Company registration number 05393762 (England and Wales)
SIMPLICITY PAYROLL SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
SIMPLICITY PAYROLL SERVICES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,306
1,470
Current assets
Debtors
4
10,557
11,919
Cash at bank and in hand
180
1,580
10,737
13,499
Creditors: amounts falling due within one year
5
(10,476)
(10,054)
Net current assets
261
3,445
Total assets less current liabilities
1,567
4,915
Deferred tax liability
(248)
(279)
Net assets
1,319
4,636
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,219
4,536
Total equity
1,319
4,636

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 and signed by the director and authorised for issue on 5 June 2023
Mrs S Woodruff
Director
Company Registration No. 05393762
SIMPLICITY PAYROLL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Simplicity Payroll Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 39 Sherbourne Road, Witney, Oxfordshire, OX28 5FQ.

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
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

Revenue for the provision of bookkeeping services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Cash and cash equivalents

Cash and cash equivalents 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.

SIMPLICITY PAYROLL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
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 and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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, a re initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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.

SIMPLICITY PAYROLL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
SIMPLICITY PAYROLL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
5,570
Additions
217
At 31 March 2023
5,787
Depreciation and impairment
At 1 April 2022
4,100
Depreciation charged in the year
381
At 31 March 2023
4,481
Carrying amount
At 31 March 2023
1,306
At 31 March 2022
1,470
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
10,423
11,786
Other debtors
134
133
10,557
11,919
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
2,041
571
Trade creditors
613
(94)
Taxation and social security
4,110
5,898
Other creditors
3,712
3,679
10,476
10,054
2023-03-31 2022-04-01 false 06 June 2023 CCH Software CCH Accounts Production 2023.100 No description of principal activity Mrs S Woodruff 2023-06-05 05393762 2022-04-01 2023-03-31 05393762 2023-03-31 05393762 2022-03-31 05393762 core:OtherPropertyPlantEquipment 2023-03-31 05393762 core:OtherPropertyPlantEquipment 2022-03-31 05393762 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05393762 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 05393762 core:CurrentFinancialInstruments 2023-03-31 05393762 core:CurrentFinancialInstruments 2022-03-31 05393762 core:ShareCapital 2023-03-31 05393762 core:ShareCapital 2022-03-31 05393762 core:RetainedEarningsAccumulatedLosses 2023-03-31 05393762 core:RetainedEarningsAccumulatedLosses 2022-03-31 05393762 bus:Director1 2022-04-01 2023-03-31 05393762 core:PlantMachinery 2022-04-01 2023-03-31 05393762 2021-04-01 2022-03-31 05393762 core:OtherPropertyPlantEquipment 2022-03-31 05393762 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 05393762 core:WithinOneYear 2023-03-31 05393762 core:WithinOneYear 2022-03-31 05393762 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05393762 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 05393762 bus:FRS102 2022-04-01 2023-03-31 05393762 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 05393762 bus:FullAccounts 2022-04-01 2023-03-31 xbrli:pure xbrli:shares iso4217:GBP