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REGISTERED NUMBER: 08217352 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

TRANSACT PAYMENTS SERVICES LIMITED

TRANSACT PAYMENTS SERVICES LIMITED (REGISTERED NUMBER: 08217352)






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


TRANSACT PAYMENTS SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







Directors: D E Goldie-Morrison
G W D'Arcy
A C Carpenter
T R F Dunn





Secretary: Birketts Secretaries Limited





Registered office: C/O Birketts Llp
One London Wall
Barbican
London
England
EC2Y 5EA





Registered number: 08217352 (England and Wales)





Accountants: Vistra Trust Company Limited
First Floor, Templeback
10 Temple back
Bristol
BS1 6FL

TRANSACT PAYMENTS SERVICES LIMITED (REGISTERED NUMBER: 08217352)

BALANCE SHEET
31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £   
FIXED ASSETS
Intangible assets 4 7,140 -
Tangible assets 5 111 -
7,251 -

CURRENT ASSETS
Debtors 6 34,999 34,954
Cash at bank 120,904 87,202
155,903 122,156
CREDITORS
Amounts falling due within one year 7 (36,831 ) (37,852 )
NET CURRENT ASSETS 119,072 84,304
TOTAL ASSETS LESS CURRENT
LIABILITIES

126,323

84,304

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 126,322 84,303
SHAREHOLDERS' FUNDS 126,323 84,304

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 16 August 2024 and were signed on its behalf by:





D E Goldie-Morrison - Director


TRANSACT PAYMENTS SERVICES LIMITED (REGISTERED NUMBER: 08217352)

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

1. STATUTORY INFORMATION

Transact Payments Services 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.

The company's functional and presentational currency is pounds sterling (GBP) and the financial statements have been rounded to the nearest pound (£).

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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents amounts charged to the inter-group companies under agreements for marketing and other services provided, excluding value added tax. Turnover is recognised when chargeable costs are incurred.

Intangible assets
Software acquired separately from a business is recognised at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

There has been no amortisation charge for the year ended 31 December 2023, as the software was not operational until after the year end. Therefore the directors believe that it would not be appropriate to recognise an amortisation charge for the current year.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each assets over its estimated useful life.
Plant and machinery etc - 25% at cost

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities
Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price.


TRANSACT PAYMENTS SERVICES LIMITED (REGISTERED NUMBER: 08217352)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
Cost
Additions 7,140
At 31 December 2023 7,140
Net book value
At 31 December 2023 7,140

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
Cost
Additions 121
At 31 December 2023 121
Depreciation
Charge for year 10
At 31 December 2023 10
Net book value
At 31 December 2023 111

TRANSACT PAYMENTS SERVICES LIMITED (REGISTERED NUMBER: 08217352)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Amounts owed by group undertakings 28,569 33,836
Other debtors 6,430 1,118
34,999 34,954

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade creditors 462 -
Amounts owed to group undertakings 803 14,128
Taxation and social security 12,891 9,852
Other creditors 22,675 13,872
36,831 37,852

8. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Neptune International Ltd, a company registered in Bermuda.