Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31falsefalsetruetruetruetruetruetruetruetruetruetrue2023-04-01truePayPoint plc2929 03703548 2023-04-01 2024-03-31 03703548 2022-04-01 2023-03-31 03703548 2024-03-31 03703548 2023-03-31 03703548 2022-04-01 03703548 1 2023-04-01 2024-03-31 03703548 1 2022-04-01 2023-03-31 03703548 d:CompanySecretary1 2023-04-01 2024-03-31 03703548 d:Director1 2023-04-01 2024-03-31 03703548 d:Director1 2024-03-31 03703548 d:Director2 2023-04-01 2024-03-31 03703548 d:Director3 2023-04-01 2024-03-31 03703548 d:Director4 2023-04-01 2024-03-31 03703548 d:Director4 2024-03-31 03703548 d:Director5 2023-04-01 2024-03-31 03703548 d:Director6 2023-04-01 2024-03-31 03703548 d:Director7 2023-04-01 2024-03-31 03703548 d:Director7 2024-03-31 03703548 d:RegisteredOffice 2023-04-01 2024-03-31 03703548 e:PlantMachinery 2023-04-01 2024-03-31 03703548 e:PlantMachinery 2024-03-31 03703548 e:PlantMachinery 2023-03-31 03703548 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03703548 e:ComputerEquipment 2023-04-01 2024-03-31 03703548 e:ComputerEquipment 2024-03-31 03703548 e:ComputerEquipment 2023-03-31 03703548 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03703548 e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03703548 e:ComputerSoftware 2023-04-01 2024-03-31 03703548 e:ComputerSoftware 2024-03-31 03703548 e:ComputerSoftware 2023-03-31 03703548 e:IntangibleAssetsOtherThanGoodwill 2024-03-31 03703548 e:IntangibleAssetsOtherThanGoodwill 2023-03-31 03703548 e:CurrentFinancialInstruments 2024-03-31 03703548 e:CurrentFinancialInstruments 2023-03-31 03703548 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 03703548 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 03703548 e:UKTax 2023-04-01 2024-03-31 03703548 e:UKTax 2022-04-01 2023-03-31 03703548 e:ShareCapital 2023-04-01 2024-03-31 03703548 e:ShareCapital 2024-03-31 03703548 e:ShareCapital 2022-04-01 2023-03-31 03703548 e:ShareCapital 2023-03-31 03703548 e:ShareCapital 2022-04-01 03703548 e:OtherMiscellaneousReserve 2023-04-01 2024-03-31 03703548 e:OtherMiscellaneousReserve 2024-03-31 03703548 e:OtherMiscellaneousReserve 2022-04-01 2023-03-31 03703548 e:OtherMiscellaneousReserve 2023-03-31 03703548 e:OtherMiscellaneousReserve 2022-04-01 03703548 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 03703548 e:RetainedEarningsAccumulatedLosses 2024-03-31 03703548 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 03703548 e:RetainedEarningsAccumulatedLosses 2023-03-31 03703548 e:RetainedEarningsAccumulatedLosses 2022-04-01 03703548 e:TaxLossesCarry-forwardsDeferredTax 2024-03-31 03703548 e:TaxLossesCarry-forwardsDeferredTax 2023-03-31 03703548 e:RetirementBenefitObligationsDeferredTax 2024-03-31 03703548 e:RetirementBenefitObligationsDeferredTax 2023-03-31 03703548 e:OtherDeferredTax 2024-03-31 03703548 e:OtherDeferredTax 2023-03-31 03703548 d:OrdinaryShareClass1 2023-04-01 2024-03-31 03703548 d:OrdinaryShareClass1 2024-03-31 03703548 d:OrdinaryShareClass1 2023-03-31 03703548 d:FRS101 2023-04-01 2024-03-31 03703548 d:Audited 2023-04-01 2024-03-31 03703548 d:FullAccounts 2023-04-01 2024-03-31 03703548 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03703548 e:ComputerSoftware e:ExternallyAcquiredIntangibleAssets 2023-04-01 2024-03-31 03703548 e:ComputerSoftware e:InternallyGeneratedIntangibleAssets 2023-04-01 2024-03-31 03703548 2 2023-04-01 2024-03-31 03703548 f:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03703548









RSM 2000 LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
RSM 2000 LIMITED
 
 
COMPANY INFORMATION


Directors
C Paul 
N M Young 
S Coles 
J Toolan 
R Harding (appointed 14 August 2023)




Company secretary
Indigo Corporate Secretary Limited



Registered number
03703548



Registered office
1 The Boulevard
Shire Park

Welwyn Garden City

Hertfordshire

AL7 1EL




Independent auditors
PricewaterhouseCoopers LLP, Statutory Auditors
Chartered Accountants

40 Clarendon Road

Watford

Hertforshire

WD17 1JJ





 
RSM 2000 LIMITED
 

CONTENTS



Page(s)
Directors' Report
1 - 3
Independent Auditors' Report to The Members of RSM 2000 Limited
3 - 6
Statement of Comprehensive Income
7
Statement of Financial Position
8
Statement of Changes in Equity
9
Notes to the Financial Statements
10 - 21

 
RSM 2000 LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the audited financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the Company is the provision of payment and billing services.

