Euronet Payment Services Limited
Annual Report and Financial Statements
For the year ended 31 December 2023
Company Registration No. 06975932 (England and Wales)
Euronet Payment Services Limited
Company Information
Directors
J Ivars-Lopez
J Rodriguez Martin
R Weller
Secretary
O Fernandez Ortiz
Company number
06975932
Registered office
Part 7th Floor
North Block
55 Baker Street
London
W1U 7EU
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Euronet Payment Services Limited
Contents
Page
Strategic report
1 - 6
Directors' report
7 - 8
Independent auditor's report
9 - 13
Profit and loss account
14
Statement of comprehensive income
15
Balance sheet
16
Statement of changes in equity
17
Notes to the financial statements
18 - 29
Euronet Payment Services Limited
Strategic Report
For the year ended 31 December 2023
Page 1
The directors present the strategic report for the year ended 31 December 2023.
Review of business
Euronet Payment Services Limited is an Authorised Payment Institution regulated by the Financial Conduct Authority (FCA) in the United Kingdom. The Company, under licence issued from the FCA, carried out money remittance operations in the UK during 2023 as its principal trading activity. An international remittance is a cross-border, person-to-person payment of relatively low value. The remittance is typically recurrent and done by migrant workers to their families. (Especially from developed to developing countries).
To provide its services the Company uses an agent network via affiliated entities under the Super-Agent Model. The Company also offers its digital service directly to its customer base. The Company also operates a branch from Argentina.
2023 provided a challenging year for the business however trading performance continued to generate consistent income streams despite increased pressure from competitors in term of both pricing and aggressive customer acquisition strategy. The transaction volume remained in line with the previous year seeing over 4 million remittances processed via all channels.
Overall revenues saw a small decline year on year driven by the continued normalising of the average value of the remittance sent by customers, which had seen a COVID period peak, but has now returned to pre-pandemic levels. The business does however still continue to see strong growth realised in its digital channel as both new and existing customers look to utilise this product offering for their remittance requirements (this was up year on year by 19%).
With regards to the split of acquisition the digital channel accounted for 22% of the total transactional volume with the remainder generated by the companies “Super-Agent” model.
Euronet Payment Services Limited
Strategic Report (Continued)
For the year ended 31 December 2023
Page 2
PRINCIPAL RISKS AND UNCERTAINTIES
Outlined below is a summary of what directors believe to be key risks and uncertainties as well as the measures in place to help mitigate these risks. The aim is to protect the company’s employees, customers, and suppliers and to safeguard the interests of the company and its shareholders in the long term. Additionally, the objective of those measures is to maintain high standards of business conduct and allow the company to comply with all relevant regulations as a FCA and HMRC regulated entity.
Financial risk management
The Company's operations will expose it to certain financial risks such as currency fluctuation, credit and liquidity issues.
Currency fluctuation
Money Remittance business is directly linked to fluctuations of the value of currencies against other currencies. The objective of the Company is to provide competitive rates to its customers, who ultimately are the ones that bear the benefits/losses of the fluctuations.
In order to protect the business and its customers, the Company, as a subsidiary of a US Group company, manages this risk at a group level. The Group mitigates this risk by having a dedicated team of foreign exchange specialists and effective hedging tools to secure competitive rates. The company primarily uses spot contracts and sporadically forwards contracts.
Liquidity risk
Liquidity risk occurs when an individual investor, business or financial institution cannot meet short-term debt obligations.
The objective of Euronet Payment Services Limited is to avoid important liquidity imbalance. The Company has significant cash at bank and does not foresee any liquidity risk in the short or medium term.
In addition, the Company, as part of the Euronet Worldwide Inc., benefits from a large network of key banking partners and credit providers which mitigates the remote risk of incurring a liquidity gap in the long term.
Credit risk
Credit risk refers to the degree to which it is likely that a borrower or debtor may not repay a loan or debt.
Given the transfer of a large part of the business previously conducted in the continental EU countries, the credit risk tends to be more concentrated into the UK operations. But given the Super Agent model operating structure the credit risk is mainly borne by the other Group company - the Super Agent in this territory, which face the risk of suffering the financial loss from a debtor's default.
