Registered number
06913083
Safi Pay Ltd
Filleted Accounts
30 September 2024
Safi Pay Ltd
Registered number: 06913083
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,588 1,773
Current assets
Debtors 4 28,416 28,416
Cash at bank and in hand 19,466 8,036
47,882 36,452
Creditors: amounts falling due within one year 5 (13,634) (6,560)
Net current assets 34,248 29,892
Net assets 36,836 31,665
Capital and reserves
Called up share capital 300 300
Profit and loss account 36,536 31,365
Shareholder's funds 36,836 31,665
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Awranzgeb Tareq
Director
Approved by the board on 11 June 2025
Safi Pay Ltd
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Revenue represents commissions and other amounts received for arranging and effecting money transfer services in the normal course of business including revenue based on the difference between the exchange rate charged by the Company and the acquisition cost of currency, where a transaction involves payment and receipt in different currencies.

Provided the amount of revenue can be measured reliably and it is probable that the Company will receive some consideration, revenue for services is recognised in the period in which they are rendered.

The Company does not charge VAT on transactions owing to money transfer services being an exempt supply.
Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assests less their residul value over their estimated useful lives, using the straight-line method.
Fixtures, fittings, tools and equipment 20% Straight line basis
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.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023 5,436
Additions 1,740
At 30 September 2024 7,176
Depreciation
At 1 October 2023 3,663
Charge for the year 925
At 30 September 2024 4,588
Net book value
At 30 September 2024 2,588
At 30 September 2023 1,773
4 Debtors 2024 2023
£ £
Other debtors 28,416 28,416
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 5,581 4,560
Other creditors 8,053 2,000
13,634 6,560
6 Controlling party
The company was controlled throughout the year by its director by virtue of the fact that he owns all of the share capital.
7 Other information
Safi Pay Ltd is a private company limited by shares and incorporated in England. Its registered office is:
239 Regents Park Road
London
N3 3LF
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