1.
General Information
KP Pay Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
12577896
. The registered office is 483 Green Lanes, London, N13 4BS.
2.
Statement of Compliance
The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
3.
Accounting Policies
3.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention.
3.2.
Going Concern Disclosure
The directors have assessed the going concern position of the company using forecasts and projections which take account of reasonable possible changes in trading performance. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing the financial statements.
3.3.
Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
- the company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.
3.4.
Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are website development costs and softaware licenses. They are amortised to the profit and loss account over their estimated economic lives of 7 years.
3.5.
Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period of the lease.
3.6.
Cash and Cash Equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
3.7.
Financial Instruments
Recognition and measurement
Short term instruments i.e. those due in less than one year, are measured at transaction price. Other financial instruments, which are not subject to a market rate of interest, are measured initially at transaction price and are measured subsequently at amortised cost using the effective interest rate method.
3.8.
Foreign Currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
KP Pay Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2025
3.9.
Taxation
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
3.10.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the
ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
3.11.
Trade creditors
Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
3.12.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
4.
Operating Loss
The operating loss is stated after charging:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Amortisation of intangible fixed assets |
|
|
|
KP Pay Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2025
5.
Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
|
|
|
| Other Services | |||
| Other assurance services |
|
|
|
Other assurance services relate to regulator audits conducted during the year and are not services provided by HSJ Audit Limited as part of the wider annual external audit.
6.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
|
|
|
||
7.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| Office and administration |
|
|
|
|
|
|
||
8.
Interest Receivable and Similar Income
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other interest receivable | 109 | 2,019 | |
9.
Interest Payable and Similar Charges
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts |
|
|
|
KP Pay Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2025
10.
Tax on Profit
|
The tax credit on the loss for the year was as follows:
|
|||||
| Tax Rate | 2025 | 2024 | |||
|---|---|---|---|---|---|
| 2025 | 2024 | £ | £ | ||
| Current tax | |||||
| UK Corporation Tax | 25.0% | 19.0% |
|
|
|
| Deferred Tax | |||||
| Origination and reversal of timing differences |
( |
( |
|||
| Total tax charge for the period |
( |
( |
|||
|
The actual credit for the year can be reconciled to the expected credit for the year based on the loss and the standard rate of corporation tax as follows:
|
|||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Profit before tax | (429,669) | (356,926) | |||
| Tax on profit at 19% (UK standard rate) |
|
|
|||
| Total tax charge for the period | - | - | |||
11.
Intangible Assets
| Other | |||
|---|---|---|---|
| £ | |||
| Cost | |||
| As at 1 May 2024 |
|
||
| As at 30 April 2025 |
|
||
| Amortisation | |||
| As at 1 May 2024 |
|
||
| Provided during the period |
|
||
| As at 30 April 2025 |
|
||
| Net Book Value | |||
| As at 30 April 2025 |
|
||
| As at 1 May 2024 |
|
||
12.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Other debtors | 232,662 | 205,120 | |
KP Pay Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2025
13.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Other loans |
|
|
|
| Other creditors | 173,611 | 210,668 | |
| Taxation and social security | 9,812 | 2,479 | |
| Accruals and deferred income | 12,505 | 12,318 | |
|
|
|
||
14.
Creditors: Amounts Falling Due After More Than One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other creditors | 2,338 | 113,057 | |
15.
Loans
An analysis of the maturity of loans is given below:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Amounts falling due within one year or on demand: | |||
| Other loans |
|
|
|
16.
Deferred Taxation
The provision for deferred tax is made up as follows:
|
2025
|
2024
|
||
|
£
|
£
|
||
|
Deferred tax asset on accrued losses
|
222,367
|
116,558
|
|
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222,367
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116,558
|