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Company Information
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Contents
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Directors' report
for the period ended 31 December 2021
The directors present their annual report together with the financial statements of PayAlly Limited ('the company') for the period from 1 March 2021 to 31 December 2021.
The profit for the period, after taxation, amounted to €
1,145,625
(year ended 28 February 2021 -
€
359,082
)
.
The directors did not recommend any dividends during the year (2021 - €nil).
The directors who served during the period were:
The directors are responsible for preparing the Directors' report, the Strategic report, and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial period
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102, ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102'). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the company's financial statements and then apply them consistently;
∙
make judgements and accounting estimates that are reasonable and prudent;
∙
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The company has chosen, in accordance with s.414C(11) of the Companies Act 2006, to set out in the company's Strategic
report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, and Part 2 of The Companies (Miscellaneous Reporting) Regulations 2018 to be contained in the Directors' report. It has done so in respect of risk exposure, future developments, and engagement with suppliers, customers, and others.
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Directors' report (continued)
for the period ended 31 December 2021
This report was approved by the board on
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Strategic report
for the period ended 31 December 2021
The directors present this Strategic report for the period from 1 March 2021 to 31 December 2021 with the goal of
providing a balanced and comprehensive analysis of the company’s development in its initial accounting periods and its future outlook. The review is consistent with the current size and nature of the business. Principal activity The principal activity of the company is that of providing e-commerce card acquiring, currency exchange, money transfer services and prepaid card issuing.
The Company was authorised as a payment institution by the Financial Conduct Authority ('the FCA') on 3 July 2017 and
then re-authorised by the FCA under PSD2 regulations on 14 February 2018. PayAlly Limited commenced trading on 7 November 2017. On 13 December 2021, the company was authorised to carry on electronic money activities under the Electronic Money Regulations 2011 (EMRs). The directors have taken every opportunity to progress the business in line with its business plan and will continue to do so throughout the remainder of 2022 and beyond. PayAlly Limited’s development in the period consisted of continuing to expand its payments and acquiring infrastructure in order to enable the company to reduce costs and improve its competitive position in the market for the provision of services to small and medium companies and introduce new products. During the course of the period, the company has continued making improvements to the payments infrastructure, integration of alternative payment methods, development of new products and acquisition of new customers and business. A significant ambition for 2021 was to become a Principle Member of Mastercard. This was achieved in December 2021. However, the timing has affected the anticipated roll out of iOS and Android mobile PayAlly applications which, will now be completed by early 2023, as well as our payments ecosystem v1.0 offering to clients.
The directors confirm compliance with Section 172(1) of the Companies Act 2006 in that they acted in good faith
promoting the success of the company for the benefit of its stakeholders, and in doing so had regard (amongst other matters) to:
∙
the likely consequence of any decision in the long term by ensuring that careful consideration was given to all aspects
of the likely outcome when making decisions at board level and that those decisions were made in the best interests of the stakeholders;
∙
the interests of the company's employees by ensuring that due consideration was given to employee equality,
training, education and progress in the company, participation in shaping the company's strategy and product development, and endeavouring to maintain an employee sympathetic environment;
∙
the provision of reliable, safe, affordable and fair products and services to its customers, by being continually
attentive to the customer’s needs, developing new products and services, optimising and reducing fees for basic payment services, and promoting security of online payments;
∙
the need to foster the company's business relationships with partners and suppliers by promoting mutually beneficial
contractual arrangements, punctual settlement of invoices, sharing of industry insights and innovations;
∙the impact of the company's operations on the community and the environment by continually promoting reduction
of environmental pollution by using electronic document workflow, reducing CO2 emissions by cutting unnecessary travel, particularly by airplanes, and promoting usage of public transportation by the company’s employees;
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Strategic report (continued)
for the period ended 31 December 2021
Directors' statement of compliance with duty to promote the success of the company (continued)
∙
the regulatory compliance of the company by maintaining timely and accurate reporting to the regulatory,
government, and tax authorities, by maintaining a reputation for high standards of business conduct and integrity, by maintaining a professional approach to all matters by directors and employees at all levels; and
∙
the need to act farily as between shareholders of the company by maintaing standards that ensured no bias to any
partciualr individual or group.
