MONESE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Monese Ltd (the 'company') is a limited company incorporated in England and Wales. The company's registered office is at Eagle House, 163 City Road, London, EC1V 1NR.
The company primarily acts as an Electronic Money Directive ("EMD") agent, which comprises the provision of current accounts, with debit cards and payment services.
The financial statements are presented in Sterling (£), which is functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The company primarily acts as an Electronic Money Directive ("EMD") agent, which comprises the provision of current accounts, with debit cards and payment services.
The financial statements are presented in Sterling (£), which is functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 judgment in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement
∙the requirements of IAS 7 Statement of Cash Flows
∙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 party to the transaction is wholly owned by such a member
This information is included in the consolidated financial statements of Pockit Limited as at 31 December 2024 and these financial statements may be obtained from Suite 19, 45 Salisbury Road, Cardiff, Wales, CF24 4AB.
Page 15
MONESE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
New and amended standards adopted by the company
The company has applied the following amendments for the first time for their annual reporting period commencing 1 January 2024:
The company has applied the following amendments for the first time for their annual reporting period commencing 1 January 2024:
∙Classification of Liabilities as Current or Non-current and Non-current liabilities with covenants –
Amendments to IAS 1
Amendments to IAS 1
∙Lease Liability in Sale and Leaseback – Amendments to IFRS 16
∙Supplier Finance Arrangements – Amendments to IAS 7 and IFRS 7
The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods.
New and amended standards and interpretations not yet adopted
Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2024 reporting periods and have not been early adopted by the company. The company’s assessment of the impact of these new standards and amendments is set out below:
Amendments to IAS 21 - Lack of Exchangeability (effective for annual periods beginning on or after 1 January 2025)
In August 2023, the IASB amended IAS 21 to help entities to determine whether a currency is exchangeable into another currency, and which spot exchange rate to use when it is not. Management is currently assessing the detailed implications of applying the new standard on the company’s financial statements.
Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7 (effective for annual periods beginning on or after 1 January 2026)
On 30 May 2024, the IASB issued targeted amendments to IFRS 9 and IFRS 7 to respond to recent questions arising in practice, and to include new requirements not only for financial institutions but also for corporate entities. The company does not expect these amendments to have a material impact on its operations or financial statements.
IFRS 19 Subsidiaries without Public Accountability:Disclosures (effective for annual periods beginning on or after 1 January 2027)
Issued in May 2024, IFRS 19 allows for certain eligible subsidiaries of parent entities that report under IFRS Accounting Standards to apply reduced disclosure requirements. The company does not expect this standard to have an impact on its operations or financial statements.
IFRS 18 Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or after 1 January 2027)
IFRS 18 will replace IAS 1 Presentation of financial statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to to users.
Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive. Management is currently assessing the detailed implications of applying the new standard on the company’s financial statements. From the high-level preliminary assessment performed, the following potential impacts have been identified:
New and amended standards and interpretations not yet adopted
Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2024 reporting periods and have not been early adopted by the company. The company’s assessment of the impact of these new standards and amendments is set out below:
Amendments to IAS 21 - Lack of Exchangeability (effective for annual periods beginning on or after 1 January 2025)
In August 2023, the IASB amended IAS 21 to help entities to determine whether a currency is exchangeable into another currency, and which spot exchange rate to use when it is not. Management is currently assessing the detailed implications of applying the new standard on the company’s financial statements.
Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7 (effective for annual periods beginning on or after 1 January 2026)
On 30 May 2024, the IASB issued targeted amendments to IFRS 9 and IFRS 7 to respond to recent questions arising in practice, and to include new requirements not only for financial institutions but also for corporate entities. The company does not expect these amendments to have a material impact on its operations or financial statements.
IFRS 19 Subsidiaries without Public Accountability:Disclosures (effective for annual periods beginning on or after 1 January 2027)
Issued in May 2024, IFRS 19 allows for certain eligible subsidiaries of parent entities that report under IFRS Accounting Standards to apply reduced disclosure requirements. The company does not expect this standard to have an impact on its operations or financial statements.
IFRS 18 Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or after 1 January 2027)
IFRS 18 will replace IAS 1 Presentation of financial statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to to users.
Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive. Management is currently assessing the detailed implications of applying the new standard on the company’s financial statements. From the high-level preliminary assessment performed, the following potential impacts have been identified:
Page 16
MONESE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
∙Foreign exchange differences currently aggregated in the line item ‘other income and other gains/(losses) – net’ in operating profit might need to be disaggregated, with some foreign exchange gains or losses presented below operating profit.
∙The line items presented on the primary financial statements might change as a result of the application of the concept of ‘useful structured summary’ and the enhanced principles on aggregation and disaggregation.
