Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312024-05-282024-05-282023-12-312024-05-285false2023-01-01falseNo description of principal activity2false 12314440 2023-01-01 2023-12-31 12314440 2022-01-01 2022-12-31 12314440 2023-12-31 12314440 2022-12-31 12314440 2022-01-01 12314440 1 2023-01-01 2023-12-31 12314440 1 2022-01-01 2022-12-31 12314440 5 2023-01-01 2023-12-31 12314440 5 2022-01-01 2022-12-31 12314440 d:Director1 2023-01-01 2023-12-31 12314440 d:Director2 2023-01-01 2023-12-31 12314440 d:Director3 2023-01-01 2023-12-31 12314440 d:Director3 2023-12-31 12314440 d:Director4 2023-01-01 2023-12-31 12314440 d:Director4 2023-12-31 12314440 d:RegisteredOffice 2023-01-01 2023-12-31 12314440 e:ComputerEquipment 2023-01-01 2023-12-31 12314440 e:ComputerEquipment 2023-12-31 12314440 e:ComputerEquipment 2022-12-31 12314440 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12314440 e:CurrentFinancialInstruments 2023-12-31 12314440 e:CurrentFinancialInstruments 2022-12-31 12314440 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 12314440 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 12314440 e:UKTax 2023-01-01 2023-12-31 12314440 e:UKTax 2022-01-01 2022-12-31 12314440 e:ShareCapital 2023-12-31 12314440 e:ShareCapital 2022-12-31 12314440 e:ShareCapital 2022-01-01 12314440 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 12314440 e:RetainedEarningsAccumulatedLosses 2023-12-31 12314440 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 12314440 e:RetainedEarningsAccumulatedLosses 2022-12-31 12314440 e:RetainedEarningsAccumulatedLosses 2022-01-01 12314440 d:FRS102 2023-01-01 2023-12-31 12314440 d:Audited 2023-01-01 2023-12-31 12314440 d:FullAccounts 2023-01-01 2023-12-31 12314440 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12314440 2 2023-01-01 2023-12-31 12314440 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 12314440









UNIPAAS FINANCIAL SERVICES LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
UNIPAAS FINANCIAL SERVICES LIMITED
 
 
COMPANY INFORMATION


Directors
D Avgi 
R C Caplehorn 
D P Lander (appointed 22 November 2023)
P J Atherton (appointed 22 November 2023)




Registered number
12314440



Registered office
101 New Cavendish Street
1st Floor South

London

England

W1W 6XH




Independent auditors
Harris and Trotter LLP
Chartered Accountants & Statutory Auditors

101 New Cavendish Street

1st Floor South

London

W1W 6XH





 
UNIPAAS FINANCIAL SERVICES LIMITED
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 6
Statement of comprehensive income
7
Balance sheet
8 - 9
Statement of changes in equity
10
Statement of cash flows
11
Analysis of net debt
12
Notes to the financial statements
13 - 19


 
UNIPAAS FINANCIAL SERVICES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their Strategic Report together with the audited financial statements for the period ended 31 December 2023.

Business review
 
The directors are happy with the performance of the company during the period and look forward to increased growth in the foreseeable future. 
The key financial highlights of the year are as follows: 


2023
2022
        £
        £
Turnover

818,217

340,448

 
 
Earnings before interest, tax, depreciation and amortisation

27,543

12,740

 
 
Capital and reserves

290,871

270,652

 
 

Principal risks and uncertainties
 
The company's principal risk stems from the trading performance of the business. These include the ability to attract new business and the capacity to deliver work efficiently and within budgets.

Financial key performance indicators
 
The company's principal financial instruments include bank balances, trade creditors and trade debtors. 
The company closely manages trade debtors with respect to credit and cash flow risk. 


This report was approved by the board and signed on its behalf.



D Avgi
Director

Date: 28 May 2024

Page 1

 
UNIPAAS FINANCIAL SERVICES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £20,219 (2022 - £20,061).

