Company Registration No. 08126178 (England and Wales)
PAYINC GROUP LIMITED
Final accounts
for the year ended 31 December 2022
PAYINC GROUP LIMITED
Final accounts
Contents
PAYINC GROUP LIMITED
Company Information
for the year ended 31 December 2022
Company Number
08126178 (England and Wales)
Registered Office
Regus House Victory Way
Crossways Business Park
Dartford
Kent
DA2 6QD
United Kingdom
Accountants
DKA Accounting Ltd.
East Wing, Castle House
Dawson Road
Milton Keynes
Buckinghamshire
MK1 1QT
PAYINC GROUP LIMITED
Statement of financial position
as at 31 December 2022
Intangible assets
4,938,134
2,476,614
Tangible assets
5,036
4,175
Investments
190,361
190,361
Cash at bank and in hand
736,567
417,767
Creditors: amounts falling due within one year
(522,442)
(151,879)
Net current assets
214,125
265,888
Total assets less current liabilities
5,347,656
2,937,038
Creditors: amounts falling due after more than one year
(2,755,905)
(408,850)
Net assets
2,591,751
2,528,188
Called up share capital
1,950,109
1,950,109
Share premium
1,159,795
1,159,795
Profit and loss account
(518,153)
(581,716)
Shareholders' funds
2,591,751
2,528,188
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 September 2023 and were signed on its behalf by
JONES AMEGBOR
Director
Company Registration No. 08126178
PAYINC GROUP LIMITED
Notes to the Accounts
for the year ended 31 December 2022
PAYINC GROUP LIMITED is a private company, limited by shares, registered in England and Wales, registration number 08126178. The registered office is Regus House Victory Way, Crossways Business Park, Dartford, Kent, DA2 6QD, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 December 2022 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 January 2021.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Other
At 1 January 2022
2,476,614
At 31 December 2022
4,938,134
At 31 December 2022
4,938,134
At 31 December 2021
2,476,614
PAYINC GROUP LIMITED
Notes to the Accounts
for the year ended 31 December 2022
5
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2022
6,555
238
3,937
10,730
At 31 December 2022
6,555
1,032
4,004
11,591
At 1 January 2022
6,555
-
-
6,555
At 31 December 2022
6,555
-
-
6,555
At 31 December 2022
-
1,032
4,004
5,036
At 31 December 2021
-
238
3,937
4,175
6
Investments
Subsidiary undertakings
Valuation at 1 January 2022
190,361
Valuation at 31 December 2022
190,361
7
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
522,442
151,879
8
Creditors: amounts falling due after more than one year
2022
2021
Bank loans
275,114
241,879
Other creditors
2,480,791
166,971
9
Average number of employees
During the year the average number of employees was 5 (2021: 5).