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REGISTERED NUMBER:
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REPORT OF THE MEMBERS AND |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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FOR
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ASTROPAY LLP |
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REGISTERED NUMBER:
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|
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REPORT OF THE MEMBERS AND |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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FOR
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ASTROPAY LLP |
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ASTROPAY LLP (REGISTERED NUMBER: OC346322)
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CONTENTS OF THE FINANCIAL STATEMENTS
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For The Year Ended 31 December 2017
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Page
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General Information
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1
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Report of the Members
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2
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Report of the Independent Auditors
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5
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Statement of Comprehensive Income
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7
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Balance Sheet
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8
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Reconciliation of Members' Interests
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9
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Cash Flow Statement
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11
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Notes to the Cash Flow Statement
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12
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Notes to the Financial Statements
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13
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ASTROPAY LLP
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GENERAL INFORMATION
|
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For The Year Ended 31 December 2017
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DESIGNATED MEMBERS:
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REGISTERED OFFICE:
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REGISTERED NUMBER:
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AUDITORS:
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Statutory Auditors
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The Courtyard
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High Street
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Ascot
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Berkshire
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SL5 7HP
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SOLICITORS:
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4 King's Bench Walk
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Temple
|
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London
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EC4Y 7DL
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ASTROPAY LLP (REGISTERED NUMBER: OC346322)
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REPORT OF THE MEMBERS
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For The Year Ended 31 December 2017
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The members present their report with the financial statements of the LLP for the year ended 31 December 2017.
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PRINCIPAL ACTIVITY
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Astropay LLP (the "Company" or the "LLP") is a recognised cross-border payments processor, enabling international merchants access end users
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(customers) in Latin America and other high growth markets.
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The Company focuses on providing alternative payment methods to end users who are typically unbanked or underbanked, and therefore do not
|
have international credit / debit cards and find it difficult to purchase digital goods on international websites.
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The Company serves more than 400 international merchants under two main segments:
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Segment
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Astropay.com
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Dlocal.com
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Focus
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E-gaming merchants
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E-commerce merchants and payment
service providers
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|
|
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The Company assists these merchants sell digital goods to and collect payments from end users located in high growth markets.
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The Company offers several alternative payment methods, through collaboration and technical integration with regional financial institutions and
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acquiring banks: i) locally issued credit and debit cards; ii) online bank transfers from the end users' bank accounts; iii) invoices issued by the
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merchant, paid by the user in local regulated banks; and iv) closed loop pre-paid vouchers in the Astropay.com segment.
|
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REVIEW OF BUSINESS
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Financial Overview and Strategic Outlook
|
|
The Company has continued to grow organically in 2017.
|
|
During 2017, the Company has achieved Gross revenues from payment processing of $44.3m (2016: $23.9m), Net revenues from payment
|
processing of $33.9m (2016: $17.4m), and EBITDA of $23.9m (2016: $10.8m).
|
|
The growth was achieved across the Company's two main segments Astropay.com and Dlocal.com.
|
|
USD
|
|
|
2017
|
|
2016
|
|
Annual growth %
|
|
|
$m
|
|
$m
|
|
|
Astropay.com
|
|
|
Gross Revenues from payment processing
|
|
|
25.7
|
|
14.3
|
|
79%
|
|
Net Revenues from payment processing
|
|
|
21.5
|
|
10.6
|
|
103%
|
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EBITDA
|
|
|
17.6
|
|
7.9
|
|
124%
|
|
|
Dlocal.com
|
|
|
Gross Revenues from payment processing
|
|
|
18.6
|
|
9.5
|
|
95%
|
|
Net Revenues from payment processing
|
|
|
12.4
|
|
6.8
|
|
81%
|
|
EBITDA
|
|
|
6.2
|
|
2.9
|
|
116%
|
|
|
Total
|
|
|
Gross Revenues from payment processing
|
|
|
44.3
|
|
23.9
|
|
86%
|
|
Net Revenues from payment processing
|
|
|
33.9
|
|
17.4
|
|
94%
|
|
EBITDA
|
|
|
23.9
|
|
10.8
|
|
122%
|
|
|
Leveraging its position as a recognised payments provider in Latin America, the Company's strategy is to continue its organic growth into other
|
high growth markets.
