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Registered number: 07740859









CMS Payments Intelligence Limited









Annual Report and Financial Statements

For the Year Ended 30 April 2024

 
CMS Payments Intelligence Limited
 
 
Company Information


Directors
K Tallar 
R J Kyne 
B P Doyle 
E Frost 




Registered number
07740859



Registered office
Suite 4Fo4 Oxford Place

61 Oxford Street

Manchester

M1 6EQ




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

Cheshire

SK1 3GG





 
CMS Payments Intelligence Limited
 

Contents



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 5
Independent Auditors' Report
 
6 - 9
Statement of Comprehensive Income
 
10
Balance Sheet
 
11
Statement of Changes in Equity
 
12
Notes to the Financial Statements
 
13 - 30


 
CMS Payments Intelligence Limited
 
 
Strategic Report
For the Year Ended 30 April 2024

Introduction
 
The Directors present their Strategic Report for the year ended 30 April 2024.

Business review
 
The Company provides advice to its clients in order to optimise their payment supply chain. The Company's clients are generally multi-national tier one clients.
Revenue remained steady in the year at £6.3m (
2023: £6.3m). Whilst other entities within the group, which operate in the United States and the Asia and Pacific (APAC) region, saw steady increases in revenue driven by increased demand for services, revenues in Europe were largely static. 
Earnings before interest, tax, depreciation and amortisation (“EBITDA”) increased to £20.7m (
2023: £15.9m) and net profit before tax increased to £20.8m (2023: £15.9m). The only reconciling items between EBITDA and operating profit is depreciation and amortisation which is disclosed in the notes to the financial statements. 
EBITDA and Net profit has increased significantly in the previous three years due to a change in the methodology and calculation of the group management charge, which increased further in FY24 due to additional profits being made in the company's overseas subsidiaries. Excluding management charges, the company generated a loss before tax of £2.76m (
2023: £2.14m). The change in management charge methodology has also resulted in a significant change to the intercompany balances held by the company.
The company had net current assets of £40.4m 
(2023: £23.4m), and net assets of £41.6m (2023: £24.1m) at 30 April 2024. The company's cash balances increased from £8.1m to £8.7m at the year end due to increased cash generation in the year.

Principal risks and uncertainties
 
The principal risk faced by the business is adverse economic conditions leading to a potential decline in volumes for our clients. Although the current economic situation is one of high inflation, as with many negative economic conditions, this drives clients and prospective clients to look to optimise costs across the supply chain, resulting in further requirements for the company's services.
The business also faces the risk of new technologies and changes in laws and regulation that would reduce card payment volumes. The company is currently expecting any changes in laws or regulations to provide additional opportunities as the company stays ahead of any potential changes through dedicated teams.
The business relies upon high-quality employees to deliver the services it provides. A lack of available quality employees would provide a risk to the business. The company is confident that it would remain an attractive option for any potential high quality employee due to its reputation in the market and the opportunities offered.

Financial key performance indicators
 
Revenue, EBITDA and net profit before tax are the principal key performance indicators monitored by the directors and are included in the fair review of the business above.

Page 1

 
CMS Payments Intelligence Limited
 

Strategic Report (continued)
For the Year Ended 30 April 2024


This report was approved by the board and signed on its behalf.



................................................
K Tallar
Director

Date: 29 January 2025

Page 2

 
CMS Payments Intelligence Limited
 
 
 
Directors' Report
For the Year Ended 30 April 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the 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 for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

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 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are also 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 responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Results and dividends

The profit for the year, after taxation, amounted to £17,459,826 (2023 - £13,594,252).

No dividends were paid during the year (2023: £Nil). The directors do not recommend the payment of a final dividend.

Directors

The directors who served during the year were:

K Tallar 
R J Kyne 
B P Doyle 
E Frost 

Future developments

The company is actively looking at new ways to develop its data and products to make payments more productive.

Page 3

 
CMS Payments Intelligence Limited
 
 
 
Directors' Report (continued)
For the Year Ended 30 April 2024

Financial instruments

The company has low exposure to interest rate risk as a result of fixed rate borrowing and lending.
The company utilises foreign exchange contracts to mitigate the company's exposure to the impact of foreign currency fluctuations on its income, expenses and balance sheet.
The company has significant cash reserves and utilises trade debtors and intercompany balances to manage cashflow and liquidity risk.

