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Registration number: 12347825

Tink Financial Services Limited

Annual Report and Financial Statements

for the Period from 1 January 2023 to 30 September 2023

 

Tink Financial Services Limited

Contents

Company Information

1

Directors' Report

2 to 3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Income statement

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12 to 23

 

Tink Financial Services Limited

Company Information

Directors

T O Pope

R P Livingston

S J Dean

Company secretary

R Cusack

Registered office

Sweden House
5 Upper Montagu Street
London
W1H 2AG

Independent auditor

Shaw Gibbs (Audit) Limited
Statutory Auditor
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Tink Financial Services Limited

Directors' Report for the Period from 1 January 2023 to 30 September 2023

The directors present their report on the affairs of Tink Financial Services Limited, together with the financial statements and the independent auditor's report for the period from 1 January 2023 to 30 September 2023.

Principal activity

The principal activity of the company is business and domestic software development.

Directors of the company

The directors who held office during the period and up to date of authorisation of this report were as follows:

T O Pope

R P Livingston

S J Dean

Going concern

The directors have reviewed the ongoing committed financial support from the company's parent undertaking and is confident that this will be available for the foreseeable future. After making enquiries, the directors are satisfied that the company has sufficient resources to continue in operation for the foreseeable future, being at least 12 months from the date of signing the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the company’s financial statements.

Tink Financial Services Limited is reliant on the support of Tink AB as the parent company which is committed to the UK market and has demonstrated its support through a letter of support.

Events after the financial period

There have been no significant events between the year end and the date of approval of these financial statements which would require a change to, or disclosure in, the financial statements.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information (as defined by section 418 of the Companies Act 2006) and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

Following a merger of Harmer Slater Limited with Shaw Gibbs (Audit) Limited in November 2023, Harmer Slater Limited resigned as the company's auditors and Shaw Gibbs (Audit) Limited were appointed to act as the company's auditors. Shaw Gibbs (Audit) Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.


 

 

Tink Financial Services Limited

Directors' Report for the Period from 1 January 2023 to 30 September 2023 (continued)

Small companies provision statement

The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company qualifies as a small company but for being a member of an ineligible group.

Approved and authorised by the Board on 27 March 2024 and signed on its behalf by:
 

.........................................
T O Pope
Director

 

Tink Financial Services Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law),including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

assess the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Tink Financial Services Limited

Independent Auditor's Report to the Member of
Tink Financial Services Limited

Opinion

We have audited the financial statements of Tink Financial Services Limited (the 'company') for the period from 1 January 2023 to 30 September 2023, which comprise the Income statement, Statement of Financial Position, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its profit for the period then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

Tink Financial Services Limited

Independent Auditor's Report to the Member of
Tink Financial Services Limited (continued)

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

the directors were not entitled to take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

 

Tink Financial Services Limited

Independent Auditor's Report to the Member of
Tink Financial Services Limited (continued)

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities including fraud

 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements;

we obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the laws and regulations applicable to the company through discussions with directors and other management, and from our cumulative audit and commercial knowledge and experience of the company

we focused on specific laws and regulations which we considered may have a direct material effect on the determination of material amounts and disclosures the financial statements or the operations of the company, including the Companies Act 2006, The Equality Act 2010, taxation legislation, employment law and health and safety legislation. We also considered and identified laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty, including the Bribery Act and the Data Protection Act 2018;

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal and regulatory correspondence;

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

 

We are also required to perform specific procedures to respond to the risk of management bias and override of controls. To address this, we performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions;

 

Tink Financial Services Limited

Independent Auditor's Report to the Member of
Tink Financial Services Limited (continued)

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement to disclosures underlying supporting documentation;

enquiring of management as to actual and potential litigation and claims; and

reviewing correspondence with HMRC, analysing legal costs to ascertain if there have been instances of non-compliance with laws and regulations.

 


There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s member, 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 member those matters we are required to state to them in an auditor’s report 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 member as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Ransford Agyei-Boamah (Senior Statutory Auditor)
For and on behalf of Shaw Gibbs (Audit) Limited, Statutory Auditor

Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

27 March 2024

 

Tink Financial Services Limited

Income statement
for the Period from 1 January 2023 to 30 September 2023

Note

1 Jan 23 to
30 Sept 23
£

1 Jan 22 to
31 Dec 22
£

Revenue

3

6,057,466

5,687,131

Gross profit

 

6,057,466

5,687,131

Administrative expenses

 

(6,008,033)

(5,646,404)

Operating profit

4

49,433

40,727

Other interest receivable and similar income

5

11,960

2,188

Interest payable and similar expenses

6

-

(447)

Profit before tax

 

61,393

42,468

Tax on profit

9

(20,197)

19,223

Profit for the financial period

 

41,196

61,691

Continuing operations
The above results were derived wholly from continuing operations.

