Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseThe principal activity of the company continued to be that of the sale and optimisation of digital content and pre pay services, digital security and payment fraud management.4749falsetruefalse 04937836 2023-01-01 2023-12-31 04937836 2022-01-01 2022-12-31 04937836 2023-12-31 04937836 2022-12-31 04937836 2022-01-01 04937836 1 2023-01-01 2023-12-31 04937836 d:Director1 2023-01-01 2023-12-31 04937836 c:FurnitureFittings 2023-01-01 2023-12-31 04937836 c:FurnitureFittings 2023-12-31 04937836 c:FurnitureFittings 2022-12-31 04937836 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04937836 c:ComputerEquipment 2023-01-01 2023-12-31 04937836 c:ComputerEquipment 2023-12-31 04937836 c:ComputerEquipment 2022-12-31 04937836 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04937836 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04937836 c:CurrentFinancialInstruments 2023-12-31 04937836 c:CurrentFinancialInstruments 2022-12-31 04937836 c:CurrentFinancialInstruments 6 2023-12-31 04937836 c:CurrentFinancialInstruments 6 2022-12-31 04937836 c:Non-currentFinancialInstruments 2023-12-31 04937836 c:Non-currentFinancialInstruments 2022-12-31 04937836 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 04937836 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 04937836 c:ShareCapital 2023-12-31 04937836 c:ShareCapital 2022-12-31 04937836 c:ShareCapital 2022-01-01 04937836 c:SharePremium 2023-12-31 04937836 c:SharePremium 2022-12-31 04937836 c:SharePremium 2022-01-01 04937836 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04937836 c:RetainedEarningsAccumulatedLosses 2023-12-31 04937836 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 04937836 c:RetainedEarningsAccumulatedLosses 2022-12-31 04937836 c:RetainedEarningsAccumulatedLosses 2022-01-01 04937836 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-01-01 2023-12-31 04937836 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 04937836 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 04937836 d:FRS102 2023-01-01 2023-12-31 04937836 d:Audited 2023-01-01 2023-12-31 04937836 d:FullAccounts 2023-01-01 2023-12-31 04937836 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04937836 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04937836 2 2023-01-01 2023-12-31 04937836 6 2023-01-01 2023-12-31 04937836 c:OtherPropertyPlantEquipment c:LeasedAssetsHeldAsLessee 2023-12-31 04937836 c:OtherPropertyPlantEquipment c:LeasedAssetsHeldAsLessee 2022-12-31 04937836 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 04937836










MI-PAY LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MI-PAY LIMITED
REGISTERED NUMBER: 04937836

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
127,492
93,992

Investments
 6 
1,712
1,712

  
129,204
95,704

Current assets
  

Debtors: amounts falling due after more than one year
 7 
693,602
709,471

Debtors: amounts falling due within one year
 7 
1,221,798
1,938,123

Cash at bank and in hand
 8 
888,915
3,693,769

  
2,804,315
6,341,363

Creditors: amounts falling due within one year
 9 
(1,170,372)
(3,899,312)

Net current assets
  
 
 
1,633,943
 
 
2,442,051

Total assets less current liabilities
  
1,763,147
2,537,755

Provisions for liabilities
  

Other provisions
 10 
(43,563)
(32,462)

  
 
 
(43,563)
 
 
(32,462)

Net assets
  
1,719,584
2,505,293


Capital and reserves
  

Called up share capital 
  
729,439
729,439

Share premium account
  
-
11,959,151

Profit and loss account
  
990,145
(10,183,297)

  
1,719,584
2,505,293


Page 1

 
MI-PAY LIMITED
REGISTERED NUMBER: 04937836
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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



H F Sparnaaij
Director
Date: 17 September 2024

The notes on pages 4 to 14 form part of these financial statements.

Page 2

 
MI-PAY LIMITED
 

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
729,439
11,959,151
(11,375,449)
1,313,141



Profit for the year
-
-
1,192,152
1,192,152



At 1 January 2023
729,439
11,959,151
(10,183,297)
2,505,293



Profit for the year
-
-
714,291
714,291

Dividends
-
-
(1,500,000)
(1,500,000)

Share premium reduction
-
(11,959,151)
11,959,151
-


At 31 December 2023
729,439
-
990,145
1,719,584


The notes on pages 4 to 14 form part of these financial statements.

Page 3

 
MI-PAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

Mi-Pay Limited is a private company limited by shares and incorporated in England and Wales. The address of its registered office is 30 Crown Place, Earl Street, London EC2A 4ES.

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

EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

 
2.3

GOING CONCERN

The directors have prepared budgets and forecasts for a period in excess of 12 months from the date of signing the financial statements which indicate that the company has the ability to meets its liabilities as they fall due.

