Registered number
06913083
Safi Pay Ltd
Filleted Accounts
30 September 2023
Safi Pay Ltd
Registered number: 06913083
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,773 2,860
Current assets
Debtors 4 28,416 28,416
Cash at bank and in hand 8,036 2,043
36,452 30,459
Creditors: amounts falling due within one year 5 (6,560) (12,416)
Net current assets 29,892 18,043
Net assets 31,665 20,903
Capital and reserves
Called up share capital 300 300
Profit and loss account 31,365 20,603
Shareholder's funds 31,665 20,903
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Awranzgeb Tareq
Director
Approved by the board on 24 September 2024
Safi Pay Ltd
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Revenue
Revenue represents commissions and other amounts received for arranging and effecting money transfer services in the normal course of business including revenue based on the difference between the exchange rate charged by the Company and the acquisition cost of currency, where a transaction involves payment and receipt in different currencies.

Provided the amount of revenue can be measured reliably and it is probable that the Company will receive some consideration, revenue for services is recognised in the period in which they are rendered.

The Company does not charge VAT on transactions owing to money transfer services being an exempt supply.
Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assests less their residul value over their estimated useful lives, using the straight-line method.
Fixtures, fittings, tools and equipment 20% Straight line basis
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.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 9
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2022 5,436
At 30 September 2023 5,436
Depreciation
At 1 October 2022 2,576
Charge for the year 1,087
At 30 September 2023 3,663
Net book value
At 30 September 2023 1,773
At 30 September 2022 2,860
4 Debtors 2023 2022
£ £
Merchant facilitator 28,416 28,416
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 4,560 2,783
Other creditors 2,000 9,633
6,560 12,416
6 Controlling party
The company was controlled throughout the year by its director by virtue of the fact that he owns all of the share capital.
7 Other information
Safi Pay Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Office 1,
4th Floor Amba House
15 College Road
Harrow
HA1 1BA
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