Directors

The directors who served during the year were:

D Avgi 
R C Caplehorn 
D P Lander (appointed 22 November 2023)
P J Atherton (appointed 22 November 2023)

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 2

 
UNIPAAS FINANCIAL SERVICES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsHarris and Trotter LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





D Avgi
Director

Date: 28 May 2024

Page 3

 
UNIPAAS FINANCIAL SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIPAAS FINANCIAL SERVICES LIMITED
 

Opinion


We have audited the financial statements of Unipaas Financial Services Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 December 2023 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 United Kingdom, including the Financial Reporting Council'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.


Page 4

 
UNIPAAS FINANCIAL SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIPAAS FINANCIAL SERVICES LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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 Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 2, 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 is 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.


Page 5

 
UNIPAAS FINANCIAL SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIPAAS FINANCIAL SERVICES LIMITED (CONTINUED)


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 an Auditors' report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.
In addition, as with any audit, there remains a higher risk of non-detection of fraud, as this may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.


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 Auditors' report.


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 2006Our 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 an Auditors' report 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.





Jamie Taylor (Senior statutory auditor)
  
for and on behalf of
Harris and Trotter LLP
 
Chartered Accountants & Statutory Auditors
  
101 New Cavendish Street
1st Floor South
London
W1W 6XH

28 May 2024
Page 6

 
UNIPAAS FINANCIAL SERVICES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£


Turnover
818,217
340,448

Cost of sales
(241,134)
(65,384)

Gross profit
577,083
275,064

Administrative expenses
(549,855)
(262,794)

Operating profit
27,228
12,270

Interest receivable and similar income
8,191
394

Interest payable and similar expenses
(37)
(7)

Other finance (expenses)/income
(10,314)
12,093

Profit before tax
25,068
24,750

Tax on profit
(4,849)
(4,689)

Profit for the financial year
20,219
20,061

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

Page 7

 
UNIPAAS FINANCIAL SERVICES LIMITED
REGISTERED NUMBER: 12314440

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 9 
640
955

  
640
955

Current assets
  

Debtors: amounts falling due within one year
 10 
127,678
51,993

Cash at bank and in hand
 11 
233,247
265,083

  
360,925
317,076

Creditors: amounts falling due within one year
 12 
(70,694)
(47,379)

Net current assets
  
 
 
290,231
 
 
269,697

Total assets less current liabilities
  
290,871
270,652

  

Net assets
  
290,871
270,652


Capital and reserves
  

Called up share capital 
  
250,000
250,000

Profit and loss account
  
40,871
20,652

  
290,871
270,652


Page 8

 
UNIPAAS FINANCIAL SERVICES LIMITED
REGISTERED NUMBER: 12314440
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D Avgi
Director

Date: 28 May 2024

The notes on pages 13 to 19 form part of these financial statements.

Page 9

 
UNIPAAS FINANCIAL SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
250,000
591
250,591


Comprehensive income for the year

Profit for the year
-
20,061
20,061



At 1 January 2023
250,000
20,652
270,652


Comprehensive income for the year

Profit for the year
-
20,219
20,219


At 31 December 2023
250,000
40,871
290,871


The notes on pages 13 to 19 form part of these financial statements.

Page 10

 
UNIPAAS FINANCIAL SERVICES LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
20,219
20,061

Adjustments for:

Depreciation of tangible assets
315
470

Interest paid
37
7

Interest received
(8,191)
(394)

Taxation charge
4,849
4,689

(Increase) in debtors
(34,831)
(39,757)

(Increase)/decrease in amounts owed by groups
(40,852)
23,045

Increase in creditors
23,117
14,245

Corporation tax (paid)/received
(4,653)
-

Net cash generated from operating activities

(39,990)
22,366


Cash flows from investing activities

Interest received
8,191
394

Net cash from investing activities

8,191
394

Cash flows from financing activities

Interest paid
(37)
(7)

Net cash used in financing activities
(37)
(7)

Net (decrease)/increase in cash and cash equivalents
(31,836)
22,753

Cash and cash equivalents at beginning of year
265,083
242,330

Cash and cash equivalents at the end of year
233,247
265,083


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
233,247
265,083

233,247
265,083


The notes on pages 13 to 19 form part of these financial statements.

