Acorah Software Products - Accounts Production 16.4.675 false true true 31 December 2023 1 January 2023 false 4 July 2025 1 January 2024 31 December 2024 31 December 2024 12602063 Mr Zheng Xu Mr Ning Wang Mr David Rj Messenger iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12602063 2023-12-31 12602063 2024-12-31 12602063 2024-01-01 2024-12-31 12602063 frs-core:CurrentFinancialInstruments 2024-12-31 12602063 frs-core:ComputerEquipment 2024-12-31 12602063 frs-core:ComputerEquipment 2024-01-01 2024-12-31 12602063 frs-core:ComputerEquipment 2023-12-31 12602063 frs-core:ShareCapital 2024-12-31 12602063 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 12602063 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 12602063 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 12602063 frs-bus:SmallEntities 2024-01-01 2024-12-31 12602063 frs-bus:Audited 2024-01-01 2024-12-31 12602063 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 12602063 frs-bus:OrdinaryShareClass1 2024-01-01 2024-12-31 12602063 frs-bus:OrdinaryShareClass1 2024-12-31 12602063 frs-bus:Director1 2024-01-01 2024-12-31 12602063 frs-bus:Director2 2024-01-01 2024-12-31 12602063 frs-bus:Director3 2024-01-01 2024-12-31 12602063 frs-core:CurrentFinancialInstruments 3 2024-12-31 12602063 frs-countries:EnglandWales 2024-01-01 2024-12-31 12602063 2022-12-31 12602063 2023-12-31 12602063 2023-01-01 2023-12-31 12602063 frs-core:CurrentFinancialInstruments 2023-12-31 12602063 frs-core:ShareCapital 2023-12-31 12602063 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 12602063 frs-bus:OrdinaryShareClass1 2023-01-01 2023-12-31 12602063 frs-core:CurrentFinancialInstruments 1 2023-12-31 12602063 frs-core:CurrentFinancialInstruments 3 2023-12-31
Registered number: 12602063
Pingpong Payment (UK) Limited
Financial Statements
For The Year Ended 31 December 2024
Sloane & Co. LLP
Chartered Certified Accountants & Business Advisors
Office 015
30 Great Guildford Street
Borough, London
SE1 0HS
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—6
Page 1
Balance Sheet
Registered number: 12602063
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 21,313 10,178
21,313 10,178
CURRENT ASSETS
Debtors 5 71,821 28,967
Cash at bank and in hand 2,860,128 1,530,628
2,931,949 1,559,595
Creditors: Amounts Falling Due Within One Year 6 (1,416,115 ) (1,803,437 )
NET CURRENT ASSETS (LIABILITIES) 1,515,834 (243,842 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,537,147 (233,664 )
NET ASSETS/(LIABILITIES) 1,537,147 (233,664 )
CAPITAL AND RESERVES
Called up share capital 7 5,000,000 1,000,000
Profit and Loss Account (3,462,853 ) (1,233,664 )
SHAREHOLDERS' FUNDS 1,537,147 (233,664)
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
Approved on behalf of the board
Mr Ning Wang
Director
27 June 2025
The notes on pages 2 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Pingpong Payment (UK) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12602063 . The registered office is 78 Cannon Street, London, EC4N 6HL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
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 £.
2.2. Going Concern Disclosure
The company depended on its shareholders finance to meet its day to day working capital requirements during the early years of trading. The shareholders have confirmed their continued financial support for the next 12 months. 
The directors have also prepared cash flow forecasts for the next 12 months. The company’s forecasts and projections, taking account of reasonably possible changes in business performance, show that the company should be able to operate within the level of its current liabilities. 
The directors consider that the company has the ability to fulfil its commitments for at least 12 months from the date the financial statements are approved. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. 
2.3. Turnover
Turnover, which is stated net of value added tax, represents revenues derived from money payment services and related activities.
Revenues derived from money payment activities consist primarily of transaction fees, account fees. Revenue is recognised for fee related activity which is earned on a transaction basis at a point in time when the performance obligation is satisfied. Fee revenue from payment activity included same currency payments, virtual account fees, remittance fees for the facilitation of payments on behalf of remittance partners.
Revenue on foreign currency exchange contracts is recognised at point in time after receiving client authorisations to undertake foreign currency transactions for immediate or forward delivery.
Net interest income on cash and cash equivalents held for customers is part of the ordinary activities of the company and is recognised as revenue.
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2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 25% reducing balance
2.5. 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 and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss , are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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
...CONTINUED
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2.5. Financial Instruments - continued
Basic financial liabilities, including creditors, bank loans, and loans from fellow group companies 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 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
Current tax 
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax 
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 9)
12 9
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4. Tangible Assets
Computer Equipment
£
Cost
As at 1 January 2024 11,666
Additions 15,342
As at 31 December 2024 27,008
Depreciation
As at 1 January 2024 1,488
Provided during the period 4,207
As at 31 December 2024 5,695
Net Book Value
As at 31 December 2024 21,313
As at 1 January 2024 10,178
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 9,080 -
Other debtors 62,741 21,965
Other debtors - Multi currency - 7,002
71,821 28,967
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other taxes and social security 70,999 -
Other creditors - BTB 20,143 120,758
Other creditors - Pension 17,101 4,721
Accruals and deferred income 184,360 128,686
Amounts owed to group undertakings 1,123,512 1,549,272
1,416,115 1,803,437
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7. Share Capital
2024 2023
Allotted, called up and fully paid £ £
5,000,000 Ordinary Shares of £ 1.00 each 5,000,000 1,000,000
Shares issued during the period: £
4,000,000 Ordinary Shares of £ 1.00 each 4,000,000
During the year, a total of 400,000 ordinary shares of £1.00 each were issued, comprising:
200,000 ordinary shares issued on 25 July 2024
200,000 ordinary shares issued on 30 October 2024
8. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
9. Audit Information
The auditor's report on the accounts of Pingpong Payment (UK) Limited for the year ended 31 December 2024 was unqualified.
The auditor's report was signed by Ian Matthews (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP , Statutory Auditor.
Moore Kingston Smith LLP
9 Appold Street
London
EC2A 2AP
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