|
|
FUTURE DEVELOPMENTS
|
Separation between Astropay.com and Dlocal.com
|
|
Since 2016, the Company has commenced the process of separating its two segments Astropay.com and Dlocal.com into separate and
|
independent
corporate and legal entities to focus on their respective focus areas.
|
|
|
ASTROPAY LLP (REGISTERED NUMBER: OC346322)
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REPORT OF THE MEMBERS
|
|
|
For The Year Ended 31 December 2017
|
|
|
During 2017, the Company has made a significant progress on this agenda through separation of the technology platform, appointing separate
|
management teams and establishing separate corporate structures. In the last quarter of the year, the Company has commenced the process of
|
moving / novating the merchant agreements and related costs in relation to the Dlocal.com segment into a separate corporate structure, the
|
financial results of which are not reported in these financial statements of the Company.
|
|
It is the intention of the Company that the full separation will be finalised by 1 May 2018, after which Astropay.com and Dlocal.com will continue
to function as separate standalone entities.
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|
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EVENTS SINCE THE END OF THE YEAR
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Information relating to events since the end of the year is given in the notes to the financial statements.
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DESIGNATED MEMBERS
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The designated members during the year under review were:
|
|
S E Fogel Kaplan
|
Tikrel Investment S.A.
|
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RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
|
The profit for the year before members' remuneration and profit shares was $22,933,655 (2016: $10,279,611 profit).
|
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MEMBERS' INTERESTS
|
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is agreed
|
between the members at the beginning of the financial year, taking into account the anticipated cash needs of the LLP. Any variation will be
|
agreed by the members.
|
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Profits are allocated and divided between members after the finalisation of the financial statements. Prior to the allocation of profits and their
|
division between members, drawings and on-account profit distributions are shown in debtors. Unallocated profits are shown in ''Members' other
|
interests''.
|
|
New members are required to subscribe a minimum level of capital and in subsequent years members may be invited to subscribe for further
|
capital depending on the needs of the business. Capital is repaid to members on retirement or on leaving the partnership. Capital is normally
|
repaid within six months.
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PRESENTATIONAL CURRENCY
|
The accounts are stated in US dollars as it is the Partners' opinion that this is the functional currency in which the LLP transacts. All other
|
currencies are ultimately converted, consolidated and held in US dollars.
|
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STATEMENT OF MEMBERS' RESPONSIBILITIES
|
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and
|
regulations.
|
|
Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law
|
the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice
|
(United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members 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 LLP and of the profit or
|
loss of the LLP for that period. In preparing these financial statements, the members are required to:
|
|
-
|
select suitable accounting policies and then apply them consistently;
|
-
|
make judgements and accounting estimates that are reasonable and prudent;
|
-
|
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.
|
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The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose
|
with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the
|
Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006)
|
Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and
|
detection of fraud and other irregularities.
|
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
|
So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's
auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware
|
of any relevant audit information and to establish that the LLP's auditors are aware of that information.
|
|
|
ASTROPAY LLP (REGISTERED NUMBER: OC346322)
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REPORT OF THE MEMBERS
|
|
|
For The Year Ended 31 December 2017
|
|
|
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AUDITORS
|
The auditors, Kirk Rice LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.
