PAYONEER (UK) LIMITED |
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Notes to the financial statements - 31 December 2023 |
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COMPANY INFORMATION |
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1. |
Company Information |
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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. |
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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. |
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2. |
Accounting Policies |
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2.1 |
Basis of accounting |
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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. |
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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. |
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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 |
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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 |
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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. |
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Taking into account the above, the directors are of the opinion that the company can continue to operate as a going concern. |
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2.4 |
Turnover |
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Turnover represents net invoice of services provided excluding VAT. |
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2.5 |
Revenue Recognition |
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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. |
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2.6 |
Foreign currencies |
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Monetary assets and liabilities in foreign currencies are translated into US dollars at the rate of exchange ruling at the Balance Sheet date. |
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Non monetary items are translated into US dollars at the actual rate ruling on the date of the transaction. |
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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. |
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Exchange rate differences are recognised in profit or loss in the period which they arise. |
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PAYONEER (UK) LIMITED |
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Notes to the financial statements - 31 December 2023 |
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Accounting Policies continued/….. |
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2.7 |
Debtors |
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Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment. |
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2.8 |
Creditors |
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Basic financial liabilities including trade and other payable are measured at transaction price. |
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2.9 |
Current & deferred taxation |
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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. |
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Provision for deferred taxation is set off against debit balance of deferred taxation. |
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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. |
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2.10 |
Operating leases |
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Rental paid under operating leases is charged to profit and loss on a straight line basis over the lease term. |
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2.11 |
Employee benefits |
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The company provides a range of benefits to employees, including annual bonus arrangements, paid |
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holiday arrangements and defined contribution pension plans. |
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(i) Short term benefits |
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Short term benefits, including holiday pay and other similar non-monetary benefits are recognised |
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as an expense in the period in which the service is received. |
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(ii) Bonus plan |
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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. |
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PAYONEER (UK) LIMITED |
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Notes to the financial statements - 31 December 2023 |
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Accounting Policies continued/….. |
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2.11 |
Employee benefits (continued) |
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(iii) Defined contribution pension plans |
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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. |
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Once the contributions have been paid the company has no further payment obligations. |
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The contributions are recognised as an expense when they are due. Amounts not paid are shown in |
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accruals in the balance sheet. The assets of the plan are held separately from the company in |
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independently administered funds. |
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(iv) Shared-based payments |
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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. |
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3. |
Employee information |
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2023 |
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2022 |
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The average number of employees during the year was: |
49 |
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48 |
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4. |
Directors' remuneration |
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2023 |
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2022 |
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Number of paid directors |
1 |
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1 |
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5. |
Fixed assets investment |
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2023 |
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2022 |
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$ |
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$ |
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At 1 January 2023 |
- |
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- |
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Additions |
1,546 |
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- |
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At 31 December 2023 |
1,546 |
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- |
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Fixed asset investment comprise equity shares in the following company which is not publicly traded: |
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Company name |
Country of |
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Percentage of |
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31.12.2023 |
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Incorporation |
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of Holding |
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$ |
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Payoneer India LLC |
India |
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100% |
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1,546 |
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6. |
Computers & Equipment |
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Computers, |
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& |
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Equipment |
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Total |
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$ |
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$ |
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Cost: |
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Additions |
58,008 |
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58,008 |
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At 31 December 2023 |
58,008 |
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58,008 |
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Depreciation: |
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Charge for the year |
4,077 |
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4,077 |
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At 31 December 2023 |
4,077 |
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4,077 |
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Net book value: |
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At 31 December 2023 |
53,931 |
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53,931 |
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At 31 December 2022 |
0 |
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0 |
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7. |
Debtors |
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31.12.2023 |
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31.12.2022 |
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$ |
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$ |
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VAT |
163,393 |
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134,692 |
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Parent company |
6,752,118 |
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2,193,821 |
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Group companies |
680,975 |
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- |
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Prepayments and other debtors |
51,433 |
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368,724 |
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Deposit |
139,013 |
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100,277 |
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Corporation tax |
37,461 |
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35,752 |
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7,824,393 |
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2,833,266 |
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An amount of $139,013 is repayable in a period of more than 1 year (2022 $100,277). |
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PAYONEER (UK) LIMITED |
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Notes to the financial statements - 31 December 2023 |
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8. |
Creditors: amounts falling due |
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within one year |
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31.12.2023 |
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31.12.2022 |
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$ |
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$ |
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Trade creditors |
63,009 |
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193,251 |
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Group companies |
3,068,678 |
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0 |
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Corporation tax |
219,384 |
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0 |
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Accruals and other creditors |
993,615 |
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1,266,875 |
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4,344,686 |
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1,460,126 |
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9. |
Deferred tax (liability)/ asset |
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31.12.2023 |
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31.12.2022 |
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$ |
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$ |
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As at 1 January 2023 |
- |
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177,784 |
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Transfer from profit and loss account |
(13,483) |
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(177,784) |
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As at 31 December 2023 |
(13,483) |
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- |
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10. |
Share capital |
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31.12.2023 |
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31.12.2022 |
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$ |
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$ |
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Allotted, called up and fully paid: |
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500 ordinary shares at £1 |
800 |
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800 |
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11. |
Capital Fund |
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The capital fund represents the value received from the parent company in relation to the issue of share options to the company employees. |
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12. |
Audit report information |
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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. |
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The senior statutory auditor was Mr. Josef Cohen |
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The auditor was Levy Cohen & Co |
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Date auditor signed accounts: 15 January 2025 |
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Name of director signing accounts: J. Allum |
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Date director signed accounts: 15 January 2025 |
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13. |
Related Party Transactions |
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Control |
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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. |
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The largest group in which the company's results are consolidated is headed by Payoneer Global Inc, a public company listed on the NASDAQ. |
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Transactions |
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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. |
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14. |
Commitment: |
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There are no yearly commitments for a period of more than one year as at 31 December 2023. |