REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements |
for the Period |
1 June 2022 to 30 June 2023 |
for |
Swipe International Ltd |
REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements |
for the Period |
1 June 2022 to 30 June 2023 |
for |
Swipe International Ltd |
Swipe International Ltd (Registered number: 12590979) |
Contents of the Financial Statements |
for the Period 1 June 2022 to 30 June 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 4 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Statement of Financial Position | 10 |
Statement of Changes in Equity | 11 |
Statement of Cash Flows | 12 |
Notes to the Statement of Cash Flows | 13 |
Notes to the Financial Statements | 14 |
Swipe International Ltd |
Company Information |
for the Period 1 June 2022 to 30 June 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditors |
Chartered Certified Accountants |
Unit 1 |
Shrine Barn |
Sanding Road |
Hythe |
Kent |
CT21 4HE |
Swipe International Ltd (Registered number: 12590979) |
Report of the Directors |
for the Period 1 June 2022 to 30 June 2023 |
The directors present their report with the financial statements of the company for the period 1 June 2022 to 30 June 2023. |
The Company is an electronic money institution (EMI), authorised by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 for issuing of electronic money and the provision of payment services with FCA registration number 931540. |
DIRECTORS |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors 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). 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 then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Ardor Business Solutions Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
Swipe International Ltd (Registered number: 12590979) |
Report of the Directors |
for the Period 1 June 2022 to 30 June 2023 |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Swipe International Ltd |
Opinion |
We have audited the financial statements of Swipe International Ltd (the 'company') for the period ended 30 June 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 June 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 Auditors' 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 directors' 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 financial statements are 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 in the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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. We have nothing to report in this regard. |
Opinions on other matters 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Swipe International Ltd |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
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; or |
- | the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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. |
Report of the Independent Auditors to the Members of |
Swipe International Ltd |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Officers and other management (as required by auditing standards). |
We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items. |
With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Officers. |
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Other Matter |
The prior year figures were unaudited. |
Report of the Independent Auditors to the Members of |
Swipe International Ltd |
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. |
for and on behalf of |
Statutory Auditors |
Chartered Certified Accountants |
Unit 1 |
Shrine Barn |
Sanding Road |
Hythe |
Kent |
CT21 4HE |
Swipe International Ltd (Registered number: 12590979) |
Income Statement |
for the Period 1 June 2022 to 30 June 2023 |
Period |
1/6/22 |
to | Year Ended |
30/6/23 | 31/5/22 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
OPERATING LOSS | 5 | ( |
) | ( |
) |
Amounts owed to participating interests no longer repayable |
6 |
71,422 | (21,937 | ) |
Interest payable and similar expenses | 7 |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 8 |
PROFIT/(LOSS) FOR THE FINANCIAL PERIOD |
( |
) |
Swipe International Ltd (Registered number: 12590979) |
Other Comprehensive Income |
for the Period 1 June 2022 to 30 June 2023 |
Period |
1/6/22 |
to | Year Ended |
30/6/23 | 31/5/22 |
Notes | £ | £ |
PROFIT/(LOSS) FOR THE PERIOD | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
( |
) |
Swipe International Ltd (Registered number: 12590979) |
Statement of Financial Position |
30 June 2023 |
30/6/23 | 31/5/22 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Swipe International Ltd (Registered number: 12590979) |
Statement of Changes in Equity |
for the Period 1 June 2022 to 30 June 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 June 2021 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 May 2022 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 30 June 2023 | ( |
