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REGISTERED NUMBER: 13088546 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

INSWITCH HOLDING LIMITED

INSWITCH HOLDING LIMITED (REGISTERED NUMBER: 13088546)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


INSWITCH HOLDING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: F De La Cerda
J Raull





REGISTERED OFFICE: 5 New Street Square
London
United Kingdom
EC4A 3TW





REGISTERED NUMBER: 13088546 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
4th Floor
St James House
St James Square
Cheltenham
Gloucestershire
GL50 3PR

INSWITCH HOLDING LIMITED (REGISTERED NUMBER: 13088546)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes $ $
FIXED ASSETS
Investments 4 1,831,805 1,828,400

CREDITORS
Amounts falling due within one year 5 (42,812 ) (37,940 )
NET CURRENT LIABILITIES (42,812 ) (37,940 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,788,993

1,790,460

CAPITAL AND RESERVES
Called up share capital 6 1,505 1,505
Share premium 1,789,010 1,789,010
Retained earnings (1,522 ) (55 )
SHAREHOLDERS' FUNDS 1,788,993 1,790,460

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 August 2024 and were signed on its behalf by:




F De La Cerda - Director


INSWITCH HOLDING LIMITED (REGISTERED NUMBER: 13088546)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Inswitch Holding Limited 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.

Inswitch Holding Ltd acts as an intermediate holding company.

The presentation currency of the financial statements is the US Dollar ($), which is also the functional currency.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Investments in subsidiaries and associates
Investment in subsidiary company is held at cost less accumulated impairment losses.

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.

INSWITCH HOLDING LIMITED (REGISTERED NUMBER: 13088546)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Foreign currencies
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the profit and loss account except where deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings are presented in the profit and loss account within 'finance (expense)/income'. All other foreign exchange gains and losses are presented in the profit and loss account within 'other operating (losses)/gains'.

Going concern
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at transaction price.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

INSWITCH HOLDING LIMITED (REGISTERED NUMBER: 13088546)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. FIXED ASSET INVESTMENTS
Shares in
group Interest in
undertakings associate Totals
$ $ $
COST
At 1 January 2023 1,828,081 319 1,828,400
Additions 3,405 - 3,405
At 31 December 2023 1,831,486 319 1,831,805
NET BOOK VALUE
At 31 December 2023 1,831,486 319 1,831,805
At 31 December 2022 1,828,081 319 1,828,400

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

Subsidiaries

Micropagos SA
Registered office: Solano Garcia, 2559, Montevideo 11300, Uruguay
Nature of business: Software development
%
Class of shares: holding
Ordinary 100.00

Inswitch Solutions SA
Registered office: Solano Garcia, 2559, Montevideo 11300, Uruguay
Nature of business: Software Development
%
Class of shares: holding
Ordinary 100.00

Inswitch Solutions Inc
Registered office: 5220 S University Dr., Davie-FL, United States
Nature of business: Software Development
%
Class of shares: holding
Ordinary 100.00

Inswitch SAPI de CV
Registered office: Avebuda Cuauhtemoc 1233 Oficina 307, Col. Santa Cruz Atoyac Benito Juarez. Ciudad de Mexico - Mexico
Nature of business: Payments processing
%
Class of shares: holding
Ordinary 99.97

INSWITCH HOLDING LIMITED (REGISTERED NUMBER: 13088546)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. FIXED ASSET INVESTMENTS - continued

Inswitch Colombia SAS
Registered office: Calle 127 $ 17A 64 Of. 603, Bogota-Colombia
Nature of business: Payments processing
%
Class of shares: holding
Ordinary 100.00

Inswitch Peru S.A.C
Registered office: AV. Alvarez Calderón N°185 OF. 201, San Isidro, Lima-Perú
Nature of business: Payments processing
%
Class of shares: holding
Ordinary 99.80

Inswitch Chile SpA
Registered office: Calle: Av. Andres Bello 2687 Of. 2401 Comuna: Las Condes, Santiago de Chile
Nature of business: Payments processing
%
Class of shares: holding
Ordinary 100.00

Inswitch Pay S.A.S.
Registered office: Solano Garcia, 2559, Montevideo 11300, Uruguay
Nature of business: Payment processing
%
Class of shares: holding
Ordinary 100.00

Associated company

Inswitch Guatemala
Registered office: A. Reforma 12-01, Zona 10, Ed. Reforma Montufar Nivel 4 Of. 407, Ciudad Guatemala
Nature of business: Payments processing
%
Class of shares: holding
Ordinary 50.00

Fixed asset investments comprise equity shares in Micropagos SA, Inswitch Solucions SA, Inswitch Solutions Inc, Inswitch SAPI, Inswitch Colombia SAS, Inswitch Peru S.A.C, Inswitch Chile SpA, Inswitch Guatemala and Inswitch PAY S.A.S. neither of which are publicly traded.

INSWITCH HOLDING LIMITED (REGISTERED NUMBER: 13088546)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
$ $
Amounts owed to group undertakings 3,188 1,485
Other creditors 39,624 36,455
42,812 37,940

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: $ $
1,103,297 Ordinary .001 1,505 1,505

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

7. CONTINGENT LIABILITIES

There are no contingencies that could result in obligations for the company.

8. RELATED PARTY DISCLOSURES

An amount of $39,624 (2022: $36,455) is due to the shareholders as at the balance sheet date.

An amount of $2,677 (2022: $1,485) is due to a subsidiary at the balance sheet date. An amount of $511 (2022: $nil) is due to another subsidiary at the balance sheet date.