The Board of Directors is responsible for the risk management policy of the company and approves the parameters within
which the various aspects of risks are managed. During its normal course of business, the company is exposed to certain financial risks: earnings growth, operational, liquidity, credit and foreign exchange risks. Earnings growth risk There is a risk to both regulatory capital and shareholder value if the company is unable to grow its key business lines: payments (provision of payment account services, money transfers locally and internationally, currency exchange and issuance of prepaid cards) and acquiring (provision of online payment card acceptance for merchants, provision of alternative online payment method acceptance for merchants, provision of e-commerce gateway and provision of payout to payment cards). The Board of Directors has implemented an organic business growth model, where development costs and day-to-day operating expenses are growing in line with revenue growth. This ensures the company continues to meet its regulatory capital requirement and to comply with the FCA's rules and is aligned with the growth in client payments revenue. Operational risk This is a risk of a direct or indirect loss resulting from inadequacies or failures of information technology systems, processes or controls due to hardware or software failure, staff or management, or external factors. To manage, monitor and control operational risks, the company maintains a framework of policies, procedures and controls which are designed to provide a sound and well controlled operational environment. Liquidity risk The company is not considered to have an elevated level of liquidity risk as the company’s funds and safeguarded clients' funds in transit are kept in current accounts with vetted credit institutions. The directors maintain a policy of ensuring adequate availability of financial resources for the company’s current and future obligations. Credit risk The company’s primary credit risk is with its banking and acquiring partners. The company deploys various diversification methods and continues engaging with new credit institutions and acquiring partners to diversify possible credit risks. Careful partner assessment and monitoring procedures are in place to minimise any possible risks. Foreign exchange risk The company operates in a number of currencies and manages foreign exchange exposure by carefully matching assets and liabilities in each currency in order to avoid any exposure. All client foreign exchange transactions are executed on the spot and the company never keeps an open currency position longer than needed to instruct the banking partner to execute the foreign exchange transaction at market rates.
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Strategic report (continued)
for the period ended 31 December 2021
The directors approve the annual budget and review performance against budget on a monthly basis. Similarly, key
performance indicators, namely revenue, net profit and net assets are carefully monitored. Revenue for the year amounted to €4,627,623 and at the year end the company had net assets of €1,988,864. Compared to the previous year, the gross revenue has increased by 106% which is a significant achievement. The directors are pleased to report a continuous new client acquisition stream, together with this revenue growth and achievement of sustainable profitable operations.
This report was approved by the board on 23 December 2022
and signed on its behalf by:
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Independent auditor's report to the members of PayAlly Limited
for the period ended 31 December 2021
We have audited the financial statements of PayAlly Limited (the 'company') for the period ended 31 December 2021, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity, the Statement of cash flows
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102, ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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Independent auditor's report to the members of PayAlly Limited (continued)
for the period ended 31 December 2021
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visisted by us; or
∙
the financial statements are not in agreement with the accounting record and returns; or
∙
certain disclosures of director's remuneration specified by law are not made; or
∙
we have not received all the information and explanation we require for our audit.
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Independent auditor's report to the members of PayAlly Limited (continued)
for the period ended 31 December 2021
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙
the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, including knowledge specific to auditing E-money firms;
∙
we made enquiries of management as to where they considered there was susceptibility to fraud, and their
knowledge of actual, suspected and alleged fraud;
∙
we identified the laws and regulations that could reasonably be expected to have a material effect on the financial
statements of the company through discussions with directors and other management at the planning stage, and from our knowledge and experience of auditing E-money firms;
∙
the audit team held a discussion to identify any particular areas that were considered to be susceptible to
misstatement, including with respect to fraud and non-compliance with laws and regulations;
∙
we focused our planned audit work on specific laws and regulations which we considered may have a direct material
effect on the financial statements or the operations of the company including the Companies Act 2006, The Electronic Money Regulations 2011, employment legislation, and taxation legislation.
We assessed the extent of compliance with the laws and regulations identified above through:
∙
making enquiries of management;
∙
inspecting legal expenditure and correspondence throughout the year for any potential litigation or claims; and
∙
considering the internal controls in place that are designed to mitigate risks of fraud and non-compliance with laws
and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙
determined the susceptibility of the company to management override of controls by checking the implementation of controls and enquiring of individuals involved in the financial reporting process;
∙
performed analytical procedures to identify any large, unusual or unexpected transactions and investigated any large variances from the prior year;
∙
reviewed accounting estimates and evaluated where judgements or decisions made by management indicated bias on the part of the company’s management;
∙
tested revenue by obtaining supporting documentation for a sample of each of the various revenue streams and investigated any material variances to expectations; and
∙carried out substantive testing to check the occurrence and cut-off of expenditure.
