Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-05-192024-05-242023-05-192024-05-242023-12-31truetrue71truetrueNo description of principal activityfalse2023-01-01false7false 09793289 2023-01-01 2023-12-31 09793289 2022-01-01 2022-12-31 09793289 2023-12-31 09793289 2022-12-31 09793289 1 2023-01-01 2023-12-31 09793289 1 2022-01-01 2022-12-31 09793289 d:Director2 2023-01-01 2023-12-31 09793289 d:Director2 2023-12-31 09793289 d:Director5 2023-01-01 2023-12-31 09793289 d:Director6 2023-01-01 2023-12-31 09793289 d:Director6 2023-12-31 09793289 d:RegisteredOffice 2023-01-01 2023-12-31 09793289 e:Buildings e:LongLeaseholdAssets 2023-01-01 2023-12-31 09793289 e:Buildings e:LongLeaseholdAssets 2023-12-31 09793289 e:Buildings e:LongLeaseholdAssets 2022-12-31 09793289 e:FurnitureFittings 2023-01-01 2023-12-31 09793289 e:FurnitureFittings 2023-12-31 09793289 e:FurnitureFittings 2022-12-31 09793289 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09793289 e:OfficeEquipment 2023-01-01 2023-12-31 09793289 e:OfficeEquipment 2023-12-31 09793289 e:OfficeEquipment 2022-12-31 09793289 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09793289 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09793289 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 09793289 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 09793289 e:CurrentFinancialInstruments 2023-12-31 09793289 e:CurrentFinancialInstruments 2022-12-31 09793289 e:Non-currentFinancialInstruments 2023-12-31 09793289 e:Non-currentFinancialInstruments 2022-12-31 09793289 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 09793289 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 09793289 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 09793289 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 09793289 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 09793289 e:ReportableOperatingSegment1 2022-01-01 2022-12-31 09793289 e:UKTax 2023-01-01 2023-12-31 09793289 e:UKTax 2022-01-01 2022-12-31 09793289 e:ShareCapital 2023-12-31 09793289 e:ShareCapital 2022-12-31 09793289 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 09793289 e:RetainedEarningsAccumulatedLosses 2023-12-31 09793289 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 09793289 e:RetainedEarningsAccumulatedLosses 2022-12-31 09793289 e:RetainedEarningsAccumulatedLosses 2022-01-01 09793289 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 09793289 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 09793289 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-01-01 2023-12-31 09793289 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 09793289 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 09793289 d:OrdinaryShareClass1 2023-01-01 2023-12-31 09793289 d:OrdinaryShareClass1 2023-12-31 09793289 d:OrdinaryShareClass1 2022-12-31 09793289 d:OrdinaryShareClass2 2023-01-01 2023-12-31 09793289 d:OrdinaryShareClass2 2023-12-31 09793289 d:OrdinaryShareClass2 2022-12-31 09793289 d:FRS102 2023-01-01 2023-12-31 09793289 d:Audited 2023-01-01 2023-12-31 09793289 d:FullAccounts 2023-01-01 2023-12-31 09793289 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09793289 e:HirePurchaseContracts e:WithinOneYear 2023-12-31 09793289 e:HirePurchaseContracts e:WithinOneYear 2022-12-31 09793289 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-12-31 09793289 e:HirePurchaseContracts e:BetweenOneFiveYears 2022-12-31 09793289 e:DevelopmentCostsCapitalisedDevelopmentExpenditure e:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 09793289 e:DevelopmentCostsCapitalisedDevelopmentExpenditure e:OwnedIntangibleAssets 2023-01-01 2023-12-31 09793289 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 09793289







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


TECHNOLOGI WORLDWIDE LIMITED






































img2692.png                        

 


TECHNOLOGI WORLDWIDE LIMITED
 


 
COMPANY INFORMATION


Directors
N Motyer (resigned 1 March 2023)
A Baninajar 
S M Kilkelly (appointed 19 May 2023, resigned 24 May 2024)




Registered number
09793289



Registered office
Janus House
Endeavour Drive

Basildon

Essex

SS14 3WF




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


TECHNOLOGI WORLDWIDE LIMITED
 



CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Income and Retained Earnings
9
Statement of Financial Position
10
Notes to the Financial Statements
11 - 23


 


TECHNOLOGI WORLDWIDE LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
Technologi Worldwide Limited (“technologi”) is a global provider of software and infrastructure solutions to acquiring banks, payment facilitators, marketplaces and independent sales organisations (ISO’s) across the world. The business principally helps customers within the card payments industry with customer/merchant on-boarding, AML and credit risk assessment and monitoring as well as transaction settlement solutions through its proprietary ecosystem.