Total recognised gains and losses
The company has no recognised gains or losses for the period other than the results above. Therefore no separate Statement of Comprehensive Income has been presented.

 

Tink Financial Services Limited

(Registration number: 12347825)
Statement of Financial Position as at 30 September 2023

Note

2023
£

2022
£

Non-current assets

 

Property, plant and equipment

10

68,568

-

Current assets

 

Receivables

11

1,920,805

951,144

Cash at bank and in hand

12

186,009

567,447

 

2,106,814

1,518,591

Payables: Amounts falling due within one year

13

(1,158,225)

(915,856)

Net current assets

 

948,589

602,735

Total assets less current liabilities

 

1,017,157

602,735

Creditors: Amounts falling due after more than one year

13

-

(25,296)

Provisions for liabilities

14

(17,142)

-

Net assets

 

1,000,015

577,439

Equity

 

Called up share capital

15

50,000

50,000

Capital contribution

15

842,328

460,948

Retained earnings

15

107,687

66,491

Shareholder's funds

 

1,000,015

577,439

The financial statements of Tink Financial Services Limited were approved and authorised for issue by the Board on 27 March 2024 and signed on its behalf by:
 

.........................................

T O Pope
Director

 

Tink Financial Services Limited

Statement of Changes in Equity
for the Period from 1 January 2023 to 30 September 2023

Share capital
£

Capital contribution
£

Retained earnings
£

Total
£

At 1 January 2023

50,000

460,948

66,491

577,439

Profit for the period

-

-

41,196

41,196

Total comprehensive income

-

-

41,196

41,196

Share based payment transactions

-

381,380

-

381,380

At 30 September 2023

50,000

842,328

107,687

1,000,015

Share capital
£

Capital contribution
£

Retained earnings
£

Total
£

At 1 January 2022

50,000

-

4,800

54,800

Profit for the period

-

-

61,691

61,691

Share based payment transactions

-

460,948

-

460,948

At 31 December 2022

50,000

460,948

66,491

577,439

 

Tink Financial Services Limited

Notes to the Financial Statements
for the Period from 1 January 2023 to 30 September 2023

1

General information

Tink Financial Services Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

During the year the company changed its financial year end from December to September. Accordingly, the current period has been shortened to nine months.

2

Accounting policies

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Summary of disclosure exemptions

The Company is a subsidiary of Tink AB, registered in Sweden with Company Number 556898-2191. Tink AB as of 31 December 2022 is included in the consolidated financial statements of VISA Inc, registered in Delaware, United States, with IRS Employer Identification Number 26-0267673, which prepares the comprehensive consolidated financial statements for the group of companies. The consolidated financial statements of Visa Inc. can be viewed on the website of the U.S. Securities and Exchange Commission.

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities and is net of Value Added Tax.

 

Tink Financial Services Limited

Notes to the Financial Statements
for the Period from 1 January 2023 to 30 September 2023 (continued)

2

Accounting policies (continued)

Foreign currency transactions and balances

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Tax

The tax expense for the period comprises deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Property, plant and equipment

Property, plant and equipment are recorded at historical cost less accumulated depreciation and any provision for impairment. Cost comprises the purchase price together with all expenses directly incurred in bringing the asset to its location and condition ready for use.

Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Asset class

Depreciation method and rate

Office equipment

25% on the cost

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and is subject to an insignificant risk of change in value.

Receivables

Short term receivables are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

 

Tink Financial Services Limited

Notes to the Financial Statements
for the Period from 1 January 2023 to 30 September 2023 (continued)

2

Accounting policies (continued)

Payables

Short term payables are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

The company contributes into defined contribution pension schemes for the benefit of its employees. The assets of the schemes are held separately from those of the company. Contributions are recognised in the income statement in the period in which they become payable.

Share based payments

Certain employees of the company receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions) granted to them in a scheme operated by the ultimate parent undertaking. This scheme relates to shares in the ultimate parent undertaking. The share-based payments comprise of Restricted Stock Units ("RSUs") which primarily vest in a graded manner over three years from the date of grant, subject to earlier vesting in full under certain conditions.

