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Registered number: 08936601
TRANSPAYGO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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TRANSPAYGO LIMITED
COMPANY INFORMATION
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Ecovis Wingrave Yeats UK Ltd
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TRANSPAYGO LIMITED
CONTENTS
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Notes to the Financial Statements
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TRANSPAYGO LIMITED
REGISTERED NUMBER: 08936601
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors More Than One Year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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TRANSPAYGO LIMITED
REGISTERED NUMBER: 08936601
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared 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 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 income statement 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 on 5 May 2026.
The notes on pages 3 to 10 form part of these financial statements.
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TRANSPAYGO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Transpaygo Limited is a private Company, limited by shares, incorporated in United Kingdom, with registration number 08936601. The registered office is at C/O Keystone Law, 48 Chancery Lane, London, WC2A 1JF.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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TRANSPAYGO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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TRANSPAYGO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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The average monthly number of employees, including directors, during the year was 3 (2023 - 3).
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Investments in subsidiary companies
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The fixed asset investment balance as of 1 January 2022 stood at £1,014,675. During the year, additional investments amounting to £397,804 were made, bringing the total to £1,412,479 by 31 December 2022.
In 2024, there have not been any changes to the related parties investments.
In 2023, total additions of £17,456 comprised: a capital increase of £12,966 to Transpaygo d.o.o, a capital payment of £3,659 to Mi Envio S.L, and an FX adjustment of £831 related to a payment from Fonmoney Chile SpA.
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TRANSPAYGO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The following were subsidiary undertakings of the Company:
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Alser Strs. 21, 1080
Wien, Austria
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Online trade and software development
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Avenida Frances
Cambo, 17 - P.1,
Barcelona, 08003, Spain
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Payment service institution
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MERCED 838 A INT OF 117, District: SANTIAGO
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Money remittance services
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Imotska 1, 11010, Belgrade (Voždovac), Serbia
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Applicant for PSI licence
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Calle 10 #12-26, Cúcuta, Norte de Santander, Colombia
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Financial technology provider
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Transpaygo Mexico S.A. de C.V.
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Guillermo González Camarena 1600 1 GH SANTA FE, Álvaro Obregón 01210 Ciudad de México, CDMX, México
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Financial technology provider
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TRANSPAYGO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Due after more than one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings are unsecured, interest free, and repayable after one year, aside from one group undertaking that charges 3.5% interest per annum
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In the prior year, the Mexico cashpool balance was included within Other debtors. In the current year, this has been reclassified to amounts owed by group undertakings due after more than one year. This is a presentation change only and has no impact on profit or net assets.
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Creditors: Amounts falling due within one year
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Other taxation and social security
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TRANSPAYGO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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Amounts owed to group undertakings are unsecured, interest free, and repayable after one year, aside from one group undertaking that charges 3.5% interest per annum.
Included within other creditors are amounts owed to directors in the form of directors' loans. The total amount owed in 2024 was £73,571 (2023: £73,571).
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Allotted, called up and fully paid
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5,083,089 (2023 - 5,083,089) Ordinary shares shares of £0.01 each
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71,374,000 (2023 - 71,374,000) Founder shares shares of £0.01 each
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17,910,600 (2023 - 5,775,230) Investor shares shares of £0.01 each
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4,618,900 (2023 - 4,618,900) Deferred shares shares of £0.01 each
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During the year, the Company issued 12,135,370 additional Investor Shares of £0.01 each, increasing the total number of Investor Shares in issue from 5,775,230 to 17,910,600. The shares were issued on conversion of existing convertible loan balances. The excess of the loan carrying amount over the nominal value of the shares issued, amounting to £364,062, was credited to the share premium account.
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TRANSPAYGO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Related party transactions
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During the year, directors recieved remuneration which amounted to £20,000 (2023: £36,000). The directors are the only key management personnel of the Company.
During the year, the Company had client funds movements with Mi Envio EP S.L. and received £623,937.42 (2023: 88,272.07) and sent £2,316,469.44 (2023: 1,057,615.74). As at the year-end, the balance held within debtors over one year was £783,265 (2023: £968,168), while creditors over one year amounted to £958,373 (2023: £1,057,616). Additionally, the Company had an outstanding loan due from Mi Envio S.L, totalling £5,290 (2023: £352,700), the loan is charged at 3.5% interest per annum and repayable by 31st December 2025. The Company also had a loan due from from Mi Envio S.L of £16,342 (2023: £Nil), recorded under debtors due after one year. This loan is unsecured and interest-free and repayable after one year.
During the year, the Company incurred £70,199 (2023: £1,039) in expenses from Fonmoney GmbH, which were recharged from this group Company. As at the year-end, the balance held within creditors over one year amounted to £42,206 (2023: £36,792). Additionally, the Company had an outstanding loan repayable from Fonmoney GmbH for £1,538,177 (2023: £1,469,826) in which they increased the loan by £Nil (2023: £576,407) and paid £Nil (2023: £306,979) during the year, classified under debtors due after one year, the loan is charged at 2% interest per annum and repayable after one year.
During the year, the Company received commissions totalling £285,105 (2023: £248,098) from Fonmoney Chile SPA and incurred £60,850 (2023: £39,110) in expenses. As at the year-end, the balance held within debtors over one year was £175,560 (2023: £96,325).
During the year, the Company provided £nil (2023: £1,717) to Transpaygo d.o.o. As of the year-end, an outstanding loan of £1,717 (2023: £1,717) remained repayable to Transpaygo d.o.o, classified under debtors due after one year. The loan is unsecured and interest-free and repayable after one year.
During the year, the Company received commisions totalling £20,833 (2023: £Nil) from Transpaygo MX and incurred £12,200 (2023: £3,145) in expenses, which were recharged from this group Company. As at the year-end, the balance held within debtors over a year was £12,937 (2023: £3,146).
To assess whether the Company meets the criteria to continue as a going concern, the directors have reviewed the Company’s financial performance for the year completed and assessed this against the financial forecasts for the current year to date. The directors have also considered the positive impact of recent cost-saving measures, ongoing shareholder support, and the issuance of the new EEA licence in Spain, as well as the growth of existing business lines and the introduction of new business lines expected in 2026.
Having considered these factors, the directors are confident that the Company remains a going concern.
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TRANSPAYGO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Post Balance Sheet Events:
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In 2025, the Group secured new contracts in its main corridor, allowing it to capitalise on favourable changes in market conditions and achieve improved margins. As a result, the Group experienced a margin improvement of approximately 20% between March and July 2025.
Notwithstanding this positive development, the Company remains prudent and continues to closely monitor ongoing risks in its key markets. Political developments between Cuba and the United States have emerged as a significant area of concern, particularly following the change in US administration and the appointment of a Secretary of State with a strong focus on Cuba.
Towards the end of 2025, the Company submitted an application to the Financial Conduct Authority (FCA) to permit the resale of its licence to other remittance companies that do not hold FCA or HMRC authorisation. A decision on this application is expected by mid-2026. If approved, this initiative would enable the Company to generate additional revenue from its licence, while also requiring it to manage the associated responsibilities and risks.
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Investments in related companies post-balance sheet:
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The Company repaid all outstanding loans to Mi Envio Entidad de Pago by the end of 2025.
The Colombian entity, Mi Envio SAS, is expected to be dissolved in 2025.
The Company is jointly controlled by Mirko Kinigadner and Matthias Wurmbock.
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