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REGISTERED NUMBER: 11380820 (England and Wales)












Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2024

for

Pax Technology Europe Ltd

Pax Technology Europe Ltd (Registered number: 11380820)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


Pax Technology Europe Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: N Roberts-York
Ms G Mazzola
C J Roberts-York





REGISTERED OFFICE: Unit 4N Lansbury Business Estate
102 Lower Guildford Road
Knaphill
Woking
Surrey
GU21 2EP





REGISTERED NUMBER: 11380820 (England and Wales)





AUDITORS: CSL Partnership Limited
Unit 4D, Lansbury Business Estate
102 Lower Guildford Road
Knaphill
Woking
Surrey
GU21 2EP

Pax Technology Europe Ltd (Registered number: 11380820)

Strategic Report
for the Year Ended 31 March 2024


The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
The company has seen turnover increase substantially in the year, whilst costs have remained relatively stable. This has lead to a significant increase in profits. Despite ongoing challenges in relation to inflation, interest rates and some supply chain issues, the directors are confident that the company will remain profitable for the foreseeable future.

The year's results can be summarised as follows:

31.03.24 31.03.23

Turnover 54,542,453 46,169,686
Profit/(loss) on ordinary activities before tax 15,951,633 15,604,568
Tax 3,750,987 2,973,300
Retained profit/(loss) 12,200,646 12,631,268
Shareholder's funds 8,791,748 8,862,848

The directors are confident that the company will continue to win contracts that fit their business model.

There have been no events since the balance sheet date which materially affect the position of the company.

PRINCIPAL RISKS AND UNCERTAINTIES
Financial risk management

The company's operations expose it to a variety of financial risks. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of finance and related finance costs. The company does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied.

Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department. The company has significant cash reserves which are considered more than adequate to fund future trade.

Turnover risk

The company's turnover is reliant on it regularly winning new customers and maintaining relationships with established ones. The company fosters good relationships with current and potential customers and ensures it performs its work to the highest standard to give it the best opportunity of repeat business from existing customers.

Labour supply risk

The company needs to engage high quality direct labour in order to deliver the desired customer service. The company aims to pay market rate for such resource and encourage a good working environment to attract and retain labour.

Price risk

The company is exposed to exchange rate variance and supplier and labour price risk as a result of its operations, especially given current high interest and inflation rates. The board constantly reviews the price of raw materials and labour to ensure it remains competitive.

Pax Technology Europe Ltd (Registered number: 11380820)

Strategic Report
for the Year Ended 31 March 2024

Credit risk

The company has implemented policies that require appropriate credit checks on potential customers before services are provided. However, it was noted that during the year some of the credit limits placed on customers had been exceeded and so further implementation of procedures to rectify this in the future is required.

Liquidity risk

The company considers that it has sufficient liquid funds available for operations and planned expansions.

Interest rate and cashflow risk

The company has interest bearing assets but no interest bearing liabilities. The company has a policy of monitoring interest returns on its interest bearing assets to estimate future interest cashflows. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.

ON BEHALF OF THE BOARD:





N Roberts-York - Director


9 August 2024

Pax Technology Europe Ltd (Registered number: 11380820)

Report of the Directors
for the Year Ended 31 March 2024


The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the wholesale of point of sale payment terminals.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2024 will be £ 12,271,746 .

RESEARCH AND DEVELOPMENT
During the year, the company engaged in research and development expenditure relating to developing software for the terminals sold.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

N Roberts-York
Ms G Mazzola
C J Roberts-York

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, 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.

Pax Technology Europe Ltd (Registered number: 11380820)

Report of the Directors
for the Year Ended 31 March 2024


AUDITORS
The auditors, CSL Partnership Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





N Roberts-York - Director


9 August 2024

Report of the Independent Auditors to the Members of
Pax Technology Europe Ltd


Opinion
We have audited the financial statements of Pax Technology Europe Ltd (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 31 March 2024 and of its profit for the year 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 Strategic Report and 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Pax Technology Europe 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 Strategic Report or 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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.

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:

The objective of our audit, in respect of fraud was; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate procedures and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with those charged with governance of the entity and management.

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are the Data Protection Act and Health and Safety.

We understood how PAX Technology Europe Ltd is complying with those frameworks by making enquiries of management and those responsible for legal and compliance matters. We also performed a review of regulatory correspondence, legal correspondence and minutes.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur by considering the controls that the company has established that seek to prevent, deter or detect fraud. We also considered performance and incentive plan targets and their potential to influence management.

Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management. We did not identify any key audit matters relating to irregularities, including fraud. As in all of our audits, we also addressed the risk of management override of internal controls including testing journals and evaluating whether there was evidence of bias by the board that represented a risk of material misstatement due to fraud.

Report of the Independent Auditors to the Members of
Pax Technology Europe Ltd

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.

The Senior Statutory Auditor considered the experience and expertise of the engagement team to ensure that the team had the appropriate competence and capabilities.

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.