|
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ON BEHALF OF THE MEMBERS:
|
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
|
|
|
ASTROPAY LLP
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Opinion
|
We have audited the financial statements of Astropay LLP (the 'LLP') for the year ended 31 December 2017 which comprise the Statement of |
Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Cash Flow Statement, Notes |
to the Financial Statements, 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). |
|
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to |
LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has |
been undertaken so that we might state to the LLP's members those matters we are required to state to them in a Report of the Auditors and for no |
other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
|
In our opinion the financial statements: |
- | give a true and fair view of the state of the LLP's affairs as at 31 December 2017 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- |
have been prepared in accordance with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships
(Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. |
|
Basis for opinion
|
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are
|
independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including
|
the FRC'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.
|
|
Conclusions relating to going concern
|
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
|
-
|
the members' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
|
-
|
the members have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the LLP's
ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the
financial statements are authorised for issue.
|
|
Other information
|
The members are responsible for the other information. The other information comprises the information in the Report of the Members, but does
|
not include the financial statements and our Report of the Auditors thereon.
|
|
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
|
|
In connection with our audit of the financial statements, 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 audit or otherwise appears to be
|
materially misstated. 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.
|
|
Matters on which we are required to report by exception
|
We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs 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 visited by us; or
|
-
|
the financial statements are not in agreement with the accounting records and returns; or
|
-
|
we have not received all the information and explanations we require for our audit.
|
|
Responsibilities of members
|
As explained more fully in the Statement of Members' Responsibilities set out on page three, the members are responsible for the preparation of
|
the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine
|
necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
|
|
In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as
|
applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP
or to cease operations, or have no realistic alternative but to do so.
|
|
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
|
|
|
ASTROPAY LLP
|
|
|
|
Our responsibilities for the audit of the financial statements
|
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 a Report of the Auditors 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.
|
|
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 Report of the Auditors.
|
|
|
|
|
|
for and on behalf of
|
Statutory Auditors
|
The Courtyard
|
High Street
|
Ascot
|
Berkshire
|
SL5 7HP
|
|
|
|
ASTROPAY LLP (REGISTERED NUMBER: OC346322)
|
|
|
STATEMENT OF COMPREHENSIVE INCOME
|
|
For The Year Ended 31 December 2017
|
|
|
|
2017
|
|
2016
|
|
Notes
|
$
|
$
|
|
|
GROSS REVENUES FROM PAYMENT
PROCESSING
|
3
|
|
|
|
|
|
|
Cost of sales from payment
|
processing
|
|
|
|
|
|
NET REVENUES FROM PAYMENT
PROCESSING
|
|
|
|
|
|
|
Administrative expenses
|
|
|
|
|
|
OPERATING PROFIT and
|
|
PROFIT FOR THE FINANCIAL YEAR BEFORE
MEMBERS' REMUNERATION AND PROFIT
SHARES
|
22,933,655
|
|
10,279,611
|
|
|
|
PROFIT FOR THE FINANCIAL YEAR BEFORE
MEMBERS' REMUNERATION AND PROFIT