Share based payments are measured on the basis of reasonable allocation of the expense for the group (based on the costs attributable to the company's employees), calculated in accordance with Section 26 of FRS 102.

RSUs have been granted by the overall parent company, Visa Inc., which are not charged back to the Company. The benefit received by the Company is therefore considered a capital contribution recognised in equity.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

 

Tink Financial Services Limited

Notes to the Financial Statements
for the Period from 1 January 2023 to 30 September 2023 (continued)

3

Revenue

The analysis of the company's Revenue for the period from continuing operations is as follows:

1 Jan 23 to
30 Sept 23
£

1 Jan 22 to
31 Dec 22
£

Rendering of services

6,057,466

5,687,131

4

Operating profit

Arrived at after charging/(crediting)

1 Jan 23 to
30 Sept 23
£

1 Jan 22 to
31 Dec 22
£

Depreciation expense

16,426

-

Operating lease expense - property

357,751

285,032

Loss on disposal of property, plant and equipment

42,288

-

5

Interest receivable and similar income

1 Jan 23 to
30 Sept 23
£

1 Jan 22 to
31 Dec 22
£

Interest income on bank deposits

11,960

2,188

6

Interest payable and similar expenses

1 Jan 23 to
30 Sept 23
£

1 Jan 22 to
31 Dec 22
£

Interest expense on other finance liabilities

-

447

 

Tink Financial Services Limited

Notes to the Financial Statements
for the Period from 1 January 2023 to 30 September 2023 (continued)

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

1 Jan 23 to
30 Sept 23
£

1 Jan 22 to
31 Dec 22
£

Wages and salaries

3,910,922

3,311,036

Social security costs

436,976

614,180

Pension costs, defined contribution scheme

136,920

98,361

Redundancy costs

-

58,750

Share-based payment expenses

453,884

460,948

Other employee expense

60

5,454

4,938,762

4,548,729

The average number of persons employed by the company (including directors) during the period, was 45 (2022 - 25).

8

Auditors' remuneration

1 Jan 23 to
30 Sept 23
£

1 Jan 22 to
31 Dec 22
£

Audit of the financial statements

5,000

7,500


 

 

Tink Financial Services Limited

Notes to the Financial Statements
for the Period from 1 January 2023 to 30 September 2023 (continued)

9

Taxation

Tax charged/(credited) in the income statement

1 Jan 23 to
30 Sept 23
£

1 Jan 22 to
31 Dec 22
£

Current taxation

UK corporation tax

-

95,014

UK corporation tax adjustment to prior periods

-

1,000

-

96,014

Deferred taxation

Arising from origination and reversal of timing differences

20,197

(115,237)

Tax expense/(receipt) in the income statement

20,197

(19,223)

 

Tink Financial Services Limited

Notes to the Financial Statements
for the Period from 1 January 2023 to 30 September 2023 (continued)

9

Taxation (continued)

The tax on profit before tax for the period is lower than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of 23.02% (2022 - 19%).

The differences are reconciled below:

1 Jan 23 to
30 Sept 23
£

1 Jan 22 to
31 Dec 22
£

Profit before tax

61,393

42,468

Corporation tax at standard rate

14,133

8,069

Effect of expense not deductible in determining taxable profit

5,390

3,739

Deferred tax expense/(credit) relating to changes in tax rates or laws

1,598

(27,657)

Increase in UK current tax from adjustment for prior periods

-

1,000

Tax decrease from effect of capital allowances and depreciation

(924)

(4,374)

Total tax charge/(credit)

20,197

(19,223)

Deferred tax

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Share-based payments

92,635

-

Accelerated capital allowance

-

17,142

Tax losses

19,547

-

112,182

17,142

2022

Asset
£

Liability
£

Share-based payments

115,237

-

115,237

-

 

Tink Financial Services Limited

Notes to the Financial Statements
for the Period from 1 January 2023 to 30 September 2023 (continued)

10

Property, plant and equipment

Office equipment
 £

Cost

Additions

127,282

Disposals

(48,992)

At 30 September 2023

78,290

Depreciation

Charge for the period

16,427

Eliminated on disposal

(6,705)

At 30 September 2023

9,722

Carrying amount

At 30 September 2023

68,568

At 31 December 2022

-

11

Receivables

Note

2023
£

2022
£

Amounts owed by group undertakings

 

1,455,983

572,051

Other receivables

 

283,585

215,795

Deferred tax assets

9

112,182

115,237

Prepayments

 

69,055

48,061

 

1,920,805

951,144

The amount receivable from group undertakings disclosed as falling within one year is unsecured, payable on demand and is non-interest bearing.

