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REGISTERED NUMBER: 08310633 (England and Wales)















DIRECTOR'S REPORT AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

Nexpay Merchant Services Limited

Nexpay Merchant Services Limited (Registered number: 08310633)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024




Page

Company Information 1

Director's Report 2

Report of the Accountants 3

Profit & Loss Account 4

Balance Sheet 5 to 6

Statement of Changes in Equity 7

Notes to the Financial Statements 8 to 13


Nexpay Merchant Services Limited

COMPANY INFORMATION
for the year ended 31 March 2024







Director: S Wood





Registered office: Abacus House
129 North Hill
Plymouth
Devon
PL4 8JY





Registered number: 08310633 (England and Wales)





Accountants: Nigel Webster & Co
129 North Hill
Plymouth
Devon
PL4 8JY

Nexpay Merchant Services Limited (Registered number: 08310633)

DIRECTOR'S REPORT
for the year ended 31 March 2024

The director presents his report with the financial statements of the company for the year ended 31 March 2024.

Principal activity
The company's principal activity during the period was that of merchant consultancy.

Director
S Wood held office during the whole of the period from 1 April 2023 to the date of this report.

Statement of director's responsibilities
The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements 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 director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board:





S Wood - Director


11 October 2024

Nexpay Merchant Services Limited

REPORT OF THE ACCOUNTANTS TO THE DIRECTOR OF
NEXPAY MERCHANT SERVICES LIMITED


In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of the company for the year ended 31 March 2024 which comprise the profit and loss account, balance sheet, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given to us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standard-and-guidance as part of the ICAEW's regulations and guidance.

This report is made solely to the director of the company in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of the company and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that the company has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and results of the company. You consider that the company is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of the company. For this reason, we have not verified the accuracy or completeness of the accounting records or information you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Nigel Webster & Co
129 North Hill
Plymouth
Devon
PL4 8JY


11 October 2024

Nexpay Merchant Services Limited (Registered number: 08310633)

PROFIT & LOSS ACCOUNT
for the year ended 31 March 2024

2024 2023
£    £   

Turnover 349,217 344,482

Cost of sales (62,522 ) (61,092 )
Gross profit 286,695 283,390

Administrative expenses (173,765 ) (174,438 )
Operating profit 112,930 108,952

Interest receivable and similar income 669 -
113,599 108,952
Gain/loss on revaluation of investments - (53 )
113,599 108,899

Interest payable and similar expenses (7,976 ) (5,894 )
Profit before taxation 105,623 103,005

Tax on profit (43,272 ) (26,190 )
Profit for the financial year 62,351 76,815

Other comprehensive income - -
Total comprehensive income for the
year

62,351

76,815

Nexpay Merchant Services Limited (Registered number: 08310633)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 4 8,307 -
Tangible assets 5 86,943 140,376
95,250 140,376

Current assets
Debtors 6 101,040 83,991
Investments 7 234 234
Cash at bank and in hand 90,725 68,606
191,999 152,831
Creditors
Amounts falling due within one year 8 72,064 56,373
Net current assets 119,935 96,458
Total assets less current liabilities 215,185 236,834

Creditors
Amounts falling due after more than one
year

9

61,153

85,153
Net assets 154,032 151,681

Capital and reserves
Called up share capital 11 1,000 1,000
Retained earnings 153,032 150,681
Shareholders' funds 154,032 151,681

Nexpay Merchant Services Limited (Registered number: 08310633)

BALANCE SHEET - continued
31 March 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 11 October 2024 and were signed by:





S Wood - Director


Nexpay Merchant Services Limited (Registered number: 08310633)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 April 2022 1,250 132,866 99,750 233,866

Changes in equity
Issue of share capital (250 ) - - (250 )
Dividends - (59,000 ) - (59,000 )
Total comprehensive income - 76,815 - 76,815
Company purchase of own shares - - (99,750 ) (99,750 )
Balance at 31 March 2023 1,000 150,681 - 151,681

Changes in equity
Dividends - (60,000 ) - (60,000 )
Total comprehensive income - 62,351 - 62,351
Balance at 31 March 2024 1,000 153,032 - 154,032

Nexpay Merchant Services Limited (Registered number: 08310633)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Nexpay Merchant 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.