Research and development activities

During the year the company undertook some activity to enhance the services offered to customers. Some of this qualified as research and development and has been accounted for accordingly.

Engagement with suppliers, customers and others (Section 172 Statement)

The Company, and Group that it heads, fosters fair and transparent payment terms to maintain strong supplier relationships across a diverse supply chain. Suppliers, whether small businesses or large multinationals, share the Comapany’s values and commitment to fair treatment.
To maintain robust client relationships, each client is assigned a dedicated account manager with expertise in the payments industry. Clients benefit from regular updates on industry changes and webinars that address emerging challenges.
Our employees are integral to our growth, incentivised through equity plans and valuation-driven bonuses. Employee feedback is crucial and collected quarterly through anonymous surveys, ensuring leadership stays informed of their concerns.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

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

Post balance sheet events and going concern

The directors have considered the potential impact of the current economic climate on the Company and have prepared forecasts for a minimum of 12 months from the date of approval of these financial statements. Based on their review, the Directors have confirmed it is appropriate to prepare these financial statements on a going concern basis. 
There have been no significant events affecting the Company since the year end.

Auditors

The auditorsHurst Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 4

 
CMS Payments Intelligence Limited
 
 
 
Directors' Report (continued)
For the Year Ended 30 April 2024

This report was approved by the board and signed on its behalf.
 





................................................
K Tallar
Director

Date: 29 January 2025

Page 5

 
CMS Payments Intelligence Limited
 
 
 
Independent Auditors' Report to the Members of CMS Payments Intelligence Limited
 

Opinion


We have audited the financial statements of CMS Payments Intelligence Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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.


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.


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


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 in this regard.


Page 6

 
CMS Payments Intelligence Limited
 
 
 
Independent Auditors' Report to the Members of CMS Payments Intelligence Limited (continued)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors 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.


Page 7

 
CMS Payments Intelligence Limited
 
 
 
Independent Auditors' Report to the Members of CMS Payments Intelligence Limited (continued)


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:

Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
• The nature of the industry and sector in which the company operates; the control environment and business     performance including key drivers for directors' remuneration, bonus levels and performance targets.
• The outcome of enquiries of local management and parent company management, including whether management    was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge   of any actual, suspected, or alleged fraud. 
• Supporting documentation relating to the Company's policies and procedures for:
    - Identifying, evaluating, and complying with laws and regulations
    - Detecting and responding to the risks of fraud
• The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
• The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the    financial statements and any potential indicators of fraud.
• The legal and regulatory framework in which the Company operates, particularly those laws and regulations which    have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or    which had a fundamental effect on the operations of the Company, including General Data Protection requirements,   and Anti-bribery and Corruption.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
• Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with    the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
• Discussions with management, including consideration of known or suspected instances of non-compliance with    laws and regulations and fraud.
• Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
• Enquiring of management about any actual and potential litigation and claims.
• Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of    material misstatement due to fraud.
 
Page 8

 
CMS Payments Intelligence Limited
 
 
 
Independent Auditors' Report to the Members of CMS Payments Intelligence Limited (continued)


Audit response to risks identified (continued)
We have also considered the risk of fraud through management override of controls by:
• Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to    identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or   error.
• Challenging assumptions made by management in their significant accounting estimates, and assessing whether the    judgements made in making accounting estimates are indicative of a potential bias; and
• Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of    business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them.  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 Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Jo Gibson (Senior Statutory Auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
Stockport
Cheshire
SK1 3GG

29 January 2025
Page 9

 
CMS Payments Intelligence Limited
 
 
Statement of Comprehensive Income
For the Year Ended 30 April 2024

2024
2023
Note
£
£

  

Turnover
 4 
6,275,652
6,266,133

Cost of sales
  
(101,335)
(366,659)

Gross profit
  
6,174,317
5,899,474

Administrative expenses
  
(8,996,655)
(8,006,601)

Exceptional administrative expenses
 12 
(191,020)
(126,222)

Other operating income
 5 
23,538,364
18,067,912

Operating profit
 6 
20,525,006
15,834,563

Interest receivable and similar income
 10 
254,791
94,064

Profit before taxation
  
20,779,797
15,928,627

Tax on profit
 11 
(3,319,971)
(2,334,375)

Profit for the financial year
  
17,459,826
13,594,252

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 30 form part of these financial statements.

