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Company registration number: 08270892







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


NETPAY SOLUTIONS GROUP LIMITED






































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NETPAY SOLUTIONS GROUP LIMITED
 


 
COMPANY INFORMATION


Directors
A Baninajar 
S Kilkelly (resigned 24 May 2024)
S Jackson (appointed 10 January 2025)




Registered number
08270892



Registered office
Janus House
Endeavor Drive

Basildon

Essex

SS14 3WF




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


NETPAY SOLUTIONS GROUP LIMITED
 



CONTENTS



Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8


 


NETPAY SOLUTIONS GROUP LIMITED
REGISTERED NUMBER:08270892



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
1,643

Investments
 5 
99
99

  
99
1,742

Current assets
  

Debtors: amounts falling due within one year
 6 
4,539,490
4,661,366

Cash at bank and in hand
  
18,546
7,225

  
4,558,036
4,668,591

Creditors: amounts falling due within one year
  
(21,926)
(26,260)

Net current assets
  
 
 
4,536,110
 
 
4,642,331

Total assets less current liabilities
  
4,536,209
4,644,073

Creditors: amounts falling due after more than one year
  
(2,346,329)
(2,209,104)

  

Net assets
  
2,189,880
2,434,969

Page 1

 


NETPAY SOLUTIONS GROUP LIMITED
REGISTERED NUMBER:08270892


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

2024
2023
£
£

Called up share capital 
  
68
68

Share premium account
  
2,950,887
2,950,887

Capital redemption reserve
  
45
45

Profit and loss account
  
(761,120)
(516,031)

  
2,189,880
2,434,969


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A Baninajar
Director

Date: 25 July 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 


NETPAY SOLUTIONS GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

NetPay Solutions Group Limited is a private company limited by shares incorporated in England and Wales. The Address of its registered office is disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. The directors have considered the company’s financial position, including expected future cash flows and the availability of financial support.
The company is reliant on the continued financial support of its parent undertaking, FDR UK Limited, to meet its liabilities as they fall due. FDR UK Limited has indicated that it will continue to provide financial support to the company for at least 12 months from the date of approval of these financial statements. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 


NETPAY SOLUTIONS GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 


NETPAY SOLUTIONS GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.7

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 assets less their residual value over their estimated useful lives, on a reducing balance basis or straight line method.

Depreciation is provided on the following basis:

Computer equipment
-
33% reducing balance or straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

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.

Page 5

 


NETPAY SOLUTIONS GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2024
109,866



At 31 December 2024

109,866



Depreciation


At 1 January 2024
108,223


Charge for the year on owned assets
1,643



At 31 December 2024

109,866



Net book value



At 31 December 2024
-



At 31 December 2023
1,643

Page 6

 


NETPAY SOLUTIONS GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
99



At 31 December 2024
99





6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
4,497,594
4,536,403

Other debtors
5,396
5,500

Prepayments and accrued income
36,500
35,500

Deferred taxation
-
83,963

4,539,490
4,661,366



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
9,826
13,810

Accruals and deferred income
12,100
12,450

21,926
26,260



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
2,346,329
2,209,104

2,346,329
2,209,104


Page 7

 


NETPAY SOLUTIONS GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
106,040
70,693

Later than 1 year and not later than 5 years
77,468
-

183,508
70,693


10.


Controlling party

The directors are of the opinion that the ultimate controlling party is FDR U.K. Limited. The company's registered
office of FDR U.K. Limited is Legal Department, Janus House, Endeavour Drive, Basildon, Essex, SS14 3WF.


11.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 25 July 2025 by James Hadfield FCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 8