RAPYD PAYMENTS LIMITED
Company registration number 08053178 (England and Wales)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
RAPYD PAYMENTS LIMITED
COMPANY INFORMATION
Directors
Mr A Shtilman
Ms M Naor
Mr D F Allan
Company number
08053178
Registered office
Raypd Suite 26, Weston Business Centre
Parsonage Road
Takeley
Bishop's Stortford
Hertfordshire
CM22 6PU
Auditor
Dyke Yaxley Limited
1 Brassey Road
Old Potts Way
Shrewsbury
Shropshire
SY3 7FA
RAPYD PAYMENTS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 21
RAPYD PAYMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

2024 was a great year for Rapyd Payments. The Company achieved its objective of expanding the Companys's footprint across new verticals whilst indroduing additional product capabilities and business solutions for our clients. The Groups profitability as measured by EBITDA has grown significantly. While ensuring the long-term growth and resilience of the Company business. During 2024 the company made great progress with our long-term business plan to build an integrated and client focused fintech partner.

 

Business segments

Rapyd Payments operates as an end-to-end payments solution provider, covering the key elements of the payments value chain from card issuing, merchant acquiring, and payment processing for merchants of all sizes. Rapyd Payments has experience in payments as an acquirer for Visa, MasterCard and AMEX and provides payments services directly to merchants in the UK and Ireland. Rapyd Payments operates as debt-free.

 

Risk Management

The Group faces various risks associated with operating as financial undertakings that stem from its daily operations. Therefore, risk management is a fundamental part of the Company's operations. The main pillars of active risk management are identifying risk, quantification of the risks identified, the actions taken to mitigate or eliminate those risks and active monitoring.

 

Trust and integrity are critical factors in the operation. Cyber security risks are ranked as a high priority, and the focus is to ensure the confidentiality, integrity and availability of information systems and data. Rapyd Payments has established security policies and processes which are integrated into operational processes and enforced by security awareness training. The Board of Directors and Management recognise the importance of information security and the threat that cyber risks pose with a strong desire to face these challenges and a willingness to make changes where required.

 

Code of Conduct

Rapyd Payments has adopted a Code of Conduct which outlines the Company’s commitment to conduct itself with honesty, fairness and integrity and to observe the rule and spirit of the legal and regulatory environment in which the Company operates. All parties involved in the company, directors, officers and employees, are required to adhere to and act according to this Code of Conduct. Rapyd Payments acknowledges its responsibility to shareholders, the community and the individual. The company is committed to equal employment opportunity; a safe workplace and maintenance of proper occupational health and safety practices commensurate with the nature of the company’s business and activities; and a workplace free from any kind of discrimination, harassment or intimidation of employees. Rapyd Payment is committed to cultivating a workplace where people are valued, respected and fairly treated irrespective of race, ethnicity, gender, gender identity, sexual orientation, age, religion or disability.

 

Corporate Social Responsibility

At Rapyd Payments, we acknowledge our responsibility extends beyond economic contributions. We are committed to creating a positive environmental and social impact within the communities we serve. This commitment is deeply ingrained in our internal operations, external partnerships, and communication with customers, employees, service providers, and the broader society.The Company strives to be exemplary in environmental matters. Our aim is to minimise the negative environmental impact of our operations with sustainability as a guideline. A significant factor contributing to this goal is reducing greenhouse gas emissions in the fight against global warming.

Corporate Governance

Looking ahead to 2025 and beyond the Company remain committed to the long-term business plan to build an integrated and client focused fintech partner. The Company will continue to offering a standardised product across all markets and building a strong partnership model both within acquiring and issuing. Rapyd Payments will continue to stramline operations and processes with an ambition to create value for our clients. With successful expansion of product offerring during the past two years the Company´s annual results show an operating profit exceeding expectations.

The Board of Directors has assessed the going concern of the Company and is satisfied that the Company has the resources to continue in business for the foreseeable future. The Company's future operating return can be affected by operating requirements set by official authorities and the card associations. Significant changes to current operating conditions may affect the Company's financial return.

RAPYD PAYMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Key performance indicators

In daily management, the use of KPIs support accurate decision making based on data and provide management with guidance on where to place focus. Rapyd Payments focuses on service availibility, volume, gross margin and net revenue.

 

Board level KPIs focus on the shareholders' perspective and its return on the investment and are therefore mainly financial.

On behalf of the board

Mr A Shtilman
Director
7 October 2025
RAPYD PAYMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company is that of the provision of online and e-commerce payments and acceptance solutions. The company operates as an authorised Electronic Money Institution by the UK’s Financial Conduct Authority.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A Shtilman
Ms M Naor
Mr D F Allan
Post reporting date events

No event has arisen after the reporting period and up to the approval of these Financial Statements that require additional disclosures.

 

The Company's Board has made an assessment of the Company's ability to continue as a going concern and is satisfied that the Company has the resources to do so in the foreseeable future. Therefore, the Financial Statements continue to be prepared on a going concern basis.

Auditor

The auditor, Dyke Yaxley Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr A Shtilman
Director
7 October 2025
RAPYD PAYMENTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RAPYD PAYMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RAPYD PAYMENTS LIMITED
- 5 -
Opinion

We have audited the financial statements of Rapyd Payments Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

RAPYD PAYMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RAPYD PAYMENTS LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

RAPYD PAYMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RAPYD PAYMENTS LIMITED (CONTINUED)
- 7 -
Irregularities including fraud

We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

 

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud.

 

We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation, Electronic Money Regulations and Payment Service Regulations. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and inspection of the safeguarding policies and procedures. We also performed an analysis of the company's policies relating to cyber security - as a relevant industry concern.

 

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

 

We did not identify any audit matters relating to irregularities, including fraud.

 

As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Stacey Lea FCA (Senior Statutory Auditor)
For and on behalf of Dyke Yaxley Limited, Statutory Auditor
Chartered Accountants
1 Brassey Road
Old Potts Way
Shrewsbury
Shropshire
SY3 7FA
23 July 2025
RAPYD PAYMENTS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
2
43,415,862
13,667,802
Cost of sales
(37,084,935)
(11,148,642)
Gross profit
6,330,927
2,519,160
Distribution costs
(1,577,536)
(255,734)
Administrative expenses
(2,769,800)
(3,044,136)
Operating profit/(loss)
3
1,983,591
(780,710)
Interest receivable and similar income
5
350,967
239,092
Interest payable and similar expenses
6
(111,699)
(10,995)
Profit/(loss) before taxation
2,222,859
(552,613)
Tax on profit/(loss)
7
1,545,551
697,532
Profit for the financial year
3,768,410
144,919

The profit and loss account has been prepared on the basis that all operations are continuing operations.

RAPYD PAYMENTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
£
£
Profit for the year
3,768,410
144,919
Other comprehensive income
-
-
Total comprehensive income for the year
3,768,410
144,919
RAPYD PAYMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
8
36,122
63,850
Current assets
Stocks
9
75,465
187,458
Debtors - deferred tax
12
2,514,655
969,104
Debtors - other
10
15,446,632
4,918,803
Cash at bank and in hand
68,642,951
60,793,539
86,679,703
66,868,904
Creditors: amounts falling due within one year
11
(79,298,654)
(63,342,182)
Net current assets
7,381,049
3,526,722
Net assets
7,417,171
3,590,572
Capital and reserves
Called up share capital
15
5,000,000
5,000,000
Equity reserve
115,420
57,231
Profit and loss reserves
2,301,751
(1,466,659)
Total equity
7,417,171
3,590,572

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 7 October 2025 and are signed on its behalf by:
Mr A  Shtilman
Director
Company registration number 08053178 (England and Wales)
RAPYD PAYMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Equity reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
5,000,000
-
0
(1,611,578)
3,388,422
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
144,919
144,919
Other movements
-
57,231
-
57,231
Balance at 31 December 2023
5,000,000
57,231
(1,466,659)
3,590,572
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
3,768,410
3,768,410
Other movements
-
58,189
-
58,189
Balance at 31 December 2024
5,000,000
115,420
2,301,751
7,417,171
RAPYD PAYMENTS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
19
7,637,521
(14,351,152)
Interest paid
(111,699)
(10,995)
Net cash inflow/(outflow) from operating activities
7,525,822
(14,362,147)
Investing activities
Purchase of tangible fixed assets
(27,377)
(65,289)
Interest received
350,967
239,092
Net cash generated from investing activities
323,590
173,803
Net increase/(decrease) in cash and cash equivalents
7,849,412
(14,188,344)
Cash and cash equivalents at beginning of year
60,793,539
74,981,883
Cash and cash equivalents at end of year
68,642,951
60,793,539
RAPYD PAYMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information

Rapyd Payments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Raypd Suite 26, Weston Business Centre, Parsonage Road, Takeley, Bishop's Stortford, Hertfordshire, CM22 6PU.

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.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for goods and services supplied.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Other assets
25% to 50% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Expenditure relating to office furniture and computer equipment is written off to the profit and loss account as it is incurred.

RAPYD PAYMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Stock is calculated using the FIFO method.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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.

1.9
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.

1.10
Taxation

The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

RAPYD PAYMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

 

1.13
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted by the ultimate parent company, Rapyd Financial Network (2016) Limited. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
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.

RAPYD PAYMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Acquiring income
37,005,212
4,082,790
Issuing income
6,410,650
9,585,012
43,415,862
13,667,802
2024
2023
£
£
Other revenue
Interest income
350,967
239,092
3
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(818,718)
56,492
Fees payable to the company's auditor for the audit of the company's financial statements
28,000
20,500
Depreciation of owned tangible fixed assets
55,105
90,000
Share-based payments
58,189
57,231
Operating lease charges
104,950
153,926
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
35
32

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,496,264
2,202,847
Social security costs
308,404
226,409
Pension costs
115,678
90,384
2,920,346
2,519,640
RAPYD PAYMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
5
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
350,967
239,092
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
350,967
239,092
6
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
1,231
-
Interest payable to group undertakings
110,468
10,995
111,699
10,995
7
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(1,545,551)
(697,532)

The actual credit for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
2,222,859
(552,613)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
555,715
(129,864)
Tax effect of expenses that are not deductible in determining taxable profit
(22,046)
10,037
Unutilised tax losses carried forward
(1,545,551)
(823,305)
Effect of change in corporation tax rate
-
0
262,328
Permanent capital allowances in excess of depreciation
(12,726)
(16,728)
Tax losses utilised
(520,943)
-
0
Taxation credit for the year
(1,545,551)
(697,532)
RAPYD PAYMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
8
Tangible fixed assets
Other assets
£
Cost
At 1 January 2024
403,833
Additions
27,377
At 31 December 2024
431,210
Depreciation and impairment
At 1 January 2024
339,983
Depreciation charged in the year
55,105
At 31 December 2024
395,088
Carrying amount
At 31 December 2024
36,122
At 31 December 2023
63,850
9
Stocks
2024
2023
£
£
Finished goods and goods for resale
75,465
187,458
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
866,849
982,709
Other debtors
14,223,456
3,789,900
Prepayments and accrued income
356,327
146,194
15,446,632
4,918,803
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 12)
2,514,655
969,104
Total debtors
17,961,287
5,887,907
RAPYD PAYMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
11
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Trade creditors
770,113
101,147
Amounts owed to group undertakings
11,643,615
3,136,548
Taxation and social security
95,124
118,776
Deferred income
13
22,667
38,167
Other creditors
66,602,135
59,682,544
Accruals and deferred income
165,000
265,000
79,298,654
63,342,182
12
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Assets
Assets
2024
2023
Balances:
£
£
Accelerated capital allowances
80,521
93,247
Tax losses
2,434,134
875,857
2,514,655
969,104
2024
Movements in the year:
£
Asset at 1 January 2024
(969,104)
Credit to profit or loss
(1,545,551)
Asset at 31 December 2024
(2,514,655)

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

13
Deferred income
2024
2023
£
£
Other deferred income
22,667
38,167
RAPYD PAYMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
115,678
90,384
15
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
5,000,000
5,000,000
5,000,000
5,000,000
16
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
105,499
95,256
17
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

 

18
Ultimate controlling party

The company's parent company is Rapyd Europe hf., incorporated in Iceland, whose registered office is Dalshraun 3, 220 Hafnafjörður.

 

The company's ultimate parent company is Rapyd Financial Network (2016) Ltd., incorporated in Israel, whose registered office is 132 Derech Menachem Begin St., Tel Aviv-Yafo, Israel.

The parent undertaking of the largest and smallest group for which group accounts are prepared for the year ended 31 December 2024 is Rapyd Financial Network (2016) Ltd. These accounts are available at its registered address listed above.

 

 

RAPYD PAYMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
19
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit after taxation
3,768,410
144,919
Adjustments for:
Taxation credited
(1,545,551)
(697,532)
Finance costs
111,699
10,995
Investment income
(350,967)
(239,092)
Depreciation and impairment of tangible fixed assets
55,105
90,000
Equity settled share based payment expense
58,189
57,231
Movements in working capital:
Decrease in stocks
111,993
206,038
Increase in debtors
(10,527,829)
(3,875,488)
Increase/(decrease) in creditors
15,971,972
(10,044,857)
Decrease in deferred income
(15,500)
(3,366)
Cash generated from/(absorbed by) operations
7,637,521
(14,351,152)
20
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
60,793,539
7,849,412
68,642,951
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