In addition, Euronet Payment Services Limited mitigates its credit risk in several ways. The company does not face a material concentration of risk, as its exposure is spread over many agents and customers.
Part of the Company's policy when onboarding new agents include an exhaustive study of the potential credit risk by the way of using credit checks, classifying the agents and assigning appropriate credit limits. Periodical review of credit checks is performed to re-assess risk.
The company's main financial assets are bank balances and cash, receivables from Super Agents and Direct Agents and inter-company receivables from other entities of the Group, which are all expected to be cashed in the short term.
Euronet Payment Services Limited
Strategic Report (Continued)
For the year ended 31 December 2023
Page 3
Regulatory Risk
Regulatory risk refers to the fact that a change in laws and regulations may materially impact a security, business, sector or market. A change in laws or regulations made by the government or a regulatory body can increase the costs of operating a business, reduce the attractiveness of investment and/or change the competitive landscape.
The Company's objective is to comply with all relevant legislation and regulations as a FCA regulated entity. For this Euronet Payment Services relies on dedicated compliance and legal departments. These teams monitor the regulatory framework and action any necessary adjustments to the operation in order to achieve continuous compliance.
The Company also relies on a modern specialised in-house remittance system that allows real time transaction monitoring and Sanction and PEP Screening.
To satisfy the increased stakeholder expectations Euronet Payment Services also engages in regular Independent Compliance Audits with the objective of ensuring adherence to regulatory guidelines and evaluating internal controls, security policies and management procedures.
Fraud Risk
Fraud risk in remittances is the risk where someone might intentionally alter a payment transaction to misdirect or misappropriate funds, including embezzlement. Other risks include rogue websites, identity thefts, receivers' fraud (e.g. - Credit card scams) and many more. However, with adequate AML/CFT internal policies, it is possible to reduce fraud risk along with money laundering and terrorism financing.
Euronet Payment Services' strong AML/CFT systems improve the ability to trace and monitor transactions.
Euronet Payment Services Limited
Strategic Report (Continued)
For the year ended 31 December 2023
Page 4
Cyber risk
Money Remittance business can be directly affected by threat scenarios that can result in the loss of confidentiality, integrity, and/or availability of information and the information system.
In order to prevent this situation and meet the regulatory and legislative requirements, the Company, as a subsidiary of a US Group company, manages this risk at a group level. The Group mitigates this risk by having, among others, the following mitigating factors in place:
- Information is protected against unauthorized access.
- Procedures are in place to deal with the threat of invasive viruses, the risk of theft of hardware and software, the unauthorized access of data and the maintenance of system security.
- Business Continuity plans are produced, maintained and tested.
- Information security training is available to all staff.
- All breaches of information security, actual or suspected, are reported to, and investigated by the Information Security Officer.
- Strong password settings are to be enabled on all systems and applications by system/security administrators.
- System/security administrators are to work with business application owners and/or the Security Officer (or local Security/Network Services designee) to determine sensitive users and applications.
Political and Economic Risk
Consequences of war in Ukraine and Brexit on the UK economy and global economy are the main sources of risks for the Company. Both factors have adversely impacted the Money remittance sector by decreasing the volume sent by our customers and the number of foreign workers present in the country which in turn negatively affected our activities in 2022.
Those factors may affect the activity of the Company in the next years if UK and Global economy were to worsen and until the number of foreign workers in the country stabilises.
To date the Company achieved to protect its market share and adapted its service and pricing to customer’s demand for international money remittance which did not grow significantly but remains strong.
The Company operates a scalable business with a reasonably low amount of fixed costs. Therefore, its strong financials and significant cash at bank should allow to cope with a potential slowdown of its activity.
In addition, the Company may benefit from the Euronet Worldwide group’s support in case needed.
Key Performance indicators
Future developments
The digital acquisition channel remains a priority to the business as it looks to continue to consolidate its position within the marketplace with the Company looking to seek opportunities to further promote this channel via its own branding and potentially the use of third parties.