Emma Clare Foster FCCA (Senior Statutory Auditor)
for and on behalf of CSL Partnership Limited
Unit 4D, Lansbury Business Estate
102 Lower Guildford Road
Knaphill
Woking
Surrey
GU21 2EP

9 August 2024

Pax Technology Europe Ltd (Registered number: 11380820)

Income Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   

REVENUE 3 54,542,453 46,169,686

Cost of sales 36,305,061 28,821,219
GROSS PROFIT 18,237,392 17,348,467

Administrative expenses 2,494,982 1,765,088
15,742,410 15,583,379

Other operating income 5,509 44,701
OPERATING PROFIT 5 15,747,919 15,628,080

Income from shares in group
undertakings

171,746

-
Interest receivable and similar income 32,326 -
204,072 -
15,951,991 15,628,080

Interest payable and similar expenses 6 358 23,512
PROFIT BEFORE TAXATION 15,951,633 15,604,568

Tax on profit 7 3,750,987 2,973,300
PROFIT FOR THE FINANCIAL YEAR 12,200,646 12,631,268

Pax Technology Europe Ltd (Registered number: 11380820)

Other Comprehensive Income
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

PROFIT FOR THE YEAR 12,200,646 12,631,268


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

12,200,646

12,631,268

Pax Technology Europe Ltd (Registered number: 11380820)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Property, plant and equipment 9 22,741 10,547
Investments 10 592 80
23,333 10,627

CURRENT ASSETS
Inventories 11 2,665,738 2,085,126
Debtors 12 14,234,115 11,880,755
Cash at bank 21,005,549 12,656,685
37,905,402 26,622,566
CREDITORS
Amounts falling due within one year 13 (29,131,302 ) (17,767,708 )
NET CURRENT ASSETS 8,774,100 8,854,858
TOTAL ASSETS LESS CURRENT LIABILITIES 8,797,433 8,865,485

PROVISIONS FOR LIABILITIES 15 (5,685 ) (2,637 )
NET ASSETS 8,791,748 8,862,848

CAPITAL AND RESERVES
Called up share capital 16 100 100
Retained earnings 17 8,791,648 8,862,748
SHAREHOLDERS' FUNDS 8,791,748 8,862,848

The financial statements were approved by the Board of Directors and authorised for issue on 9 August 2024 and were signed on its behalf by:





N Roberts-York - Director


Pax Technology Europe Ltd (Registered number: 11380820)

Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 100 4,321,480 4,321,580

Changes in equity
Dividends - (8,090,000 ) (8,090,000 )
Total comprehensive income - 12,631,268 12,631,268
Balance at 31 March 2023 100 8,862,748 8,862,848

Changes in equity
Dividends - (12,271,746 ) (12,271,746 )
Total comprehensive income - 12,200,646 12,200,646
Balance at 31 March 2024 100 8,791,648 8,791,748

Pax Technology Europe Ltd (Registered number: 11380820)

Cash Flow Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 24,943,127 18,486,493
Interest paid (358 ) (23,512 )
Tax paid (4,502,989 ) (972,803 )
Net cash from operating activities 20,439,780 17,490,178

Cash flows from investing activities
Purchase of tangible fixed assets (22,730 ) (9,111 )
Purchase of fixed asset investments (512 ) (107 )
Sale of tangible fixed assets - 546
Sale of fixed asset investments - 27
Interest received 32,326 -
Dividends received 171,746 -
Net cash from investing activities 180,830 (8,645 )

Cash flows from financing activities
Equity dividends paid (12,271,746 ) (8,090,000 )
Net cash from financing activities (12,271,746 ) (8,090,000 )

Increase in cash and cash equivalents 8,348,864 9,391,533
Cash and cash equivalents at beginning
of year

2

12,656,685

3,265,152

Cash and cash equivalents at end of
year

2

21,005,549

12,656,685

Pax Technology Europe Ltd (Registered number: 11380820)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.3.24 31.3.23
£    £   
Profit before taxation 15,951,633 15,604,568
Depreciation charges 10,536 5,375
Loss on disposal of fixed assets - 273
Finance costs 358 23,512
Finance income (204,072 ) -
15,758,455 15,633,728
(Increase)/decrease in inventories (580,612 ) 368,348
Increase in trade and other debtors (2,210,371 ) (4,944,067 )
Increase in trade and other creditors 11,975,655 7,428,484
Cash generated from operations 24,943,127 18,486,493

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 21,005,549 12,656,685
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 12,656,685 3,265,152


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank 12,656,685 8,348,864 21,005,549
12,656,685 8,348,864 21,005,549
Total 12,656,685 8,348,864 21,005,549

Pax Technology Europe Ltd (Registered number: 11380820)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Pax Technology Europe Ltd 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost
Computer equipment - 33% on cost

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Pax Technology Europe Ltd (Registered number: 11380820)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


3. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the company.