SHARES
|
22,933,655
|
|
10,279,611
|
|
|
|
Members' remuneration charged as an expense
|
6
|
(22,933,655
|
)
|
(10,279,611
|
)
|
|
PROFIT FOR THE FINANCIAL YEAR
AVAILABLE FOR DISCRETIONARY DIVISION
AMONG MEMBERS
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE INCOME
|
-
|
|
-
|
|
|
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR
|
|
|
|
|
|
|
ASTROPAY LLP (REGISTERED NUMBER: OC346322)
|
|
|
|
BALANCE SHEET
|
|
|
31 December 2017
|
|
|
|
2017
|
2016
|
|
|
Notes
|
$
|
$
|
$
|
$
|
|
FIXED ASSETS
|
Intangible assets
|
7
|
|
|
|
|
|
|
CURRENT ASSETS
|
Debtors
|
8
|
|
|
|
|
|
Cash at bank
|
|
|
|
|
|
|
|
|
|
|
CREDITORS
|
Amounts falling due within one year
|
9
|
|
|
|
|
|
NET CURRENT ASSETS
|
|
|
|
|
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
and
|
NET ASSETS ATTRIBUTABLE TO MEMBERS
|
4,869,969
|
|
3,710,248
|
|
|
|
LOANS AND OTHER DEBTS DUE TO
MEMBERS
|
10
|
4,869,969
|
|
3,710,248
|
|
|
|
TOTAL MEMBERS' INTERESTS
|
Loans and other debts due to members
|
10
|
4,869,969
|
|
3,710,248
|
|
|
|
The financial statements were approved by the members of the LLP on
|
|
|
|
|
|
|
|
ASTROPAY LLP (REGISTERED NUMBER: OC346322)
|
|
|
|
RECONCILIATION OF MEMBERS' INTERESTS
|
|
|
For The Year Ended 31 December 2017
|
|
|
|
|
EQUITY
|
|
DEBT
|
|
TOTAL
|
|
Members'
|
Loans and other debts due to
|
MEMBERS'
|
|
other
|
members less any amounts due
|
INTERESTS
|
|
interests
|
from members in debtors
|
|
|
Other
|
|
Other
|
|
|
reserves
|
|
amounts
|
|
Total
|
$
|
$
|
$
|
|
Amount due to members
|
3,710,248
|
|
|
Amount due from members
|
-
|
|
|
Balance at 1 January 2017
|
-
|
|
3,710,248
|
|
3,710,248
|
|
|
Members' remuneration charged as an
expense, including employment and
retirement benefit costs
|
-
|
|
22,933,655
|
|
22,933,655
|
|
|
Profit for the financial year available for
discretionary division among members
|
-
|
|
-
|
|
-
|
|
|
Members' interests after profit for the year
|
-
|
|
26,643,903
|
|
26,643,903
|
|
|
Drawings
|
-
|
|
(21,773,934
|
)
|
(21,773,934
|
)
|
|
Amount due to members
|
4,869,969
|
|
|
Amount due from members
|
-
|
|
|
Balance at 31 December 2017
|
-
|
|
4,869,969
|
|
4,869,969
|
|
|
|
ASTROPAY LLP (REGISTERED NUMBER: OC346322)
|
|
|
|
RECONCILIATION OF MEMBERS' INTERESTS
|
|
|
For The Year Ended 31 December 2017
|
|
|
|
EQUITY
|
|
DEBT
|
|
TOTAL
|
|
Members'
|
Loans and other debts due to
|
MEMBERS'
|
|
other
|
members less any amounts due
|
INTERESTS
|
|
interests
|
from members in debtors
|
|
|
Other
|
|
Other
|
|
|
reserves
|
|
amounts
|
|
Total
|
$
|
$
|
$
|
|
Amount due to members
|
3,561,688
|
|
|
Amount due from members
|
-
|
|
|
Balance at 1 January 2016
|
-
|
|
3,561,688
|
|
3,561,688
|
|
|
Members' remuneration charged as an
expense, including employment and
retirement benefit costs
|
-
|
|
10,279,611
|
|
10,279,611
|
|
|
Profit for the financial year available for
discretionary division among members
|
-
|
|
-
|
|
-
|
|
|
Members' interests after profit for the year
|
-
|
|
13,841,299
|
|
13,841,299
|
|
|
Drawings
|
-
|
|
(10,131,051
|
)
|
(10,131,051
|
)
|
|
Amount due to members
|
3,710,248
|
|
|
Amount due from members
|
-
|
|
|
Balance at 31 December 2016
|
-
|
|
3,710,248
|
|
3,710,248
|
|
|
|
ASTROPAY LLP (REGISTERED NUMBER: OC346322)
|
|
|
|
CASH FLOW STATEMENT
|
|
|
For The Year Ended 31 December 2017
|
|
|
|
2017
|
|
2016
|
|
Notes
|
$
|
$
|
|
Cash flows from operating activities
|
Cash generated from operations
|
1
|
|
|
|
|
|
Net cash from operating activities
|
|
|
|
|
|
|
Cash flows from investing activities
|
Development of intangible fixed assets
|
(
|
)
|
(
|
)
|
|
Net cash from investing activities
|
(
|
)
|
(
|
)
|
|
|
Cash flows from financing activities
|
Transactions with members and former members
|
|
Payments to members
|
(21,773,934
|
)
|
(10,131,051
|
)
|
|
Net cash from financing activities
|
(21,773,934
|
)
|
(10,131,051
|
)
|
|
|
(Decrease)/increase in cash and cash equivalents
|
(
|
)
|
|
|
|
Cash and cash equivalents at beginning of year
|
2
|
|
|
10,944,362
|
|
|
|
Cash and cash equivalents at end of year
|
2
|
|
|
|
|
|
|
ASTROPAY LLP (REGISTERED NUMBER: OC346322)
|
|
|
|
NOTES TO THE CASH FLOW STATEMENT
|
|
|
For The Year Ended 31 December 2017
|
|
|
1.
