Company registration number 06511345 (England and Wales)
MONEVO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
MONEVO LIMITED
COMPANY INFORMATION
Directors
M Ransom
Quint Group Limited
K Fielding
Company number
06511345
Registered office
Glasshouse
Alderley Park
Nether Alderley
Cheshire
SK10 4ZE
Auditor
Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Business address
Glasshouse
Alderley Park
Nether Alderley
Cheshire
SK10 4ZE
MONEVO LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 21
MONEVO LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Fair review of the business

The performance of the company’s activities during the year, despite challenging market conditions, has been stable and profitable.

 

Overall, the results for the year show that turnover year on year has remained broadly flat at £13.350m from £13.352m in 2023. Gross profit over the year increased to £3.923m from £3.216m in 2023, which is 22% year-on-year growth, but with Profit before tax decreasing to £0.450m from £1.320m in 2023. Please note these accounts do not consolidate other Monevo subsidiaries, including those in the US and Australia and only relate to operations in the UK.

 

The business has continued to grow in its core UK market as it leverages its technology platform & market position. The business continues to remain focused on the personal credit market and is expected to deliver strong growth in the coming financial year as it leverages its technology, investment in people, and the new partnership with TransUnion.

 

The global strategic relationship with TransUnion, the global insights and information company and one of the world’s largest credit bureaus, has continued to strengthen over the year. We have seen this relationship continue to grow and develop and look forward to the continual growth that this strategic partnership will bring to Monevo’s results over the forthcoming years.

 

Since the year end, this relationship has continued to develop to the point that in January 2025, TransUnion reached an agreement with Monevo Limited’s parent company, Quint Group Limited to acquire the remaining 70% shareholding of Monevo Limited and to take full control of the business with expectations that the deal will close during March 2025.

 

 

Principal risks and uncertainties

The directors closely monitor the performance and financial risks of the group by reviewing the detailed monthly management accounts, daily gross profit reports and forecasts that are produced, and if necessary, action is taken.

On behalf of the board

M Ransom
Director
28 February 2025
MONEVO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company continued to be that of providing loan applicant leads.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

M Ransom
Quint Group Limited
K Fielding
Auditor

Lopian Gross Barnett & Co were appointed auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
M Ransom
Director
28 February 2025
MONEVO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

MONEVO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MONEVO LIMITED
- 4 -
Opinion

We have audited the financial statements of Monevo Limited (the 'company') for the year ended 31 March 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The 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:

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 Auditor's 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 UK, including the FRC’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 about the group's or the parent 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 auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.

Opinions on other matters prescribed by the Companies Act 2006

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

MONEVO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MONEVO LIMITED
- 5 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's 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 auditor's 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.

MONEVO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MONEVO LIMITED
- 6 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, 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:

 

 

 

 

 

 

 

 

 

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 2006. Our 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 auditor's 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.

Jason Selig BA ACA CTA DChA (Senior Statutory Auditor)
For and on behalf of Lopian Gross Barnett & Co
28 February 2025
Chartered Accountants
Statutory Auditor
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
MONEVO LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
13,350,140
13,352,338
Cost of sales
(9,426,813)
(10,136,356)
Gross profit
3,923,327
3,215,982
Administrative expenses
(3,453,054)
(1,873,433)
Operating profit
4
470,273
1,342,549
Interest payable and similar expenses
8
(19,261)
(22,098)
Amounts written off investments
(1,000)
-
Profit before taxation
450,012
1,320,451
Tax on profit
9
271,680
(273,797)
Profit for the financial year
721,692
1,046,654

The profit and loss account has been prepared on the basis that all operations are continuing operations.

