Registered number: 11894023
For the Year Ended 30 June 2024
Balance Sheet
As at 30 June 2024
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 7 form part of these financial statements.
Page 1
Notes to the Financial Statements
For the Year Ended 30 June 2024
Monek Merchant Services Ltd is a private company, limited by shares, incorporated in the United Kingdom and registered in England and Wales under the Companies Act. The address of the registered office is given in the Company Information section. The pricipal activity of the Company is that of an authorised payment institution.
2.Accounting policies
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
∙the requirement of paragraph 24(b) of IFRS 6 Exploration for and Evaluation of Mineral Resources to disclose the operating and investing cash flows arising from the exploration for and evaluation of mineral resources
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
This information is included in the consolidated financial statements of Monek Group Limited as at 30 June 2024 and these financial statements may be obtained from Monek Group Limited, Sterling House, F2/F3 Davidson Road, Lichfield, England, WS14 9DZ.
The company has recorded a profit for the year, whilst it continues with its investment in developing its offering to the payments industry. The directors believe that the group has demonstrated significant further progress towards achieving its objectives of a distinguished leader in the payments industry.
The directors have prepared cashflow forecasts covering a period extending beyond 12 months from the date of approval of these financial statements, taking account of anticipated costs and revenues, which demonstrates that the company can operate within the finance facilities available to it and therefore the directors consider it is appropriate to prepare the company's financial statements on a going concern basis.
The directors have prepared cashflow forecasts covering a period extending beyond 12 months from the date of approval of these financial statements, taking account of anticipated costs and revenues, which demonstrates that the company can operate within the finance facilities available to it and therefore the directors consider it is appropriate to prepare the company's financial statements on a going concern basis.
Page 2
Notes to the Financial Statements
For the Year Ended 30 June 2024
2.Accounting policies (continued)
The financial statements for the year ended 30 June 2024 have been prepared in accordance with Financial Reporting Standard 101 (FRS 101) ‘Reduced Disclosure Framework’. The following new standards, amendments, and interpretations issued by the International Accounting Standards Board (IASB) and the Financial Reporting Council (FRC) have been adopted in these financial statements:
IFRS 17 Insurance Contracts: Effective for annual periods beginning on or after 1 January 2023, IFRS 17 replaces IFRS 4 and establishes principles for the recognition, measurement, presentation, and disclosure of insurance contracts. The adoption of IFRS 17 did not have a material impact on the financial statements as the company does not engage in insurance activities.
Amendments to IAS 1 Presentation of Financial Statements: These amendments, effective for annual periods beginning on or after 1 January 2023, clarify the classification of liabilities as current or non-current. The adoption of these amendments did not result in significant changes to the classification of the company’s liabilities.
Amendments to IFRS 3 Business Combinations: Effective for annual periods beginning on or after 1 January 2023, these amendments update the reference to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations. The adoption of these amendments did not have a significant impact on the financial statements.
Amendments to IAS 16 Property, Plant and Equipment: These amendments, effective for annual periods beginning on or after 1 January 2023, prohibit deducting from the cost of an item of property, plant, and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The adoption of these amendments did not have a material impact on the financial statements.
Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets: Effective for annual periods beginning on or after 1 January 2023, these amendments specify which costs a company includes when assessing whether a contract will be loss-making. The adoption of these amendments did not have a significant impact on the financial statements.
The company has not early adopted any other standard, interpretation, or amendment that has been issued but is not yet effective. The directors anticipate that the adoption of these standards, amendments, and interpretations in future periods will not have a material impact on the financial statements of the company.
IFRS 17 Insurance Contracts: Effective for annual periods beginning on or after 1 January 2023, IFRS 17 replaces IFRS 4 and establishes principles for the recognition, measurement, presentation, and disclosure of insurance contracts. The adoption of IFRS 17 did not have a material impact on the financial statements as the company does not engage in insurance activities.
Amendments to IAS 1 Presentation of Financial Statements: These amendments, effective for annual periods beginning on or after 1 January 2023, clarify the classification of liabilities as current or non-current. The adoption of these amendments did not result in significant changes to the classification of the company’s liabilities.
Amendments to IFRS 3 Business Combinations: Effective for annual periods beginning on or after 1 January 2023, these amendments update the reference to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations. The adoption of these amendments did not have a significant impact on the financial statements.
Amendments to IAS 16 Property, Plant and Equipment: These amendments, effective for annual periods beginning on or after 1 January 2023, prohibit deducting from the cost of an item of property, plant, and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The adoption of these amendments did not have a material impact on the financial statements.
Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets: Effective for annual periods beginning on or after 1 January 2023, these amendments specify which costs a company includes when assessing whether a contract will be loss-making. The adoption of these amendments did not have a significant impact on the financial statements.
The company has not early adopted any other standard, interpretation, or amendment that has been issued but is not yet effective. The directors anticipate that the adoption of these standards, amendments, and interpretations in future periods will not have a material impact on the financial statements of the company.
Page 3
Notes to the Financial Statements
For the Year Ended 30 June 2024
2.Accounting policies (continued)
Page 4
Notes to the Financial Statements
For the Year Ended 30 June 2024
2.Accounting policies (continued)
Page 5
Notes to the Financial Statements
For the Year Ended 30 June 2024
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,252 (2023 - £10,272). Contributions totalling £916 (2023 - £4,261) were payable to the fund at the balance sheet date and are included in creditors.
Monek Group Limited is the immediate and ultimate parent company. The ultimate controlling party is M S Carroll.
The largest and smallest group in which results of the Company are consolidated is that headed by Monek Group Limited, a company incorporated in England and Wales.
The consolidated financial statements of this group are available to the public and may be obtained from Monek Group Limited, Sterling House, F2/F3 Davidson Road, Lichfield, England, WS14 9DZ.
The largest and smallest group in which results of the Company are consolidated is that headed by Monek Group Limited, a company incorporated in England and Wales.
The consolidated financial statements of this group are available to the public and may be obtained from Monek Group Limited, Sterling House, F2/F3 Davidson Road, Lichfield, England, WS14 9DZ.
Page 6
Notes to the Financial Statements
For the Year Ended 30 June 2024
The audit report was signed on 8 January 2026 by Mark Gurney FCCA (Senior Statutory Auditor) on behalf of Dains Audit Limited .
Page 7