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.

The financial statements have been prepared on the going concern basis. This basis assumes that the company will have sufficient funding to enable it to continue to operate for the foreseeable future with the support of the director, who believes that the going concern basis of preparation remains appropriate in the company's circumstances.

Turnover
Turnover is comprised of a number of income streams, as follows:

1. The acquiring banks providing customer merchant accounts provide the company
with ongoing revenue to support managing those accounts. This is invoiced
monthly in arrears and recognised for the period to which it relates. No VAT is due in respect of this income stream.

2. The value of the contract for the provision of card machines to customers is
financed with a third party. The third party pays a lump sum, discounted fee for
the total value of the contract to the company and subsequently collects monthly
payments directly from the customer. The discounted fee received is recognised,
net of VAT, on a straight line basis over the contract period. The element of income
received in advance is included in creditors as deferred income.

3. PCI/DSS income is an annual compliance service offered to customers. Fees
are invoiced yearly in advance and non refundable. This income is recognised,
net of VAT, at the point of invoicing.

Intangible assets
Intangible assets are initially recognised at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation or impairment losses. Intangible assets are amortised over ten years on a straight line basis.

Nexpay Merchant Services Limited (Registered number: 08310633)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Office equipment25% reducing balance
Computersover 3 years in equal instalments
Card machinesover 6 years in equal instalments
Customer management platform (*)
Phase Iover 7 years in equal instalments
Phase IIover 7 years in equal instalments
Assets on finance leasestraight line over primary lease period

(*)The website and its bespoke customer management platform is a two phased development. Phase I was completed in March 2019 and has been operational since the beginning of April 2019. Depreciation has been provided with effect from that date over 7 years. Phase II development started in April 2019 and although still in need of some further partial development has been depreciated over 7 years from the 2022 year.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & 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 have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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.

Nexpay Merchant Services Limited (Registered number: 08310633)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors and provisions
Short term creditors are measured at transaction price (which is usually the invoice 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.

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.

Hire purchase and leasing commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
Cost
Additions 9,230
At 31 March 2024 9,230
Amortisation
Charge for year 923
At 31 March 2024 923
Net book value
At 31 March 2024 8,307

This represents the domain names at cost amortised over a period of ten years.

Nexpay Merchant Services Limited (Registered number: 08310633)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Computers
and Customer
Card office management
machines equipment platform Totals
£    £    £    £   
Cost
At 1 April 2023 153,323 5,009 187,663 345,995
Additions 975 2,517 - 3,492
Disposals (119,704 ) (4,382 ) - (124,086 )
At 31 March 2024 34,594 3,144 187,663 225,401
Depreciation
At 1 April 2023 117,894 2,557 85,168 205,619
Charge for year 5,763 694 26,930 33,387
Eliminated on disposal (98,350 ) (2,198 ) - (100,548 )
At 31 March 2024 25,307 1,053 112,098 138,458
Net book value
At 31 March 2024 9,287 2,091 75,565 86,943
At 31 March 2023 35,429 2,452 102,495 140,376

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 20,420 16,979
Other debtors 80,620 67,012
101,040 83,991

7. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Listed investments 234 234

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Loans (see note 10) 14,847 17,906
Trade creditors 4,130 2,720
Taxation and social security 45,530 27,950
Other creditors and deferred
income 7,557 7,797
72,064 56,373

Nexpay Merchant Services Limited (Registered number: 08310633)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Loans (see note 10) 61,153 85,153

10. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 3,059
Loans 14,847 14,847
14,847 17,906

Amounts falling due between one and two years:
Loans - 1-2 years 61,153 85,153

Loans are repayable by instalments, not on demand and fall due less than five years from the balance sheet date.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100,000 Ordinary shares £0.01 1,000 1,000



12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following director held a loan account which was overdrawn during the course of the year. The maximum amount overdrawn and closing balance for each director was:

Maximum amountClosing balance
S Wood£67,256£67,256

The following advances and repayments to the loan account occured during the year:

AdvancesRepayments
S Wood£71,405£61,200

No interest is charged on outstanding amounts and there is no fixed date for repayment.

Nexpay Merchant Services Limited (Registered number: 08310633)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is S Wood.