 
2.4

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 4

 
MI-PAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

REVENUE

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Transactional turnover is predominantly derived from the management of transaction processing services for mobile operators, virtual network operators and pre-paid calling card companies around the world. Transactional turnover represents commissions earned on the successful completion of the processing of each individual transaction and thus commissions are recognised in turnover at the point of the successful completion of the transaction.
Professional services turnover is derived from the provision of professional services, such as implementation, platform hosting services, development, training and consultancy. These are recognised over time on a percentage of completion basis. Professional services turnover are recognised over time as the client simultaneously receives and consumes the benefit from Mi-Pay's service delivery and that the company has an enforceable right to payment.
The transaction price is determined by the contractual agreement in place for the delivery of the services and turnover are recognised to the extent that this performance obligation is considered to be satisfied with reference to costs incurred as a proportion of total costs to complete.
Where invoices are raised to the client in excess of the value of the consideration recognised as revenue based on the stage of completion, deferred income balances are recorded that represent unfulfilled performance obligations.

 
2.6

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

INTEREST INCOME

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

 
2.8

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 5

 
MI-PAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

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.

 
2.10

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 balance sheet 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 balance sheet 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 balance sheet date.

 
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 6

 
MI-PAY 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, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
The shorter of 3 years or the life of the building lease
Computer equipment
-
3 years

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

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

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 7

 
MI-PAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.17

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 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.

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 instrument is 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.

Page 8

 
MI-PAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.17
FINANCIAL INSTRUMENTS (continued)

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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.


Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.18

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 9

 
MI-PAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires the company to make estimates and judgments that affect that reported amounts of assets, liabilities, revenues and expenses. The company bases its estimates and judgments on historical experience and various other assumptions that it considers reasonable. Actual results may differ from these estimates under different assumptions or conditions. 
Rendering of services
 
Revenue from service contracts is recognised over time and based on the stage of completion. This can
require significant estimation by management in calculating the transaction or contract's profit based on
estimates of the total costs to completion. Judgments and cost estimates are continually reviewed and
updated as determined by events or circumstances.
Provisions
Provisions are periodically reviewed by the directors to ensure that provisions reflect a current and best estimate as at the end of each reporting period. Consequently, directors do exercise a level of judgement in determining current and best estimate provisions.




4.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 47 (2022 - 49).

Page 10

 
MI-PAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


TANGIBLE FIXED ASSETS





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
16,832
923,409
940,241


Additions
3,015
148,125
151,140


Disposals
-
(712,679)
(712,679)



At 31 December 2023

19,847
358,855
378,702



Depreciation


At 1 January 2023
8,133
838,117
846,250


Charge for the year on owned assets
5,717
111,922
117,639


Disposals
-
(712,679)
(712,679)



At 31 December 2023

13,850
237,360
251,210



Net book value



At 31 December 2023
5,997
121,495
127,492



At 31 December 2022
8,700
85,292
93,992

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Computer equipment
-
30,192

Page 11

 
MI-PAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
120,378



At 31 December 2023

120,378



Impairment


At 1 January 2023
118,666



At 31 December 2023

118,666



Net book value



At 31 December 2023
1,712



At 31 December 2022
1,712

Page 12

 
MI-PAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


DEBTORS

2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
693,602
709,471


2023
2022
£
£

Due within one year

Client receivables
480,538
767,793

Trade debtors
109,456
153,226

Amounts owed by group undertakings
480,516
799,985

Prepayments and accrued income
47,118
74,006

Deferred taxation
104,170
143,113

1,221,798
1,938,123



8.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
888,915
3,693,769



9.


CREDITORS: Amounts falling due within one year

2023
2022
£
£

Client payables
709,450
3,379,559

Trade creditors
126,371
213,812

Amounts owed to group undertakings
11,277
18,805

Other taxation and social security
60,042
67,235

Obligations under finance lease and hire purchase contracts
-
36,019

Other creditors
1,362
7,705

Accruals and deferred income
241,238
171,851

Financial instruments
20,632
4,326

1,170,372
3,899,312


Page 13

 
MI-PAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


PROVISIONS





Other provisions

£





At 1 January 2023
32,462


Charged to profit or loss
11,101



At 31 December 2023
43,563


11.


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 £10,372 (2022: £9,199). There were contributions of £Nil (2022: £Nil) payable to the fund at the balance sheet date.


12.OTHER FINANCIAL COMMITMENTS

The company has entered into forward currency contracts amounting to £390,000 (2022: £240,000).


13.


CONSOLIDATED ACCOUNTS

The smallest and largest group for which consolidated accounts are produced and include the results of the company are headed by Alphacomm B.V. The registered office address for Alphacomm B.V is Scheepmakerspassage 183, 3011 VH Rotterham, Netherlands.


14.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 17 September 2024 by Rajiv Thakerar FCA (Senior statutory auditor) on behalf of Sumer Auditco Limited.

 
Page 14