|
RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG
MEMBERS TO CASH GENERATED FROM OPERATIONS
|
|
2017
|
|
2016
|
$
|
$
|
|
|
Profit for the financial year available for discretionary division among members
|
-
|
|
-
|
|
|
|
Members' remuneration charged as an expense
|
22,933,655
|
|
10,279,611
|
|
|
|
Amortisation charges
|
300,481
|
|
148,225
|
|
|
23,234,136
|
|
10,427,836
|
|
|
|
Increase in trade and other debtors
|
(
|
)
|
(
|
)
|
|
|
Increase in trade and other creditors
|
|
|
|
|
|
|
Cash generated from operations
|
|
|
|
|
|
|
2.
|
CASH AND CASH EQUIVALENTS
|
|
|
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet
|
|
amounts:
|
|
|
Year ended 31 December 2017
|
|
31.12.17
|
|
1.1.17
|
$
|
$
|
|
|
Cash and cash equivalents
|
9,793,539
|
|
15,275,792
|
|
|
|
Year ended 31 December 2016
|
|
31.12.16
|
|
1.1.16
|
$
|
$
|
|
|
Cash and cash equivalents
|
15,275,792
|
|
10,944,362
|
|
|
|
ASTROPAY LLP (REGISTERED NUMBER: OC346322)
|
|
|
|
NOTES TO THE FINANCIAL STATEMENTS - continued
|
|
|
For The Year Ended 31 December 2017
|
|
|
1.
|
STATUTORY INFORMATION
|
|
|
Astropay LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the
|
|
General Information page.
|
|
The presentation currency of the financial statements is the US Dollar ($). |
|
|
2.
|
ACCOUNTING POLICIES
|
|
|
Basis of preparing the financial statements
|
The annual report and financial statements have been prepared in accordance with applicable United Kingdom accounting standards |
including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), |
the Statement of Recommended Practice ‘Accounting by Limited Liability Partnerships’ issued in January 2017 (SORP) and the |
Companies Act 2006 (as applied to LLPs). The financial statements have been prepared on a going concern basis under the historical |
cost convention. |
|
|
Gross revenues from payment processing
|
Gross revenue is earned from two different streams: |
|
Transaction fees - charged to the merchants for the provision of the payment services, recognised when a transaction is entered into by |
the customer with the merchant; and |
|
Foreign exchange conversion fees - represent the charges on converting the transaction payments from local to international currency, |
which are recognised at the time of the transaction. |
|
Net Revenues from payment processing |
Net revenues represent the Gross revenues less the Cost of Sales payable by the Company to process the transactions. |
|
|
Intangible assets
|
Development costs are capitalised where there is expected to be a benefit to future periods and the following conditions are met: |
|
(i) It is technically feasible to complete the research or development so that the product will be available for use or sale; and |
(ii) It is intended to use or sell the product being developed; and |
(iii) The Company is able to use or sell the product; and |
(iv) It can be demonstrated that the product will generate probable future economic benefits; and |
(v) Adequate technical, financial and other resources exist so that product development can be completed and subsequently used or sold; |
and |
(vi) Expenditure attributable to the research and development work can be reliably measured. |
|
Capitalised development expenditure is stated at cost less accumulated amortisation and impairment losses and amortised over its useful |
economic life. Assessments of useful economic life range from 3 to 5 years, and are assets are regularly reviewed for impairment |
Amortisation is included in administrative expenses in the statement of comprehensive income. |
|
All other research and development expenditure is recognised as an expense in the period in which it is incurred. |
|
|
Foreign currencies
|
Assets and liabilities in foreign currencies are translated into US dollars at the rates of exchange ruling at the balance sheet date. |
Transactions in foreign currencies are translated into US dollars at the rate of exchange ruling at the date of transaction. Exchange |
differences are taken into account in arriving at the operating result. |
|
|
Taxation
|
|
Taxation on all the LLP’s profits is solely the personal liability of individual members and is not dealt with in these financial statements.