Diversification on target corridors (the destination of the remittance payment) also continuities to feature as a key strategic objective of the management team with new employees onboarded throughout 2023 whose expertise allows the Company to target the standardised current product offering with specific bespoke requirements of the relevant customer segment.
Euronet Payment Services Limited
Strategic Report (Continued)
For the year ended 31 December 2023
Page 5
Outside of the Company the correspondent network (the delivery method of the customer remittance to the beneficiary) continues to be progressed by other entities who form part of the wider Euronet group. The management are carefully monitoring the development of these expansions and looking to leverage the increased channels as a selling point within the marketplace to further drive increased transactional volumes and revenues.
MODERN SLAVERY ACT
The Company has taken action to comply with the regulations of the Modern Slavery Act.
SECTION 172(1) STATEMENT
This section describes how the directors have had regard to the matters set out in the Companies Act S172(1) (a) to (f) in exercising their duty to promote the success of the company for the benefit of its members as a whole.
Having regard to the likely consequences of any decision in the long term
Within a fast-moving world, our customer's needs for remittance and payment services are changing quickly. Also, digital technologies are changing the way our customers use those services and offer new opportunities. While the Company needs to remain agile to adapt the business to short term demands, the directors remain mindful that their strategic decision can have long term implications for the business and its stakeholders, and these implications are carefully assessed.
Having regard to the interests of the company's employees
The directors ensure that the suggestions, views, and interests of the workforce are captured and considered in their decision making. For that they can rely on various Euronet group HR initiatives and programs put in place to ensure, amongst others, meaningful performance and development conversations between managers and teams, appropriate learning and development programs, constructive feedback from individuals, appropriate health, safety and wellbeing risk assessment and initiatives. The directors are also very attached to maintain diversity in the Company. Diversity is part of the DNA of the group, it made it successful over the years, our own diversity reflecting the very diverse customers we serve.
Euronet Payment Services Limited
Strategic Report (Continued)
For the year ended 31 December 2023
Page 6
Having regard to the need to foster the company's business relationships with suppliers, customers and others
Throughout the year the directors are briefed by business executives on sales performance figures including details by country of destination of the funds, number of independent agent's location offering our service to the customers and new agent's locations recruited. It reflects very well the customers and agent's sentiment, the market view and allows the directors to take decisions with the interests of customers and agents in mind. The directors are also regularly informed on the relationships the company maintains directly or indirectly with our banking partners being key in our ability to move the money of our customers to the designated beneficiaries around the world. Our money transfer business is regulated by the FCA and as a responsible authorised company we seek always to cooperate and engage constructively with FCA and meets its standards. The directors can rely on an experienced compliance group to ensure compliance with all relevant legislation and regulations.
Having regard to the impact of the company's operations on the community and the environment
Consumer to consumer money transfer services make a large part of our business and through the second global leading network our customers can send money to their relatives in 160 countries. We are very conscious that the remittances sent by our customers actively support millions of individuals in emerging countries and therefore as a company are committed to offer the best service at competitive pricing. We also continuously expand our network to serve more communities.
Having regard to the desirability of the company maintaining a reputation for high standards of business contact
The directors recognise the importance of operating a robust corporate governance framework that will integrate in and support the corporate governance of the group it belongs to. Both as a subsidiary of an American public company and a regulated entity in the UK, the Company has put in place different initiatives to ensure that all employees and directors adhere to high standards of ethics in the business conduct.
J Ivars-Lopez
Director
22 April 2025
Euronet Payment Services Limited
Directors' Report
For the year ended 31 December 2023
Page 7
The directors present their annual report and financial statements for the year ended 31 December 2023.
Results and dividends
No dividends will be distributed for the year ended 31 December 2023.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J Ivars-Lopez
J Rodriguez Martin
R Weller
Marcela Del Socorro Gonzalez
(Resigned 29 March 2023)
Disabled persons
The company's policy is to give full and fair consideration to the recruitment of disabled persons having regard to their particular aptitudes and abilities. Where existing employees become disabled, it is the company's policy to make reasonable adjustments to support them and to provide training and career development and promotion to disabled employees wherever appropriate.
Auditor
Moore Kingston Smith LLP were appointed as 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.