) | ( |
) |
Swipe International Ltd (Registered number: 12590979) |
Statement of Cash Flows |
for the Period 1 June 2022 to 30 June 2023 |
Period |
1/6/22 |
to | Year Ended |
30/6/23 | 31/5/22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) | ( |
) |
Interest paid | ( |
) |
Net cash from operating activities | ( |
) | ( |
) |
Cash flows from financing activities |
New group loan in year |
Owed to participating interests |
Net cash from financing activities |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of period |
2 |
- |
Cash and cash equivalents at end of period |
2 |
343,720 |
- |
Swipe International Ltd (Registered number: 12590979) |
Notes to the Statement of Cash Flows |
for the Period 1 June 2022 to 30 June 2023 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1/6/22 |
to | Year Ended |
30/6/23 | 31/5/22 |
£ | £ |
Profit/(loss) before taxation | ( |
) |
Loan no longer repayable | (94,544 | ) | - |
Finance costs | 246 | - |
(23,122 | ) | (21,937 | ) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Period ended 30 June 2023 |
30/6/23 | 1/6/22 |
£ | £ |
Cash and cash equivalents | 343,720 | - |
Year ended 31 May 2022 |
31/5/22 | 1/6/21 |
£ | £ |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/6/22 | Cash flow | At 30/6/23 |
£ | £ | £ |
Net cash |
Cash at bank | - | 343,720 | 343,720 |
- | 343,720 |
Total | - | 343,720 | 343,720 |
Swipe International Ltd (Registered number: 12590979) |
Notes to the Financial Statements |
for the Period 1 June 2022 to 30 June 2023 |
1. | STATUTORY INFORMATION |
Swipe International Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
Amounts are rounded to the nearest Pound Sterling. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The Company relies upon the financial support of its parent in order to provide working capital as necessary. The directors are of the opinion that this financial support will continue for the foreseeable future and therefore consider it appropriate to prepare the financial statements on a going concern basis.The financial statements do not include any adjustments that may be required should this financial support no longer continue. |
Taxation |
Taxation for the period 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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. |
4. | EMPLOYEES AND DIRECTORS |
Period |
1/6/22 |
to | Year Ended |
30/6/23 | 31/5/22 |
£ | £ |
Wages and salaries |
Swipe International Ltd (Registered number: 12590979) |
Notes to the Financial Statements - continued |
for the Period 1 June 2022 to 30 June 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the period was as follows: |
Period |
1/6/22 |
to | Year Ended |
30/6/23 | 31/5/22 |
Management |
Period |
1/6/22 |
to | Year Ended |
30/6/23 | 31/5/22 |
£ | £ |
Directors' remuneration |
5. | OPERATING LOSS |
The operating loss is stated after charging/(crediting): |
Period |
1/6/22 |
to | Year Ended |
30/6/23 | 31/5/22 |
£ | £ |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
6. | EXCEPTIONAL ITEMS |
Period |
1/6/22 |
to | Year Ended |
30/6/23 | 31/5/22 |
£ | £ |
Amounts owed to participating interests no longer repayable |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1/6/22 |
to | Year Ended |
30/6/23 | 31/5/22 |
£ | £ |
Interest payable |
8. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the period ended 30 June 2023 nor for the year ended 31 May 2022. |
Swipe International Ltd (Registered number: 12590979) |
Notes to the Financial Statements - continued |
for the Period 1 June 2022 to 30 June 2023 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/23 | 31/5/22 |
£ | £ |
Called up share capital not paid |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/23 | 31/5/22 |
£ | £ |
Amounts owed to group undertakings |
Amounts owed to participating interests | - | 74,672 |
Accruals and deferred income |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30/6/23 | 31/5/22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 June 2022 | ( |
) |
Profit for the period |
At 30 June 2023 | ( |
) |
13. | ULTIMATE PARENT COMPANY |
APSI Holdings Limited is regarded by the directors as being the company's ultimate parent company. |
On 07 October 2022 the whole of the issued share capital of the Company was acquired by APSI Holdings Limited (formerly known as Alchemy Prime Holdings Limited) for a consideration of £1,250,000. |
The called up share capital unpaid at 30 June 2023 is the parent company holding in Swipe International Limited. |
14. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
15. | PREPARATION OF THE FINANCIAL STATEMENTS |
In common with many other businesses of our size and nature we use our auditors to prepare and |
submit returns to the tax authorities and assist with the preparation of the financial statements. |