An analysis of revenue by class of business is given below:

31.3.24 31.3.23
£    £   
Sale of goods 54,542,453 46,169,686
54,542,453 46,169,686

An analysis of revenue by geographical market is given below:

31.3.24 31.3.23
£    £   
United Kingdom 47,128,708 38,721,032
Europe 7,263,903 7,187,910
United States of America 928 1,289
Africa 148,914 259,455
54,542,453 46,169,686

4. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 1,757,751 1,090,657
Social security costs 271,623 96,905
Other pension costs 16,975 21,767
2,046,349 1,209,329

The average number of employees during the year was as follows:
31.3.24 31.3.23

Directors 2 1
Finance and Marketing 3 2
Sales 1 3
Operations 2 4
Technical 2 2
10 12

31.3.24 31.3.23
£    £   
Directors' remuneration 1,151,350 463,167

Information regarding the highest paid director is as follows:
31.3.24 31.3.23
£    £   
Emoluments etc 1,083,100 407,333

Pax Technology Europe Ltd (Registered number: 11380820)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


5. OPERATING PROFIT

The operating profit is stated after charging:

31.3.24 31.3.23
£    £   
Depreciation - owned assets 10,536 5,648
Auditors' remuneration 13,165 10,000
Other non- audit services 5,000 2,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
HMRC interest paid 358 23,512

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 3,747,939 2,970,663

Deferred tax 3,048 2,637
Tax on profit 3,750,987 2,973,300

UK corporation tax has been charged at 25% (2023 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.24 31.3.23
£    £   
Profit before tax 15,951,633 15,604,568
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

3,987,908

2,964,868

Effects of:
Expenses not deductible for tax purposes 18,716 7,024
Income not taxable for tax purposes (42,937 ) -
Capital allowances in excess of depreciation (3,049 ) (710 )
Adjustments to tax charge in respect of previous periods (110,662 ) -
Deferred Tax 3,049 2,637
Super deduction - (519 )
Research and development (102,038 ) -
Total tax charge 3,750,987 2,973,300

Pax Technology Europe Ltd (Registered number: 11380820)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


8. DIVIDENDS
31.3.24 31.3.23
£    £   
Ordinary A shares of £1 each
Interim 6,000,000 4,045,000
Ordinary B shares of £1 each
Interim 6,271,746 4,045,000
12,271,746 8,090,000

9. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2023 6,083 19,777 25,860
Additions 824 21,906 22,730
At 31 March 2024 6,907 41,683 48,590
DEPRECIATION
At 1 April 2023 5,633 9,680 15,313
Charge for year 679 9,857 10,536
At 31 March 2024 6,312 19,537 25,849
NET BOOK VALUE
At 31 March 2024 595 22,146 22,741
At 31 March 2023 450 10,097 10,547

10. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 April 2023 80
Additions 512
At 31 March 2024 592
NET BOOK VALUE
At 31 March 2024 592
At 31 March 2023 80

Pax Technology Europe Ltd (Registered number: 11380820)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


10. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

PAX Technology Africa Limited
Registered office: Unit 4N, Atlantic House, Lansbury Business estate, 102 Lower Guildford Road, Knaphill, Woking, Surrey, United Kingdom, GU21 2EP
Nature of business: Dormant
%
Class of shares: holding
Ordinary 66.67
31.8.23 31.8.22
£    £   
Aggregate capital and reserves 120 120

PAX Tech Iberia SL
Registered office: Paseo de la Castellana,137, 13C, 28046, Madrid, Spain.
Nature of business: Wholesale of payment terminals
%
Class of shares: holding
Ordinary 20.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 3,061,958 74,392
Profit for the year 2,986,725 466,463

11. INVENTORIES
31.3.24 31.3.23
£    £   
Stocks 2,665,738 2,085,126

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 13,297,382 11,353,405
Other debtors 206,814 42,024
Tax 142,989 -
Accrued income 472,414 187,055
Prepayments 114,516 298,271
14,234,115 11,880,755

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 6,466,426 2,903,054
Tax 2,358,602 2,970,663
Social security and other taxes 18,752 17,050
VAT 1,522,322 594,573
Other creditors 12,178,681 8,063,044
Accruals and deferred income 6,586,519 3,219,324
29,131,302 17,767,708

Pax Technology Europe Ltd (Registered number: 11380820)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Between one and five years 21,718 19,781

15. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 5,685 2,637

Deferred
tax
£   
Balance at 1 April 2023 2,637
Provided during year 3,048
Balance at 31 March 2024 5,685

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
50 Ordinary A £1 50 50

Allotted and issued:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
50 Ordinary B £1 50 50

All shares issued rank equally in terms of voting rights, one vote per share.

17. RESERVES
Retained
earnings
£   

At 1 April 2023 8,862,748
Profit for the year 12,200,646
Dividends (12,271,746 )
At 31 March 2024 8,791,648

18. RELATED PARTY DISCLOSURES

As at the year end, the company was due £197,981 (2023: £42,024) from PAX Technology Europe ROI Limited, a company under common control. The balance relates to costs incurred on their behalf.

Pax Technology Europe Ltd (Registered number: 11380820)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


19. ULTIMATE CONTROLLING PARTY

During the year, Mr N Roberts-York and Mr M O'Flynn were considered to be the controlling party as between them, they held all of the company's issued share capital.