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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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TOMPAY LTD
COMPANY INFORMATION
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TOMPAY LTD
CONTENTS
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TOMPAY LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The principal activity of the Company in the year under review was that of providing electronic payment processing services.
The Company has been authorised and regulated by the Financial Conduct Authority as an authorised Electronic Money Institution (EMI) since July 2021.
In 2024, Tompay successfully executed a strategy to evolve from a single-product payment provider into a comprehensive, diversified financial platform. We achieved significant milestones in product development and operational scalability, positioning the company for sustainable growth and a transition to profitability. Our near-term objective is to achieve operational break-even within the next 12-18 months, driven by disciplined cost management and a scalable, technology-first infrastructure.
Strategic Highlights: 2024 Performance and Achievements The past year was defined by key strategic initiatives that strengthen our long-term value proposition for small and medium-sized enterprises (SMEs) and international retail clients. - Building a Dual-Network Ecosystem: Our successful expansion of the Mastercard debit card program and the launch of acquiring services have created an end-to-end payments ecosystem. We are actively developing a strategic partnership with Visa, establishing a dual-network approach that diversifies our product offering, increases global acceptance, and reduces single-scheme reliance. This multi-rail strategy is a critical differentiator in a consolidating market. - Cross-Border Payments Leadership: Through our integration with ClearBank, we rolled out GBP instant payments and enhanced our multi-currency accounts (EUR, GBP, USD). This capability positions Tompay as a cross-border payments specialist, addressing the growing demand for seamless, multi-jurisdictional transactions. - Operational Scalability & Resilience: We made significant investments to automate our core functions, including migrating to automated accounting systems like Xero and strengthening our compliance infrastructure with automated AML/CTF monitoring. These investments are foundational, enabling us to scale efficiently without compromising on risk management or regulatory integrity.
The company proactively identifies and manages several risks that could impact its operations and financial performance, which is fundamental to maintaining operational resilience and enhancing investor confidence.
- Geopolitical and Economic Risk: Global instability and macroeconomic headwinds, such as persistent high interest rates, can impact transaction volumes. We mitigate this through stress-testing our financial models, maintaining robust liquidity buffers, and diversifying our service portfolio to include value-added offerings less sensitive to consumer cycles. - Competitive and Market Risk: The fintech landscape is highly competitive, with rapid innovation driven by embedded finance and Open Banking. Our competitive advantage lies in our comprehensive multi-currency proposition, robust partner ecosystem, and strategic focus on the underserved SME segment. - Cybersecurity Risk: The threat of sophisticated, AI-enabled attacks remains a material concern. Our defensive strategy is multi-layered, including continuous penetration testing, 24/7 monitoring, encryption, and mandatory staff training. We treat security as a core business priority, not just a technical function.
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TOMPAY LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Strategic Outlook and Future Roadmap Our strategy for 2025 and beyond is designed to leverage our foundational strengths and drive profitable growth. - Path to Profitability: Our immediate priority is to achieve operational break-even by focusing on disciplined cost management and maximizing the returns from our scalable infrastructure. - Product Expansion: We will continue to expand our card and acquiring services, including new features like MoneySend, and advance our Visa partnership. We will also scale our merchant solutions by combining competitive rates with value-added services such as fast settlement and integrated card issuing. - Regulatory Leadership: We will continue to invest in our compliance framework to ensure we not only meet but exceed heightened regulatory expectations for EMIs, particularly concerning client fund safeguarding and AML/CTF frameworks. - Deepening Customer Relationships: We will enhance our user experience through a seamless digital interface and integrations with popular accounting platforms. Our goal is to transform customer relationships from transactional to long-term partnerships, driving customer retention and lifetime value. The Board is highly confident in our strategic direction. Our diversified product portfolio and commitment to operational excellence position Tompay to capture significant market share and deliver strong, sustainable returns for our investors.
This report was approved by the board on 8 October 2025 and signed on its behalf.
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TOMPAY 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.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 judgments and accounting estimates that are reasonable and prudent;
∙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 Company has been authorised and regulated by the Financial Conduct Authority as an authorised Electronic Money Institution (EMI) since July 2021.
The profit for the year, after taxation, amounted to £18,425 (2023 - loss £526,476).
No dividends were paid during the year (2023 : Nil).
The directors who served during the year were:
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TOMPAY LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The financial statements of the Company have been prepared on a going concern basis. The directors have reviewed and examined the financial forecasts of the business and the level of liquidity underpinning the financial position. Over the last two years, the Company has demonstrated a positive trend, with revenues increasing more than eightfold from £110,259 in 2023 to £909,137 in 2024. Losses also decreased relative to revenue growth, from loss of £526,476 in 2023 to profit of £18,425 in 2024, reflecting continued investment in scaling operations. Cash balances have strengthened accordingly. Looking ahead, revenues are expected to continue increasing in 2025–2026, supported by a stable client base and signed contracts, while losses are forecasted to reduce further in proportion to revenues. Further, the directors have received confirmation from the shareholder of his willingness and ability to provide such financial support as is necessary to enable the company to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements. On this basis the directors consider that the adoption of the going concern basis, covering a period of at least 12 months from the date of approval of the financial statements, is appropriate.