MONEVO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
£
£
Profit for the year
721,692
1,046,654
Other comprehensive income
-
-
Total comprehensive income for the year
721,692
1,046,654
MONEVO LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
5,362,771
-
0
Tangible assets
11
65,493
64,352
Investments
12
103
1,103
5,428,367
65,455
Current assets
Debtors
15
5,986,133
7,413,289
Cash at bank and in hand
87,524
264,036
6,073,657
7,677,325
Creditors: amounts falling due within one year
16
(8,302,840)
(5,147,514)
Net current (liabilities)/assets
(2,229,183)
2,529,811
Total assets less current liabilities
3,199,184
2,595,266
Creditors: amounts falling due after more than one year
17
-
0
(122,181)
Provisions for liabilities
Deferred tax liability
19
14,493
10,086
(14,493)
(10,086)
Net assets
3,184,691
2,462,999
Capital and reserves
Called up share capital
21
1,000
1,000
Share premium account
670,087
670,087
Profit and loss reserves
2,513,604
1,791,912
Total equity
3,184,691
2,462,999

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 28 February 2025 and are signed on its behalf by:
M Ransom
Director
Company registration number 06511345 (England and Wales)
MONEVO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
1,000
670,087
745,258
1,416,345
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
1,046,654
1,046,654
Balance at 31 March 2023
1,000
670,087
1,791,912
2,462,999
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
721,692
721,692
Balance at 31 March 2024
1,000
670,087
2,513,604
3,184,691
MONEVO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
1
Accounting policies
Company information

Monevo Limited is a private company limited by shares incorporated in England and Wales. The registered office is Glasshouse, Alderley Park, Nether Alderley, Cheshire, SK10 4ZE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

Turnover represents amounts received for the provision of loan applicant leads to third party loan providers. These amounts exclude value added tax and are recognised at the point where a loan application is accepted by the loan provider.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets other than goodwill

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development Costs
10% Straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

MONEVO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 12 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

MONEVO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14

Parent consolidation

Monevo Limited is a majority owned subsidiary of Quint Group Limited and the results of Monevo Limited are included in the consolidated financial statements of Quint Group Limited which are available from its registered office at Glasshouse, Alderley Park, Nether Alderley, Cheshire, SK10 4ZE. The results of Quint Group Limited are then consolidated into Quint Holdings Limited whose registered office is the same.

MONEVO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2
Judgements 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Consumer credit activity
13,350,140
13,352,338
2024
2023
£
£
Turnover analysed by geographical market
UK
13,350,140
13,352,338
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
38,649
35,602
Amortisation of intangible assets
266,971
86,847
Operating lease charges
39,434
37,367
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
11,000
11,000
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
34
34
MONEVO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Employees
(Continued)
- 15 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,083,433
767,260
Social security costs
105,914
95,686
Pension costs
12,625
18,964
1,201,972
881,910
7
Directors' remuneration

There was no directors remuneration through the Company during the year as the directors are remunerated via another entity within the group.

8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
16,995
21,652
Other interest
2,266
446
19,261
22,098
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(276,087)
263,711
Deferred tax
Origination and reversal of timing differences
4,407
10,086
Total tax (credit)/charge
(271,680)
273,797
MONEVO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Taxation
(Continued)
- 16 -

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
450,012
1,320,451
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
112,503
250,886
Tax effect of expenses that are not deductible in determining taxable profit
149,060
1,480
Permanent capital allowances in excess of depreciation
(286)
(5,156)
Amortisation on assets not qualifying for tax allowances
66,743
16,501
Research and development tax credit
(276,087)
-
0
Other tax adjustment
4,407
10,086
Research and development tax relief
(328,020)
-
0
Taxation (credit)/charge for the year
(271,680)
273,797
10
Intangible fixed assets
Development Costs
£
Cost
At 1 April 2023
1,170,932
Additions
2,669,705
Disposals
(1,170,932)
Transfers
4,177,886
At 31 March 2024
6,847,591
Amortisation and impairment
At 1 April 2023
1,170,932
Amortisation charged for the year
266,971
Disposals
(1,170,932)
Transfers
1,217,849
At 31 March 2024
1,484,820
Carrying amount
At 31 March 2024
5,362,771
At 31 March 2023
-
0

At the year end, management have re-allocated intangible fixed asset development costs from the parent company (Quint Group Ltd) to Monevo Ltd at written down value as at 31 March 2024.

