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Shift4 Payments UK Limited
(FORMERLY CREDORAX SERVICES UK LTD)
Registered number: 10694402
Directors' report and financial statements
For the year ended 31 December 2024
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SHIFT4 PAYMENTS UK LIMITED (FORMERLY CREDORAX SERVICES UK LTD)
COMPANY INFORMATION
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Nancy Disman (Appointed 24 June 2024)
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Jordan Frankel (Appointed 24 June 2024)
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Suite 19.03-19.04 Heron Tower
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Chartered Accountants & Statutory Auditor
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SHIFT4 PAYMENTS UK LIMITED (FORMERLY CREDORAX SERVICES UK LTD)
CONTENTS
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Independent Auditor's Report
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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SHIFT4 PAYMENTS UK LIMITED (FORMERLY CREDORAX SERVICES UK LTD)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
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The directors are responsible for preparing the Directors' 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 applicable law and the United Kingdom's Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
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 to 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.
The principal activity of the Company is the provision of integrated acquiring and payment processing services to merchants and payment service providers.
The directors who served during the year were:
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Nancy Disman (Appointed 24 June 2024)
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Jordan Frankel (Appointed 24 June 2024)
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Appropriate Directors' and officers' liability insurance cover is in place in respect of all the Company's Directors.
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SHIFT4 PAYMENTS UK LIMITED (FORMERLY CREDORAX SERVICES UK LTD)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Disclosure of information to auditor
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Principal risks and uncertainties
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The Company faces a range of business, financial, operational and reputational risks. The Directors believe that the Company's most important risks are:
i.credit risk arising from failure of counterparties to fulfil contractual obligations as they fall due and/or the possibility that card schemes may chargeback credit card purchases which are not recovered from merchants;
ii.settlement risk whereby the Company fails to settle with merchants as a result of settlement failure by the correspondent bank where merchant funds are held;
iii.market risk, particularly interest rate risk, foreign exchange risk and equity risk;
iv.liquidity risk; and
v.reputational risk.
Accordingly, the Company adopts a robust risk management approach to understand what its risks are, define its acceptable risk levels and manage such risks. Such an approach aims to create value for shareholders whilst meeting regulatory requirements and ensure that stakeholders are protected without compromising integrity, ethical behaviour and transparency.
The Company’s risk management approach depends on the interaction of a number of key components, which operate together as an integrated whole including:
i.a robust risk identification and risk assessment process;
ii.monitoring of the Company’s risk appetite;
iii.embedding the Company’s risk management objectives within policy documents and procedures; and
iv.quantifying the residual risk to which the Company is exposed.
Successfully embedding this risk management framework into the Company’s governance and working practices is deemed vital by the Directors to the overall effectiveness of this framework. It requires the Company’s Board and Senior Management to consider actively the ways in which they act and behave, ensuring that risk management is a core element of the Company’s culture.
The Directors have carried out an assessment of the potential impact of uncertainties on the business, including the impact of mitigation measures, and have concluded that there are no adjusting events. The Directors have taken account of any potential impact in their going concern assessment.
Post balance sheet events
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The Company changed its name from Credorax Services UK Ltd on 14 January 2025, as result of the acquisition by Shift4 Payments Inc.
On 17 March 2025 the Company issued 2,500,000 £1 ordinary shares at nominal value to its immediate parent, Shift4 Malta Limited (formerly known as Credorax Inc.). On 31 July 2025 the Company issued a further 2,500,000 £1 ordinary shares at nominal value to its immediate parent.
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SHIFT4 PAYMENTS UK LIMITED (FORMERLY CREDORAX SERVICES UK LTD)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf by:
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Charlon Scicluna
Director
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SHIFT4 PAYMENTS UK LIMITED (FORMERLY CREDORAX SERVICES UK LTD)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHIFT4 PAYMENTS UK LIMITED (FORMERLY CREDORAX SERVICES UK LTD)
Opinion
We have audited the financial statements of Shift4 Payments UK Limited (the ‘Company’) for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:
∙give a true and fair view of the state of the Company’s affairs as at 31 December 2024 and of its loss for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
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 Directors' Report. The directors are responsible for the other information contained within the Directors' 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.
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SHIFT4 PAYMENTS UK LIMITED (FORMERLY CREDORAX SERVICES UK LTD)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHIFT4 PAYMENTS UK LIMITED (FORMERLY CREDORAX SERVICES UK LTD)
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 the audit:
∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In 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 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:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of Directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit; or
∙the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 intend either 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
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SHIFT4 PAYMENTS UK LIMITED (FORMERLY CREDORAX SERVICES UK LTD)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHIFT4 PAYMENTS UK LIMITED (FORMERLY CREDORAX SERVICES UK LTD)
expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: UK tax legislation and the FCA regulations.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as the Companies Act 2006.