Tompay Ltd. enters 2025 with a strong foundation of diversified products, strategic partnerships, and a growing customer base. The Company’s near-term priority is to achieve operational break-even within the next 12–18 months, supported by disciplined cost management and scalable infrastructure.
Key areas of focus for the coming year include: - Cards and acquiring services: Building on the successful expansion of the Mastercard debit card programme, Tompay will enhance its proposition through new Mastercard features such as MoneySend and extend its reach by commencing a dedicated project with Visa. This dual-network approach is expected to strengthen Tompay’s position in card issuing and acquiring, increase acceptance, and broaden customer choice. - Multi-currency and payments innovation: The phased rollout of multi-currency accounts will continue, enabling clients to hold, manage, and transact in a wider set of currencies. Enhancements to cross-border payments and FX capabilities remain central to Tompay’s value proposition, especially for SMEs operating internationally. - Merchant solutions: With acquiring services now in commercial use, Tompay will focus on scaling its SME merchant offering, combining competitive acquiring rates with value-added services such as fast settlement and integrated card issuing. - Operational resilience and compliance: Investment will continue in compliance automation, transaction monitoring, and cloud-based infrastructure to ensure efficiency, scalability, and regulatory robustness. Strengthening safeguarding, AML/CTF frameworks remains a core commitment in light of heightened regulatory expectations for EMIs. - Customer experience and digital innovation: Tompay will seek to differentiate through a seamless digital interface, integration with accounting platforms, and value-added financial tools designed to deepen customer relationships and improve retention.
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TOMPAY LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the Company since the year end.
The auditors, Zenith Audit Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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TOMPAY LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOMPAY LTD
We have audited the financial statements of Tompay Ltd (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flow and the related notes, 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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.
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TOMPAY LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOMPAY LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual 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. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the 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 Strategic Report or the Directors' Report.
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TOMPAY LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOMPAY LTD (CONTINUED)
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 Auditors' 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 expected to influence the economic decisions of users taken on the basis of these financial statements.
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We performed risk assessment procedures and obtained an understanding of the Company and its environment, the applicable financial reporting framework, the applicable laws and regulations, the Company's system of internal control and the fraud risk factors relevant to the Company that affect the susceptibility of assertions to material misstatement due to fraud. We made enquiries with management regarding actual or suspected fraud, non-compliance with laws and regulations, potential litigation and claims. The engagement partner led a discussion among the audit team with particular emphasis on how and where the Company's financial statements may be susceptible to material misstatement due to fraud, including how fraud might occur. The engagement partner assessed that the engagement team collectively had the appropriate competence and capability to identify or recognise non-compliance with laws and regulations. We considered compliance with UK Companies Act 2006, the Financial Conduct Authority regulations and the applicable tax legislation as the key laws and regulations which non-compliance could directly lead to material misstatement due to fraud at the financial statement level. We evaluated whether the selection and application of accounting policies by the Company may be indicative of fraudulent financial reporting. Our audit procedures responsive to assessed risks of material misstatement due to fraud at the assertion level included but were not limited to: - Testing the appropriateness of manual journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements; - Making inquiries of individuals involved in the financial reporting process about inappropriate or unusual activity relating to the processing of journal entries; - Selecting and testing journal entries and other adjustments made at the end of a reporting period and throughout the period; - Reviewing accounting estimates for biases that could represent a risk of material misstatement due to fraud; - Reading key correspondence with regulatory authorities such as the Financial Conduct Authority. Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements due to irregularities, including fraud, may not be detected, even though we have properly planned and performed our audit in accordance with the auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, intentional omissions or 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 Auditors' Report.
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TOMPAY LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOMPAY LTD (CONTINUED)
In the course of our audit we noted that as an authorised electronic money institution, the Company has still not met FCA requirements to undergo a safeguarding audit for the client funds it handles.
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 Auditors' 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.
for and on behalf of
Statutory Auditors
3rd Floor North
Warwick House
65/66 Queen Street
EC4R 1EB
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TOMPAY LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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TOMPAY LTD
REGISTERED NUMBER: 12484741
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 24 form part of these financial statements.