Energy and carbon report
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Statement of directors' responsibilities
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:
select suitable accounting policies 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 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.
Euronet Payment Services Limited
Directors' Report (Continued)
For the year ended 31 December 2023
Page 8
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of likely future developments and post balance sheet events.
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 (as defined by Section 418 of the Companies Act 2006) 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.
On behalf of the board
J Ivars-Lopez
Director
22 April 2025
Euronet Payment Services Limited
Independent Auditor's Report
To the Members of Euronet Payment Services Limited
Page 9
Opinion
We have audited the financial statements of Euronet Payment Services Limited (the 'company') for the year ended 31 December 2023 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 FRS 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 31 December 2023 and of its loss 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.
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 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.
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.
Euronet Payment Services Limited
Independent Auditor's Report (Continued)
To the Members of Euronet Payment Services Limited
Page 10
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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, 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.
Euronet Payment Services Limited
Independent Auditor's Report (Continued)
To the Members of Euronet Payment Services Limited
Page 11
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.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Euronet Payment Services Limited
Independent Auditor's Report (Continued)
To the Members of Euronet Payment Services Limited
Page 12
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
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.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, Financial Conduct Authority and UK taxation legislation.
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. 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.
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.
Euronet Payment Services Limited
Independent Auditor's Report (Continued)
To the Members of Euronet Payment Services Limited
Page 13
Ryan Day
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
25 April 2025
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
Euronet Payment Services Limited
Profit and Loss Account
For the year ended 31 December 2023
Page 14
2023
2022
Notes
€
€
Turnover
3
49,202,591
51,505,651
Cost of sales
(44,016,294)
(47,445,012)
Gross profit
5,186,297
4,060,639
Distribution costs
(3,248,063)
(3,248,866)
Administrative expenses
(2,258,210)
(3,035,892)
Exceptional item
4
(1,066,702)
Operating loss
5
(319,976)
(3,290,821)
Interest receivable and similar income
8
72,064
7,896
Loss before taxation
(247,912)
(3,282,925)
Tax on loss
9
(12,241)
85,543
Loss for the financial year
(260,153)
(3,197,382)
The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.
Euronet Payment Services Limited
Statement of Comprehensive Income
For the year ended 31 December 2023
Page 15
2023
2022
€
€
Loss for the year
(260,153)
(3,197,382)
Other comprehensive income
-
-
Total comprehensive income for the year
(260,153)
(3,197,382)
Euronet Payment Services Limited
Balance Sheet
As at 31 December 2023
Page 16
2023
2022
Notes
€
€
€
€
Fixed assets
Intangible assets
10
1,960
74,720
Tangible assets
11
10,510
170,669
12,470
245,389
Current assets
Debtors
12
39,198,289
65,925,550
Cash at bank and in hand
4,337,590
21,261,163
43,535,879
87,186,713
Creditors: amounts falling due within one year
14
(26,294,456)
(69,918,056)
Net current assets
17,241,423
17,268,657
Net assets
17,253,893
17,514,046
Capital and reserves
Called up share capital
17
1,015,865
1,015,865
Share premium account
3,662,744
3,662,744
Profit and loss reserves
12,575,284
12,835,437
Total equity
17,253,893
17,514,046
The financial statements were approved by the board of directors and authorised for issue on 22 April 2025 and are signed on its behalf by:
J Ivars-Lopez
Director
Company Registration No. 06975932
Euronet Payment Services Limited
Statement of Changes in Equity
For the year ended 31 December 2023
Page 17
Share capital
Share premium account
Profit and loss reserves
Total
€
€
€
€
Balance at 1 January 2022
1,015,865
3,662,744
16,032,819
20,711,428
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(3,197,382)
(3,197,382)
Balance at 31 December 2022
1,015,865
3,662,744
12,835,437
17,514,046
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(260,153)
(260,153)
Balance at 31 December 2023
1,015,865
3,662,744
12,575,284
17,253,893
Euronet Payment Services Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 18
1
Accounting policies
Company information
Euronet Payment Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Part 7th Floor, North Block, 55 Baker Street, London, United Kingdom, W1U 7EU.
