REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 June 2024 |
for |
FEEWISE PAYMENTS EUROPE LIMITED |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 June 2024 |
for |
FEEWISE PAYMENTS EUROPE LIMITED |
FEEWISE PAYMENTS EUROPE LIMITED (REGISTERED NUMBER: 09711560) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
FEEWISE PAYMENTS EUROPE LIMITED |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Herschel House |
58 Herschel Street |
Slough |
Berkshire |
SL1 1PG |
FEEWISE PAYMENTS EUROPE LIMITED (REGISTERED NUMBER: 09711560) |
Balance Sheet |
30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
FEEWISE PAYMENTS EUROPE LIMITED (REGISTERED NUMBER: 09711560) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Feewise Payments Europe Limited is a |
The company's trading address is; Level 1, Regal House, 70 London Road, Twickenham, TW1 3QS. |
The reporting entity changed its name in the reporting period from Rapid Financial Services Ltd to Feewise Payments Europe Limited, effective from the 3rd May 2024. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
At the time of approving these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have assessed the availability of group support from its ultimate parent company, being ATI Global Limited and determined that the company has sufficient working capital for its needs for at least the next 12 months and 1 day from the date of approval of these financial statements. In view of this, the directors consider it appropriate to prepare the financial statements on the going concern basis. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is recognised when risks and rewards transfer to the customer net of VAT and discounts. The company provides payment processing services. Feewise receive a percentage of each transactions which is processed and is recognised when either payment is made or when the funds are deposited into the customer's account, dependent on the software in use. |
Financial instruments |
Basic financial instruments as covered by Section 11 of FRS102 are measured at amortised cost. The company does not have any other financial instruments as covered by Section 12 of FRS102. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
FEEWISE PAYMENTS EUROPE LIMITED (REGISTERED NUMBER: 09711560) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors & accruals |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
FEEWISE PAYMENTS EUROPE LIMITED (REGISTERED NUMBER: 09711560) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 - continued |
We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:- |
"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 a Report of the Auditors 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." |
8. | RELATED PARTY DISCLOSURES |
During the year ended 30 June 2024, Leap Legal Software Ltd, a fellow group member, recharged costs to Feewise Payments Europe Limited of £61,183 (2023: £21,205). Feewise Payments Europe Limited owes Leap Legal Software Ltd £11,163 (2023: £21,205) at 30 June 2024. |
9. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
The immediate parent company is RapidPay Holdings Pty Ltd, a company incorporated in Australia. |
The smallest group to consolidate the results and financial position of the company is Legal Software Holdings Pty Ltd. Copies of the Legal Software Holdings Pty Ltd financial statements are publicly available and can be obtained from the Australian Securities & Investments Commission (ASIC), at asic.gov.au or from the registered office Level 11, 207 Kent Street, Sydney, 2000, NSW, Australia. |
The largest group to consolidate the results and financial position of the company is ATI Global Limited. Copies of the ATI Global Limited financial statements are publicly available and can be obtained from the Australian Securities & Investments Commission (ASIC), at asic.gov.au or from the ATI Global Limited registered office Level 8, 135 King Street, Sydney, 2000, NSW, Australia. |
The company's ultimate parent, ATI Global Limited, is controlled by C M Beck, who is regarded as the ultimate controlling party. |