Page 11

 
UNIPAAS FINANCIAL SERVICES LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

265,083

(31,836)

233,247






265,083
(31,836)
233,247

The notes on pages 13 to 19 form part of these financial statements.

Page 12

 
UNIPAAS FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Unipaas Financial Services Limited is a private company limited by shares and incorporated in England & Wales (registered number 12314440). The registered office is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH. The financial statements are presented in Sterling, which is the functional currency of the company.
Unipaas Financial Services Limited trades as Unipaas. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 13

 
UNIPAAS FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Computer equipment
-
33%
Reducing Balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 14

 
UNIPAAS FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2023
2022
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
5,500
5,000

Fees payable to the Company's auditors and their associates in connection with the Company's pension scheme(s) in respect of:

All non-audit services not included above
53,717
25,969


4.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
148,927
79,423

Social security costs
9,517
3,567

Cost of defined contribution scheme
2,817
1,612

161,261
84,602


The average monthly number of employees, including directors, during the year was 5 (2022 - 2).

Page 15

 
UNIPAAS FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
14,630
12,000

Company contributions to defined contribution pension schemes
173
230

Sums paid to 3rd parties for directors services
12,375
-

27,178
12,230


During the year retirement benefits were accruing to no directors (2022 - NIL) in respect of defined contribution pension schemes.


6.


Interest receivable

2023
2022
£
£


Other interest receivable
8,191
394

8,191
394


7.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
-
7

Other interest payable
37
-

37
7

Page 16

 
UNIPAAS FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
4,849
4,689


4,849
4,689


Total current tax
4,849
4,689

Deferred tax

Total deferred tax
-
-


Tax on profit
4,849
4,689

Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of  19% (2022 - 19%).


Page 17

 
UNIPAAS FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2023
2,105



At 31 December 2023

2,105



Depreciation


At 1 January 2023
1,150


Charge for the year on owned assets
315



At 31 December 2023

1,465



Net book value



At 31 December 2023
640



At 31 December 2022
955


10.


Debtors

2023
2022
£
£


Trade debtors
12,779
4,674

Amounts owed by group undertakings
45,255
4,403

Other debtors
40,490
41,845

Prepayments and accrued income
29,154
1,071

127,678
51,993



11.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
233,247
265,083

233,247
265,083


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UNIPAAS FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
20,969
21,025

Corporation tax
4,885
4,689

Other taxation and social security
7,480
2,384

Other creditors
13,328
686

Accruals and deferred income
24,032
18,595

70,694
47,379



13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £2,982 (2022: £1,812). Contributions totaling £871 (2022: £594) were payable to the fund at the balance sheet date and are included in creditors.


14.


Client funds

The Company holds client funds in accordance with the regulations of the Financial Conduct Authority. These funds are held separately from those of the Company and are not refelcted on the Balance Sheet. As at the balance sheet date the client funds held by the Company totalled £296,241.


15.


Related party transactions

Sales invoices totaling £546,401 (2022: £230,635) were issued in the year to Unipaas Payment Technologies Limited, the parent company.
During the year consultancy fees totaling £58,110 were paid to DPL Advisory Services Limited, a company under the control of a director. Included in trade creditors at the year end was £7,508 owed to the same company.
Included within debtors at the year end was £45,255 (2022: £4,403) owed by the parent company.


16.


Controlling party

The ultimate parent undertaking is Unipaas Payment Technologies Limited, a company incorporated and registered in Israel. 
 
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