REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
Montant Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
6 High Street |
Wheathampstead |
Hertfordshire |
AL4 8AA |
BANKERS: |
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 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium |
Capital redemption reserve |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 |
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 |
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 |
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 fixtures | 3 years |
Information Technology equipment | 3 years |
Information Technology software | 2 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 |
Additions |
At 29 February 2024 |
AMORTISATION |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
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 |
DEPRECIATION |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
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 |
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 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 29.2.24 | 28.2.23 |
value: | £ | £ |
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 |