∙The company does not expect there to be a significant change in the information that is currently disclosed in the notes because the requirement to disclose material information remains unchanged; however, the way in which the information is grouped might change as a result of the aggregation/disaggregation principles. In addition, there will be significant new disclosures required for:
∙management-defined performance measures;
∙a break-down of the nature of expenses for line items presented by function in the operating category of the statement of profit or loss – this break-down is only required for certain nature expenses; and
∙for the first annual period of application of IFRS 18, a reconciliation for each line item in the statement of profit or loss between the restated amounts presented by applying IFRS 18 and the amounts previously presented applying IAS 1.
∙From a cash flow statement perspective, there will be changes to how interest received and interest paid are presented. Interest paid will be presented as financing cash flows and interest received as investing cash flows, which is a change from current presentation as part of operating cash flows.
The company will apply the new standard from its mandatory effective date of 1 January 2027. Retrospective application is required, and so the comparative information for the previous financial year will be restated in accordance with IFRS 18.
The directors do not expect that the adoption of the new standard and amendments to the existing standards listed above will have a material impact on the company's financial statements in future periods.
The directors do not expect that the adoption of the new standard and amendments to the existing standards listed above will have a material impact on the company's financial statements in future periods.
Page 17
MONESE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The directors have assessed the company’s ability to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements.
In making this assessment, the directors have considered the company’s current financial position, cash flow forecasts and its relationship with the wider Pockit Group. The Company forms part of the Pockit Group and is dependent on group support to fund its operations and meet its liabilities as they fall due.
The directors have reviewed forecasts for the company and the wider Group, including sensitised scenarios, which reflect expected trading performance, ongoing investment in strategic initiatives and the anticipated benefits of integration activities.
The Group secured total funding of £18.4m during the period, comprising £13.4m of equity and a £5.0m venture debt facility. The equity funding was raised over the course of 2025, with final execution achieved in May 2026. The raise was led by existing investor Puma Private Equity and supported by existing shareholder Concentric VC, alongside participation from new investors.
The directors have made enquiries of its parent company and have received a letter of support from Pockit Limited that the parent will provide financial support to the company for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements. The forecasts demonstrate that the whole Group, including Monese will be able to meet its liabilities as they fall due for a period of at least twelve month.
On this basis the directors consider the company able to continue operating effectively for the foreseeable future, being at least twelve months from the date of approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.
In making this assessment, the directors have considered the company’s current financial position, cash flow forecasts and its relationship with the wider Pockit Group. The Company forms part of the Pockit Group and is dependent on group support to fund its operations and meet its liabilities as they fall due.
The directors have reviewed forecasts for the company and the wider Group, including sensitised scenarios, which reflect expected trading performance, ongoing investment in strategic initiatives and the anticipated benefits of integration activities.
The Group secured total funding of £18.4m during the period, comprising £13.4m of equity and a £5.0m venture debt facility. The equity funding was raised over the course of 2025, with final execution achieved in May 2026. The raise was led by existing investor Puma Private Equity and supported by existing shareholder Concentric VC, alongside participation from new investors.
The directors have made enquiries of its parent company and have received a letter of support from Pockit Limited that the parent will provide financial support to the company for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements. The forecasts demonstrate that the whole Group, including Monese will be able to meet its liabilities as they fall due for a period of at least twelve month.
On this basis the directors consider the company able to continue operating effectively for the foreseeable future, being at least twelve months from the date of approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.
Page 18
MONESE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The company recognises revenue when it transfers control over a product or service to a customer.
The company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the group does not adjust any of the transaction prices for the time value of money.
Subscription fees
Subscription fees represents monthly and annual subscription fees charged to both retail and corporate customers.
Subscription fees reflects income from retail customers received in advance are initially recognised as deferred income and are released as revenue in the income statement on straight line basis over the period of the subscription.
Transaction fees
Transaction fees represent income recognised at the point of delivery of a service and derive from retail customers. This includes card and payments income, interchange fees receivable from the group’s card issuing partner, fair usage fees for cash withdrawals outside of customer plans allowances, top up fees.
Interest income
Interest income represent interest earned from holding customer funds as cash and cash equivalents. These amounts are recognised in the income statement using the effective interest rate method.
Page 19
MONESE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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MONESE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
group's net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company's net investment outstanding in respect of the leases.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Page 21
MONESE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the group's estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the equity-settled employee benefits reserve.