Business review
 
technologi is a subsidiary of NetPay Solutions Group Limited. 100% of the share capital of NetPay Solutions Group Limited and its subsidiaries was acquired by FDR UK Limited a subsidiary of Fiserv Inc (NASDAQ: FISV) in November 2021 having previously owned a 40% minority share since December 2018. NetPay Solutions Group Limited has worked in close collaboration with FDR UK Limited since 2014.
Post-acquisition, FDR UK Limited has been reviewing the technologi business; specifically the customers it has and seeks to develop, the areas of the industry it operates within and the potential for it to be integrated to the wider organisation. The acquisition of NetPay Solutions Group Limited and technologi was a purchase of capability and valuable intellectual property for FDR UK Limited. technologi has a background of supporting the whole market, including customers but also competitors of FDR UK Limited. Whilst this is not unusual in the payments industry, FDR UK Limited continues to consider the role technologi should play in the market, looking at customers that are not considered “go forward” or those that do not represent broader strategic value for the wider business.
Following the acquisition FDR UK Limited has taken the decision to pull away from certain customer projects and opportunities and focus the attention of technologi on opportunities and internal projects that represent value to the broader Fiserv Inc group.

Principal risks and uncertainties
 
The increase in inflation and interest rates and the rising cost of living for households as well as the cost pressures on businesses was the main risk as the economic recovery post pandemic slowed down. 
We anticipate a reduction in both inflationary pressures and interest rates in 2024 and economic growth which impacts consumer spend and drives up merchant applications.

Page 1

 


TECHNOLOGI WORLDWIDE LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 
For the year ended 31 December 2023 the business delivered revenue of £2,365,000 (2022: £5,398,838). The business delivered an operating loss of £1,121,547  (2022: profit of £1,898,131) driven by a harmonisation in accounting approach with the wider Fiserv Inc business and as the business sought to exit a small number of non-core, non-strategic customer projects. 
The business continues to focus on supporting internal strategic initiatives and customers that deliver broader value to the wider Fiserv Inc group and less on generating net new business in the market.
As the business becomes more seamlessly integrated within the FDR UK Limited business there are likely to be changes in future revenue and profitability based on the outcome of the integration decisions.

Future Developments (Research and Development)
 
technologi continues to provide significant research and development of new technology that could enable payments businesses to capitalise on growing market opportunities, reduce the overhead of bringing new customers on-board (both commercially and operationally), identify and reduce risk (credit and fraud risk), empower the customers of those payments businesses to manage their services proactively as well as support complex funding and settlement requirements through leading payments and financial technology. 
technologi continues to create leading merchant boarding, AML, credit risk assessment and monitoring and money movement solutions for payments businesses globally.


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



A Baninajar
Director

Date: 10 September 2024

Page 2

 


TECHNOLOGI WORLDWIDE 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;

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 loss for the year, after taxation, amounted to £956,287 (2022 - profit £1,461,809).

Directors

The directors who served during the year were:

N Motyer (resigned 1 March 2023)
A Baninajar 
S M Kilkelly (appointed 19 May 2023, resigned 24 May 2024)

Future developments

Please refer to the strategic report.

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.

Post balance sheet events

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

Page 3

 


TECHNOLOGI WORLDWIDE LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

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





A Baninajar
Director

Date: 10 September 2024

Page 4

 


TECHNOLOGI WORLDWIDE LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TECHNOLOGI WORLDWIDE LIMITED

Opinion


We have audited the financial statements of Technologi Worldwide Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position 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 loss 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.


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.


Page 5

 


TECHNOLOGI WORLDWIDE LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TECHNOLOGI WORLDWIDE LIMITED (CONTINUED)

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 3, 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 6

 


TECHNOLOGI WORLDWIDE LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TECHNOLOGI WORLDWIDE 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:
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety, general data protection regulation and copyright law. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items.
We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of Board minutes.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
- Challenging assumptions and judgments made by management in its significant accounting estimates; and
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
- Posting of unusual journals and complex transactions;
- Misappropriation of funds through fraudulent supplier ledger and payroll activity; and
- Manipulation of amounts subject to significant judgement or estimate.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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.


