Littlepay Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09709888 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

LITTLEPAY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A Shayan

S B Gallagher

C D O Jillings

REGISTERED OFFICE:

Ridge Court

The Ridge

Epsom

Surrey

KT18 7EP

REGISTERED NUMBER:

09709888 (England and Wales)

AUDITORS:

Lewis Brownlee (Chichester) Limited

Chartered Accountants

Statutory Auditors

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

FIXED ASSETS

Tangible assets

4

31,954

22,221

CURRENT ASSETS

Debtors

5

1,437,709

1,050,350

Cash at bank and in hand

90,927

171,385

1,528,636

1,221,735

CREDITORS

Amounts falling due within one year

6

1,385,469

787,412

NET CURRENT ASSETS

143,167

434,323

TOTAL ASSETS LESS CURRENT LIABILITIES

175,121

456,544

CAPITAL AND RESERVES

Called up share capital

612,435

612,435

Capital contribution reserve

96,917

78,322

Retained earnings

(534,231

)

(234,213

)

175,121

456,544

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2024 and were signed on its behalf by:

A Shayan - Director

1.	STATUTORY INFORMATION

Littlepay Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

Monetary amounts in these financial statements are rounded to the nearest whole £1.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis.

The company and other group companies place reliance on support from the immediate parent company and the wider group. The immediate parent company has a loan facility of £5m available from the wider group to support cashflow in the Littlepay Group, where required. At the date of signing the financial statements, roughly two thirds of the loan facility was still available.

At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

For transaction based and SaaS revenue streams, the revenue is recognised over the term of the period to which it relates.

For project based revenue, the company recognises revenue when:

- the amount can be reliably measured;

- it is probable the future economic benefits will flow to the entity;

- and any specific, pre-determined, performance obligations have been met.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

10% on cost

Computer equipment

-

25% on cost

Financial instruments

Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method, unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

Leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Share-based payments

Certain employees of Littlepay Limited and its fellow subsidiary Littlepay Pty Limited have been awarded share options within a group share option scheme with their parent company, Littlepay Mobility Limited. Each tranche in an award is considered a separate award with its own vesting period and grant date fair value. Fair value of each tranche is measured at the date of grant using the directors valuation of shares. Compensation expense is recognised in the relevant company's accounts over the tranche's vesting period based on the number of awards expected to vest, a capital contribution reserve is recognised for corresponding entry for these transactions. The share option is also identified in the share option reserve account in Littlepay Mobility Limited.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 July 2022

883

34,827

35,710

Additions

338

20,856

21,194

At 30 June 2023

1,221

55,683

56,904

DEPRECIATION

At 1 July 2022

226

13,263

13,489

Charge for year

302

11,159

11,461

At 30 June 2023

528

24,422

24,950

NET BOOK VALUE

At 30 June 2023

693

31,261

31,954

At 30 June 2022

657

21,564

22,221

5.

DEBTORS

2023

2022

£

£

Amounts falling due within one year:

Trade debtors

1,175,546

672,346

Amounts owed by group undertakings

29,268

72

Other debtors

113,695

328,996

1,318,509

1,001,414

Amounts falling due after more than one year:

Other debtors

119,200

48,936

Aggregate amounts

1,437,709

1,050,350

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

22,297

83,549

Amounts owed to group undertakings

1,126,991

436,128

Taxation and social security

86,709

56,328

Other creditors

149,472

211,407

1,385,469

787,412

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022

£

£

Within one year

24,620

-

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sam Ede BFP FCA FCCA (Senior Statutory Auditor)

for and on behalf of Lewis Brownlee (Chichester) Limited

9.	SHARE-BASED PAYMENT TRANSACTIONS

Certain employees of the company were awarded share options within a group share option scheme. A charge of £18,595 (2022: £Nil) in respect of the share option schemes is recognised within this company's Income Statement and made against the group parent company's (Littlepay Mobility Limited) Share Scheme Reserves.