Company Registration No. SC541392 (Scotland)
Wallet.Services (Scotland) Limited
Unaudited accounts
for the year ended 31 March 2025
Wallet.Services (Scotland) Limited
Unaudited accounts
Contents
Wallet.Services (Scotland) Limited
Company Information
for the year ended 31 March 2025
Directors
Brian McCrindle
Niall Burns
Judith Halkerston
Dominic McCann
Secretary
MBM Secretarial Services Ltd
Company Number
SC541392 (Scotland)
Registered Office
Orchard Brae House
Queensferry Road
Edinburgh
EH4 2HS
United Kingdom
Wallet.Services (Scotland) Limited
Statement of financial position
as at 31 March 2025
Intangible assets
130,968
-
Tangible assets
3,976
12,070
Cash at bank and in hand
43,699
180,057
Creditors: amounts falling due within one year
(166,403)
(55,245)
Net current (liabilities)/assets
(60,020)
315,080
Total assets less current liabilities
74,924
327,150
Creditors: amounts falling due after more than one year
(7,347)
(12,374)
Share premium
4,429,021
4,429,021
Profit and loss account
(4,361,444)
(4,114,245)
Shareholders' funds
67,577
314,776
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2025 and were signed on its behalf by
Brian McCrindle
Director
Company Registration No. SC541392
Wallet.Services (Scotland) Limited
Notes to the Accounts
for the year ended 31 March 2025
Wallet.Services (Scotland) Limited is a private company, limited by shares, registered in Scotland, registration number SC541392. The registered office is Orchard Brae House, Queensferry Road, Edinburgh, EH4 2HS, United Kingdom.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company’s ability to
continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are
authorised for issue.
The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial
statements.
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
In principle, revenue is recognised to the extent that the Company has fulfilled its contractual obligations and has a right to receive consideration.
Pilot license and proof of concept revenue is recognised when the project is complete, in accordance with contractual terms.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% straight line
Computer equipment
33% straight line
Wallet.Services (Scotland) Limited
Notes to the Accounts
for the year ended 31 March 2025
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Taxation income and expenses represent the aggregate amount of current and deferred taxation recognised in the reporting period.
Current tax is recognised on taxable profit for the current and past periods. Current tax is recognised at the amounts of tax expected to be paid or repayable using the tax rates and laws that have been enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is possible that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Expenditure on research and development is written off in the year in which it is incurred.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Wallet.Services (Scotland) Limited
Notes to the Accounts
for the year ended 31 March 2025
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured
at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is provided at the following annual rates in order to write off each asset over its estimated
useful life.
Development costs - Development expenditure is recognised as an
intangible asset only if all of the following criteria are
met:
The project is clearly defined and costs are separately
identifiable and reliably measurable.
The technical feasibility of completing the intangible
asset so that it will be available for use or sale is
demonstrated.
The intention to complete the intangible asset and use
or sell it is present.
The ability to use or sell the intangible asset is
demonstrated.
The availability of adequate technical, financial, and
other resources to complete the development and to
use or sell the intangible asset is assured.
It is probable that the expected future economic
benefits that are attributable to the intangible asset will
flow to the entity.
Where these conditions are not met, development
costs are expensed as incurred.
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Intangible fixed assets
Other
Wallet.Services (Scotland) Limited
Notes to the Accounts
for the year ended 31 March 2025
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Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2024
6,188
52,861
59,049
At 31 March 2025
6,188
52,978
59,166
At 1 April 2024
4,309
42,670
46,979
Charge for the year
221
7,990
8,211
At 31 March 2025
4,530
50,660
55,190
At 31 March 2025
1,658
2,318
3,976
At 31 March 2024
1,879
10,191
12,070
Amounts falling due within one year
Accrued income and prepayments
-
6,038
Other debtors
60,684
155,594
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Creditors: amounts falling due within one year
2025
2024
Bank loans and overdrafts
10,050
10,050
Trade creditors
14,554
14,515
Taxes and social security
84,393
25,193
Other creditors
15,062
3,487
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Creditors: amounts falling due after more than one year
2025
2024
Included within bank loans over 12 months is a BBILS loan of £7,347. The outstanding balance is secured by a government backed guarantee.
There is no ultimate parent and controlling party.
Wallet.Services (Scotland) Limited
Notes to the Accounts
for the year ended 31 March 2025
10
Post balance sheet events
The company secured equity investment after the balance sheet date.
The company allotted 4,958,497 A Ordinary shares for a total consideration of £277,510 on 9 July 2025.
11
Average number of employees
During the year the average number of employees was 8 (2024: 10).