REGISTERED NUMBER: |
Audited Financial Statements For The Year Ended 31 March 2024 |
for |
PayFacto UK Ltd |
REGISTERED NUMBER: |
Audited Financial Statements For The Year Ended 31 March 2024 |
for |
PayFacto UK Ltd |
PayFacto UK Ltd (Registered number: SC196174) |
Contents of the Financial Statements |
For The Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
PayFacto UK Ltd |
Company Information |
For The Year Ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Chartered Accountants & Statutory Auditors |
Regent Court |
70 West Regent Street |
Glasgow |
G2 2QZ |
PayFacto UK Ltd (Registered number: SC196174) |
Statement of Financial Position |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
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 | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PayFacto UK Ltd (Registered number: SC196174) |
Notes to the Financial Statements |
For The Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
PayFacto UK Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover comprises the invoiced value of goods sold and services provided to customers in the ordinary course of business, net of VAT. Turnover is recognised when the customer is invoiced, after an installation takes place or on a monthly basis from the rental of POS terminals. Turnover relating to commission received from a third party is received at the beginning each month, which relates to the previous month. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of accruals and deferred income |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Customer lists are being amortised evenly over their estimated useful life of five years. |
Tangible fixed assets |
Computer equipment | - |
Payment terminals | - |
Stocks |
Stocks are stated at the lower of cost and net realisable value. Cost included purchase price and expenses. Net realisable value is based on estimated selling price, less further costs expected to be incurred to completion and disposal. Provision is made for obsolete, slow-moving or defective items where appropriate. |
Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in the income statement. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the income statement. |
PayFacto UK Ltd (Registered number: SC196174) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in comprehensive income. |
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 that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Foreign currencies |
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date. All exchange differences are included in the income statement. |
Pension contributions |
The company operates a defined contribution pension scheme on behalf of its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The amount charged to the income statement in respect of pension costs and other post retirement benefits is the contributions payable in the period. Differences between contributions payable in the period and contributions actually paid are shown as accruals or prepayments in the statement of financial position. |
Leases |
Rentals under operating leases are charged on a straight line basis over the lease of the term, even if the payments are not made on such a basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
PayFacto UK Ltd (Registered number: SC196174) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2024 |
4. | INTANGIBLE FIXED ASSETS |
Customer |
lists |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
Amortisation for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | TANGIBLE FIXED ASSETS |
Computer | Payment |
equipment | terminals | 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. | STOCKS |
2024 | 2023 |
£ | £ |
Finished goods |
PayFacto UK Ltd (Registered number: SC196174) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2024 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts due from fellow group |
undertakings |
Prepayments and other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts due to fellow group |
undertakings | 33,486 | 19,399 |
Tax |
Social security and other taxes |
VAT | 14,453 | 21,754 |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
PayFacto UK Ltd (Registered number: SC196174) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2024 |
12. | RELATED PARTY DISCLOSURES |
The company was owed £106,991 & £183,825 at the year end from group companies PayFacto Payments Inc and Posera France SAS, respectively. The company also owed £33,486 to group company Posera USA Inc at the year end. These balances are interest free and repayable on demand. |
13. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company is 9368-4652 Quebec Inc, whose registered office is 402-1 Place Du Commerce, Verdun QC H3E1A2. The ultimate controlling party is M Leroux. |
14. | NON-AUDIT SERVICES PROVIDED BY AUDITORS |
In common with other companies of our size we use our auditor to assist with the preparation of the financial statements. |