PAYONEER (UK) LIMITED
Directors: J. Allum
I. Perry
Registered office: 5.2 Central House
1 Ballards Lane
N3 1LQ
Registered No: 07567614 (England & Wales)
Independent Auditors: Levy Cohen & Co.
Registered Auditors
5.2 Central House
1 Ballards Lane
N3 1LQ
Financial statements
For the year ended 31 December 2023
in US Dollars
page
Statement of financial position 1
Notes to the financial statements 2-5
PAYONEER (UK) LIMITED
Statement of financial position as at 31 December 2023
31.12.2023 31.12.2022
Notes $ $ $
Fixed assets
Investments 5 1,546 0
Computer & equipment 6 53,931 0
55,477 0
Current assets
Debtors 7 7,824,393 2,833,266
Cash at Bank and in hand 2,463,090 1,594,091
10,287,483 4,427,357
Creditors: amounts falling due
within one year 8 (4,344,686) (1,460,126)
Deferred tax liability 9 (13,483) -
Net current assets 5,929,314 2,967,231
Total net assets 5,984,791 2,967,231
Capital and Reserve
31.12.2023 31.12.2022
$ $ $
Called up share capital 9 800 800
Capital fund 10 4,010,998 2,300,362
Profit and loss account 1,972,993 666,069
Shareholders' fund 5,984,791 2,967,231
The accounts have been prepared and delivered in accordance with special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
_________________________
J. Allum
Director
Company number: 07567614 15 January 2025
PAYONEER (UK) LIMITED
Notes to the financial statements - 31 December 2023
COMPANY INFORMATION
1. Company Information
Payoneer (UK) Limited is a private limited company incorporated and domiciled in England & Wales. The address of its registered office is 5.2 Central House, 1 Ballard's Lane, N3 1LQ.
The company is a wholly owned subsidiary of Payoneer Inc., a company registered in the USA. The largest group in which the company's results are consolidated is headed by Pioneer Global Inc.
2. Accounting Policies
2.1 Basis of accounting
The financial statements have been prepared on a going concern basis, under historical cost convention and in accordance with the provisions of FRS 102 Seduction 1A small entities and the Companies Act 2006.
The financial statements are presented in US dollars ($) as the company is an extension of the parent company and the majority of its assets and liabilities are in currency other than sterling therefore, the company uses its parent company's functional currency.
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2.2 Group accounts
The company and its subsidiary are part of a small size group and therefore has taken the discretion not to prepare group accounts in accordance with Section 398 of the Companies Act 2006.
2.3 Going concern
The company and the Payoneer group are both operationally and financially inextricably linked. Having considered the cash flow of the group and the group's cash reserves, and after making enquiries of the directors of the parent undertaking, the directors have reasonable expectations that the company and the group have adequate resources to continue an operational existence and meet their liabilities for a period of at least 12 months from the date these financial statements were approved.
Taking into account the above, the directors are of the opinion that the company can continue to operate as a going concern.
2.4 Turnover
Turnover represents net invoice of services provided excluding VAT.
2.5 Revenue Recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amounts receivable for services provided to the group during the year.
2.6 Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into US dollars at the rate of exchange ruling at the Balance Sheet date.
Non monetary items are translated into US dollars at the actual rate ruling on the date of the transaction.
Foreign currency transactions relating to income and expenditure are translated into US dollars at the rate of exchange ruling on the date of the transaction.
Exchange rate differences are recognised in profit or loss in the period which they arise.
PAYONEER (UK) LIMITED
Notes to the financial statements - 31 December 2023
Accounting Policies continued/…..
2.7 Debtors
Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment.
2.8 Creditors
Basic financial liabilities including trade and other payable are measured at transaction price.
2.9 Current & deferred taxation
Deferred taxation is provided using the liability method to take into account timing from the inclusion of items of expenditure in taxation computations in periods that differ from those differences arising in which they are included in the financial statements to the extent that it is probably that an or assets will crystallize in the future.
Provision for deferred taxation is set off against debit balance of deferred taxation.
The current income tax charged is calculated on the basis of the tax rate and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operated and generates income.