|
|
ASTROPAY LLP (REGISTERED NUMBER: OC346322)
|
|
|
|
NOTES TO THE FINANCIAL STATEMENTS - continued
|
|
|
For The Year Ended 31 December 2017
|
|
|
3.
|
GROSS REVENUES FROM PAYMENT PROCESSING
|
|
|
|
Analysis of Revenues by Class of Business
|
|
|
Gross Revenues from payment processing
|
|
|
|
|
2017
|
|
|
2016
|
|
|
YOY
Growth
|
|
|
|
|
$
|
|
|
$
|
|
|
|
|
Dlocal.com
|
|
18,617,624
|
|
|
9,545,235
|
|
|
95%
|
|
|
|
|
Astropay.com
|
|
25,660,843
|
|
|
14,312,756
|
|
|
79%
|
|
|
|
Total
|
|
44,278,467
|
|
|
23,857,991
|
|
|
86%
|
|
|
|
|
Net Revenues from payment processing
|
|
|
|
|
YOY
|
|
|
|
|
2017
|
|
|
2016
|
|
|
Growth
|
|
|
|
|
$
|
|
|
$
|
|
|
|
|
Dlocal.com
|
|
12,379,447
|
|
|
6,835,829
|
|
|
81%
|
|
|
|
|
Astropay.com
|
|
21,487,809
|
|
|
10,598,645
|
|
|
103%
|
|
|
|
Total
|
|
33,867,256
|
|
|
17,434,474
|
|
|
94%
|
|
|
|
|
This note should be read in conjunction with note 12 to the accounts regarding the novation of the Dlocal.com segment into a separate entity in 2018.
|
|
4.
|
EMPLOYEE INFORMATION
|
|
|
There were no staff costs for the year ended 31 December 2017 nor for the year ended 31 December 2016.
|
|
5.
|
OPERATING PROFIT
|
|
|
The operating profit is stated after charging:
|
|
|
2017
|
|
2016
|
$
|
$
|
|
|
Development costs amortisation
|
|
|
|
|
|
|
Auditors' remuneration
|
|
|
|
|
|
|
Bad debts
|
|
|
|
|
|
|
6.
|
INFORMATION IN RELATION TO MEMBERS
|
|
2017
|
|
2016
|
$
|
$
|
|
|
Members' remuneration charged as an expense
|
|
|
Automatic division of profit
|
22,933,655
|
|
10,279,611
|
|
|
|
|
2017
|
|
2016
|
$
|
$
|
|
|
The amount of profit attributable to the member with the largest entitlement was
|
22,933,632
|
|
8,887,651
|
|
|
|
|
2017
|
|
2016
|
|
|
The average number of members during the year was
|
2
|
|
2
|
|
|
|
ASTROPAY LLP (REGISTERED NUMBER: OC346322)
|
|
|
|
NOTES TO THE FINANCIAL STATEMENTS - continued
|
|
|
For The Year Ended 31 December 2017
|
|
|
7.