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Independent auditor's report to the members of PayAlly Limited (continued)
for the period ended 31 December 2021
Auditor's responsibilities for the audit of the financial statements (continued)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included:
∙
agreeing financial statement disclosures to underlying supporting documentation;
∙
enquiring of management as to actual and potential litigation and claims; and
∙
reviewing correspondence with the Financial Conduct Authority.
There are inherent limitations in our audit procedures described above. Irregularities that result from fraud might be
inherently more difficult to detect than irregularities that result from error as they may involve deliberate concealment or
collusion. Auditing standards also limit the audit procedures required to identify non-compliance with laws and
regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence,
if any.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditor's report.
This report is made solely to the company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
130 Wood Street
EC2V 6DL
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Statement of comprehensive income
for the period ended 31 December 2021
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Statement of financial position
as at
The financial statements were approved and authorised for issue by the board
on
The notes on pages 14 to 28 form part of these financial statements.
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Statement of changes in equity
for the period ended
31 December 2021
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Statement of cash flows
for the period ended 31 December 2021
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Notes to the financial statements
for the period ended 31 December 2021
PayAlly Limited is a private company limited by shares and is incorporated in England and Wales. Its company registration number is 10600055. The registered office and principal place of business of the company is 80 Coleman Street, London, United Kingdom, EC2R 5BJ.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention and in accordance with
Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland', ('FRS 102') and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3). The following principal accounting policies have been applied: Revenue from a contract to provide services is recognised in the period in which the services are provided when all of the following conditions are satisfied:
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Notes to the financial statements
for the period ended 31 December 2021
2.
Accounting policies (continued)
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives.
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.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is charged so as to allocate the cost of assets over their estimated useful lives, using the straight-line method. As there is no active market for the assets, their residual value is considered to be £nil. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
The assets' residual values, useful lives and amortisation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. The useful life of software development assets has been adjusted from 10 years to 4 years in the current period.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
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Notes to the financial statements
for the period ended 31 December 2021
2.
Accounting policies (continued)
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.
The estimated useful lives range as follows:
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.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
The company holds money on behalf of clients in accordance with the requirements of the Electric Money Regulations. Customer funds held in segregated bank and settlement accounts in accordance with these requirements and the corresponding liabilities to these clients are recognised on the Statement of financial position within cash and creditors, respectively.
Short term creditors are measured at the transaction price. Other financial liabilities 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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Notes to the financial statements
for the period ended 31 December 2021
2.
Accounting policies (continued)
The company's functional and presentational currency is Euros. Transactions and balances Foreign currency transactions are translated into the functional currency using the mid-market exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of transactions in foreign currencies are recognised in the Statement of comprehensive income within revenue for the provision of currency exchange services and within administrative expenses for the procurement of currency exchange services. Foreign exchange gains and losses resulting from translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognised in the Statement of comprehensive income as administrative expenses. Non-monetary assets and liabilities are translated at historic exchange rates if held at historic cost or period-end exchange rates if held at fair value, and the resulting foreign exchange gains or losses are recognised in the Statement of comprehensive income as administrative expenses.
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Notes to the financial statements
for the period ended 31 December 2021
2.
Accounting policies (continued)
The directors considered areas involving estimation uncertainty or significant judgement to be in relation to:
The whole of the revenue is attributable to the company's principal activity.
Payment services are provided in the United Kingdom only.
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Notes to the financial statements
for the period ended 31 December 2021
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Notes to the financial statements
for the period ended 31 December 2021
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Notes to the financial statements
for the period ended 31 December 2021
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Notes to the financial statements
for the period ended 31 December 2021
12.
Taxation (continued)
On 10 June 2021, the Finance Bill 2021 received Royal Assent. The Bill enacted an increase in the corporation tax
rate from 1 April 2023, tapering from 19% from business with profits of less than £50,000 to 25% for business with profits over £250,000. Deferred tax in these financial statements has been measured at 25% (2021: 19%), being the rate that was substantively enacted at the reporting date.
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Notes to the financial statements
for the period ended 31 December 2021
Page 23
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Notes to the financial statements
for the period ended 31 December 2021
Page 24
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Notes to the financial statements
for the period ended 31 December 2021
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Notes to the financial statements
for the period ended 31 December 2021
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Notes to the financial statements
for the period ended 31 December 2021
Profit and loss account
Includes all current and prior periods' retained profits and losses.
There were no contingent liabilities at 31 December 2021 or 28 February 2021.
The company had no capital commitments at 31 December 2021 or 28 February 2021.
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Notes to the financial statements
for the period ended 31 December 2021
In the opinion of the directors the ultimate controlling party is deemed to be Rafal Andzejevski.
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