2.10 Operating leases
Rental paid under operating leases is charged to profit and loss on a straight line basis over the lease term.
2.11 Employee benefits
The company provides a range of benefits to employees, including annual bonus arrangements, paid
holiday arrangements and defined contribution pension plans.
(i) Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits are recognised
as an expense in the period in which the service is received.
(ii) Bonus plan
The company operates annual bonus plan for employees and expense is recognised in the profit and loss account when the company has a legal or constructive obligation to make payment under the plan as a result of passed events and reliable estimation of the obligation can be made.
PAYONEER (UK) LIMITED
Notes to the financial statements - 31 December 2023
Accounting Policies continued/…..
2.11 Employee benefits (continued)
(iii) Defined contribution pension plans
The company operated 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 when they are due. Amounts not paid are shown in
accruals in the balance sheet. The assets of the plan are held separately from the company in
independently administered funds.
(iv) Shared-based payments
The company participates in a share-based payment arrangement established by the ultimate parent company. The company recognises the share-based payment expenses based on the specific cost that is relating to the company participating employees. The corresponding credit is recognised as a component of equity.
3. Employee information
2023 2022
The average number of employees during the year was: 49 48
4. Directors' remuneration
2023 2022
Number of paid directors 1 1
5. Fixed assets investment
2023 2022
$ $
At 1 January 2023 - -
Additions 1,546 -
At 31 December 2023 1,546 -
Fixed asset investment comprise equity shares in the following company which is not publicly traded:
Company name Country of Percentage of 31.12.2023
Incorporation of Holding $
Payoneer India LLC India 100% 1,546
6. Computers & Equipment
Computers,
&
Equipment Total
$ $
Cost:
Additions 58,008 58,008
At 31 December 2023 58,008 58,008
Depreciation:
Charge for the year 4,077 4,077
At 31 December 2023 4,077 4,077
Net book value:
At 31 December 2023 53,931 53,931
At 31 December 2022 0 0
7. Debtors
31.12.2023 31.12.2022
$ $
VAT 163,393 134,692
Parent company 6,752,118 2,193,821
Group companies 680,975 -
Prepayments and other debtors 51,433 368,724
Deposit 139,013 100,277
Corporation tax 37,461 35,752
7,824,393 2,833,266
An amount of $139,013 is repayable in a period of more than 1 year (2022 $100,277).
PAYONEER (UK) LIMITED
Notes to the financial statements - 31 December 2023
8. Creditors: amounts falling due
within one year
31.12.2023 31.12.2022
$ $
Trade creditors 63,009 193,251
Group companies 3,068,678 0
Corporation tax 219,384 0
Accruals and other creditors 993,615 1,266,875
4,344,686 1,460,126
9. Deferred tax (liability)/ asset
31.12.2023 31.12.2022
$ $
As at 1 January 2023 - 177,784
Transfer from profit and loss account (13,483) (177,784)
As at 31 December 2023 (13,483) -
10. Share capital
31.12.2023 31.12.2022
$ $
Allotted, called up and fully paid:
500 ordinary shares at £1 800 800
11. Capital Fund
The capital fund represents the value received from the parent company in relation to the issue of share options to the company employees.
12. Audit report information
As the income statement has been omitted from the filing of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444 (5B) of the Companies Act 2006. The auditor's report was unqualified.
The senior statutory auditor was Mr. Josef Cohen
The auditor was Levy Cohen & Co
Date auditor signed accounts: 15 January 2025
Name of director signing accounts: J. Allum
Date director signed accounts: 15 January 2025
13. Related Party Transactions
Control
The company is a wholly owned subsidiary of Payoneer Inc, a foreign corporation registered in the United States of America whose address is: 150 West 30th Street Room 500 New York, NY 10001 United States.
The largest group in which the company's results are consolidated is headed by Payoneer Global Inc, a public company listed on the NASDAQ.
Transactions
The company is exempt from disclosing transactions with related parties that are wholly owned within the same group in accordance with FRS 102 Section 33(1)A.
14. Commitment:
There are no yearly commitments for a period of more than one year as at 31 December 2023.
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