Equity-settled share-based payment transactions with parties other than employees are measured at the fair value of the goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 22
MONESE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Amortisation is provided on the following bases:
Internally-generated intangible assets
Expenditure on research activities is recognised as an expense in the period in which it is incurred. An internally-generated intangible asset arising from development (or from the development phase of an internal project) is recognised if, and only if, all of the following have been demonstrated:
Expenditure on research activities is recognised as an expense in the period in which it is incurred. An internally-generated intangible asset arising from development (or from the development phase of an internal project) is recognised if, and only if, all of the following have been demonstrated:
∙the technical feasibility of completing the intangible asset so that it will be available for use or sale;
∙the intention to complete the intangible asset and use or sell it;
∙the ability to use or sell the intangible asset;
∙how the intangible asset will generate probable future economic benefits;
∙the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and
∙the ability to measure reliably the expenditure attributable to the intangible asset during its development.
The amount initially recognised for internally-generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally-generated intangible asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred.
Subsequent to initial recognition, internally-generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.
Derecognition of intangible assets
An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognised in profit or loss when the asset is derecognised.
Subsequent to initial recognition, internally-generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.
Derecognition of intangible assets
An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognised in profit or loss when the asset is derecognised.
Page 23
MONESE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value.
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
Page 24
MONESE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Fair value through profit or loss
Debt instruments at amortised cost
Impairment of financial assets
Financial liabilities
Fair value through profit or loss
Page 25
MONESE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
At amortised cost
The company capitalises certain development costs associated with its technology platform where the criteria for capitalisation are determined to be met. Initial capitalisation of costs is based on management’s judgement that technological and economic feasibility is confirmed, including probable future economic benefit. In determining the amounts to be capitalised, management makes assumptions regarding allocation of time spent by its technology engineering staff across qualifying activities and projects. At 31 December 2024, the carrying amount of capitalised development costs was £3.4m (2023: £3.1m). Management estimate the useful economic life of the platform to be 5 years, based on their assessment of the lifetime of core functionality and timetable for major upgrades as well as consideration of the duration of customer contracts.
Lease - estimating the incremental borrowing costs
The company cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate ("IBR") to measure lease liabilities. The IBR is the rate of interest that the group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The company estimates the IBR using observable inputs for example, interest rates observed in other borrowing arrangements identified by the group.
Share-based payments
The company awards equity settled share options to certain employees. The fair value determined at the grant date is expensed on a graded vesting calculation over the vesting period. The fair value is calculated using a Black-Scholes fair value model with the estimated level of vesting reviewed annually by management. The valuation is inherently judgemental and has a number of assumptions, including probability of an exit event within option lifetime, value per share, volatility, risk-free rate and time tomaturity and an estimate of the proportion of employees remaining in employment throughout the vesting period. The expense recorded in the year-end in relation to share-based payments is £5.2m (2023: £0.9m). The existing option scheme was cancelled on acquisition of the company by Pockit Ltd and as a result there was an accelerated vesting charge.
Page 26
MONESE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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MONESE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MONESE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MONESE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MONESE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Taxation (continued)
There are no future tax changes that impact the company.
At 31 December 2024, the company has unrelieved trading losses of £135.5m (2023: £131.9m) available to set against future taxable profits. A potential deferred tax asset of £34m (2023: £34.6m) has not been recognised due to uncertainty of the timing of the recovery of the deferred tax asset.
At 31 December 2024, the company has unrelieved trading losses of £135.5m (2023: £131.9m) available to set against future taxable profits. A potential deferred tax asset of £34m (2023: £34.6m) has not been recognised due to uncertainty of the timing of the recovery of the deferred tax asset.
Page 31
MONESE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MONESE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MONESE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Page 34
MONESE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 35
MONESE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 36
MONESE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
25.1 Financial risk management objectives
The company’s principal financial liabilities comprise loans and borrowings, and trade and other payables. The main purpose of these financial liabilities is to finance the company’s operations. The company’s principal financial assets include trade receivables, and cash and short-term deposits that derive directly from its operations.
25.2 Market risk - foreign exchange risk
The company operates in overseas markets by selling products in local currencies. It is therefore subject to currency exposures on translating overseas branches financial results primarily in respect of Euros. Foreign exchange risk arises from recognised assets and liabilities and net investments in foreign operations. The company does not utilise derivative contracts to manage its foreign exchange risk.
25.3 Liquidity risk
Cash flow forecasting is performed by central group management. Company management monitors liquidity requirements on an on-going basis to ensure the group has sufficient cash to meet its operational needs at all times and to ensure that the group does not breach borrowing covenants. The principal risk in forecasting cash flows arises from uncertainties over the conversion of sales pipeline to cash inflows. Surplus cash is kept on instant access deposit to ensure sufficient working capital is available at all times.
