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Company Registration No. SC541392 (Scotland)
Wallet.Services (Scotland) Limited Unaudited accounts for the year ended 31 March 2024
Wallet.Services (Scotland) Limited Unaudited accounts Contents
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Wallet.Services (Scotland) Limited Company Information for the year ended 31 March 2024
Directors
Niall Burns Stuart Fraser Dominic McCann Judith Halkerston Brian McCrindle
Secretary
MBM Secretarial Services Ltd
Company Number
SC541392 (Scotland)
Registered Office
c/o MBM Commerical Orchard Brae House Edinburgh EH4 2HS United Kingdom
Accountants
FinFlare Limited Mitchell House 5 Mitchell Street Edinburgh Midlothian EH6 7BD
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Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Wallet.Services (Scotland) Limited for the year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Wallet.Services (Scotland) Limited for the year ended 31 March 2024 as set out on pages 5 - 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the Board of Directors of Wallet.Services (Scotland) Limited, as a body, in accordance with the terms of our engagement letter dated 24 February 2023. Our work has been undertaken solely to prepare for your approval the accounts of Wallet.Services (Scotland) Limited and state those matters that we have agreed to state to the Board of Directors of Wallet.Services (Scotland) Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wallet.Services (Scotland) Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Wallet.Services (Scotland) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Wallet.Services (Scotland) Limited. You consider that Wallet.Services (Scotland) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Wallet.Services (Scotland) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
FinFlare Limited Chartered Accountants Mitchell House 5 Mitchell Street Edinburgh Midlothian EH6 7BD 8 May 2024
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Wallet.Services (Scotland) Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
12,070 
18,954 
Current assets
Debtors
173,809 
203,073 
Cash at bank and in hand
180,057 
577,805 
353,866 
780,878 
Creditors: amounts falling due within one year
(38,786)
(80,920)
Net current assets
315,080 
699,958 
Total assets less current liabilities
327,150 
718,912 
Creditors: amounts falling due after more than one year
(12,374)
(21,667)
Net assets
314,776 
697,245 
Capital and reserves
Share premium
4,429,021 
3,752,942 
Profit and loss account
(4,114,245)
(3,055,697)
Shareholders' funds
314,776 
697,245 
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 8 May 2024 and were signed on its behalf by
Brian McCrindle Director Company Registration No. SC541392
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Wallet.Services (Scotland) Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Wallet.Services (Scotland) Limited is a private company, limited by shares, registered in Scotland, registration number SC541392. The registered office is c/o MBM Commerical, Orchard Brae House, Edinburgh, EH4 2HS, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
The company has made a loss of for the year of £1,197,683 (2023 - £1,105,085) and has net assets of £175,632 (2022 - £697,245) at the period end. The Board consider that the Company continues to be a going concern and accordingly these financial statements are prepared on the going concern basis. The Board has robust processes in place to monitor and assess the financial position and performance of the Company. These processes include rolling financial projections, preparation of management information, oversight of management's sales forecasts and budgetary control. As part of the ongoing oversight of the development of the company's core products and the sales pipeline, the Board has a reasonable expectation that the sales pipeline will generate sufficient revenue to meet the company's financial projections. The financial projections indicate that the company has sufficient resources at its disposal to discharge its liabilities as they fall due for a period of no less than 12 months from the approval of these financial statements.
Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. In principle, revenue is recognised to the extent that the Company has fulfilled its contractual obligations and has a right to receive consideration. Pilot license and proof of concept revenue is recognised when the project is complete, in accordance with contractual terms.
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Wallet.Services (Scotland) Limited Notes to the Accounts for the year ended 31 March 2024
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% straight line
Computer equipment
33% straight line
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Taxation
Taxation income and expenses represent the aggregate amount of current and deferred taxation recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Current tax is recognised at the amounts of tax expected to be paid or repayable using the tax rates and laws that have been enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is possible that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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Wallet.Services (Scotland) Limited Notes to the Accounts for the year ended 31 March 2024
4
Tangible fixed assets
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 April 2023
5,997 
50,166 
56,163 
Additions
191 
2,695 
2,886 
At 31 March 2024
6,188 
52,861 
59,049 
Depreciation
At 1 April 2023
4,088 
33,121 
37,209 
Charge for the year
221 
9,549 
9,770 
At 31 March 2024
4,309 
42,670 
46,979 
Net book value
At 31 March 2024
1,879 
10,191 
12,070 
At 31 March 2023
1,909 
17,045 
18,954 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
28,636 
32,483 
Accrued income and prepayments
6,038 
3,759 
Other debtors
139,135 
166,831 
173,809 
203,073 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
10,050 
10,000 
Trade creditors
14,515 
21,849 
Taxes and social security
8,734 
26,437 
Other creditors
3,487 
1,031 
Accruals
2,000 
21,603 
38,786 
80,920 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
12,374 
21,667 
Included within bank loans over 12 months is a BBILS loan of £12,734. The outstanding balance is secured by a government backed guarantee.
8
Controlling party
There is no ultimate parent and controlling party.
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Wallet.Services (Scotland) Limited Notes to the Accounts for the year ended 31 March 2024
9
Average number of employees
During the year the average number of employees was 10 (2023: 14).
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