MONEVO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
11
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 April 2023
287,905
Additions
39,790
At 31 March 2024
327,695
Depreciation and impairment
At 1 April 2023
223,553
Depreciation charged in the year
38,649
At 31 March 2024
262,202
Carrying amount
At 31 March 2024
65,493
At 31 March 2023
64,352
12
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
13
103
1,103

Fixed asset investments represent the company's 100% holding of the issued share capital of Monevo US Inc, Monevo PTY (Australian company) and Monevo Technology Limited. During the year Monevo Sp.Zo was dissolved. The investments have been measured at cost less impairment.

Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
1,103
Disposals
(1,000)
At 31 March 2024
103
Carrying amount
At 31 March 2024
103
At 31 March 2023
1,103
MONEVO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
13
Subsidiaries

These financial statements are separate company financial statements for Monevo Ltd.

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Monevo Inc
USA
Ordinary
100.00
Monevo Technology Limited
UK
Ordinary
100.00
Monevo PTY
Australia
Ordinary
100.00
14
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
5,315,048
6,900,332
Carrying amount of financial liabilities
Measured at amortised cost
8,155,313
5,132,003

There are no Financial Instruments held at fair value.

15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,113,808
780,706
Corporation tax recoverable
276,087
-
0
Amounts owed by group undertakings
4,191,765
6,119,626
Other debtors
9,475
-
0
Prepayments and accrued income
394,998
512,957
5,986,133
7,413,289
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
18
116,665
109,607
Trade creditors
1,421,246
1,036,496
Amounts owed to group undertakings
5,341,387
2,739,138
Corporation tax
79,113
79,113
Other taxation and social security
68,414
58,579
Other creditors
1,745
1,864
Accruals and deferred income
1,274,270
1,122,717
8,302,840
5,147,514
MONEVO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
16
Creditors: amounts falling due within one year
(Continued)
- 19 -

The company's bank loan has fixed and floating charges over the company assets.

17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
-
0
122,181

The company's bank loan has fixed and floating charges over the company assets.

18
Loans and overdrafts
2024
2023
£
£
Bank loans
116,665
231,788
Payable within one year
116,665
109,607
Payable after one year
-
0
122,181
19
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
14,493
10,086
2024
Movements in the year:
£
Liability at 1 April 2023
10,086
Charge to profit or loss
4,407
Liability at 31 March 2024
14,493
MONEVO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
12,625
18,964

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of 0.1p each
700,000
700,000
700
700
Ordinary B Shares of 0.1p each
300,000
300,000
300
300
1,000,000
1,000,000
1,000
1,000
22
Operating lease commitments
Lessee

Operating lease commitments at the year end date are as follows:

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
16,373
30,096
Between two and five years
-
0
17,556
16,373
47,652

There are no amounts falling due > 5 years.

 

 

 

23
Events after the reporting date

Other than the acquisition of the remaining 70% shareholding of Monevo Limited by TransUnion from Monevo's parent company, Quint Group Limited, expected to be completed in March 2025 and as detailed in the strategic report shown earlier in the financial statements, there were no other post balance sheet events which require disclosure at the balance sheet date.

24
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

MONEVO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
24
Related party transactions
(Continued)
- 21 -
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Connected companies
7,289,609
7,074,430
520,297
720,000
2024
2023
Amounts due from/(to) related parties
£
£
Connected companies
4,191,765
2,093,055
Amounts due from/(to) Parent
(1,143,398)
4,026,571
Amounts due to common controlled entities
(4,197,989)
(2,739,138)
Other information

There were no other related party transactions which require disclosure.

25
Ultimate controlling party

The Ultimate Controlling Party is Gregory Cox.

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