Company Registration No. 03056267 (England and Wales)
MOOREPAY COMPLIANCE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
PAGES FOR FILING WITH REGISTRAR
MOOREPAY COMPLIANCE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
MOOREPAY COMPLIANCE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2020
30 April 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Debtors
4
1,998,395
3,326,704
Cash at bank and in hand
1,121,391
4,139
3,119,786
3,330,843
Creditors: amounts falling due within one year
5
(541,484)
(429,741)
Net current assets
2,578,302
2,901,102
Capital and reserves
Called up share capital
6
2,000,000
2,000,000
Share premium account
19,030
19,030
Capital redemption reserve
11,666
11,666
Profit and loss reserves
547,606
870,406
Total equity
2,578,302
2,901,102
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 February 2021 and are signed on its behalf by:
Mr A R Kinch
Director
Company Registration No. 03056267
MOOREPAY COMPLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
- 2 -
1
Accounting policies
Company information
Moorepay Compliance Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Peoplebuilding 2, Peoplebuilding Estate, Maylands Avenue, Hemel Hempstead, HP2 4NW. The place of business is Warwick House, Hollins Brook Way, Pilsworth, Bury, BL9 8RR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Whilst the company has been impacted by Covid-19, it adapted working practices in line with government guidelines, maintaining operations throughout the lockdown periods and to date. The directors have reviewed management information to date and have projected forward on this basis for a period of at least twelve months from the date of signing the financial statements and have a reasonable expectation that the company has sufficient resources to continue in operational existence for the foreseeable future. There continues to be group support if required, and the company is also aware of the government support that is available. The directors are confident the company can continue to meet all liabilities as they are expected to fall for at least the next twelve months from the date of signing the accounts, and, as such, they continue to adopt the going concern basis in preparing the accounts.
true
1.3
Turnover
Turnover comprises services which are provided under contractual agreements, and services provided on an 'ad hoc' basis which are invoiced accordingly net of value added tax. The company accounts for sales with reference to the duration of the contract and reflects time and costs incurred in servicing agreements.
Turnover in respect of personnel and health and safety consultancy services represents the value of services provided during the period excluding value added tax.
Payments received on accounts for long term contracts are deferred and released over the period of the contract.
MOOREPAY COMPLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 3 -
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks
and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.
Financial assets classified as receivable within one year are not amortised.
Other financial assets
All of the company's financial assets are basic financial instruments.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors
and
loans from
fellow group companies, are
initially recognised at transaction price.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. Trade creditors are recognised initially at transaction price.
MOOREPAY COMPLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 4 -
Other financial liabilities
All of the company's financial liabilities are basic financial instruments.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exception:
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not there will be suitable taxable profits from which the future reversal of the underlying timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
MOOREPAY COMPLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 5 -
1.11
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
1.13
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 41
(2019 - 43).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2019 and 30 April 2020
1,433,552
Amortisation and impairment
At 1 May 2019 and 30 April 2020
1,433,552
Carrying amount
At 30 April 2020
-
At 30 April 2019
-
MOOREPAY COMPLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 6 -
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
125,619
75,254
Amounts owed by group undertakings
765,014
2,115,957
Other debtors
894,529
1,019,349
1,785,162
3,210,560
2020
2019
Amounts falling due after more than one year:
£
£
Deferred tax asset
213,233
116,144
Total debtors
1,998,395
3,326,704
5
Creditors: amounts falling due within one year
2020
2019
£
£
Taxation and social security
100,330
52,125
Other creditors
441,154
377,616
541,484
429,741
6
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
2,000,000 Ordinary shares of £1 each
2,000,000
2,000,000
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Virginia Cooper.
The auditor was MHA Moore and Smalley.
MOOREPAY COMPLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 7 -
8
Parent company
The immediate parent company is Moorepay Limited, a company registered in England and Wales. The ultimate parent company is Zellis Holdco S.à.r.l, a company registered in Luxembourg. The Company is ultimately controlled by Bain Capital Fund IV LP.
The smallest group in which the results of the company are consolidated is that headed by Zellis Holdings Limited, a company registered in England and Wales, with a registered office of Peoplebuilding 2, Peoplebuilding Estate, Maylands Avenue, Hemel Hempstead, Hertfordshire, HP2 4NW.
The largest group in which the results of the company are consolidated is that headed by Zellis Topco Limited, a company registered in England and Wales, with a registered office of Peoplebuilding 2, Peoplebuilding Estate, Maylands Avenue, Hemel Hempstead, Hertfordshire, HP2 4NW. Copies of both group accounts can be obtained from Peoplebuilding 2, Peoplebuilding Estate, Maylands Avenue, Hemel Hempstead, Hertfordshire, HP2 4NW.