Page 7

 


TECHNOLOGI WORLDWIDE LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TECHNOLOGI WORLDWIDE LIMITED (CONTINUED)

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.





James Hadfield FCA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
3000a Parkway
Whiteley
Hampshire
PO15 7FX

10 September 2024
Page 8

 


TECHNOLOGI WORLDWIDE LIMITED
 


 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 3 
2,365,000
5,398,838

Cost of sales
  
(978,393)
(646,037)

Gross profit
  
1,386,607
4,752,801

Administrative expenses
  
(2,508,154)
(3,132,039)

Other operating income
 4 
-
277,369

Operating (loss)/profit
 5 
(1,121,547)
1,898,131

Interest payable and similar expenses
 8 
(5,053)
(12,252)

(Loss)/profit before tax
  
(1,126,600)
1,885,879

Tax on (loss)/profit
 9 
170,313
(424,070)

(Loss)/profit after tax
  
(956,287)
1,461,809

  

  

Retained earnings at the beginning of the year
  
2,402,195
940,386

  
2,402,195
940,386

(Loss)/profit for the year
  
(956,287)
1,461,809

Retained earnings at the end of the year
  
1,445,908
2,402,195
The notes on pages 11 to 23 form part of these financial statements.

Page 9

 


TECHNOLOGI WORLDWIDE LIMITED
REGISTERED NUMBER:09793289



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 10 
5,531,734
6,869,253

Tangible assets
 11 
106,211
168,401

  
5,637,945
7,037,654

Current assets
  

Debtors: amounts falling due within one year
 12 
705,716
1,435,016

Cash at bank and in hand
  
148,860
140,639

  
854,576
1,575,655

Creditors: amounts falling due within one year
 13 
(4,482,502)
(5,390,656)

Net current liabilities
  
 
 
(3,627,926)
 
 
(3,815,001)

Total assets less current liabilities
  
2,010,019
3,222,653

Creditors: amounts falling due after more than one year
 14 
-
(45,293)

Provisions for liabilities
  

Deferred tax
 16 
(459,424)
(689,065)

Other provisions
 17 
(104,587)
(86,000)

  
 
 
(564,011)
 
 
(775,065)

Net assets
  
1,446,008
2,402,295


Capital and reserves
  

Called up share capital 
 18 
100
100

Profit and loss account
 19 
1,445,908
2,402,195

  
1,446,008
2,402,295


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




A Baninajar
Director

Date: 10 September 2024

The notes on pages 11 to 23 form part of these financial statements.

Page 10

 


TECHNOLOGI WORLDWIDE LIMITED
 


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

1.


General information

Technologi Worldwide Limited is a private company limited by shares, registered in England and Wales. The address of its registered office is disclosed on the company information page.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Netpay Solutions Group Limited as at 31 December 2023 and these financial statements may be obtained from Companies House..

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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.

Page 11

 


TECHNOLOGI WORLDWIDE LIMITED
 


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

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 12

 


TECHNOLOGI WORLDWIDE LIMITED
 


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

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:
Development expenditure - 10 years

 
2.11

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.

Page 13

 


TECHNOLOGI WORLDWIDE LIMITED
 


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

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Long-term leasehold property
-
over term of lease
Fixtures and fittings
-
20%
reducing balance
Office 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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 14

 


TECHNOLOGI WORLDWIDE LIMITED
 


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

2.Accounting policies (continued)

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 15

 


TECHNOLOGI WORLDWIDE LIMITED
 


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

3.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sale of goods
2,365,000
5,398,838

2,365,000
5,398,838


All turnover arose within the United Kingdom.


4.


Other operating income

2023
2022
£
£

Other operating income
-
277,369

-
277,369



5.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2023
2022
£
£

Research & development charged as an expense
-
47,973

Exchange differences
(601)
11,516


6.


Auditors' remuneration

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


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
7,670
7,333

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 16

 


TECHNOLOGI WORLDWIDE LIMITED
 


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

7.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
263,082
679,814

Social security costs
107,933
81,161

Cost of defined contribution scheme
29,203
40,907

400,218
801,882


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Staff
5
68



Directors
2
3

7
71


8.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
9
1,210

Finance leases and hire purchase contracts
4,694
11,042

Other interest payable
350
-

5,053
12,252

Page 17

 


TECHNOLOGI WORLDWIDE LIMITED
 


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

9.


