parent company 493,723 529,853
493,723 1,729,853

Amounts falling due between one and two years:
Bank loans 2,650,000 -
Subordinated loan owed to
parent company 264,000 149,000
2,914,000 149,000

The bank loans are secured by a debenture over the assets of the company.

8. ULTIMATE CONTROLLING PARTY

The company's parent is PayItMonthly Limited and the ultimate holding company is PIM TC Limited.

9. OTHER INFORMATION

PayItMonthly SPV1 Limited is a private company limited by shares and incorporated in England.
Gainsborough House
42 Bath Road
Cheltenham
GL53 7HW