Page 10

 
CMS Payments Intelligence Limited
Registered number: 07740859

Balance Sheet
As at 30 April 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
1,015,689
594,739

Tangible assets
 14 
184,672
152,551

Investments
 15 
22,104
22,104

  
1,222,465
769,394

Current assets
  

Debtors: amounts falling due after more than one year
 16 
1,063,543
969,701

Debtors: amounts falling due within one year
 16 
33,265,470
16,089,607

Cash at bank and in hand
 17 
8,682,252
8,145,884

  
43,011,265
25,205,192

Creditors: amounts falling due within one year
 18 
(2,639,005)
(1,838,178)

Net current assets
  
 
 
40,372,260
 
 
23,367,014

Total assets less current liabilities
  
41,594,725
24,136,408

Provisions for liabilities
  

Deferred tax
 19 
(32,197)
(33,706)

Net assets
  
41,562,528
24,102,702


Capital and reserves
  

Called up share capital 
 20 
11,574
11,574

Profit and loss account
 21 
41,550,954
24,091,128

  
41,562,528
24,102,702


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




................................................
K Tallar
Director

Date: 29 January 2025

The notes on pages 13 to 30 form part of these financial statements.

Page 11

 
CMS Payments Intelligence Limited
 

Statement of Changes in Equity
For the Year Ended 30 April 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 May 2022
11,574
10,496,876
10,508,450


Comprehensive income for the year

Profit for the year
-
13,594,252
13,594,252



At 1 May 2023
11,574
24,091,128
24,102,702


Comprehensive income for the year

Profit for the year
-
17,459,826
17,459,826


At 30 April 2024
11,574
41,550,954
41,562,528


The notes on pages 13 to 30 form part of these financial statements.

Page 12

 
CMS Payments Intelligence Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

1.


General information

CMS Payments Intelligence Limited, a private company limited by members capital, is incorporated in the United
Kingdom, with its registered office and principal place of business being Suite 4fo4 Oxford Place, 61 Oxford Street, Manchester, M1 6EQ.
The principal activity of the company is that of payments consultancy.

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 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 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:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of CMSPI Topco Limited as at 30 April 2024 and these financial statements may be obtained from the Registrar of Companies.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

Going concern

The directors have considered the potential impact of the current economic climate on the Company and have prepared forecasts for a minimum of 12 months from the date of approval of these financial statements. Based on their review, the Directors have confirmed it is appropriate to prepare these financial statements on a going concern basis. 

Page 13

 
CMS Payments Intelligence Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.5

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'.

 
2.6

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 Group 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.

 
2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 14

 
CMS Payments Intelligence Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Interest income

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

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

Page 15

 
CMS Payments Intelligence Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
-  The recognition of deferred tax assets is limited to the extent that it is probable that they will be     recovered against the reversal of deferred tax liabilities or other future taxable profits;
-  Any deferred tax balances are reversed if and when all conditions for retaining associated tax      allowances have been met; and
-  Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and    joint ventures and the Group can control the reversal of the timing differences and such reversal is not    considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.13

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 16

 
CMS Payments Intelligence Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.14

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:

Fixtures and fittings
-
3 years straight line
Computer equipment
-
2 years straight line

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.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

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.

 
2.17

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.

 
2.18

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.

 
2.19

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Page 17

 
CMS Payments Intelligence Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.21

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 receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
 
Page 18

 
CMS Payments Intelligence Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments 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 payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.




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 amount 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.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of
the revision and future periods if the revision affects both current and future periods.
Recoverability of debtors
Management will regularly review outstanding debtors and make appropriate provisions where it is considered that recovery of balances is considered doubtful. At the balance sheet date, the company was carrying provisions of £107k (2023: £26k).
Revenue recognition
In a number of cases, management have to make estimates of earned revenue at the year end which will be invoiced and received in the following period. At the balance sheet date, the company was carrying income accruals of £755k (2023: £324k). 