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TOMPAY LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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TOMPAY LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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TOMPAY LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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TOMPAY LTD
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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TOMPAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Tompay Ltd 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
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The financial statements of the Company have been prepared on a going concern basis. The directors have reviewed and examined the financial forecasts of the business and the level of liquidity underpinning the financial position. Over the last two years, the Company has demonstrated a positive trend, with revenues increasing more than eightfold from £110,259 in 2023 to £909,137 in 2024. Losses also decreased relative to revenue growth, from loss of £526,476 in 2023 to profit of £18,425 in 2024, reflecting continued investment in scaling operations. Cash balances have strengthened accordingly. Looking ahead, revenues are expected to continue increasing in 2025–2026, supported by a stable client base and signed contracts, while losses are forecasted to reduce further in proportion to revenues. Further, the directors have received confirmation from the shareholder of his willingness and ability to provide such financial support as is necessary to enable the company to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements. On this basis the directors consider that the adoption of the going concern basis, covering a period of at least 12 months from the date of approval of the financial statements, is appropriate.
Functional and presentation currency
Transactions and balances
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TOMPAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Revenue
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 and recognised when prescribed conditions are met: - the amount of revenue can be measured reliably; - it is probable that the economic benefits will flow to the seller; - the stage of completion at the balance sheet date can be measured reliably; and - the costs incurred, or to be incurred, in respect of the transaction can be measured reliably. The Company follows the accrual basis of accounting. Therefore, revenues are recognized regardless of the timing of cash inflow. Consequently, revenue streams are recognized as revenue when services are provided to customers, e.g., when a customer initiates transaction. The company derives its revenues from various sources, which are categorized as follows: Account Maintenance Income Account maintenance income represents the revenue generated from managing and maintaining customer accounts. It comprises the following components: - Subscription Income: This revenue is generated from subscription fees charged to customers for accessing and utilizing the company's account management services. Subscription income is recognized on a monthly basis as services are provided to the customers. - Account Opening and Closing Incomes: the company charges fees for opening and closing customer accounts. These fees are recognized as revenue at the time of account opening or closure, respectively. - Application Fees: Customers are required to pay application fees when applying for opening account and KYC: procedures, which are recognised at the time of these services being performed. Transactional Income Transactional income represents revenue generated from various financial transactions conducted by customers and is recognised when the relevant transaction takes place. It includes the following types of revenue: - Internal Transfers Income: The company charges fees for internal fund transfers between accounts held by the customers in Tompay Ltd. - Inward Payments Income: Inward payments income comprises fees charged for receiving funds from external sources into customer accounts. - Outward Payments Income: Outward payments income represents fees charged for transferring funds from customer accounts to external recipients. - Payment Return Income: In certain cases, payments made by customers may be returned due to various reasons, such as insufficient funds or invalid recipient details. FX Income FX income represents the revenue generated from foreign exchange transactions conducted by customers and it is recognised when the transactions take place. It includes fees charged for currency conversions and other related services.
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TOMPAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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TOMPAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Cash and cash equivalents comprise cash in hand and at bank, market deposits and other short-term bank deposits with an original maturity of three months or less and therefore are subject to an insignificant risk of changes in value.
Segregated account funds represent amounts held in designated safeguarding accounts, in accordance with the FCA's safeguarding requirements under the Payment Services Regulations 2017 (PSRs) and Electronic Money Regulations 2011 (EMRs). These funds are held on behalf of consumers and merchants and are segregated from the company’s operating funds. The company is required to safeguard all relevant funds received for payment services or e-money issuance until they are disbursed to the intended recipient. These segregated funds have been included on the balance sheet, however, have been presented separately in the notes to the financial statements to reflect their distinct legal and operational status. Please refer to Notes 11 and 12.
Capital contributions are treated as part of equity in the financial statements.These contribution increase the company’s equity without the issuance of additional shares. Contributions should be recognized at fair value on the date of receipt. For non-cash contributions, the fair value should be reliably measured (e.g., market value or an appraisal).
Contributions are recognized when the assets or funds are received and there is no obligation to return them.
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TOMPAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
During the current financial year, the Company reclassified Mastercard fees from administrative expenses to direct costs to better reflect the nature of these expenses in relation to revenue-generating activities. This reclassification has been applied retrospectively to the comparative figures to ensure consistency and comparability. As a result, direct costs for the prior year have increased by £186,539, with a corresponding decrease in administrative expenses. This change has no impact on the reported profit or net assets for either period.
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TOMPAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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TOMPAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
No deferred tax asset has been provided in respect of tax losses carried forward of £1,178,482 (2023 : £1,196,908).
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TOMPAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
During the year, loans totalling £170,700 (2023: £387,000) and capital contribution reserve of £118,600 were converted to equity at 289,300 (2023: 387,000) shares of £1 each.
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TOMPAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
An auditors' limitation of liability agreement has been approved by the members for the financial period ended 31 December 2024. The principal terms and conditions are as below:
- The agreement limit's the amount of any liability owed to the company by the auditors in respect of any negligence default, breach of duty or breach of trust, occurring in the course of audit of the company's accounts and pursuant to this agreement the auditor may be guilty in relation to the company. -The agreement also stipulates the maximum aggregated amount payable in event of any of the circumstances stated above.
The ultimate controlling party is Mr Moriel Carmi.
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