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REGISTERED NUMBER: SC196174 (Scotland)















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: M Leroux
D Robert





REGISTERED OFFICE: Suite 2, 2nd Floor
The Mercantile Building
53 Bothwell Street
Glasgow
G2 6TS





REGISTERED NUMBER: SC196174 (Scotland)





INDEPENDENT AUDITORS: Robb Ferguson
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 17,500 27,500
Tangible assets 5 70,252 55,822
87,752 83,322

CURRENT ASSETS
Stocks 6 11,951 30,617
Debtors 7 408,004 209,347
Cash at bank 18,064 114,058
438,019 354,022
CREDITORS
Amounts falling due within one year 8 156,369 165,622
NET CURRENT ASSETS 281,650 188,400
TOTAL ASSETS LESS CURRENT
LIABILITIES

369,402

271,722

CREDITORS
Amounts falling due after more than one year 9 - (23,333 )

PROVISIONS FOR LIABILITIES (17,663 ) (14,867 )
NET ASSETS 351,739 233,522

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 351,639 233,422
SHAREHOLDERS' FUNDS 351,739 233,522

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 20 November 2024 and were signed on its behalf by:




M Leroux - Director


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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33.33% on cost
Payment terminals - 33.33% on cost

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 12 (2023 - 11 ) .

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 50,000
AMORTISATION
At 1 April 2023 22,500
Amortisation for year 10,000
At 31 March 2024 32,500
NET BOOK VALUE
At 31 March 2024 17,500
At 31 March 2023 27,500

5. TANGIBLE FIXED ASSETS
Computer Payment
equipment terminals Totals
£    £    £   
COST
At 1 April 2023 12,800 64,886 77,686
Additions 10,786 33,595 44,381
Disposals (12,047 ) - (12,047 )
At 31 March 2024 11,539 98,481 110,020
DEPRECIATION
At 1 April 2023 12,193 9,671 21,864
Charge for year 3,024 26,912 29,936
Eliminated on disposal (12,032 ) - (12,032 )
At 31 March 2024 3,185 36,583 39,768
NET BOOK VALUE
At 31 March 2024 8,354 61,898 70,252
At 31 March 2023 607 55,215 55,822

6. STOCKS
2024 2023
£    £   
Finished goods 11,951 30,617

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 107,087 105,470
Amounts due from fellow group
undertakings 290,816 102,782
Prepayments and other debtors 10,101 1,095
408,004 209,347

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 10,000
Trade creditors 29,124 19,974
Amounts due to fellow group
undertakings 33,486 19,399
Tax 39,606 20,210
Social security and other taxes - 11,355
VAT 14,453 21,754
Accruals and deferred income 39,700 62,930
156,369 165,622

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years - 10,000
Bank loans - 2-5 years - 13,333
- 23,333

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 29,000 26,333
Between one and five years 14,500 38,667
43,500 65,000

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Graham Cantlay (Senior Statutory Auditor)
for and on behalf of Robb Ferguson

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.