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REGISTERED NUMBER: 09338428 (England and Wales)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Montant Limited

Montant Limited (Registered number: 09338428)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Montant Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: G C Williams - S African
R A Clegg
S Gewer - S African
S A Kirrage
Mrs S E Baker - S African



SECRETARY:



REGISTERED OFFICE: 6 High Street
Wheathampstead
Hertfordshire
AL4 8AA



REGISTERED NUMBER: 09338428 (England and Wales)



ACCOUNTANTS: Fenlon & Co
Chartered Certified Accountants
6 High Street
Wheathampstead
Hertfordshire
AL4 8AA



BANKERS: HSBC
34 High Street
Walton on Thames
Surrey
KT12 1DD

Montant Limited (Registered number: 09338428)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 469,867 1
Tangible assets 5 1 1
Investments 6 19,689 19,689
489,557 19,691

CURRENT ASSETS
Debtors 7 476,692 619,031
Cash at bank 845 596
477,537 619,627
CREDITORS
Amounts falling due within one year 8 993,515 688,313
NET CURRENT LIABILITIES (515,978 ) (68,686 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(26,421

)

(48,995

)

CAPITAL AND RESERVES
Called up share capital 9 32 32
Share premium 63,857 63,857
Capital redemption reserve 20 20
Retained earnings (90,330 ) (112,904 )
SHAREHOLDERS' FUNDS (26,421 ) (48,995 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Montant Limited (Registered number: 09338428)

Balance Sheet - continued
29 February 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by:





R A Clegg - Director


Montant Limited (Registered number: 09338428)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Montant Limited is a private company limited by shares and incorporated in England & Wales. Its registered office is 6 High Street, Wheathampstead, Herts AL4 8AA.

The financial statements are presented in Sterling, which is the functional currency of the company.

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.

Turnover & revenue recognition
When the outcome of a transaction involving the rendering of services can be estimated reliably, revenues associated with the transaction is recognised by reference to the stage of completion of the transaction at the end of the reporting period. The outcome of a transaction can be estimated reliably when all the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the company;
- the stage of completion of the transaction at the end of the reporting period can be measured reliably; and
- the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.

When the outcome of the transaction involving the rendering of services cannot be estimated reliably, revenue shall be recognised only to the extent of the expenses recognised that are recoverable.

Revenue is measured at the fair value of the consideration received or receivable and represents the amounts receivable for goods and services provided in the normal course of business, net of trade discounts and volume rebates, and value added tax.

Interest is recognised in profit or loss, using the effective interest rate method.

Intangible fixed assets
Intangible assets are amortized over their estimated useful lives using the straight-line method, which approximates the pattern in which the majority of the economic benefits are expect to be consumed.

Amortisation is recognised so as to write off the cost of valuation of assets less their residual values over their useful lives.

Montant Limited (Registered number: 09338428)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Property, plant and equipment are tangible items that:
- are held for use in the production or supply of goods or services, for rental to others or for administrative purposes; and
- are expected to be used during more than one period.

Fixed Assets are carried at cost less accumulated depreciation and accumulated impairment losses.

Cost includes all costs incurred to bring the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Costs include costs incurred initially to acquire or construct an item of property, plant and equipment and costs incurred subsequently to add to, replace part of, or service it. If a replacement cost is recognised in the carrying amount of an item of property, plant and equipment, the carrying amount of the replaced part is derecognised.

Depreciation is provided using the straight-line method to write down the cost, less estimated residual value over the useful life of the property, plant and equipment, which is as follows:

Item: Average useful life
Furniture and fixtures3 years
Information Technology equipment3 years
Information Technology software2 years

The residual value, depreciation method and useful life of each asset are reviewed at each annual reporting period if there are indicators present that there has been a significant change from the previous estimate.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss in the period.

Taxation
Taxation represents the sum of tax currently payable and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Montant Limited (Registered number: 09338428)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
A foreign currency transaction is recorded, on initial recognition in the functional currency of the company, by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

At the end of each reporting period:
- foreign currency monetary items are translated using the closing rate;
-non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction; and
- non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined.

Exchange differences arising on the settlement of monetary items or on translating monetary items at rates difference from those at which they were translated on initial recognition during the period or in previous annual financial statements are recognised in profit or loss in the period in which they arise.

Provision and contingencies
Provisions are recognised when:
- the company has an obligation at the reporting date as a result of a past event;
- it is probable that the company will be required to transfer economic benefits in settlement; and
- the amount of the obligation can be estimated reliably.

Borrowing costs
Borrowing costs are recognised as an expense in the period in which they are incurred.

Leases
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership to the lessee. A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term except in cases where another systematic basis is representative of the time pattern of the benefit from the leased asset, even if the receipt of payments is not on that basis, or where the payments are structured to increase in line with expected general inflation.

3. EMPLOYEES AND DIRECTORS

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

Montant Limited (Registered number: 09338428)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2023 44,097
Additions 469,866
At 29 February 2024 513,963
AMORTISATION
At 1 March 2023
and 29 February 2024 44,096
NET BOOK VALUE
At 29 February 2024 469,867
At 28 February 2023 1

On 29 February 2024 the company paid £469,866 for intellectual property from associated companies. The intellectual property will be licensed out and amortised in future years.

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 March 2023
and 29 February 2024 2,099
DEPRECIATION
At 1 March 2023
and 29 February 2024 2,098
NET BOOK VALUE
At 29 February 2024 1
At 28 February 2023 1

Montant Limited (Registered number: 09338428)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

6. FIXED ASSET INVESTMENTS

Cost of Investments
2024 2023
£ £
Stanchion Payment Solutions (UK) Ltd 25 25
Stanchion Payment Solutions (USA) Inc 72 72
Stanchion Payment Solutions (Pty) DMCC 19,529 19,529
Stanchion Payment Solutions Asia Pacific Pty Ltd 61 61
Future Payment Solutions (Israel) Ltd 2 2
19,689 19,689

The above companies are subsidiaries 100% owned by Montant Ltd

The investment in the subsidiaries is included at original cost which, in the opinion of the Directors, is at least equal to market value of the investment owing to the capacity of the companies to generate profits.

