Livitpay Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—4

1. General Information

Livitpay Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13800042 . The registered office is 128 City Road, London, EC1V 2NX.

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.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. 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:

Fixtures & Fittings

33.33% Reducing balance

2.4. 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 ofthe 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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not discounted.

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 its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction where they are subsequently carried at amortised cost using effective interest method. Financial liabilities that constitute a financing transaction are measured at present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not discounted.

Debt instruments are subsequently carried at amortised cost, using effective interest rate method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in ordinary course of business from suppliers. Amounts payable under trade creditors classified as current liabilities if payment is due within one year or less. If not they presented as non-current liabilities. Trade creditors recognised initially at transaction price and subsequently measured amortised cost using effective interest method

2.5. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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Livitpay Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred 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 years 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 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 assets reflect 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 1 (2023: 1)

4. Tangible Assets

	Fixtures & Fittings
	£
Cost
As at 1 January 2024	4,106

As at 31 December 2024	4,106

Depreciation
As at 1 January 2024	1,368
Provided during the period	913

As at 31 December 2024	2,281

Net Book Value
As at 31 December 2024	1,825

As at 1 January 2024	2,738

5. Investments

	Other
	£
Cost
As at 1 January 2024	271,796
Additions	92,199

As at 31 December 2024	363,995

Provision
As at 1 January 2024	-

As at 31 December 2024	-

...CONTINUED

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Livitpay Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Net Book Value
As at 31 December 2024	363,995

As at 1 January 2024	271,796

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	-	44,801
Other debtors	82,108	79,191
VAT	106	-
Called up share capital not paid	25,000	25,000

	107,214	148,992

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Corporation tax	7,378	6,479
Other creditors	744,416	2,340,912
Director's loan account	-	6,424

	751,794	2,353,815

8. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
25,000 Ordinary Shares of £ 1.00 each	25,000	25,000

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		1,825		2,738
Investments	5		363,995		271,796

			365,820		274,534
CURRENT ASSETS
Debtors	6	107,214		148,992
Cash at bank and in hand		376,788		2,023,998

		484,002		2,172,990
Creditors: Amounts Falling Due Within One Year	7	(751,794 )		(2,353,815 )

NET CURRENT ASSETS (LIABILITIES)			(267,792 )		(180,825 )

TOTAL ASSETS LESS CURRENT LIABILITIES			98,028		93,709

NET ASSETS			98,028		93,709

CAPITAL AND RESERVES
Called up share capital	8		25,000		25,000
Profit and Loss Account			73,028		68,709

SHAREHOLDERS' FUNDS			98,028		93,709