The company’s principal financial liabilities comprise loans and borrowings, and trade and other payables. The main purpose of these financial liabilities is to finance the company’s operations. The company’s principal financial assets include trade receivables, and cash and short-term deposits that derive directly from its operations.
25.2 Market risk - foreign exchange risk
The company operates in overseas markets by selling products in local currencies. It is therefore subject to currency exposures on translating overseas branches financial results primarily in respect of Euros. Foreign exchange risk arises from recognised assets and liabilities and net investments in foreign operations. The company does not utilise derivative contracts to manage its foreign exchange risk.
25.3 Liquidity risk
Cash flow forecasting is performed by central group management. Company management monitors liquidity requirements on an on-going basis to ensure the group has sufficient cash to meet its operational needs at all times and to ensure that the group does not breach borrowing covenants. The principal risk in forecasting cash flows arises from uncertainties over the conversion of sales pipeline to cash inflows. Surplus cash is kept on instant access deposit to ensure sufficient working capital is available at all times.
Page 37
MONESE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 38
MONESE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
25. Share capital (continued)
The ordinary shares, Series A shares, Series B shares and Series C shares rank pari passu in all respects save that on a winding up the order of priority of distribution will be to holders of the Series C shares, followed by holders of Series B shares, followed by holders of the Series A shares and followed by holders of the ordinary shares, equal to the amount subscribed. In the event of a sale of the company or a qualifying Initial Public Offering, the Series A shares, Series B shares and Series C shares shall convert to ordinary shares. In addition, a holder of the Series A, Series B or Series C shares may request that their shares be converted to ordinary shares of £0.00001.
The D Convertible Preferred Share shares confer on each holder the right to receive notice of and to attend, speak and vote at all general meetings of the company and to receive and vote on proposed written resolutions of the company.
During the year, 8,371,151 Series D convertible preferred shares and 28,323,859 Ordinary shares were issued at £0.00001 each for a total consideration of £7m.
During the year, all Series A shares, Series B shares, Series C shares and Series D shares have been re-designated to Ordinary shares.
The D Convertible Preferred Share shares confer on each holder the right to receive notice of and to attend, speak and vote at all general meetings of the company and to receive and vote on proposed written resolutions of the company.
During the year, 8,371,151 Series D convertible preferred shares and 28,323,859 Ordinary shares were issued at £0.00001 each for a total consideration of £7m.
During the year, all Series A shares, Series B shares, Series C shares and Series D shares have been re-designated to Ordinary shares.
Share premium account
Other reserves
Share based payments reserve
Page 39
MONESE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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 £97,469 (2023: £124,967). Contributions totalling £19,985 (2023: £64,367) were payable to the fund at the balance sheet date and are included in creditors.
The group’s objectives in managing capital are to safeguard the group’s ability to continue as a going concern so that it can continue to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.
The group does not have a formal capital management policy. However, the capital position is reviewed regularly in light of forward-looking forecasts. In addition, following the activation of the EMI license in October 2022, Monese Ltd is subject to the FCA regulations requiring the company to maintain sufficient regulatory capital resources. The group has historically utilised a combination of equity, convertible loans, and term loans in order to maintain sufficient resources to continue as a going concern. Going forward the group will continue to consider its future capital and cash requirements on a regular basis and will seek to raise additional equity or debt as circumstances require.
The group does not have a formal capital management policy. However, the capital position is reviewed regularly in light of forward-looking forecasts. In addition, following the activation of the EMI license in October 2022, Monese Ltd is subject to the FCA regulations requiring the company to maintain sufficient regulatory capital resources. The group has historically utilised a combination of equity, convertible loans, and term loans in order to maintain sufficient resources to continue as a going concern. Going forward the group will continue to consider its future capital and cash requirements on a regular basis and will seek to raise additional equity or debt as circumstances require.
There have been no other significant events affecting the company since the year end.
The company was acquired in December 2024 by Pockit Limited who became the immediate parent undertaking.
The parent undertaking of the smallest group of undertakings for which group financial statements are drawn up and of which the company is a member is Pockit Limited, whose registered office is Suite 19, 45 Salisbury Road, Cardiff, Wales, CF24 4AB. Copies of these group finanical statements are available to the public from its registered office.
In the opinion of the directors, there is no ultimate controlling party.
The parent undertaking of the smallest group of undertakings for which group financial statements are drawn up and of which the company is a member is Pockit Limited, whose registered office is Suite 19, 45 Salisbury Road, Cardiff, Wales, CF24 4AB. Copies of these group finanical statements are available to the public from its registered office.
In the opinion of the directors, there is no ultimate controlling party.
Page 40
MONESE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 41