Rent Pay Go Limited |
Notes to the Accounts |
for the period from 29 March 2022 to 31 March 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted. |
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Accounting period |
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The accounts cover the period 29 March 2022 to 31 March 2023. This being the company's first period there are no comparative figures. |
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Going concern |
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The accounts have been prepared on the going concern basis. The director and shareholders have agreed to support the company for the foreseeable future. |
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2 |
Employees |
2023 |
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Number |
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Average number of persons employed by the company |
1 |
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3 |
Intangible fixed assets |
£ |
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Software development: |
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Cost |
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Additions |
109,960 |
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At 31 March 2023 |
109,960 |
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Amortisation |
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At 31 March 2023 |
- |
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Net book value |
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At 31 March 2023 |
109,960 |
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Software development is ongoing. Once completed it will be written off in equal annual instalments over its estimated economic life. |
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4 |
Creditors: amounts falling due within one year |
2023 |
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£ |
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Other creditors |
113,866 |
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5 |
Other information |
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Rent Pay Go Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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4 Brooklands Road |
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Cosby |
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Leicester |
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LE9 1SD |