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
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
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
Wallet.Services (Scotland) Limited
Statement of financial position
as at 31 March 2024
Tangible assets
12,070
18,954
Cash at bank and in hand
180,057
577,805
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
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
Wallet.Services (Scotland) Limited
Notes to the Accounts
for the year ended 31 March 2024
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.
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.
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 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.
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 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.
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 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.
Expenditure on research and development is written off in the year in which it is incurred.
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.
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.
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
At 31 March 2024
6,188
52,861
59,049
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
At 31 March 2024
1,879
10,191
12,070
At 31 March 2023
1,909
17,045
18,954
Amounts falling due within one year
Accrued income and prepayments
6,038
3,759
Other debtors
139,135
166,831
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
7
Creditors: amounts falling due after more than one year
2024
2023
Included within bank loans over 12 months is a BBILS loan of £12,734. The outstanding balance is secured by a government backed guarantee.
There is no ultimate parent and controlling party.
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).