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 Euros, which differs to the functional currency of the company which is Pounds Sterling. The average Euro to Pounds Sterling exchange rate in the year was 1.1501. The Euro to Pounds Sterling exchange rate at the balance sheet date was 1.1534. 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.
The company has taken advantage of the following disclosure exemptions in preparing these financial statements as permitted by FRS 102 which is the Financial Reporting Standard applicable in the UK and Republic of Ireland.
The requirements of Section 7 Statement of Cash Flows
The requirements of paragraphs 11.42, 11.44, 11.45, 11,47, 1148 (a)(iii), 1148 (a)(iv), 1148 (b) and 1148 (c)
The requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23
The requirement of paragraph 33.7
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. The company has net assets of €17,253,893 of which €35,179,737 is owed by group companies. The company has €14,717,352 included within trade creditors representing liabilities owed to customers which could be claimed at any point in the next twelve months. As a result, the ultimate parent company, Euronet Worldwide Inc has pledged financial support to enable the company to continue to trade and meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements. As a result, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Turnover
The Company's revenues are derived from two business segments, being consumer money transfer transaction fees and foreign exchange revenues that are based on the principal amount of the money transfer and the location from and to which funds are transferred.
Foreign exchange revenue is margin made by the Company between the rate sold to customers and that rate at which the Company acquires the currency. Margins are adjusted to reflect the relative volatility of the currencies concerned.
Revenue is recognised when the funds are received by the agent and hence Euronet Payment Services Limited has an obligation to deliver.
Euronet Payment Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 19
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
Intangible assets are initially recognised at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Intangible assets relate to development costs for various development projects. Development costs are capitalised on the basis that the asset generated will provide future economic benefits that will flow to the entity.
For those projects which are not currently ready for use, no amortisation has yet been charged. Amortisation on development projects is intended to be over the period of exclusivity for the related contract, and will begin once the asset is ready for use.
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.
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:
Leasehold improvements
30% on cost
Plant and equipment
between 10% and 20% on cost
Computers
25% 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
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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Euronet Payment Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 20
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
A financial asset or liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, when it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Intercompany balances are offset and shown net as they are typically settled on a net basis.
All financial instruments related to the Company are basic instruments.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
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.
Euronet Payment Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 21
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Share-based payments
Share based payments are awards of shares, or options over shares, that are provided to employees in exchange for the rendering of services. They are treated as cash-settled.
The cost of share based payments is measured at fair value on grant date. Fair value is independently determined using the Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the Company receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions.
The cost of share based payments is recognised as an expense. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods.
The share based payment expense is recognised on a reasonable allocation of the group expense.
Euronet Payment Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 22
1.15
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.
1.16
Foreign exchange
Assets and liabilities in foreign currencies are translated into Euros at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into Euros at the rate of exchange ruling at the date of transaction. Trading exchange differences are taken into account in arriving at the operating result.
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.
As described in the accounting policies of the financial statements, depreciation of tangible assets has been used on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account actual asset lives and residual lives as evidenced by disposals during current and prior accounting periods.
Awards from employee share options are recognised as an expense based on their fair value at date of grant. The fair value of share options is estimated through the use of option valuation models - which require inputs such as the risk-free interest rate, expected dividends, expected volatility and the expected option life - and is expensed over the vesting period. Some of the inputs used are not market observable and are based on estimates.
The directors make an estimate of the recoverable value of its debtors. When assessing impairment of debtors, the directors consider objective evidence including the credit rating of the debtor, the age profile of outstanding amounts, recent correspondence, trading activity and historical experience of collections from the debtor.
The directors deem that the loan made to a fellow group company is made at a market rate of interest and after the first anniversary is repayable on demand. Consequently, the loan is not a financing transaction or required to be discounted.
Euronet Payment Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 23
3
Turnover
2023
2022
€
€
Turnover analysed by class of business
Foreign exchange revenue
21,804,050
23,353,695
Transfer fee revenue
27,398,541
28,151,956
49,202,591
51,505,651
2023
2022
€
€
Turnover analysed by geographical market
United Kingdom
45,123,463
47,020,253
South America
4,079,128
4,485,398
49,202,591
51,505,651
4
Exceptional item
2023
2022
€
€
Exceptional item
-
1,066,702
In the prior year, a development project was terminated by Euronet Payment Services Limited and was instead conducted by another group entity. Due to the changes in the third party system, the integration work done by Euronet Payment Services Limited was redundant. As such, the development costs were disposed of.
