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Registered number: 11894023













          Monek Merchant Services Ltd
          Financial statements
          For the Period Ended 30 June 2023















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Monek Merchant Services Ltd
Registered number:11894023

Balance Sheet
As at 30 June 2023

30 June
31 December
2023
2021
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
388,845
-

Cash at bank and in hand
 5 
210,394
114,274

  
599,239
114,274

Creditors: amounts falling due within one year
 6 
(395,612)
-

Net current assets
  
 
 
203,627
 
 
114,274

Net assets
  
203,627
114,274


Capital and reserves
  

Called up share capital 
  
422,325
162,000

Profit and loss account
  
(218,698)
(47,726)

  
203,627
114,274


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 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 profit and loss account 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: 




___________________________
M S Carroll
Director

Date: 15 January 2025

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
Monek Merchant Services Ltd
 
 
Notes to the Financial Statements
For the Period Ended 30 June 2023

1.


General information

Monek Merchant Services Ltd is a private company limited by shares and incorporated in England and Wales under the Companies Act. The address of the registered office is given in the Company Information section. The pricipal activity of the Company is that of an authorised payment institution.

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.

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

The following principal accounting policies have been applied:

 
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 paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
the requirement of paragraph 24(b) of IFRS 6 Exploration for and Evaluation of Mineral Resources to disclose the operating and investing cash flows arising from the exploration for and evaluation of mineral resources
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of IAS 7 Statement of Cash Flows
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

This information is included in the consolidated financial statements of Monek Group Limited as at 30 June 2023 and these financial statements may be obtained from Monek Group Limited, Sterling House, F2/F3 Davidson Road, Lichfield, England, WS14 9DZ.

Page 2

 
Monek Merchant Services Ltd
 
 
Notes to the Financial Statements
For the Period Ended 30 June 2023

2.Accounting policies (continued)

 
2.3

Going concern

The company has, as planned, recorded a loss for the year, whilst it continues with its investment in developing its offering to the payments industry. The directors believe that the group has demonstrated significant further progress towards achieving its objectives of a distinguished leader in the payments industry. 
The directors have prepared cashflow forecasts covering a period extending beyond 12 months from the date of approval of these financial statements, taking account of anticipated costs and revenues, which demonstrates that the company can operate within the finance facilities available to it and therefore the directors consider it is appropriate to prepare the company's financial statements on a going concern basis.

 
2.4

Impact of new international reporting standards, amendments and interpretations

The financial statements for the 18 months ended 30 June 2023 have been prepared in accordance with Financial Reporting Standard 101 (FRS 101) ‘Reduced Disclosure Framework’. The following new standards, amendments, and interpretations issued by the International Accounting Standards Board (IASB) and the Financial Reporting Council (FRC) have been adopted in these financial statements:
IFRS 17 Insurance Contracts: Effective for annual periods beginning on or after 1 January 2023, IFRS 17 replaces IFRS 4 and establishes principles for the recognition, measurement, presentation, and disclosure of insurance contracts. The adoption of IFRS 17 did not have a material impact on the financial statements as the company does not engage in insurance activities.
Amendments to IAS 1 Presentation of Financial Statements: These amendments, effective for annual periods beginning on or after 1 January 2023, clarify the classification of liabilities as current or non-current. The adoption of these amendments did not result in significant changes to the classification of the company’s liabilities.
Amendments to IFRS 3 Business Combinations: Effective for annual periods beginning on or after 1 January 2023, these amendments update the reference to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations. The adoption of these amendments did not have a significant impact on the financial statements.
Amendments to IAS 16 Property, Plant and Equipment: These amendments, effective for annual periods beginning on or after 1 January 2023, prohibit deducting from the cost of an item of property, plant, and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The adoption of these amendments did not have a material impact on the financial statements.
Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets: Effective for annual periods beginning on or after 1 January 2023, these amendments specify which costs a company includes when assessing whether a contract will be loss-making. The adoption of these amendments did not have a significant impact on the financial statements.
The company has not early adopted any other standard, interpretation, or amendment that has been issued but is not yet effective. The directors anticipate that the adoption of these standards, amendments, and interpretations in future periods will not have a material impact on the financial statements of the
Page 3

 
Monek Merchant Services Ltd
 
 
Notes to the Financial Statements
For the Period Ended 30 June 2023

2.Accounting policies (continued)

 
2.4

Impact of new international reporting standards, amendments and interpretations (continued)

company.

 
2.5

Income

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:

A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.

Rendering of services

Revenue from providing services is recognised in the accounting period in which the services are rendered.

For fixed-price contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously.

 
2.6

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.

 
2.7

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.

 
2.8

Cash

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.

Page 4

 
Monek Merchant Services Ltd
 
 
Notes to the Financial Statements
For the Period Ended 30 June 2023

2.Accounting policies (continued)

 
2.9

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including the directors, during the period was as follows:


        2023
        2021
            No.
            No.







Finance
2
-

Page 5

 
Monek Merchant Services Ltd
 
 
Notes to the Financial Statements
For the Period Ended 30 June 2023

4.


Debtors

30 June
31 December
2023
2021
£
£


Trade debtors
144,311
-

Amounts owed by group undertakings
165,325
-

Other debtors
2,662
-

Prepayments and accrued income
76,547
-

388,845
-


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


5.


Cash and cash equivalents

30 June
31 December
2023
2021
£
£

Cash at bank and in hand
210,394
114,274

210,394
114,274



6.


Creditors: Amounts falling due within one year

30 June
31 December
2023
2021
£
£

Trade creditors
115,174
-

Amounts owed to group undertakings
171,913
-

Other taxation and social security
9,492
-

Other creditors
27,131
-

Accruals and deferred income
71,902
-

395,612
-


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

Page 6

 
Monek Merchant Services Ltd
 
 
Notes to the Financial Statements
For the Period Ended 30 June 2023

7.


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 £10,272 (2021 - £Nil). Contributions totalling £4,261 (2021 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.


8.


Controlling party

Monek Group Limited is the immediate and ultimate parent company. There is no controlling party in Monek Group Limited. 
The largest and smallest group in which results of the Company are consolidated is that headed by Monek Group Limited, a company incorporated in England and Wales. 
The consolidated financial statements of this group are available to the public and may be obtained from Monek Group Limited, Sterling House, F2/F3 Davidson Road, Lichfield, England, WS14 9DZ. 


9.


Auditor's information

The auditor's report on the financial statements for the period ended 30 June 2023 was unqualified.

The audit report was signed on 15 January 2025 by Mark Gurney FCCA (Senior Statutory Auditor) on behalf of Dains Audit Limited.

 
Page 7