Registration number:
Payments Innovation Forum Limited
(A company limited by guarantee)
for the Year Ended 31 December 2024
Payments Innovation Forum Limited
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Abridged Profit and Loss Account |
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Statement of Comprehensive Income |
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Abridged Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Abridged Financial Statements |
Payments Innovation Forum Limited
Company Information
Directors |
Ms Diane Brocklebank Mr J P Field Dr H D Gerhartinger Mr Boris Diakonov Mr David John Walsh Mr JDL Askham Mr C J Ellis Ms S H Moore Mr P K Sidenius Mr Matthew John Sloan Mr Nirav Patel |
Registered office |
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Accountants |
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Payments Innovation Forum Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the abridged financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is developing payment standards and communication on behalf of its members.
Going concern
The Company exists for the benefit of its members and does not intend to make profits, therefore relies upon the continuing financial support of its membership.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Payments Innovation Forum Limited
for the Year Ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Payments Innovation Forum Limited for the year ended 31 December 2024 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Payments Innovation Forum Limited, as a body, in accordance with the terms of our engagement letter dated 31 March 2022. Our work has been undertaken solely to prepare for your approval the accounts of Payments Innovation Forum Limited and state those matters that we have agreed to state to the Board of Directors of Payments Innovation Forum Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Payments Innovation Forum Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Payments Innovation Forum Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Payments Innovation Forum Limited. You consider that Payments Innovation Forum Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Payments Innovation Forum Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountant
Borrowash
Borrowash
Derby
Derbyshire
DE72 3JZ
Payments Innovation Forum Limited
Abridged Profit and Loss Account for the Year Ended 31 December 2024
Note |
2024 |
2023 |
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Gross surplus |
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Administrative expenses |
( |
( |
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Interest payable and similar expenses |
( |
- |
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Surplus/(deficit) before tax |
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( |
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Surplus/(deficit) for the financial year |
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( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Payments Innovation Forum Limited
Statement of Comprehensive Income for the Year Ended 31 December 2024
2024 |
2023 |
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Surplus/(deficit) for the year |
|
( |
Total comprehensive income for the year |
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( |
Payments Innovation Forum Limited
(Registration number: 05955151)
Abridged Balance Sheet as at 31 December 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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- |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Reserves |
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Retained earnings |
(45,840) |
(61,750) |
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Deficit |
(45,840) |
(61,750) |
For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
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Payments Innovation Forum Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
Retained earnings |
Total |
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At 1 January 2024 |
( |
( |
Surplus for the year |
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At 31 December 2024 |
( |
( |
Retained earnings |
Total |
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At 1 January 2023 |
( |
( |
Deficit for the year |
( |
( |
At 31 December 2023 |
(61,750) |
(61,750) |
Payments Innovation Forum Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024
General information |
The company is a company limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, advanced payments, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Payments Innovation Forum Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer equipment |
33% on cost |
Amortisation
Asset class |
Amortisation method and rate |
Advances payments from members |
not amortised as held in other creditors |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Payments Innovation Forum Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit/loss before tax |
Arrived at after charging/(crediting)
2024 |
2023 |
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Depreciation expense |
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Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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Related party transactions |
Payments Innovation Forum Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024
Directors' remuneration
The directors' remuneration for the year was as follows:
2024 |
2023 |
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Remuneration |
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