5
Operating loss
2023
2022
Operating loss for the year is stated after charging/(crediting):
€
€
Exchange (gains)/losses
(642,511)
1,163,375
Fees payable to the company's auditor for the audit of the company's financial statements
343,697
244,820
Depreciation of owned tangible fixed assets
67,884
58,940
Amortisation of intangible assets
-
85,887
Operating lease charges
89,821
71,185
Euronet Payment Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 24
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Sales
4
5
Operations
8
10
Administration
4
5
Total
16
20
Their aggregate remuneration comprised:
2023
2022
€
€
Wages and salaries
1,037,750
1,131,601
Social security costs
165,135
222,634
Pension costs
22,441
22,134
1,225,326
1,383,349
7
Directors' remuneration
2023
2022
€
€
Remuneration for qualifying services
199,857
218,191
As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.
8
Interest receivable and similar income
2023
2022
€
€
Interest income
Interest on bank deposits
72,064
7,896
Euronet Payment Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 25
9
Taxation
2023
2022
€
€
Current tax
UK corporation tax on profits for the current period
11,495
Benefit arising from a previously unrecognised tax loss or credit
(119,914)
Total UK current tax
11,495
(119,914)
Foreign current tax on profits for the current period
746
34,371
Total current tax
12,241
(85,543)
Reconciliation of total tax charge included in profit and loss:
The tax assessed for the year is lower than the standard rate of Corporation tax in the UK of 25%. The difference is explained below:
2023
2022
€
€
Loss before taxation
(247,912)
(3,282,925)
Expected tax credit based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
(58,309)
(623,756)
Tax effect of expenses that are not deductible in determining taxable profit
10,853
186,335
Depreciation in excess of capital allowances
7,002
Removal of branch loss
310,504
Foreign tax of branch subsidiaries
59,697
34,372
Taxation charge/(credit) for the year
12,241
(85,543)
Euronet Payment Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 26
10
Intangible fixed assets
Development costs
€
Cost
At 1 January 2023
308,621
Disposals
(233,901)
Transfers
(72,760)
At 31 December 2023
1,960
Amortisation and impairment
At 1 January 2023
233,901
Disposals
(233,901)
At 31 December 2023
Carrying amount
At 31 December 2023
1,960
At 31 December 2022
74,720
11
Tangible fixed assets
Leasehold improvements
Plant and equipment
Computers
Total
€
€
€
€
Cost
At 1 January 2023
186,402
89,125
247,533
523,060
Additions
762
537
1,299
At 31 December 2023
186,402
89,887
248,070
524,359
Depreciation and impairment
At 1 January 2023
91,634
29,781
230,976
352,391
Depreciation charged in the year
36,316
26,069
5,499
67,884
Revaluation
58,020
33,934
1,620
93,574
At 31 December 2023
185,970
89,784
238,095
513,849
Carrying amount
At 31 December 2023
432
103
9,975
10,510
At 31 December 2022
94,768
59,344
16,557
170,669
Euronet Payment Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 27
12
Debtors
2023
2022
Amounts falling due within one year:
€
€
Trade debtors
415,374
472,511
Corporation tax recoverable
3,333,035
3,354,682
Amounts owed by group undertakings
35,179,737
61,829,097
Other debtors
43,818
125,347
Prepayments and accrued income
226,325
143,913
39,198,289
65,925,550
Included with amounts owed by group undertakings is a loan of €25,000,000 with an end date of 31 December 2028. The company can demand repayment after the first anniversary of the agreement being 1 December 2024. Interest is charged at one month EURIBOR plus 1.5%.
13
Cash at bank
Cash at bank and in hand of €4,337,590 (2022: €21,261,163) includes €nil (2022: €16,480,066) held in respect of customer balances in segregated bank accounts. A corresponding liability of €14,265,873 (2022: €13,551,870) is held within trade creditors due within one year. During the course of the year, the company changed its method of safeguarding from segregation of funds to insurance by way of purchasing a bond for £31,850,000. The bond ensures a guaranteed payment equal to the relevant funds at the date and time of an insolvency event.
14
Creditors: amounts falling due within one year
2023
2022
€
€
Trade creditors
14,717,352
14,205,561
Amounts owed to group undertakings
11,038,508
54,600,489
Taxation and social security
291,453
770,071
Other creditors
5,709
14,841
Accruals and deferred income
241,434
327,094
26,294,456
69,918,056
Within trade creditors is €14,265,873 (2022: €13,551,870) relating to uncollected transactions and cancelled orders which has accumulated since trade began. The company considers these balances as customer funds and carries them forward as creditors until they are reclaimed.
Euronet Payment Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 28
15
Retirement benefit schemes
2023
2022
Defined contribution schemes
€
€
Charge to profit or loss in respect of defined contribution schemes
22,441
29,114
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.
16
Share-based payment transactions
The ultimate parent company, Euronet Worldwide Inc. has reserved shares of common stock for issuance as stock options.
Options granted under the plan expire 10 years from the date of the grant or upon termination of the optionee's employment or other relationship with the company. The options vest over different periods ranging from 1 to 5 years.
Options under the Plan are generally exercisable when vested and subject to such terms, conditions, performance criteria, and restrictions as determined by the Board of Directors and set forth in the related option agreements.
The fair value for the Company's options was estimated at the date of grant using a Black-Scholes option-pricing model.
The total stock-based compensation expense (including social security) resulting from stock options included in and relating to Euronet Payment Services Ltd's profit and loss account was €574 (2022: €6,161). The share based payment expense is recognised on a reasonable allocation of the group expense.
The share options are equity settled. For accounting purposes, they are treated as cash-settled, as the company pays Euronet Worldwide Inc. which is the company that issues the stock. The balance carried forward in respect of share options was €0 (2022: €16,405).
A reconciliation of the movements over the year to 31 December 2023 is as follows:
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
€
€
Outstanding at 1 January 2023
1,184
1,184
76.76
76.76
Forfeited
106.04
Exercised
67.26
Outstanding at 31 December 2023
1,184
76.76
Exercisable at 31 December 2023
1,184
76.76
Euronet Payment Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
16
Share-based payment transactions
(Continued)
Page 29
The RSUs outstanding at 31 December 2023 is Nil (2022: 122).
17
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
€
€
Issued and fully paid
Ordinary shares of €1 each
890,000
890,000
1,015,865
1,015,865
18
Operating lease commitments
Lessee
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:
2023
2022
€
€
Within one year
3,924
19,412
Between two and five years
13,871
3,924
33,283
19
Related party transactions
The company has taken advantage of the exemption available in accordance with FRS 102 section 33 'Related Party Disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the company which it is party to the transactions.
20
Off balance sheet arrangements
As noted in note 13, the company has entered into an Off Balance Sheet arrangement where it has purchased a comparable guarantee bond of £31,850,000 which guarantees payment of relevant funds on an Insolvency Event. The company must certify that the company has undergone an Insolvency Event in writing to the Guarantor's address. The certification must contain the amount of Relevant Funds at the date and time of the Insolvency Event. The amount demanded in respect of the guaranteed payment will be paid to the Payment Service Designated Account held with Bank of America. The comparable guarantee bond's initial term was to 20 September 2024 and was automatically renewed. It will be renewed for one-year annual terms unless the company is notified of non-renewal by the guarantor. The comparable guarantee bond is not transferable.
21
Ultimate controlling party
The ultimate parent company of Euronet Payment Services Limited is Euronet Worldwide Inc by virtue of its 100% shareholding in EFT Services Holding B.V., incorporated in the Netherlands, which in turn owns 100% of Euronet Payment Services Limited. Euronet Worldwide Inc was incorporated in the USA, with registered office 1140 Tomahawk Creek Parkway, Suit 300 Leawood 66211, Kansas. The accounts are publicly available at www.eurinetworldwide.com.
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