Taxation


2023
2022
£
£

Corporation tax


Adjustments in respect of previous periods
59,328
-


Total current tax
59,328
-

Deferred tax


Origination and reversal of timing differences
(264,539)
275,797

Changes to tax rates
(16,885)
115,193

Adjustment in respect of prior years
51,783
33,080

Total deferred tax
(229,641)
424,070


Tax on (loss)/profit
(170,313)
424,070

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(1,126,600)
1,885,879


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
(264,751)
358,317

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
212
(984)

Adjustments to corporation tax in respect of prior periods
59,328
-

Adjustments to deferred tax charge in respect of prior periods
51,783
33,080

Impact of tax rate change on deferred tax
(16,885)
115,193

Non-taxable income
-
(52,700)

Group relief
-
(28,836)

Total tax charge for the year
(170,313)
424,070

Page 18

 


TECHNOLOGI WORLDWIDE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.Taxation (continued)


Factors that may affect future tax charges

Changes to the UK corporation tax rates were enacted as part of Finance Act 2021 and included a change to the main rate of UK corporation tax to increase the rate to 25% from 1 April 2023. 
At the period end the Company has recognised a deferred tax liability of £459,4241 (31 December 2022: £264,995).
Deferred tax assets and liabilities have been measured using the enacted tax rate at the balance sheet date of 25%.


10.


Intangible assets




Development expenditure

£



Cost


At 1 January 2023
8,888,524


Additions
328,290



At 31 December 2023

9,216,814



Amortisation


At 1 January 2023
2,019,271


Charge for the year on owned assets
1,665,809



At 31 December 2023

3,685,080



Net book value



At 31 December 2023
5,531,734



At 31 December 2022
6,869,253



Page 19

 


TECHNOLOGI WORLDWIDE LIMITED
 


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

11.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
29,790
29,863
353,527
413,180


Additions
-
-
19,030
19,030



At 31 December 2023

29,790
29,863
372,557
432,210



Depreciation


At 1 January 2023
29,790
19,313
195,676
244,779


Charge for the year on owned assets
-
2,110
79,110
81,220



At 31 December 2023

29,790
21,423
274,786
325,999



Net book value



At 31 December 2023
-
8,440
97,771
106,211



At 31 December 2022
-
10,550
157,851
168,401


12.


Debtors

2023
2022
£
£


Trade debtors
129,670
305,553

Amounts owed by group undertakings
-
398,492

Other debtors
422
824

Prepayments and accrued income
125,607
67,464

Tax recoverable
450,017
662,683

705,716
1,435,016


Page 20

 


TECHNOLOGI WORLDWIDE LIMITED
 


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

13.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
14,727

Trade creditors
35,125
136,059

Amounts owed to group undertakings
3,964,750
3,775,741

Other taxation and social security
52,753
152,924

Obligations under finance lease and hire purchase contracts
45,293
88,004

Other creditors
-
30,868

Accruals and deferred income
384,581
1,192,333

4,482,502
5,390,656



14.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
-
45,293

-
45,293



15.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
45,293
88,004

Between 1-5 years
-
45,293

45,293
133,297

Page 21

 


TECHNOLOGI WORLDWIDE LIMITED
 


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

16.


Deferred taxation




2023


£






At beginning of year
(689,065)


Charged to profit or loss
229,641



At end of year
(459,424)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(459,424)
(689,065)

(459,424)
(689,065)


17.


Provisions




Dilapidations Provision

£





At 1 January 2023
86,000


Charged to profit or loss
18,587



At 31 December 2023
104,587


18.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



98 (2022 - 98) Ordinary A shares of £1.00 each
98
98
2 (2022 - 2) Ordinary B shares of £1.00 each
2
2

100

100

Both Ordinary A shares and Ordinary B shares carry the same voting rights. 


Page 22

 


TECHNOLOGI WORLDWIDE LIMITED
 


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

19.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses.


20.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held seperatly 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 £29,203 (2022 - £40,907). Contributions totalling £nil (2022 -
£30,868) were payable to the fund at the statement of financial position date and are included in other creditors.


21.


Parent Company

The smallest group in which the results are consolidated is that headed by NetPay Solutions Group Limited. The registered office of NetPay Solutions Group Limited is Janus House, Endeavour Drive, Basildon, Essex, England, SS14 3WF.

 
Page 23