CASHDASH UK LIMITED
Company registration number 10207686 (England and Wales)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CASHDASH UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
CASHDASH UK LIMITED
BALANCE SHEET
AS AT
27 DECEMBER 2023
27 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,420
14,849
Investments
4
1
7,420
14,850
Current assets
Debtors
5
106,711,943
29,749,380
Cash at bank and in hand
16,892,119
17,189,504
123,604,062
46,938,884
Creditors: amounts falling due within one year
6
(122,891,486)
(46,376,209)
Net current assets
712,576
562,675
Net assets
719,996
577,525
Capital and reserves
Called up share capital
350,010
350,010
Profit and loss reserves
369,986
227,515
Total equity
719,996
577,525
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 29 April 2025 and are signed on its behalf by:
Ms M Naor
Director
Company registration number 10207686 (England and Wales)
CASHDASH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
CashDash UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Raypd Suite 26, Weston Business Centre, Parsonage Road, Takeley, Bishop's Stortford, Hertfordshire, CM22 6PU.
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 as applicable to companies subject to the small companies regime. 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 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.
1.2
Going concern
Atruet 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.
During the 2024 year all of the merchants of the company were transferred to a sister company, which is likely to lead to substantial change in operations and structure of the company. At the time of approving the financial statements, no formal decisions have been made regarding the future of the company and the directors have a reasonable expectation that the company has adequate support 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.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover relates to commission received on payment processing services and is shown net of VAT.
1.4
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:
Fixtures and fittings
7% straight line
Computers
33% straight line
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.
CASHDASH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
1.7
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.
1.8
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.
1.9
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.
1.10
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.
CASHDASH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.11
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
12
13
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 28 December 2022 and 27 December 2023
26,492
Depreciation and impairment
At 28 December 2022
11,643
Depreciation charged in the year
7,429
At 27 December 2023
19,072
Carrying amount
At 27 December 2023
7,420
At 27 December 2022
14,849
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
CASHDASH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 DECEMBER 2023
4
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 28 December 2022
1
Disposals
(1)
At 27 December 2023
-
Carrying amount
At 27 December 2023
-
At 27 December 2022
1
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
883,850
4,587,259
Other debtors
105,828,093
25,162,121
106,711,943
29,749,380
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
382,843
1,128,650
Taxation and social security
34,567
Other creditors
122,474,076
45,247,559
122,891,486
46,376,209
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Stacey Lea FCA
Statutory Auditor:
Dyke Yaxley Limited
Date of audit report:
6 May 2025
CASHDASH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 DECEMBER 2023
- 6 -
8
Events after the reporting date
During the 2024 year, all the merchants in Cash Dash UK Limited, were migrated to a sister company, Rapyd Payments Limited, this is likely to lead to a substantial change in the structure and operations of the company.
9
Related party transactions
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.
10
Parent company
The Parent Company is Rapyd Financial Network (2016) Ltd, incorporated in Israel, who owns 100% of the share capital of the company.
There are no ultimate controlling parties as no individuals own more than 25% of the group.
The financial statements of the company are consolidated in the financial statements of Rapyd Financial Network (2016) Limited. These consolidated financial statements are available from its registered office, 132 Menachem Begin St., Tel Aviv, Israel.
11
Prior period adjustment
During the year under audit it was identified that for transactions that occurred during the prior year, partners used a fixed rated adjusted to US Dollar when calculating settlements to the company relating to one merchant, whereas the company used the actual foreign currency to make settlements to the merchant. This lead to a foreign exchange loss. At year end the matter was still in dispute, but a conservative approach was taken to write off the loss. As the transactions leading to this loss occurred in 2022, the corresponding foreign exchange loss should also have been recorded in the prior year.
Changes to the balance sheet
As previously reported
Adjustment
As restated at 27 Dec 2022
£
£
£
Net assets
577,525
-
577,525
Capital and reserves
Total equity
577,525
-
577,525
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 27 December 2022
£
£
£
Administrative expenses
(16,231,090)
(954,509)
(17,185,599)
Other operating income
17,410,032
954,509
18,364,541
Profit for the financial period
172,218
-
172,218
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
CASHDASH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 DECEMBER 2023
11
Prior period adjustment
(Continued)
- 7 -
Reconciliation of changes in profit for the previous financial period
2022
£
Total adjustments
-
Profit as previously reported
172,218
Profit as adjusted
172,218