Registered number
10780281
Pave Fintech Limited
Filleted Accounts
31 December 2023
Pave Fintech Limited
Registered number: 10780281
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 9,706 24,261
Current assets
Debtors 4 1,134,285 902,177
Cash at bank and in hand 258,377 1,020,317
1,392,662 1,922,494
Creditors: amounts falling due within one year 5 (138,127) (245,126)
Net current assets 1,254,535 1,677,368
Total assets less current liabilities 1,264,241 1,701,629
Creditors: amounts falling due after more than one year 6 (1,020,000) (1,020,000)
Net assets 244,241 681,629
Capital and reserves
Called up share capital 160 160
Share premium 6,338,452 6,336,654
Profit and loss account (6,094,371) (5,655,185)
Shareholders' funds 244,241 681,629
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
SA Sugihara
Director
Approved by the board on 8 February 2024
Pave Fintech Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
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).
Turnover
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment over 3 years
Debtors
Short term debtors 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.
Creditors
Short term creditors 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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 19 27
3 Tangible fixed assets
Computer equipment
£
Cost
At 1 January 2023 77,549
Additions 2,998
At 31 December 2023 80,547
Depreciation
At 1 January 2023 53,288
Charge for the year 17,553
At 31 December 2023 70,841
Net book value
At 31 December 2023 9,706
At 31 December 2022 24,261
4 Debtors 2023 2022
£ £
Trade debtors 4,800 500
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,078,708 738,379
Other debtors 50,777 163,298
1,134,285 902,177
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 100,259 100,260
Other creditors 37,868 144,866
138,127 245,126
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 1,020,000 1,020,000
7 Other information
Pave Fintech Limited is a private company limited by shares and incorporated in England. Its registered office is:
167-169 Great Portland Street
London
W1W 5PF
Pave Fintech Limited 10780281 false 2023-01-01 2023-12-31 2023-12-31 VT Final Accounts October 2023 SA Sugihara No description of principal activity 10780281 2022-01-01 2022-12-31 10780281 core:WithinOneYear 2022-12-31 10780281 core:AfterOneYear 2022-12-31 10780281 core:ShareCapital 2022-12-31 10780281 core:SharePremium 2022-12-31 10780281 core:RetainedEarningsAccumulatedLosses 2022-12-31 10780281 2023-01-01 2023-12-31 10780281 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10780281 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10780281 bus:Director40 2023-01-01 2023-12-31 10780281 1 2023-01-01 2023-12-31 10780281 2 2023-01-01 2023-12-31 10780281 core:PlantMachinery 2023-01-01 2023-12-31 10780281 countries:England 2023-01-01 2023-12-31 10780281 bus:FRS102 2023-01-01 2023-12-31 10780281 bus:FullAccounts 2023-01-01 2023-12-31 10780281 2023-12-31 10780281 core:WithinOneYear 2023-12-31 10780281 core:AfterOneYear 2023-12-31 10780281 core:ShareCapital 2023-12-31 10780281 core:SharePremium 2023-12-31 10780281 core:RetainedEarningsAccumulatedLosses 2023-12-31 10780281 core:PlantMachinery 2023-12-31 10780281 2022-12-31 10780281 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure