| REGISTERED NUMBER: |
| Financial Statements |
| for the Period |
| 1 October 2023 to 30 November 2024 |
| for |
| Payments PML Limited |
| REGISTERED NUMBER: |
| Financial Statements |
| for the Period |
| 1 October 2023 to 30 November 2024 |
| for |
| Payments PML Limited |
| Payments PML Limited (Registered number: 09623838) |
| Contents of the Financial Statements |
| for the Period 1 October 2023 to 30 November 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Payments PML Limited |
| Company Information |
| for the Period 1 October 2023 to 30 November 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Chartered Accountants |
| & Statutory Auditors |
| 140 Coniscliffe Road |
| Darlington |
| County Durham |
| DL3 7RT |
| Payments PML Limited (Registered number: 09623838) |
| Balance Sheet |
| 30 November 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 7 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Payments PML Limited (Registered number: 09623838) |
| Notes to the Financial Statements |
| for the Period 1 October 2023 to 30 November 2024 |
| 1. | STATUTORY INFORMATION |
| Payments PML Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| There were no material departures from that standard. |
| Going concern |
| The company ceased trading on 30 November 2024 and as a consequence the directors have prepared the financial statements on a basis other than going concern. |
| No adjustments were necessary to amounts included in these financial statements. |
| Related party exemption |
| 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. |
| Any related party transactions were on commercial terms. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover represents commissions receivable from the provision of electronic payment services and sales of associated devices net of VAT. Turnover is attributable to the continuing principal activity of the company and arose wholly within the United Kingdom. Revenue is recognised on delivery of electronic payment services to customers. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Software development is being amortised evenly over its estimated useful life of three years. |
| Financial instruments |
| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and cash balances. |
| All such instruments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, in which case the transaction is measured at the present value of the receipts discounted at a market rate of interest. All financial instruments are subsequently carried at amortised cost using the effective interest method. |
| At the end of each reporting period, debt financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment charge is recognised in the statement of comprehensive income. |
| Payments PML Limited (Registered number: 09623838) |
| Notes to the Financial Statements - continued |
| for the Period 1 October 2023 to 30 November 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Losses, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 4. | INTANGIBLE FIXED ASSETS |
| Computer |
| software |
| £ |
| COST |
| At 1 October 2023 |
| Disposals | ( |
) |
| At 30 November 2024 |
| AMORTISATION |
| At 1 October 2023 |
| Amortisation for period |
| Eliminated on disposal | ( |
) |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 September 2023 |
| Payments PML Limited (Registered number: 09623838) |
| Notes to the Financial Statements - continued |
| for the Period 1 October 2023 to 30 November 2024 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Directors' current accounts | - | 51,993 |
| Prepayments and accrued income |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| Accruals and deferred income |
| 7. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1.2549 | 1 | 1 |
| Ordinary B | £0.7451 | 1 | 1 |
| Ordinary C | £0.857 | 1 | 1 |
| 3 | 3 |
| 8. | AUDITOR'S INFORMATION |
| The report of the auditors was unqualified. |
| We draw attention to Note 2 to the financial statements which explains that the company ceased trading on 30 November 2024 and therefore, the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern. |
| Our opinion is not modified in respect of this matter. |
| James Davies BSc Hons CA (Senior Statutory Auditor) |
| for and on behalf of Clive Owen LLP. |
| Payments PML Limited (Registered number: 09623838) |
| Notes to the Financial Statements - continued |
| for the Period 1 October 2023 to 30 November 2024 |
| 9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the period ended 30 November 2024 and the year ended 30 September 2023: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of period |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of period |
| 10. | ULTIMATE CONTROLLING PARTY |
| The immediate and ultimate controlling party is Crosso (1470) Limited, The Spark, Draymans Way, Newcastle Helix, Newcastle Upon Tyne, NE4 5DE. |