MIFINITY UK LIMITED

Company Registration Number:
NI611169 (Northern Ireland)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

MIFINITY UK LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

MIFINITY UK LIMITED

Directors' report period ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal activities of the company

The company is a provider of payment services via an in house payment platform.



Directors

The directors shown below have held office during the whole of the period from
1 January 2023 to 31 December 2023

Paul Kavanagh
Kieron Nolan


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
5 September 2024

And signed on behalf of the board by:
Name: Kieron Nolan
Status: Director

MIFINITY UK LIMITED

Profit And Loss Account

for the Period Ended 31 December 2023

2023 2022


£

£
Turnover: 10,803,001 5,397,214
Cost of sales: ( 7,629,566 ) ( 5,340,071 )
Gross profit(or loss): 3,173,435 57,143
Administrative expenses: ( 1,063,796 ) ( 1,079,546 )
Operating profit(or loss): 2,109,639 (1,022,403)
Profit(or loss) before tax: 2,109,639 (1,022,403)
Tax: 0 270,782
Profit(or loss) for the financial year: 2,109,639 (751,621)

MIFINITY UK LIMITED

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets: 3 424 424
Tangible assets:   0 0
Investments:   0 0
Total fixed assets: 424 424
Current assets
Stocks:   0 0
Debtors: 4 14,733,395 7,733,009
Cash at bank and in hand: 8,501,134 8,401,657
Investments:   0 0
Total current assets: 23,234,529 16,134,666
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 5 ( 19,045,668 ) ( 14,009,359 )
Net current assets (liabilities): 4,188,861 2,125,307
Total assets less current liabilities: 4,189,285 2,125,731
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): 4,189,285 2,125,731
Capital and reserves
Called up share capital: 434,517 434,517
Share premium account: 0 0
Other reserves: 0 0
Profit and loss account: 3,754,768 1,691,214
Total Shareholders' funds: 4,189,285 2,125,731

The notes form part of these financial statements

MIFINITY UK LIMITED

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption 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.

This report was approved by the board of directors on 5 September 2024
and signed on behalf of the board by:

Name: Paul Kavanagh
Status: Director

The notes form part of these financial statements

MIFINITY UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover comprises the invoice value of services supplier by the company, exclusive of trade discounts and value added tax. Turnover is generated from charging fees for processing payments on clients behalf.

    Tangible fixed assets depreciation policy

    Tangible assets are stated at cost or at valuation less accumulated depreciation. The charge to depreciation is caluclated to write off the orignal cost or valuation of tangible assets, less estimated residual value over their expected useful lives as follows: Short leasehold improvement - 20% Straightline, Fixtures, Fittings and equipment - 20% Straight line, Motor vehicles - 20% Straight line. The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

MIFINITY UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 9 9

MIFINITY UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 January 2023 424 424
Additions 0 0
Disposals 0 0
Revaluations 0 0
Transfers 0 0
At 31 December 2023 424 424
Amortisation
At 1 January 2023 0 0
Charge for year 0 0
On disposals 0 0
Other adjustments 0 0
At 31 December 2023 0 0
Net book value
At 31 December 2023 424 424
At 31 December 2022 424 424

MIFINITY UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Debtors

2023 2022
£ £
Trade debtors 14,653,480 7,128,393
Prepayments and accrued income 29,858 21,728
Other debtors 50,057 582,888
Total 14,733,395 7,733,009
Debtors due after more than one year: 0 0

MIFINITY UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Creditors: amounts falling due within one year note

2023 2022
£ £
Bank loans and overdrafts 0
Amounts due under finance leases and hire purchase contracts 0
Trade creditors 7,261,596 8,297,255
Taxation and social security 2,474 2,576
Accruals and deferred income 47,822 360,550
Other creditors 11,733,776 5,348,978
Total 19,045,668 14,009,359