Company Registration No. 09188382 (England and Wales)
Net Trans UK Limited
Financial statements
for the year ended 31 December 2024
Pages for filing with the registrar
Net Trans UK Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
Net Trans UK Limited
Balance sheet
As at 31 December 2024
31 December 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
5
3,149,932
3,149,932
Current assets
Debtors
7
100
132,646
Net current assets
100
132,646
Net assets
3,150,032
3,282,578
Capital and reserves
Called up share capital
100
100
Other reserves
8
3,149,932
3,149,932
Profit and loss reserves
132,546
Total equity
3,150,032
3,282,578
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 July 2025 and are signed on its behalf by:
Scott Gutz
Director
Company Registration No. 09188382
Net Trans UK Limited
Statement of changes in equity
For the year ended 31 December 2024
2
Share capital
Capital Contribution
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
100
3,149,932
3,150,032
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
7,309,965
7,309,965
Dividends
4
-
-
(7,177,419)
(7,177,419)
Balance at 31 December 2023
100
3,149,932
132,546
3,282,578
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
6,991,846
6,991,846
Dividends
4
-
-
(7,124,392)
(7,124,392)
Balance at 31 December 2024
100
3,149,932
3,150,032
Net Trans UK Limited
Notes to the financial statements
For the year ended 31 December 2024
3
1
Accounting policies
Company information
Net Trans UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 More London Riverside, London, SE1 2AU.
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 pound.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Onyx CenterSource (UK) Limited. These consolidated financial statements are available from its registered office, 4 More London Riverside, London, SE1 2AU.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Net Trans UK Limited is a wholly owned subsidiary of Onyx CenterSource (UK) Limited and the results of Net Trans UK Limited are included in the consolidated financial statements of Onyx CenterSource (UK) Limited which are available from 4 More London, Riverside, London, SE1 2AU.
Net Trans UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
4
1.2
Going concern
The directors continue to adopt the going concern basis of accounting in preparing the financial statements. In considering the going concern assessment for the twelve months from date of approval of the financial statements, the directors have considered the company and group financial projections. The cash flow projections include an assessment of the potential future sensitivities of revenue and expenses in light of the macro-economic conditions and group financial projections.
1.3
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.
1.4
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.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Net Trans UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
5
1.5
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.
1.6
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Critical accounting 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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
4
4
Dividends
2024
2023
£
£
Interim paid
7,124,392
7,177,419
On 21 May 2024 the company declared a dividend of £71,243.92 per share.
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
3,149,932
3,149,932
Net Trans UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
5
Fixed asset investments (continued)
6
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 & 31 December 2024
3,149,932
Carrying amount
At 31 December 2024
3,149,932
At 31 December 2023
3,149,932
6
Subsidiaries
These financial statements are separate company financial statements for Net Trans UK Limited.
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Onyx CenterSource AS
Norway
Payment processing
Ordinary
0
100
Onyx CenterSource Philippines Inc.
Philippines
Payment processing
Ordinary
0
100
Onyx Norway Holdings AS
Norway
Holding company
Ordinary
100
-
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
100
132,646
8
Other reserves
Capital Contribution
£
At 1 January 2023
3,149,932
At 31 December 2023
3,149,932
At 31 December 2024
3,149,932
Net Trans UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
7
9
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:
Roger Weston
Statutory Auditors:
Saffery LLP
Date of audit report:
29 July 2025
10
Related party transactions
The company has taken advantage of paragraph 33.1A of FRS 102 not to disclose transactions between two or more members of the group to which Net Trans UK Limited is a part of, on the grounds that such members are wholly owned.
11
Events after the reporting date
On 27 May 2025, the group declared an interim dividend of 118,000,000 NOK, equivalent to £8,601,210, translated at the exchange rate on the date of declaration. This dividend was declared after the reporting date and has not been recognised as a liability in these financial statements.
12
Parent company
The immediate parent company is Onyx CenterSource (UK) Limited, a company incorporated in England and Wales. Consolidated financial statements for the parent company are prepared and are publicly available at Companies House.
FitzWalter Capital Partners LP have primary control of the group. The directors are of the opinion that there is no one ultimate controlling party as there is no individual investor within FitzWalter Capital Partners LP holding greater than 5% of the fund.