REGISTERED NUMBER: |
DIRECTOR'S REPORT AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
Nexpay Merchant Services Limited |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
Accountants: |
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 |
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: |
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. |
129 North Hill |
Plymouth |
Devon |
PL4 8JY |
Nexpay Merchant Services Limited (Registered number: 08310633) |
PROFIT & LOSS ACCOUNT |
for the year ended 31 March 2024 |
2024 | 2023 |
£ | £ |
Turnover |
Cost of sales | ( |
) | ( |
) |
Gross profit |
Administrative expenses | ( |
) | ( |
) |
Operating profit |
Interest receivable and similar income |
113,599 | 108,952 |
Gain/loss on revaluation of investments | - | (53 | ) |
113,599 | 108,899 |
Interest payable and similar expenses | ( |
) | ( |
) |
Profit before taxation |
Tax on profit | ( |
) | ( |
) |
Profit for the financial year |
Other comprehensive income | - | - |
Total comprehensive income for the year |
Nexpay Merchant Services Limited (Registered number: 08310633) |
BALANCE SHEET |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Current assets |
Debtors | 6 |
Investments | 7 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
Net assets |
Capital and reserves |
Called up share capital | 11 |
Retained earnings |
Shareholders' funds |
Nexpay Merchant Services Limited (Registered number: 08310633) |
BALANCE SHEET - continued |
31 March 2024 |
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 were approved by the director and authorised for issue on |
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 |
Changes in equity |
Issue of share capital | ( |
) | - | ( |
) |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Company purchase of own shares | - | - | (99,750 | ) | (99,750 | ) |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 March 2024 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 equipment | 25% reducing balance |
Computers | over 3 years in equal instalments |
Card machines | over 6 years in equal instalments |
Customer management platform (*) |
Phase I | over 7 years in equal instalments |
Phase II | over 7 years in equal instalments |
Assets on finance lease | straight 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 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
Cost |
Additions |
At 31 March 2024 |
Amortisation |
Charge for year |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
Depreciation |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | CURRENT ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Listed investments | 234 | 234 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Loans (see note 10) |
Trade creditors |
Taxation and social security |
Other creditors and deferred |
income |
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) |
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 |
Loans |
Amounts falling due between one and two years: |
Loans - 1-2 years |
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: | £ | £ |
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 amount | Closing balance |
S Wood | £67,256 | £67,256 |
The following advances and repayments to the loan account occured during the year: |
Advances | Repayments |
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 |