REGISTERED NUMBER: 09719909 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

PayItMonthly Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr B P Pursey

Mrs C J Pursey

Mr C R Pursey

Mr J B A Smeed

REGISTERED OFFICE:

Ellenborough House

Wellington Street

Cheltenham

GL50 1XZ

REGISTERED NUMBER:

09719909 (England and Wales)

ACCOUNTANTS:

Francis & Co

Second Floor

123 Promenade

Cheltenham

Gloucestershire

GL50 1NW

FIXED ASSETS

Investments

4

2,000

2,000

CURRENT ASSETS

Debtors

5

11,554,131

6,452,547

Cash at bank and in hand

13,569

229,234

11,567,700

6,681,781

CREDITORS

Amounts falling due within one year

6

10,565,317

5,979,724

NET CURRENT ASSETS

1,002,383

702,057

TOTAL ASSETS LESS CURRENT LIABILITIES

1,004,383

704,057

CREDITORS

Amounts falling due after more than one year

7

46,990

94,129

NET ASSETS

957,393

609,928

CAPITAL AND RESERVES

Called up share capital

144,093

144,093

Share premium

41,957

41,957

Retained earnings

771,343

423,878

957,393

609,928

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 February 2025 and were signed on its behalf by:

Mr B P Pursey - Director

1.	STATUTORY INFORMATION

PayItMonthly Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover includes credit charges made when loans are granted and are calculated using the fair value of such loans. The credit charges are recognised on a prorata basis as the loans are repaid. Turnover also includes revenue earned from granting partners access to the company's software. This enables the company to provide retail finance to their customers. Such revenue is measured by the consideration received or receivable net of VAT.

Investments in subsidiaries

Investments in subsidiaries are measured at cost less any accumulated impairment losses.

Taxation

A current tax liability is recognised for the tax payable on the taxable profit of the current period net of R&D tax credits. R&D tax credits are recognised when they are received.

Debtors

Loans receivable are included at their fair value. The fair value is estimated when the loan is set up and is reassessed quarterly. Any resultant changes in fair value are included in turnover. The fair value estimate represents the expected repayments in the 12 months after the loan is set up less any repayments already received. All loans are repayable within 12 months. Trade debtors are valued at invoice value allowing for impairment losses for bad and doubtful debts. Loans receivable includes loans which are assigned to PayItMonthly SPV1 Limited, a subsidiary of the company, in respect of which the company continues to retain all profits and losses relating to repayments.

Tangible and intangible fixed assets

Purchases and expenditure on development projects or other items of a capital nature do not have a material realisable value and are expensed as incurred.

Creditors

Creditors are measured at transaction value. Deferred profits represents credit charges in respect of loans receivable which have not yet been included in turnover.

Pensions

Contributions to defined contribution plans are expensed in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 15 ) .

4.	FIXED ASSET INVESTMENTS

Investments

in

subsidiary

undertakings

£

COST

At 1 January 2024

and 31 December 2024

2,000

NET BOOK VALUE

At 31 December 2024

2,000

At 31 December 2023

2,000

The company has two subsidiary companies, PayItMonthly SPV1 Limited and Flexplans Limited, both of which are 100% owned directly by the company, neither of which made a profit or loss in the year.

5.

DEBTORS

31.12.24

31.12.23

£

£

Amounts falling due within one year:

Trade debtors

14,355

10,491

Amounts owed by group undertakings

1,519,597

493,723

Loans receivable

9,494,284

5,674,262

Other debtors

26,895

10,071

11,055,131

6,188,547

Amounts falling due after more than one year:

Amounts owed by group undertakings

499,000

264,000

Aggregate amounts

11,554,131

6,452,547

Loans receivable includes £6,864,598 (2023 £1,733,707) of loans which are assigned to PayItMonthly SPV1 Limited, a subsidiary of the company.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

45,518

47,961

Trade creditors

2,377,540

1,800,408

Amounts owed to group undertakings

6,864,598

3,326,451

Taxation and social security

140,691

64,311

Other creditors

1,136,970

740,593

10,565,317

5,979,724

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

46,990

94,129

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

248,413

21,167

9.	ULTIMATE CONTROLLING PARTY

The company is a subsidiary of PIM TC Limited whose registered office is Ellenborough House, Wellington Street, Cheltenham, GL50 1XZ.

10.	OTHER INFORMATION

PayItMonthly Limited is a private company limited by shares and incorporated in England. Its registered office is:

Ellenborough House

Wellington Street

Cheltenham

GL50 1XZ