Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false312023-04-01falseNo description of principal activity29falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06672728 2023-04-01 2024-03-31 06672728 2022-04-01 2023-03-31 06672728 2024-03-31 06672728 2023-03-31 06672728 c:Director1 2023-04-01 2024-03-31 06672728 d:MotorVehicles 2023-04-01 2024-03-31 06672728 d:MotorVehicles 2024-03-31 06672728 d:MotorVehicles 2023-03-31 06672728 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06672728 d:FurnitureFittings 2023-04-01 2024-03-31 06672728 d:FurnitureFittings 2024-03-31 06672728 d:FurnitureFittings 2023-03-31 06672728 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06672728 d:OfficeEquipment 2023-04-01 2024-03-31 06672728 d:OfficeEquipment 2024-03-31 06672728 d:OfficeEquipment 2023-03-31 06672728 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06672728 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06672728 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 06672728 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 06672728 d:CurrentFinancialInstruments 2024-03-31 06672728 d:CurrentFinancialInstruments 2023-03-31 06672728 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 06672728 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 06672728 d:ShareCapital 2024-03-31 06672728 d:ShareCapital 2023-03-31 06672728 d:RetainedEarningsAccumulatedLosses 2024-03-31 06672728 d:RetainedEarningsAccumulatedLosses 2023-03-31 06672728 c:FRS102 2023-04-01 2024-03-31 06672728 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 06672728 c:FullAccounts 2023-04-01 2024-03-31 06672728 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06672728 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-04-01 2024-03-31 06672728 2 2023-04-01 2024-03-31 06672728 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-04-01 2024-03-31 06672728 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 06672728









EMERGING PAYMENTS VENTURES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
EMERGING PAYMENTS VENTURES LIMITED
REGISTERED NUMBER: 06672728

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Intangible assets
 4 
40,459
51,697

Tangible assets
 5 
181,183
229,437

  
221,642
281,134

Current assets
  

Debtors: amounts falling due within one year
 6 
1,267,814
711,370

Cash at bank and in hand
 7 
1,443,466
1,106,132

  
2,711,280
1,817,502

Creditors: amounts falling due within one year
 8 
(2,412,219)
(1,824,323)

Net current assets/(liabilities)
  
 
 
299,061
 
 
(6,821)

Total assets less current liabilities
  
520,703
274,313

  

Net assets
  
520,703
274,313


Capital and reserves
  

Called up share capital 
  
880
880

Profit and loss account
  
519,823
273,433

Total equity
  
520,703
274,313


Page 1

 
EMERGING PAYMENTS VENTURES LIMITED
REGISTERED NUMBER: 06672728
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies 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: 



A V Craddock
Director

Date: 4 December 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
EMERGING PAYMENTS VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Emerging Payments Ventures Limited is a private company limited by shares. The company is incorporated in England and Wales and its trading address is St. Clement's House, 27 Clement's Lane, London, England, EC4N 7AE. The registered number is 06672728.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

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 income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
EMERGING PAYMENTS VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

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.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
EMERGING PAYMENTS VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 5

 
EMERGING PAYMENTS VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets 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, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
Fixtures & fittings
-
25%
Office equipment
-
25%

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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
EMERGING PAYMENTS VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 31 (2023 - 29).

Page 7

 
EMERGING PAYMENTS VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Software

£



Cost


At 1 April 2023
68,930


Additions
15,650



At 31 March 2024

84,580



Amortisation


At 1 April 2023
17,232


Charge for the year on owned assets
26,889



At 31 March 2024

44,121



Net book value



At 31 March 2024
40,459



At 31 March 2023
51,697



Page 8

 
EMERGING PAYMENTS VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Motor vehicles
Fixtures & fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
224,915
5,669
56,328
286,912


Additions
-
-
9,623
9,623



At 31 March 2024

224,915
5,669
65,951
296,535



Depreciation


At 1 April 2023
18,266
5,669
33,540
57,475


Charge for the year on owned assets
45,983
-
11,894
57,877



At 31 March 2024

64,249
5,669
45,434
115,352



Net book value



At 31 March 2024
160,666
-
20,517
181,183



At 31 March 2023
206,649
-
22,788
229,437


6.


Debtors

2024
2023
£
£


Trade debtors
1,036,548
485,305

Other debtors
135,388
67,407

Prepayments and accrued income
95,878
158,658

1,267,814
711,370



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,443,466
1,106,132


Page 9

 
EMERGING PAYMENTS VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
92,344
123,391

Corporation tax
145,490
12,975

Other taxation and social security
168,798
111,686

Other creditors
34,355
61,814

Accruals and deferred income
1,971,232
1,514,457

2,412,219
1,824,323



9.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £50,914 (2023: £38,395).


10.


Related party transactions

In accordance with FRS 102, the company is exempt from the requirement to disclose transactions between members of the same group.


11.


Controlling party

The immediate parent and controlling party is Helicity Limited, a company incorporated in the United Kingdom.

 
Page 10