M3 Payments Ltd
M3 Payments Ltd
Registered number: 11982293
Unaudited Financial Statements
For the Period
7 May 2019
to
31 December 2019
More Group (Accounting) Limited
M3 Payments Ltd
Unaudited Financial Statements
For the Period
7 May 2019
to
31 December 2019
Unaudited Financial Statements
Contents | |
Page | |
---|---|
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3—4 |
M3 Payments Ltd
Company Information
For the Period
7 May 2019
to
31 December 2019
Company Information
Director |
|
Company Number |
|
Registered Office | C/O Corsham Tenant Limited, 41 Corsham Street |
London | |
N1 6DR | |
Accountants |
|
|
|
London | |
EC1V 0BN | |
Page 1
M3 Payments Ltd
Balance Sheet
As at
31 December 2019
Balance Sheet
Registered number:
11982293
For the period ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
31 December 2019 | |||
---|---|---|---|
Notes | £ | £ | |
CURRENT ASSETS | |||
Cash at bank and in hand |
|
||
|
|||
Creditors: Amounts Falling Due Within One Year | 3 |
( |
|
NET CURRENT ASSETS (LIABILITIES) |
( |
||
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
||
NET LIABILITIES |
( |
||
CAPITAL AND RESERVES | |||
Called up share capital | 4 |
|
|
Profit and Loss Account |
( |
||
SHAREHOLDERS' FUNDS | (26,476) | ||
Director's responsibilities
-
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his 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. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
|
|
The notes on pages 3 to 4 form part of these financial statements.
Page 2
M3 Payments Ltd
Notes to the Financial Statements
For the Period
7 May 2019
to
31 December 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
These accounts have been prepared on the going concern basis, on the understanding that the Director will continue to financially support the company during this uncertain period.
1.3.
Revenue recognition
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 sales/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.
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.
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.
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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1
3.
Creditors: Amounts Falling Due Within One Year
31 December 2019 | |
---|---|
£ | |
Trade creditors |
|
Other creditors |
|
Accruals and deferred income |
|
|
|
Page 3
M3 Payments Ltd
Notes to the Financial Statements (continued)
For the Period
7 May 2019
to
31 December 2019
5.
Related Party Transactions
During the year M3 Payments Ltd has taken loan from M3 Holding Ltd of £12,469.01.
6.
Ultimate Controlling Party
The company's ultimate controlling party is
M3 Holding Ltd
by virtue of its share holding.
7.
General Information
M3 Payments Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
11982293
. The registered office is C/O Corsham Tenant Limited, 41 Corsham Street, London, N1 6DR.
Page 4