REGISTERED NUMBER: 14095997 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

PayItMonthly SPV1 Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr B P Pursey

Mr C R Pursey

REGISTERED OFFICE:

Ellenborough House

Wellington Street

Cheltenham

GL50 1XZ

REGISTERED NUMBER:

14095997 (England and Wales)

ACCOUNTANTS:

Francis & Co

Second Floor

123 Promenade

Cheltenham

Gloucestershire

GL50 1NW

CURRENT ASSETS

Debtors

4

6,869,597

3,325,223

Cash at bank

150,000

83,500

7,019,597

3,408,723

CREDITORS

Amounts falling due within one year

5

1,519,597

493,723

NET CURRENT ASSETS

5,500,000

2,915,000

TOTAL ASSETS LESS CURRENT LIABILITIES

5,500,000

2,915,000

CREDITORS

Amounts falling due after more than one year

6

5,499,000

2,914,000

NET ASSETS

1,000

1,000

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

1,000

1,000

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 SPV1 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Taxation

A current tax liability is recognised when there is tax payable on any taxable profit.

Debtors

Assigned loans receivable are included at the principal value less impairment losses for bad and doubtful debts. Impairment losses are estimated and provided for when the loan is set up with the adequacy of the estimate being reviewed at the year end. Impairment losses also include all loan repayments which are due beyond the original term and which are not due within 12 months.

Creditors

Creditors are measured at transaction value.

Provisions

Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

3.	EMPLOYEES AND DIRECTORS

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

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Assigned loans receivable

6,864,597

3,325,223

Other debtors

5,000

-

6,869,597

3,325,223

Assigned Loans Receivable were assigned by the parent company.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Other creditors

1,519,597

493,723

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans (see note 7)

5,000,000

2,650,000

Other creditors

499,000

264,000

5,499,000

2,914,000

7.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

£

Amounts falling due within one year or on demand:

Amounts owed to parent company

1,519,597

493,723

Amounts falling due between one and two years:

Bank loans

5,000,000

2,650,000

Subordinated loan owed to

parent company

499,000

264,000

5,499,000

2,914,000

The bank loans are secured by a debenture over the assets of the company.

8.	ULTIMATE CONTROLLING PARTY

The company's parent is PayItMonthly Limited and the ultimate holding company is PIM TC Limited.

9.	OTHER INFORMATION

PayItMonthly SPV1 Limited is a private company limited by shares and incorporated in England.

Ellenborough House

Wellington Street

Cheltenham

GL50 1XZ