Results and dividends

The profit for the year, after taxation, amounted to £1,477k (2023 - £1,202k).

No dividends were paid during the year (2023: £nil).

Directors

The directors of the Company who were in office during the year and up to the date of signing the financial statements were:

A Dale (resigned 6 December 2023)
C Paul 
N M Young 
D Vant (resigned 28 March 2024)
S Coles 
J Toolan 
R Harding (appointed 14 August 2023)

Environment, people and culture

We aim to create a positive working environment that enables us to attract and retain a talented workforce. We recruit externally from a wide range of industries.
We keep our people informed of Company performance and new developments through different channels  including formal business updates, staff briefings and regular team meetings.
RSM 2000 Limited values diversity and it is important to us that our working environment is one where all are treated  equally, and which is free from discrimination in respect of gender, ethnicity, religion, sexual orientation, age or  disability. We are committed to offering equal opportunities to all our people. Our Diversity and Inclusion Policy  can be found on the PayPoint plc Group website.

Qualifying third party indemnity provisions

In addition to the indemnity provisions in the Articles of Association, the Company has entered into direct indemnity agreements with each of the Directors who served during the financial year. These indemnities constitute qualifying indemnities for the purposes of the Companies Act 2006 and remain in force for all current serving Directors at the date of approval of this report without any payment having been made under them. The Company also maintains directors’ and officers’ liability insurance which gives appropriate cover for any legal action brought against its Directors.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 1

 
RSM 2000 LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Statement of directors’ responsibilities in respect of the financial statements

The directors are responsible for preparing the Annual Report and Financial Statements and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 “Reduced Disclosure Framework”, and applicable law). 
 
Under company law, directors must not approve the financial statements unless they are satisfied that they give
 a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and then apply them consistently;

state whether applicable UK Accounting Standards, comprising FRS 101 have been followed, subject to any material departures disclosed and explained in the financial statements;

make judgements and accounting estimates that are reasonable and prudent; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are also responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006.

The directors are responsible for the maintenance and integrity of the Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Directors’ confirmations

 In the case of each director in office at the date the directors' report is approved:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

they have taken all the steps that they ought to have taken as a director in order to make themselves aware of  any relevant audit information and to establish that the Company's auditors are aware of that information.

Independent auditors

The independent auditorsPricewaterhouseCoopers LLP, Statutory Auditorswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Page 2

 
RSM 2000 LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

The financial statements on pages 7 to 21 were approved by the Board of Directors on and signed on its behalf by.
 





J Toolan
Director

Date: 29 November 2024

1 The Boulevard
Shire Park
Welwyn Garden City
Hertfordshire
AL7 1EL

Page 3

 
RSM 2000 LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RSM 2000 LIMITED



Report on the audit of the financial statements

Opinion
In our opinion, RSM 2000 Limited's financial statements: 

give a true and fair view of the state of the company’s affairs as at 31 March 2024 and of its profit for the year then ended; 

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS 101 “Reduced Disclosure Framework”, and applicable law); and 

have been prepared in accordance with the requirements of the Companies Act 2006.


We have audited the financial statements included within the Annual Report and Financial Statements (the “Annual Report”), which comprise: the statement of financial position as at 31 March 2024; the statement of comprehensive Income and the statement of changes in equity for the year then ended; and the notes to the financial statements, comprising material accounting policy information and other explanatory information.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence
We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern 
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
 
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company's ability to continue as a going concern.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.
Page 4

 
RSM 2000 LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RSM 2000 LIMITED (CONTINUED)


With respect to the Directors' report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

Directors' report
In our opinion, based on the work undertaken in the course of the audit, the information given in the Directors' report for the year ended 31 March 2024 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we did not identify any material misstatements in the  Directors' report.