Page 19

 
CMS Payments Intelligence Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

4.


Turnover

The whole of the turnover is attributable to its principal activty as described in note 1.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
4,020,485
3,639,316

Rest of Europe
2,255,167
2,626,817

6,275,652
6,266,133



5.


Other operating income

2024
2023
£
£

Management charges receivable
23,538,364
18,067,912



6.


Operating profit

The operating profit is stated after charging / (crediting):

2024
2023
£
£

Exchange differences
(363,756)
719,735

Other operating lease rentals
100,100
100,100


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
10,157
6,900

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 20

 
CMS Payments Intelligence Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
4,101,371
4,007,734

Social security costs
478,108
483,982

Cost of defined contribution scheme
314,111
276,728

4,893,590
4,768,444


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


        2024
        2023
            No.
            No.







United Kingdom
38
50



Europe
4
4

42
54


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
1,204,816
1,180,217

Company contributions to defined contribution pension schemes
100,500
81,157

1,305,316
1,261,374


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £558,643 (2023 - £548,731).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £30,000 (2023 - £30,000).

Page 21

 
CMS Payments Intelligence Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

10.


Interest receivable

2024
2023
£
£


Interest receivable from group companies
93,842
93,842

Other interest receivable
160,949
222

254,791
94,064


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
3,412,397
2,353,336

Adjustments in respect of previous periods
(90,917)
(33,243)


Total current tax
3,321,480
2,320,093

Deferred tax


Origination and reversal of timing differences
(1,509)
14,282

Total deferred tax
(1,509)
14,282


Taxation on profit on ordinary activities
3,319,971
2,334,375
Page 22

 
CMS Payments Intelligence Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
20,779,797
15,928,627


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.5%)
5,194,949
3,106,082

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
116
3,242

Adjustments to tax charge in respect of prior periods
(105,043)
-

Super-deduction benefit
-
(3,893)

Movement in deferred tax assets not recognised
(2,329,073)
(2,028,161)

Changes in tax rates
-
454,769

Group relief
(1,897,897)
(864,126)

Amounts payable to original shareholders re: EMI tax credit
2,319,198
1,672,413

Other differences leading to an increase (decrease) in the tax charge
137,721
(5,951)

Total tax charge for the year
3,319,971
2,334,375


Factors that may affect future tax charges

There were no factors that may affect tax charges.


12.


Exceptional items

2024
2023
£
£


Restructuring costs
-
115,222

Payroll settlements
107,151
-

Professional costs relating to new share scheme
83,869
11,000

191,020
126,222

Page 23

 
CMS Payments Intelligence Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

13.


Intangible asset




Development expenditure

£



Cost


At 1 May 2023
594,739


Additions - external
166,670


Additions - internal
342,610



At 30 April 2024

1,104,019



Amortisation


Charge for the year on owned assets
88,330



At 30 April 2024

88,330



Net book value



At 30 April 2024
1,015,689



At 30 April 2023
594,739


Development Expenditure
During the year, the company spent £509,280 on development projects that met the recognition criteria. This was a
combination of external consultancy and development services and internal staff time.


Page 24

 
CMS Payments Intelligence Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

14.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 May 2023
105,276
362,086
467,362


Additions
62,085
65,363
127,448


Disposals
(5,036)
(48,149)
(53,185)



At 30 April 2024

162,325
379,300
541,625



Depreciation


At 1 May 2023
104,236
210,575
314,811


Charge for the year on owned assets
4,051
91,276
95,327


Disposals
(5,036)
(48,149)
(53,185)



At 30 April 2024

103,251
253,702
356,953



Net book value



At 30 April 2024
59,074
125,598
184,672



At 30 April 2023
1,040
151,511
152,551

Page 25

 
CMS Payments Intelligence Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

15.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
22,104



At 30 April 2024
22,104





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

CMS Payments Intelligence Inc
55 Allen Plaza, 55 Ivan Allen Jr Blvd, Atlanta, GA 30308, United States of America
Ordinary
100%
CMS Payments Intelligence Pte Limited
21st Floor, Centennial Tower, 3 Temasck Avenue, Singapore 039190
Ordinary
100%
CMS Payments Intelligence Pty Limited
477 Pitt St, Haymarket Sydney, NSW 2000, Australia
Ordinary
100%
CMS Payments Intelligence GMBH
Brette Str. 27, 40213 Dusseldorf, Germany
Ordinary
100%