|
INTANGIBLE FIXED ASSETS
|
|
Development
|
|
costs
|
$
|
|
|
COST
|
|
At 1 January 2017
|
|
|
|
|
Additions
|
|
|
|
|
At 31 December 2017
|
|
|
|
|
AMORTISATION
|
|
At 1 January 2017
|
|
|
|
|
Amortisation for year
|
|
|
|
|
At 31 December 2017
|
|
|
|
|
NET BOOK VALUE
|
|
At 31 December 2017
|
|
|
|
|
At 31 December 2016
|
|
|
|
|
8.
|
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
|
2017
|
2016
|
|
$
|
$
|
|
|
Trade debtors
|
|
|
|
|
|
|
Other debtors
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
9.
|
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
|
2017
|
2016
|
|
$
|
$
|
|
|
Trade creditors
|
|
|
|
|
|
|
Other creditors
|
|
|
|
|
|
|
Deferred income
|
|
|
|
|
|
|
Accrued expenses
|
|
|
|
|
|
|
|
|
|
|
|
10.
|
LOANS AND OTHER DEBTS DUE TO MEMBERS
|
|
2017
|
2016
|
|
$
|
$
|
|
|
Amounts owed to members in respect of profits
|
4,869,969
|
|
3,710,248
|
|
|
|
|
Falling due within one year
|
4,869,969
|
|
3,710,248
|
|
|
|
|
Members’ capital ranks after other creditors on a winding up.
|
|
ASTROPAY LLP (REGISTERED NUMBER: OC346322)
|
|
|
|
NOTES TO THE FINANCIAL STATEMENTS - continued
|
|
|
For The Year Ended 31 December 2017
|
|
|
11.
|
RELATED PARTY DISCLOSURES
|
|
|
During the year, Astropay LLP was provided with technology and support services by one of its members, Tikrel Investments SA, at
|
|
the
cost of $3,800,964 (2016: $3,019,500). At the year end, an amount of $628,674 (2016: $160,754) was outstanding.
|
|
|
During the year, certain corporate entities under common control acted as collection agent for revenues to the Company, for which they
|
|
received fee payments totalling $7,831,316 (2016: $4,644,308). At the year end, an amount of $18,094,686 (2016: $4,858,000) was
|
|
owed by the corporate entities to Astropay LLP and recognised within the Debtor's balance of LLP's balance sheet. The following
|
|
corporate entities provided such services to the LLP: AP Brasil Consultoria Empresarial Ltd, Pagos y Servicios Astropay Ltda, Astro
|
|
Pay
Panama S.A, Webpay SRL, Tikrel Colombia SAS, Tikrel Mexico SRL de CV, Payment Collection SRL, Galactic Mark
|
|
(HK), El
Agora SA, Dlocal Pte, Soluciones Digitales y Financieras, Galactic Mark Limited (Dubai) and Payment HUB.
|
|
12.
|
POST BALANCE SHEET EVENTS
|
|
|
The LLP has continued the process of separating its two segments Astropay.com and Dlocal.com into separate and independent corporate and legal entities to focus on their respective areas.
|
|
|
|
|
During the first quarter of 2018, the LLP has moved / novated the majority of the merchant agreements in relation to Dlocal.com, and
|
|
the
respective direct and indirect costs, into a separate corporate structure dedicated to Dlocal.com.
|
|
|
It is therefore expected that in 2018, the LLP will recognise limited results of the Dlocal.com segment in its financial accounts. The LLP
|
|
intends to achieve the full separation by 01 May 2018, after which the Dlocal.com segment will be discontinued from the LLP accounts,
|
|
and Astropay.com and Dlocal.com will function as separate standalone entities.
|
|
13.
|
ULTIMATE CONTROLLING PARTY
|
|
|
The controlling party is
Tikrel Investment S.A. .
|
|
|
|