Paymaster24 Ltd - Filleted accounts

Registered number

08387550

Paymaster24 Ltd

Filleted Accounts

For the year ended 28 February 2025

Paymaster24 Ltd
Registered number:		08387550
Balance Sheet
as at 28 February 2025

Notes			2025			2024
$				$
Fixed assets
Tangible assets	4		1,201			476

Current assets
Debtors	5	107,727			86,057
Cash at bank and in hand		5,423,795			7,371,739
		5,531,522			7,457,796

Creditors: amounts falling due within one year	6	(659,321)			(1,355,319)

Net current assets			4,872,201			6,102,477

Total assets less current liabilities			4,873,402			6,102,953

Creditors: amounts falling due after more than one year	7		(3,102,844)			(4,445,670)

Provisions for liabilities			(532)			(531)


Net assets			1,770,026			1,656,752

Capital and reserves
Called up share capital			392,857			392,857
Profit and loss account			1,377,169			1,263,895

Shareholders' funds			1,770,026			1,656,752

The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Mr A Mnatsakanyan
Director
Approved by the board on 21 November 2025

Paymaster24 Ltd
Notes to the Accounts
for the year ended 28 February 2025


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Change in presentation currency
	During the year, the company changed its presentational currency from pounds sterling (GPB) to United States dollars (USD). The change is effective for the financial year ended 28 February 2025. The directors consider USD to be a more relevant and meaningful currency for presenting the company's financial performance and position, reflecting the increasing proportion of the company's transaction, revenues and strategic focus denominated in USD. In accordance with FRS 102, the change in presentational currency has been applied retrospectively. All comparative information for the year ended 29 February 2024 has been restated from GBP to USD using the following translation methodology. - Assets and liabilities were translated at the closing GBP/USD exchange rate as at the relevant reporting date; - Income and expenses were translated at the average exchange rate for the period (unless rates fluctuated significantly, in which case exchange rate at the transaction date was used).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable from the provision of payment services using multiple payment channels: credit/debit cards, online and offline bank transfers, e-wallets, pre-paid cards and other global and local alternative payment methods for the processing, transmission and recovery of funds for and on behalf of Merchants. Revenue represents commission the company earns for the provision of above services. The company recognises revenue when it satisfies its obligation under a contract by transferring services to its customer.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant and machinery		25% reducing balance
	Fixtures, fittings, tools and equipment		25% reducing balance






	Cash at bank and in hand
	Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
	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 statement of financial position when the company becomes party to the contractual provisions of the 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 trade and other receivables 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.

	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 of its liabilities. Basic financial liabilities including trade and other payables that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.



	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	Current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (i.e. 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.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period, foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

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


2	Audit information

	The audit report is unqualified.

	Senior statutory auditor:	Indra Raj Giri ACA, FCCA
	Firm:	IG Accounting & Auditing Limited
	Date of audit report:	21 November 2025


3	Employees				2025		2024
Number						Number

	Average number of persons employed by the company				6		6

4	Tangible fixed assets
			Plant and machinery		Fixtures & fittings		Total
$				$		$
	Cost
	At 1 March 2024		19,284		26,958		46,242
	Additions		1,601		-		1,601
	At 28 February 2025		20,885		26,958		47,843

	Depreciation
	At 1 March 2024		19,284		26,482		45,766
	Charge for the year		400		476		876
	At 28 February 2025		19,684		26,958		46,642

	Net book value
	At 28 February 2025		1,201		-		1,201
	At 29 February 2024		-		476		476


5	Debtors				2025		2024
$						$

	Trade debtors				5,513		30,950
	Other debtors				102,214		55,107
					107,727		86,057


6	Creditors: amounts falling due within one year				2025		2024
$						$

	Trade creditors				88,588		742,492
	Taxation and social security costs				33,479		17,428
	Other creditors				537,254		595,399
					659,321		1,355,319


7	Creditors: amounts falling due after one year				2025		2024
$						$

	Other creditors				3,102,844		4,445,670



8	Related party transactions

	Included within creditors amounts falling due after one year is an amount of $602,844 (2024: $1,744,664) due to a director of the company. The loan is long-term and is interest free.



9	Other information

	Paymaster24 Ltd is a private company limited by shares and incorporated in England. Its registered office is:
	9 Journey Campus
	Castle Park, Cambridge
	England
	CB3 0AX