Page 26

 
CMS Payments Intelligence Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

16.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
1,063,543
969,701


2024
2023
£
£

Due within one year

Trade debtors
592,309
1,583,328

Amounts owed by group undertakings
31,334,764
13,942,748

Other debtors
153,842
1,979

Prepayments and accrued income
1,184,555
561,552

33,265,470
16,089,607


Amounts owed by group undertakings due in more than one year are unsecured and attract interest at a fixed rate. The loan is due for repayment in one instalment (including accumulated interest) in two to five years. Repayments can be made from time to time on the loanees' request. 
Amounts owed by group undertaking due within one year are unsecured, interest free and repayable on demand. During the year, amounts owed by group undertakings of £550,880 were deemed irrecoverable and have therefore been written off via a charge to the Statement of Comprehensive Income.
In addition to the above, a charge of £135,462
 (2023: charge £142,305) was recognised in the Statement of Comprehensive Income in the year in respect of doubtful debts.


17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
8,682,252
8,145,884


Page 27

 
CMS Payments Intelligence Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
592,182
354,676

Corporation tax
625,347
155,035

Other taxation and social security
239,471
198,937

Other creditors
286,352
42,509

Accruals and deferred income
895,653
871,554

Financial instruments
-
215,467

2,639,005
1,838,178



19.


Deferred taxation




2024
2023


£

£






At beginning of year
(33,706)
(19,424)


Credited / (Charged) to profit or loss
1,509
(14,282)



At end of year
(32,197)
(33,706)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(35,947)
(37,456)

Temporary timing differences
3,750
3,750

(32,197)
(33,706)

Following the acquisition of the busineses in 2021 by CMSPI Bidco Limited, a significant taxable loss was generated as a result of the exercise of a number of EMI share options which were active at this time. This loss has been utilised as taxable profits have been generated by the company. However, as part of the purchase agreement, it was confirmed that any benefit generated by these losses would be paid back to the shareholders of the company, and therefore there is no benefit of the losses for the company, nor for the group in which it resides. The liability due back to the shareholders sits within the accounts of CMSPI Bidco Limited.
As a result, a deferred tax asset of £851,924 (
2023: £3,194,783) has not been recognised in these financial statements.

Page 28

 
CMS Payments Intelligence Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,157,404 (2023 - 1,157,400) Ordinary shares of £0.01 each
11,574
11,574



21.


Reserves

Profit and loss account
The profit and loss account represents accumulated profits and losses since incorporation, net of dividends paid.


22.


Contingent liabilities

The company is party to a cross guarantee for loans owed to an external financier by a fellow group member. The total loan outstanding as at 30 April 2024 is £63,975,468 (2023: £62,328,549).


23.


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 £314,111 (2023: £276,728). Contributions totalling £33,292 (2023: £31,434) were payable to the fund at the balance sheet date.


24.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£



Not later than 1 year
100,100
100,100

Later than 1 year and not later than 5 years
442,108
400,400

Later than 5 years
-
45,094

542,208
545,594


25.


Related party transactions

The company has taken advantage of the exemption available in Section 33 of FRS 102 to not disclose transactions between companies within the group it operates, where that company is wholly owned by other group members. 
Key management compensation, including salaries, commissions and pension contributions, totalled £1,305,316.

Page 29

 
CMS Payments Intelligence Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

26.


Controlling party

The immediate parent company is CMSPI Bidco Limited, a company incorporated in England and Wales.
The ultimate parent company is CMSPI Topco Limited, a company incorporated in England and Wales. The largest and smallest group within which the results of the company and group it heads are included are those prepared by CMSPI Topco Limited. The address of the ultimate parent company is Suite 4fo4 Oxford Place, 61 Oxford Street, Manchester, M1 6EQ
The company is exempt from the obligation to produce and deliver group accounts as CMSPI Topco Limited  is the parent company for the largest group for which group accounts are prepared.

 
Page 30