Responsibilities for the financial statements and the audit

Responsibilities of the directors for the financial statements
As explained more fully in the statement of directors' responsibilities, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of data protection regulations and employment law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as Companies Act 2006 and UK tax legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed by the engagement team included:

Discussions with management and directors, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

Challenging assumptions and judgements made by management in any significant accounting estimates and judgements and considering adequacy of any associated disclosures;

Identifying and testing journal entries, in particular any unusual or unexpected journals;

As required by ISA 240, an element of unpredictability was incorporated into our audit testing.
Page 5

 
RSM 2000 LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RSM 2000 LIMITED (CONTINUED)



There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report
This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting

Companies Act 2006 exception reporting  
Under the Companies Act 2006 we are required to report to you if, in our opinion: 

we have not obtained all the information and explanations we require for our audit; or

adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received from branches not visited by us; or

certain disclosures of directors’ remuneration specified by law are not made; or

the financial statements are not in agreement with the accounting records and returns.


We have no exceptions to report arising from this responsibility. 

Entitlement to exemptions
Under the Companies Act 2006 we are required to report to you if, in our opinion, the directors were not entitled to: prepare financial statements in accordance with the small companies regime; take advantage of the small companies exemption in preparing the Directors' report; and take advantage of the small companies exemption from preparing a strategic report. We have no exceptions to report arising from this responsibility.




David Beer (Senior statutory auditor)
  
for and on behalf of
PricewaterhouseCoopers LLP, Statutory Auditors
Chartered Accountants
40 Clarendon Road
Watford
Hertforshire
WD17 1JJ

29 November 2024

Page 6

 
RSM 2000 LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£000
£000

  

Revenue
 4 
7,174
6,312

Cost of revenue
  
(3,301)
(2,986)

Gross profit
  
3,873
3,326

Administrative expenses
  
(1,904)
(1,676)

Operating profit
  
1,969
1,650

Interest receivable and similar income
  
43
-

Profit before tax
  
2,012
1,650

Tax on profit
 7 
(535)
(448)

Profit for the financial year
  
1,477
1,202

Other comprehensive income
  
-
-

Total comprehensive income for the year
  
1,477
1,202

The notes on pages 10 to 21 form part of these financial statements.
Page 7

 
RSM 2000 LIMITED
REGISTERED NUMBER:03703548

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£000
£000

  

Fixed assets
  

Intangible assets
 8 
6,030
5,816

Property, plant and equipments
 9 
-
3

  
6,030
5,819

Current assets
  

Debtors: amounts falling due within one year
 10 
2,266
1,034

Cash at bank and in hand
 11 
2,326
1,866

  
4,592
2,900

Creditors: amounts falling due within one year
 12 
(1,083)
(964)

Net current assets
  
 
 
3,509
 
 
1,936

Total assets less current liabilities
  
9,539
7,755

  

Provisions for liabilities
  

Deferred taxation
 13 
(693)
(386)

  

Net assets
  
8,846
7,369


Capital and reserves
  

Called up share capital 
 14 
5,000
5,000

Share-based payment reserve
  
-
142

Profit and loss account
 15 
3,846
2,227

Total equity
  
8,846
7,369


The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


C Paul
Director
Date: 29 November 2024

The notes on pages 10 to 21 form part of these financial statements.
Page 8

 
RSM 2000 LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Share-based payment reserve
Profit and loss account
Total equity

£000
£000
£000
£000

At 1 April 2023
5,000
142
2,227
7,369


Comprehensive income for the year

Profit for the financial year
-
-
1,477
1,477
Total comprehensive income for the year
-
-
1,477
1,477

Transfer to profit and loss account
-
(142)
142
-


At 31 March 2024
5,000
-
3,846
8,846



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Share-based payments reserve
Profit and loss account
Total equity

£000
£000
£000
£000

At 1 April 2022
5,000
142
1,025
6,167


Comprehensive income for the year

Profit for the financial year
-
-
1,202
1,202
Total comprehensive income for the year
-
-
1,202
1,202


At 31 March 2023
5,000
142
2,227
7,369


The notes on pages 10 to 21 form part of these financial statements.
Page 9

 
RSM 2000 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

RSM 2000 Limited ('the company') is a private limited company by shares and incorporated, domiciled and registered in England in the United Kingdom, under the Companies Act 2006. The address of the registered office is given on the Company Information page and the nature of the Company's operations, and its principal activity are set out in the Directors' Report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

These financial statements are presented in Pounds Sterling rounded to thousands (£’000). The Pound Sterling is the currency of the primary economic environment in which the Company operates.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied consistently, other than where new policies have been adopted:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
 - paragraph 118(e) of IAS 38 Intangible Assets;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 74A(b) of IAS 16
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.
Page 10

 
RSM 2000 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.2
Financial Reporting Standard 101 - reduced disclosure exemptions (continued)

   the requirement of new but not yet effective IFRS's.
 