Other receivables includes a lease deposit amounting to £101,697 which is recoverable after more than one year.

 

Tink Financial Services Limited

Notes to the Financial Statements
for the Period from 1 January 2023 to 30 September 2023 (continued)

12

Cash and cash equivalents

2023
£

2022
£

Cash at bank

186,009

567,447

13

Payables

2023
£

2022
£

Due within one year

Trade payables

7,103

546

Amounts owed to group undertakings

303,203

96,195

Corporation tax

95,014

95,014

Social security and other taxes

169,364

175,975

Outstanding defined contribution pension costs

26,638

19,142

Other payables

5,359

3,337

Accrued expenses

551,544

525,647

1,158,225

915,856

Due after one year

Accrued expenses

-

25,296

The amount owed to group undertakings disclosed as falling within one year is unsecured, payable on demand and is non-interest bearing.

Accrued expenses due after more than one year represent the recognition of benefit of incentives in connection with one of the company's operating leases which is being allocated over the lease term.

14

Provisions for liabilities

Deferred tax
£

At 1 January 2023

-

Additional provisions

17,142

At 30 September 2023

17,142

 

Tink Financial Services Limited

Notes to the Financial Statements
for the Period from 1 January 2023 to 30 September 2023 (continued)

15

Share capital and reserves

Allotted, called up and fully paid shares

 

2023
 

2022
 

 

No.

£

No.

£

Ordinary shares of £1 each

50,000

50,000

50,000

50,000

         

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

The capital contribution relates to a share-based payment arrangement pursuant to a plan established by the ultimate parent undertaking and this equity capital allocation is the company's share of the employee options expense.

16

Pension scheme

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £136,920 (2022 - £98,361).

Contributions totalling £26,638 (2022 - £19,142) were payable to the scheme at the end of the period and are included in payables.

17

Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

303,546

520,365

Later than one year and not later than five years

-

303,546

303,546

823,911

The amount of non-cancellable operating lease payments recognised as an expense during the period was £357,750 (2022 - £198,750).

 

Tink Financial Services Limited

Notes to the Financial Statements
for the Period from 1 January 2023 to 30 September 2023 (continued)

18

Share-based payments

Equity incentive compensation plan

At 30 September 2023, the company participates in a share-based payment arrangement pursuant to a plan established by the ultimate parent undertaking. The plan provides for the grant to key management personnel, and other employees of the company, awards in the shares of the ultimate parent undertaking in the form of restricted stock units ("RSUs").

The entity is part of a group share-based payment scheme and it recognises and measures its share-based payment expense on the basis of a reasonable allocation of the expense recognised for the group. RSUs are valued at the fair value of the market price of the ultimate parent undertaking’s shares at the date of the grant.

RSUs generally vest rateably over 3 years from the grant date, subject to earlier vesting in full under certain conditions. An employee is eligible to receive one third of the awards after one year of service, two thirds of the awards after 2 years of service, and all awards after 3 years of services.

The movements in the number of share options during the period were as follows:

2023
Number

2022
Number

Outstanding, start of period

5,682

-

Granted during the period

-

5,682

Outstanding, end of period

5,682

5,682

Effect of share-based payments on profit or loss

The total expense recognised in profit or loss for the year was £453,884 (2022 - £460,948).

19

Related party transactions

The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of Section 33. 1A of FRS 102 the "The Financial Reporting Standard applicable in the UK and Republic of Ireland" not to disclose transactions with entities that are wholly owned members of the group.

There were no other related party transactions to disclose.

 

Tink Financial Services Limited

Notes to the Financial Statements
for the Period from 1 January 2023 to 30 September 2023 (continued)

20

Parent and ultimate parent undertaking

The company's immediate parent is Tink AB, incorporated in Sweden. The address of its registered office is Vasagatan 11 7TR, 111 20.

 The ultimate parent is Visa Inc, incorporated in the United States of America.

  These financial statements are available upon request from www.annualreport.visa.com

 

21

Events after the financial period

There have been no significant events between the year end and the date of approval of these financial statements which would require a change to, or disclosure in, the financial statements.