In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, the accuracy, occurrence and cut-off of commissions received and transaction fees and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the Directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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SHIFT4 PAYMENTS UK LIMITED (FORMERLY CREDORAX SERVICES UK LTD)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHIFT4 PAYMENTS UK LIMITED (FORMERLY CREDORAX SERVICES UK LTD)
Use of the audit 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.
Diego Fernandez (Senior statutory auditor)
for and on behalf of
Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
30 Old Bailey
London
EC4M 7AU
29 September 2025
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SHIFT4 PAYMENTS UK LIMITED (FORMERLY CREDORAX SERVICES UK LTD)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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Interest receivable and similar income
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Loss for the financial year
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There was no other comprehensive income for 2024 (2023 - £Nil).
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The notes on pages 11 to 20 form part of these financial statements.
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SHIFT4 PAYMENTS UK LIMITED (FORMERLY CREDORAX SERVICES UK LTD)
REGISTERED NUMBER: 10694402
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Capitalised customer acquisition costs
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Debtors: amounts falling due within one year
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Settlement processing assets
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 20 form part of these financial statements.
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SHIFT4 PAYMENTS UK LIMITED (FORMERLY CREDORAX SERVICES UK LTD)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Share based compensation reserve
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Shares issued during the year
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Total comprehensive income for the year
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Shares issued during the year
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Share based payment award to employees
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The notes on pages 11 to 20 form part of these financial statements.
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SHIFT4 PAYMENTS UK LIMITED (FORMERLY CREDORAX SERVICES UK LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Shift4 Payments UK Limited (the 'Company') is a private company limited by shares, incorporated in
England and Wales, registration number 10694402. The Company's registered address is Suite 19.03-
19.04 Heron Tower, 110 Bishopsgate, London, United Kingdom, EC2N 4AY.
On 14 January 2024, the Company changed its registered name from Credorax Services UK Ltd to
Shift4 Payments UK Limited.
These financial statements have been presented in pound sterling as this is the currency of the primary
economic environment in which the Company operates. Monetary amounts in these financial statements
have been rounded to the nearest £.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
The Directors have considered the budgets and cash flow forecasts for the Company and believe that the Company will be able to meet its liabilities as they fall due. The financial statements have, therefore, been prepared on a going concern basis.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.
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SHIFT4 PAYMENTS UK LIMITED (FORMERLY CREDORAX SERVICES UK LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Revenue recognition
The Company’s revenues principally represent the consideration received or receivable from the merchants for services provided. This includes acquiring revenues, other fees charged on a per transaction basis and income from foreign exchange services.
Acquiring revenues relate to services provided to process transactions between the card-issuing banks and the Company’s merchants. Revenue is recognised when the transactions are successfully processed via the Company’s acquiring platform and is recognised per transaction. Acquiring revenues also include the amount of interchange fees and scheme fees recharged to merchants.
As the Company undertakes the lead role in providing acquiring services it provides to the merchants, accordingly, such revenues are reported using the gross presentation.
Income from foreign exchange services is generated on settling foreign currency transactions on behalf of merchants. Revenue is recognised when the Company’s obligation in relation to the transaction is fulfilled.
Given the nature of its transaction-based business, the Company’s revenues are recognised when the services are provided at the point in time when the transaction takes place, since there are no further performance obligations following the processing of transactions. The Company does not provide any services which are rendered over a period of time.
The Company's merchant base is concentrated in the United Kingdom.
Cost of service
Cost of service which primarily consists of fees charged by card schemes, gateway fees as well as interchange fees, is matched to the revenue generated and is recognised when incurred.
Gross profit is revenue after deducting card scheme fees, gateway fees, interchange fees and sales commissions. This is monitored by the Company’s Management and used as a performance indicator of the financial effects of the activities in which the Company engages.
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Interest receivable and similar income
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Interest receivable and similar income is recognised in the Statement of Comprehensive Income using the effective interest method.
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SHIFT4 PAYMENTS UK LIMITED (FORMERLY CREDORAX SERVICES UK LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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SHIFT4 PAYMENTS UK LIMITED (FORMERLY CREDORAX SERVICES UK LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation and amortisation is provided on the following basis:
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Capitalised acquisition costs
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds basic financial instruments, which comprise cash at bank and in hand, trade and other debtors and trade and other creditors.