This information is included in the consolidated financial statements of PayPoint plc for the year ended 31 March 2024 and these financial statements may be obtained from 1 The Boulevard, Shire Park, Welwyn Garden City, Hertfordshire, AL7 1EL.

 
2.3

Going concern

At 31 March 2024, the Company had cash and cash equivalents of £2,326(2023: £1,866k). The Company has a resilient statement of financial position, with net assets of £8,846(2023: £7,369k) as at 31 March 2024, having made a profit for the year of £1,477(2023: £1,202k).   
The Company meets its day-to-day working capital requirements through its cash reserves and group borrowings. The current economic conditions continue to create uncertainty, particularly over the level of demand for the Company’s services. The Company’s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Company should be able to operate within the level of its current cash reserves and group borrowings. After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 11

 
RSM 2000 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.6

Leases

The Company as a lessee

The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases and leases of low value assets.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. 

Lease payments included in the measurement of the lease liability comprise:

fixed lease payments (including in-substance fixed payments), less any lease incentives;


The lease liability was included in 'Creditors' on the Statement of Financial Position.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The Company remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) in the event of a change in future lease payments.

The Company did not make any such adjustments during the periods presented.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets were depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The right-of-use assets are included in the 'Intangible Assets', 'Tangible Fixed Assets' and 'Investment Property' lines, as applicable, in the Statement of Financial Position.

The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 2.13.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has used this practical expedient.

Page 12

 
RSM 2000 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Interest income

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

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Current and deferred taxation

The Group’s policy is to pay tax when due but to minimise tax payments where practically possible, without engaging in aggressive tax schemes.
The tax expense represents the amount payable in respect of the year under review based on the taxable profit for the year and the provision for deferred tax. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and items that are not taxable or deductible.

The Group’s liability for current tax is calculated using tax rates that are applicable to the current year.

The Group’s liability for current tax is calculated using tax rates that are applicable to the current year.
 
Deferred tax is provided in full on taxable temporary differences between the tax bases of assets and liabilities and their carrying amounts. Deferred tax is calculated using tax rates that have been substantively enacted by the balance sheet date. Deferred tax assets are recognised on deductible temporary differences to the extent that it is probable that future taxable profit will be available against
Page 13

 
RSM 2000 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.11
Current and deferred taxation (continued)

which the tax asset will be realised. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at each balance sheet date 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 is charged or credited in the statement of profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, in which case the deferred tax is recorded in other comprehensive income or equity.

 
2.12

Intangible assets

Intangible assets are stated at cost less accumulated amortisation and less accumulated impairment losses. The Company develops computer software and other intangible assets for its own use. 
Development expenditure on large projects is recognised as an intangible asset if the product or process is technically and commercially feasible and the Company intends to and has the technical ability and sufficient resources to complete development, future economic benefits are probable and if the Company can measure reliably the expenditure attributable to the intangible asset during its development. The costs that are capitalised are the directly attributable costs necessary to create and prepare the asset for operations.
Development costs recognised as an intangible asset are amortised on a straight-line basis over its useful life, which is between five and ten years. Other software costs are recognised in administrative expenses when incurred.

 
2.13

Property, plant and equipments

Property, plant and equipment under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant, machinery, fixture and fittings
-
straight line over 3 years
Terminals and computer equipment
-
straight line over 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

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

Page 14

 
RSM 2000 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

Debtors

Trade receivables are initially recorded at fair value and represent the amount of commission due from clients or fees from retailers for which payment has not been received, less an allowance for doubtful accounts that is estimated based on factors such as the credit rating of the customer, historical trends, the current economic environment and other information.

 
2.15

Cash and cash equivalents

For the purpose of the Statement of Financial Position, cash and cash equivalents comprise cash at bank  and short-term deposits with original maturity of less than three months and are subject to insignificant risk of changes in value.

 
2.16

Creditors

Trade payables are initially recorded at fair value and represent the value of invoices received from suppliers for purchases of goods and services for which payment has not been made.
 

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an on going basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of the revision and future years if the revision affects both current and future years.
The directors have assessed that, in preparing the Company's financial statements, there are no critical accounting judgements on key sources of estimation uncertainty.


4.


Revenue

All revenue arose within the United Kingdom and is attributable to the principal activities.


5.


Employees

The Company does not have any of its own employees (2023: no) by virtue of the fact that contracts of employment of employees within the Group are in the name of PayPoint Network Limited, a fellow subsidiary. PayPoint Network Limited makes a recharge to the Company all cost of staff assigned to deal with company's affairs.

