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REGISTERED NUMBER: 10574398 (England and Wales)















ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

HEXOPAY LIMITED

HEXOPAY LIMITED (REGISTERED NUMBER: 10574398)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Abridged Balance Sheet 1

Notes to the Financial Statements 3


HEXOPAY LIMITED (REGISTERED NUMBER: 10574398)

ABRIDGED BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 16,949 57,086
Investments 5 100 100
17,049 57,186

CURRENT ASSETS
Debtors 376,746 509,032
Cash at bank and in hand 2,059,194 2,165,080
2,435,940 2,674,112
CREDITORS
Amounts falling due within one year 2,602,865 2,688,081
NET CURRENT LIABILITIES (166,925 ) (13,969 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(149,876

)

43,217

CAPITAL AND RESERVES
Called up share capital 150 150
Retained earnings (150,026 ) 43,067
(149,876 ) 43,217

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

HEXOPAY LIMITED (REGISTERED NUMBER: 10574398)

ABRIDGED BALANCE SHEET - continued
31 JANUARY 2024


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

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Balance Sheet for the year ended 31 January 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by:





Mr. B. Blake - Director


HEXOPAY LIMITED (REGISTERED NUMBER: 10574398)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

Hexopay Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 10574398

Registered office: Spitfire House
19 Falcon Court
Preston Farm Industrial Estate
Stockton-on-Tees
TS18 3TU

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Hexopay is a global leading payments company specifically focused on gambling and managed risk sectors. It operates a secure 2nd generation proprietary technology platform that enables operators to accept local payment options, over multiple channels anywhere in the world. This leading technology allows operators to connect seamlessly to global payment solutions.

The company received initial investment funding in the year ended 31 January 2019 to enable it to recruit and engage talented people and to cover the start-up costs of building a customer base that will generate income for the company in the years to come. The company's turnover in the year ended 31 January 2024 was £1,539,744 (2023: £2,356,088). The reduction to turnover reflects the loss of one of its customers during the year. A loss has been reported for the year of 204,715 (2023 a profit of: £377,957).

The balance sheet includes a creditor relating to a loan due to the parent company Hexopay Holdings Limited, where all of the funding from the investors came from. There is cash in the bank in excess of £2 million. The overall group position is considered to be satisfactory.

The directors are confident that the company will have adequate resources to continue in operational existence for the foreseeable future and therefore consider the going concern basis of accounting to be entirely correct.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Software - 50% on cost and 33% on cost
Fixtures and fittings - 20% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.


HEXOPAY LIMITED (REGISTERED NUMBER: 10574398)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 15 ) .

4. TANGIBLE FIXED ASSETS
Totals
£
COST
At 1 February 2023 287,859
Additions 3,459
At 31 January 2024 291,318
DEPRECIATION
At 1 February 2023 230,773
Charge for year 43,596
At 31 January 2024 274,369
NET BOOK VALUE
At 31 January 2024 16,949
At 31 January 2023 57,086

HEXOPAY LIMITED (REGISTERED NUMBER: 10574398)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£
COST
At 1 February 2023
and 31 January 2024 100
NET BOOK VALUE
At 31 January 2024 100
At 31 January 2023 100

The above investment comprises cost of shares held in subsidiary undertakings.

6. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following interest free and repayable on demand advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£ £
Mr. B. Blake
Balance outstanding at start of year - -
Amounts advanced 29,140 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 29,140 -