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CHEQ PAYMENTS LIMITED

Registered Number
13856789
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

CHEQ PAYMENTS LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

BUTCHER, Christopher James Fairbank

Registered Address

Arquen House
4-6 Spicer Street
St. Albans
AL3 4PQ

Registered Number

13856789 (England and Wales)
CHEQ PAYMENTS LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets34,6858,165
4,6858,165
Current assets
Debtors4300,97594,345
Cash at bank and on hand688,3601,267,606
989,3351,361,951
Creditors amounts falling due within one year5(1,023)(2,724)
Net current assets (liabilities)988,3121,359,227
Total assets less current liabilities992,9971,367,392
Creditors amounts falling due after one year6(1,614,153)(1,649,541)
Net assets(621,156)(282,149)
Capital and reserves
Called up share capital100100
Profit and loss account(621,256)(282,249)
Shareholders' funds(621,156)(282,149)
The financial statements were approved and authorised for issue by the Director on 12 April 2024, and are signed on its behalf by:
BUTCHER, Christopher James Fairbank
Director
Registered Company No. 13856789
CHEQ PAYMENTS LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
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.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The financial statements have been prepared on the going concern basis notwithstanding the fact that the company has a deficiency on shareholders' funds at the period end. The director considers the basis to be appropriate as the parent company, Cheq Payments, Inc, has sufficient reserves to support the company to trade for a minimum of 12 months from the period end.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.
Defined contribution pension plan
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment4
Related parties
Included in Creditors amounts falling due after one year is £1,614,153, owed to the ultimate controlling party, Cheq Payments Inc, based in the United States of America. Included in Debtors amounts falling due after one year is £194,768.56, owed from Cheq Payments UAB, based in Lithuania.
2.Average number of employees

20232022
Average number of employees during the year43
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 January 239,3529,352
Disposals(1,790)(1,790)
At 31 December 237,5627,562
Depreciation and impairment
At 01 January 231,1871,187
Charge for year2,3382,338
On disposals(648)(648)
At 31 December 232,8772,877
Net book value
At 31 December 234,6854,685
At 31 December 228,1658,165
4.Debtors: amounts due after one year

2023

2022

££
Amounts owed by group undertakings 194,769-
Total194,769-
Included in debtors amounts falling due after one year is a balance due from Cheq Payments UAB, based in Lithuania, of £194,769 (2022: £0)
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables-1,240
Other creditors8811,484
Accrued liabilities and deferred income142-
Total1,0232,724
6.Creditors: amounts due after one year

2023

2022

££
Amounts owed to related parties1,614,1531,649,541
Total1,614,1531,649,541
Included in creditors amounts falling due after one year is a balance due to the ultimate controlling party, Cheq Payments Inc, based in the United States of America of £1,614,153 (2022: £1,649,541).
7.Operating lease commitments
Minimum lease payments under non-cancellable operating leases total £15,768, due within one year.