Financial assets – classified as basic financial instruments
The Company has chosen to apply the measurement and recognition provisions of Section 11 Basic
Financial Instruments.
Financial assets are derecognised when and only when
a)the contractual rights to the cash flows from the financial asset expire or are settled,
b)the Group transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or
c)the Group, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Cash and Cash equivalents
Cash and cash equivalents include cash at bank which is classified as a current asset.
Trade and other debtors
Trade and other debtors are initially recognised at the transaction price, including any transaction costs, and are subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the amount expected to be receivable, net of any impairment.
Financial liabilities – classified as basic financial instruments
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
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SHIFT4 PAYMENTS UK LIMITED (FORMERLY CREDORAX SERVICES UK LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Trade and other creditors and borrowings
Short term trade and other creditors and borrowings are measured at the transaction price. Other financial liabilities which constitute financing transactions are initially and subsequently measured at the present value of the future payments, discounted at a market rate of interest.
Fees charged by the auditor for services rendered during the financial year ended 31 December 2024 amounted to £45,600 (2023 - £14,544) in relation to the annual statutory audit of the financial statements and other audit related services.
Fees amounting to £50,790 (2023 - £Nil) have been charged to the Company by connected undertakings of the Company’s auditor, in respect of other assurance, tax advisory and compliance services.
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An analysis of turnover by class of business is as follows:
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Provision of integrated acquiring and payment processing services
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Analysis of turnover by country of destination:
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The average monthly number of employees, including directors, during the year was 17 (2023 - 4).
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Interest receivable and similar income
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SHIFT4 PAYMENTS UK LIMITED (FORMERLY CREDORAX SERVICES UK LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:
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Loss on ordinary activities before tax
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Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
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Expenses not deductible for tax purposes
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Remeasurement of deferred tax for changes in tax rates
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Movement in deferred tax not recognised
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Total tax charge for the year
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
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SHIFT4 PAYMENTS UK LIMITED (FORMERLY CREDORAX SERVICES UK LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SHIFT4 PAYMENTS UK LIMITED (FORMERLY CREDORAX SERVICES UK LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Capitalised customer acquisition costs
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Capitalised customer acquisition costs
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
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SHIFT4 PAYMENTS UK LIMITED (FORMERLY CREDORAX SERVICES UK LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Settlement processing assets
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Funds receivable from card networks
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Settlement processing obligations
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Amounts owed to group undertakings
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
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Allotted, called up and fully paid
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5,287,643 (2023 - 900,001) Ordinary shares of £1.00 each
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The Company has one class of ordinary shares which carry voting rights, but no right to fixed income.
On 28 March 2024, the Company issued 2,307,517 shares of £1.00 each.
On 1 December 2024, the Company issued 2,080,125 shares (including bonus shares) of £1.00 each.
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SHIFT4 PAYMENTS UK LIMITED (FORMERLY CREDORAX SERVICES UK LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
14.Share capital (continued)
Share based compensation reserve
The Share based payment reserve represents the cumulative value of granted equity awards (the ‘Shift4 Equity Awards’) to selected employees of the Company in accordance with an incentive award plan (the ‘Shift4 Plan’) operated by Shift4 Payments Inc. The Shift4 Equity Awards are structured to vest in tranches based on specified periods of service.
The grant of Restricted Stock Units ('RSUs') is recognised as an expense in profit or loss and as a corresponding increase in the Share-based compensation reserve. The total amount to be expensed from the grant date over the vesting period is determined by reference to the fair value of the RSU awards at the grant date.
Profit and loss account
The profit and loss account represents cumulative profits and losses of the Company.
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Related party transactions
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The Company has taken advantage of the exemption offered in FRS 102, not to disclose transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by the same parent undertaking.
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Post balance sheet events
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The Company changed its name from Credorax Services UK Ltd on 14 January 2025 as result of the acquisition, by Shift4 Payments Inc.
On 17 March 2025 the Company issued 2,500,000 £1 ordinary shares at nominal value to its immediate parent Shift4 Malta Limited. On 31 July 2025 the Company issued a further 2,500,000 £1 ordinary shares at nominal value to its immediate parent.
As at the 31 December 2024, the immediate controlling party and parent is Shift4 Malta Limited by virtue of their 100% shareholding. The registered office of the immediate parent company is 80 Strait Street, Valletta VLT 1436, Malta.
As at the 31 December 2024, the ultimate controlling party and parent is Shift4 Payments, Inc. by virtue of their 100% shareholding. The registered office of the ultimate parent company is 3501 Corporate Parkway, Center Valley, Pennsylvania, United States, PA 18034.
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