Registered number
08387550
Paymaster24 Ltd
Filleted Accounts
29 February 2024
Paymaster24 Ltd
Registered number: 08387550
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 377 1,219
Current assets
Debtors 5 68,123 57,070
Cash at bank and in hand 5,835,470 7,507,176
5,903,593 7,564,246
Creditors: amounts falling due within one year 6 (1,072,871) (2,006,665)
Net current assets 4,830,722 5,557,581
Total assets less current liabilities 4,831,099 5,558,800
Creditors: amounts falling due after more than one year 7 (3,519,193) (4,284,062)
Provisions for liabilities (420) (420)
Net assets 1,311,486 1,274,318
Capital and reserves
Called up share capital 310,986 310,986
Profit and loss account 1,000,500 963,332
Shareholders' funds 1,311,486 1,274,318
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Minastakanyan
Director
Approved by the board on 28 November 2024
Paymaster24 Ltd
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable from the provision of payment services using multiple payment channels: credit/debit cards, online and offline bank transfers, e-wallets, pre-paid cards and other global and local alternative payment methods for the processing, transmission and recovery of funds for and on behalf of Merchants. Revenue represents commission the company earns for the provision of above services.

The company recognises revenue when it satisfies its obligation under a contract by transferring services to its customer.
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:
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Financial instruments
"The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities including trade and other payables that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Indra Raj Giri ACA, FCCA
Firm: IG Accounting & Auditing Limited
Date of audit report: 28 November 2024
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 7
4 Tangible fixed assets
Plant and machinery etc Fixtures & fittings Total
£ £ £
Cost
At 1 March 2023 15,265 21,340 36,605
At 29 February 2024 15,265 21,340 36,605
Depreciation
At 1 March 2023 15,265 20,121 35,386
Charge for the year - 842 842
At 29 February 2024 15,265 20,963 36,228
Net book value
At 29 February 2024 - 377 377
At 28 February 2023 - 1,219 1,219
5 Debtors 2024 2023
£ £
Trade debtors 24,500 16,342
Other debtors 43,623 40,728
68,123 57,070
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 587,757 804,494
Taxation and social security costs 13,796 12,659
Other creditors 471,318 1,189,512
1,072,871 2,006,665
7 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 3,519,193 4,284,062
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases - 35,833
9 Related party transactions
Included within creditors amounts falling due after one year is an amount of £1,312,732 (2023 : £1,590,136) due to a director of the company. The loan is long-term and is interest free.
10 Other information
Paymaster24 Ltd is a private company limited by shares and incorporated in England. Its registered office is:
7 Portugal Place
Cambridge
England
CB5 8AF
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