Page 15

 
RSM 2000 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Directors' remuneration

The Company does not have any of its directors employed (2023: no) by virtue of the fact that contracts of employment of directors within the Group are in the name of PayPoint plc, a parent company. PayPoint plc makes a recharge to the Company for the proportion of directors costs relating to time spent on the company's affairs.





7.


Tax on profit


2024
2023
£000
£000

Corporation tax


Current tax on profits for the year
228
-


Total current tax
228
-

Deferred tax


Origination and reversal of timing differences
269
313

Changes to tax rates
-
99

Adjustments in respect of previous periods
38
36

Total deferred tax
307
448


Tax on profit
535
448

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£000
£000


Profit before tax
2,012
1,650


Profit before tax multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
503
313

Effects of:


Non-tax deductible amortisation
(6)
-

Adjustments to tax charge in respect of prior periods
38
36

Remeasurement of deferred tax for changes in tax rates
-
99

Total tax charge for the year
535
448

Page 16

 
RSM 2000 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
7.Tax on profit (continued)


Factors that may affect future tax charges

The income tax charge is based on the UK statutory rate of corporation tax for the year of 25% (2023: 19%). Deferred tax has been calculated using the enacted tax rates that are expected to apply when the liability is settled, or the asset realised. During the prior financial year, an increase in the main rate of UK corporation tax from 19% to 25% with effect from 1 April 2023 was enacted. Deferred tax has been calculated based on the rate applicable at the date timing differences are expected to reverse.


8.


Intangible assets




Computer software

£000



Cost


At 1 April 2023
6,526


Additions - external
409


Additions - internal
913


Disposals
(16)



At 31 March 2024

7,832



Amortisation


At 1 April 2023
710


Charge for the year on owned assets
1,108


On disposals
(16)



At 31 March 2024

1,802



Net book value



At 31 March 2024
6,030



At 31 March 2023
5,816

Intangible assets amortisation is recorded in cost of revenue in the statement of comprehensive income.




Page 17

 
RSM 2000 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Property, plant and equipments





Plant, machinery, fixture and fittings
Terminals and computer equipment
Total

£000
£000
£000



Cost 


At 1 April 2023
10
12
22



At 31 March 2024

10
12
22



Depreciation


At 1 April 2023
9
10
19


Charge for the year on owned assets
1
2
3



At 31 March 2024

10
12
22



Net book value



At 31 March 2024
-
-
-



At 31 March 2023
1
2
3


10.


Debtors

2024
2023
£000
£000

Amounts falling due within one year

Trade debtors
63
76

Amounts owed by group undertakings
1,207
276

Other debtors
829
504

Prepayments and accrued income
167
178

2,266
1,034


Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

Page 18

 
RSM 2000 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Cash at bank and in hand

2024
2023
£000
£000

Cash at bank
2,326
1,866

2,326
1,866



12.


Creditors: Amounts falling due within one year

2024
2023
£000
£000

Trade creditors
37
219

Amounts owed to group undertakings
-
7

Other taxation and social security
-
103

Other creditors
507
219

Accruals and deferred income
539
416

1,083
964


Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.


13.


Deferred taxation




2024
2023


£000

£000






At beginning of year
(386)
62


Charged to profit or loss
(307)
(448)



At end of year
(693)
(386)

Page 19

 
RSM 2000 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
13.Deferred taxation (continued)

The deferred tax liability is made up as follows:

2024
2023
£000
£000


Tax losses
-
68

Deferred income
46
-

Intangible assets
(739)
(454)

(693)
(386)


Deferred tax analysis


Tax losses
Deferred income
Intangible assets
Accelerated capital allowances
Total

£000
£000
£000
£000
£000

At 1 April 2022
64
-
-
(2)
62

Charged to profit or loss
4
-
(454)
2
(448)

At 31 March 2023
68
-
(454)
-
(386)

Charged to profit or loss
(68)
46
(285)
-
(307)

At 31 March 2024
-
46
(739)
-
(693)


14.


Called up share capital

2024
2023
£000
£000
Allotted, called up and fully paid



5,000,100 (2023 - 5,000,100) Ordinary shares of £1.00 each
5,000
5,000

Share capital represents the nominal value of shares issued.


15.


Profit and loss account

Retained earnings represents cumulative profits and losses, net of dividends paid and other adjustments.

Page 20

 
RSM 2000 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Controlling party

The immediate parent undertaking and ultimate controlling party of the Company is PayPoint plc.

The smallest and largest group to consolidate these financial statements is that headed by PayPoint plc. Copies of the PayPoint plc consolidated financial statements can be obtained from the Company Secretary at 1 The Boulevard, Shire Park, Welwyn Garden City, Hertfordshire, AL7 1EL. No other group financial statements include the results of the Company.

Page 21