Stanchion Payment Solutions (UK) Ltd was acquired on 3rd December 2014. It was incorporated on 23rd January 2014 and its principal activity is that of provision of specialist payment services. At 29 February 2024 it had the following reserves and results:

2024 2023
£ £
Aggregate Capital and Reserves/(Deficit) (1,276,860 ) (1,254,623 )
(Loss)/Profit for the year after tax (22,237 ) 140,205

Stanchion Payment Solutions (Pty) DMCC was acquired on 1st March 2015. It was registered on 9th June 2014 and its principal activity is that of development of software and provision of specialist payment services in the Middle East. At 29 February 2024 it had the following reserves and results:

2024 2023
£ £
Aggregate Capital and Reserves 1,987,575 2,581,978
(Loss)/Profit for the year after tax (486,536 ) 255,507

Stanchion Payment Solutions (USA) Inc was incorporated in the State of Georgia, USA, and acquired on 16th September 2015. Its principal activity is that of provision of specialist payment services. At 29 February 2024 it had the following reserves and results:

2024 2023
£ £
Aggregate Capital and Reserves 732,424 804,897
(Loss)/Profit for the year after tax (36,722 ) 28,198

Stanchion Payment Solutions Asia Pacific (Pty) Ltd was acquired on 13th December 2016. It was registered in Victoria, Australia on 13th December 2016. Its principal activity is that of provision of specialist payment services. At 29 February 2024 it had the following reserves and results:


Montant Limited (Registered number: 09338428)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024
2024 2023
£ £
Aggregate Capital and Reserves (482,540 ) (124,459 )
(Loss) for the year after tax (382,483 ) (155,893 )

Future Payment Systems (Israel) Ltd was acquired on 11th November 2020. It was registered in Israel on 30th January 2020. Its principal activity is that of provision of specialist payment services. At 29 February 2024 it had the following reserves and results:

2024 2023
£ £
Aggregate Capital and Reserves (101,569 ) (165,327 )
Profit/(Loss) for the year after tax 53,890 (111,894 )

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Owed by Stanchion PS Pty Ltd - 120,066
Owed by Stanchion PS UK Ltd 98,899 140,705
Owed by Stanchion PS Africa 295,109 295,109
Owed by Stanchion PS USA Inc 17,278 18,107
Owed by Stanchion PS APAC 51,433 31,070
Sundry debtors 13,973 13,974
476,692 619,031

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Owed to Stanchion PS Pty DMCC 639,310 684,476
Owed to Future PS (Israel) Ltd 2 2
Owed to Stanchion PS Pty Ltd 349,800 -
Accruals & other creditors 4,403 3,835
993,515 688,313

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
3,169 A Shares (Voting) £0.01 32 32

Montant Limited (Registered number: 09338428)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

10. RELATED PARTIES

Relationships
Entity in which Directors have a significant influence:-
Stanchion Payment Solutions (Pty) Ltd
Stanchion Payment Solutions (Pty) DMCC
Stanchion Payment Solutions Africa (Pty) Ltd
Stanchion Payment Solutions (USA) Inc
Stanchion Payment Solutions (UK) Ltd
Stanchion Payment Solutions APAC
Future Payment Solutions (Israel) Ltd

Directors:-
G C Williams
R A Clegg
S Gewer
S A Kirrage
Mrs S E Baker

2024 2023
Related party balances £ £
Owed by Stanchion Payment Solutions (Pty) Ltd - 120,066
Owed by Stanchion Payment Solutions (UK) Ltd 98,899 140,705
Owed by Stanchion Payment Solutions Africa (Pty) Ltd 295,109 295,109
Owed by Stanchion Payment Solutions (USA) Inc 17,278 18,107
Owed by Stanchion Payment Solutions APAC 51,433 31,070
462,719 605,057

Owed to Stanchion Payment Solutions (Pty) Ltd 349,800 -
Owed to Stanchion Payment Solutions (Pty) DMCC 639,310 684,476
Owed to Future Payment Solutions (Israel) Ltd 2 2
989,112 684,478
Sales to Related Parties
Stanchion Payment Solutions (UK) Ltd 7,122 7,629
Stanchion Payment Solutions APAC 23,338 23,759
Stanchion Payment Solutions (Pty) DMCC 35,877 31,599
66,337 62,987

Purchases from Related Parties
Stanchion Payment Solutions Pty Ltd 469,866 -

Montant Limited (Registered number: 09338428)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

11. STATEMENT OF CHANGE IN EQUITY

Year Ended 29 February 2024

Retained A B Share Capital Total
Earnings Shares Shares Premium Reserve
£ £ £ £ £ £
Balance B/fwd (112,904) 32 - 63,857 20 (48,995)

Shares issued - - - - - -

Shares converted - - - - - -

Shares cancelled - - - - - -

Profit for year 22,574 - - - 22,574
Balance C/fwd (90,330) 32 - 63,857 20 (26,921)

Year ended 28 February 2023

Retained A B Share Capital Total
Earnings Shares Shares Premium Reserve
£ £ £ £ £ £
Balance B/fwd (42,702) 31 1 63,857 20 21,207

Shares issued - - 1 - - 1

Shares converted - 1 (1) - - -

Shares cancelled - - (1) - - (1)

Loss for year (70,202) - - - (70,202)
Balance C/fwd (112,904) 32 - 63,857 20 48,995