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Waivpay International Limited























Unaudited

Financial statements



For the period ended 30 June 2024



Registered number: 15112893

 
Waivpay International Limited - Registered number:15112893



Statement of financial position
As at 30 June 2024

2024
2024
Note
£
£

  

Current assets
  

Debtors
 4 
515

Cash at bank and in hand
  
1,643

  
2,158

Creditors: amounts falling due within one year
 5 
(64,817)

Net current liabilities
  
 
 
(62,659)

Total assets less current liabilities
  
(62,659)

  

Net liabilities
  
(62,659)


Capital and reserves
  

Share capital
  
100

Profit and loss account
  
(62,759)

  
(62,659)


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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






M J Ashton
Director

Date: 14 March 2025

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
Waivpay International Limited
 
 

Notes to the financial statements
For the period ended 30 June 2024

1.


General information

Waivpay International Limited is a private company limited by shares and incorporated in England and Wales. The
company's registered office is C/O Buzzacott LLP, 130 Wood Street, London, EC2V 6DL and its company registration number is 15112893.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the shareholder that they will continue to give financial support to the company for a period of at least twelve months from the date of signing of these financial statements.
On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's financial statements may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amounts and to provide for any further liabilities which might be necessary should this basis not continue to be appropriate.

 
2.3

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.

Page 2

 
Waivpay International Limited
 


Notes to the financial statements
For the period ended 30 June 2024

2.Accounting policies (continued)

 
2.4

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 company 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.

 
2.5

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 Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

 
2.6

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.

 
2.7

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.8

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.


3.


Employees

The average monthly number of employees, including directors, during the period was 3.

Page 3

 
Waivpay International Limited
 
 

Notes to the financial statements
For the period ended 30 June 2024

4.


Debtors

2024
£


Trade debtors
515

515



5.


Creditors: Amounts falling due within one year

2024
£

Amounts owed to group undertakings
51,630

Other taxation and social security
4,090

Other creditors
1,005

Accruals and deferred income
8,092

64,817



6.


Pension commitments

The company operates a defined contribution 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 amounted to £838. Contributions totalling £1,005 were payable to the fund as at 30 June 2024.


Page 4