Company Registration No. 08234089 (England and Wales)
EXE VALLEY PAYROLL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
EXE VALLEY PAYROLL LTD
COMPANY INFORMATION
Directors
Mrs J M Bryant
Mr A M Bryant
Miss V H Bryant
Secretary
Mrs J M Bryant
Company number
08234089
Registered office
40 Bluebell Avenue
Tiverton
Devon
EX16 6SX
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
EXE VALLEY PAYROLL LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
EXE VALLEY PAYROLL LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
3
18,000
25,371
Tangible assets
4
5,597
7,610
23,597
32,981
Current assets
Debtors
5
9,568
9,728
Cash at bank and in hand
3,884
1,407
13,452
11,135
Creditors: amounts falling due within one year
6
(23,067)
(27,528)
Net current liabilities
(9,615)
(16,393)
Total assets less current liabilities
13,982
16,588
Provisions for liabilities
(359)
(378)
Net assets
13,623
16,210
Capital and reserves
Called up share capital
7
3
3
Profit and loss reserves
13,620
16,207
Total equity
13,623
16,210

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

For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The members have 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.

EXE VALLEY PAYROLL LTD
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 January 2024 and are signed on its behalf by:
Mr A M Bryant
Director
Company Registration No. 08234089
EXE VALLEY PAYROLL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information

Exe Valley Payroll Ltd is a private company limited by shares incorporated in England and Wales within the United Kingdom.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2
Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

Revenue from contracts for the provision of professional 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 are recoverable.

1.3
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 10/5 years.

 

 

1.4
Tangible fixed assets

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

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

Property improvements
10% straight line
Fixtures and fittings
20% straight line
Computers

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.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

EXE VALLEY PAYROLL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.7
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 taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

1.8
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.

 

1.9
Retirement benefits

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

1.10
Government grants

Government grants are recognised at the fair value of the asset received 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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 4 (2022 - 3).

EXE VALLEY PAYROLL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2022 and 30 September 2023
47,165
Amortisation and impairment
At 1 October 2022
21,794
Amortisation charged for the year
7,371
At 30 September 2023
29,165
Carrying amount
At 30 September 2023
18,000
At 30 September 2022
25,371
4
Tangible fixed assets
Property improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 October 2022
21,737
1,425
565
23,727
Additions
-
0
436
-
0
436
At 30 September 2023
21,737
1,861
565
24,163
Depreciation and impairment
At 1 October 2022
14,504
1,425
188
16,117
Depreciation charged in the year
2,174
87
188
2,449
At 30 September 2023
16,678
1,512
376
18,566
Carrying amount
At 30 September 2023
5,059
349
189
5,597
At 30 September 2022
7,233
-
0
377
7,610
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
9,568
9,728
EXE VALLEY PAYROLL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
11,650
5,700
Other taxation and social security
3,405
3,092
Other creditors
8,012
18,736
23,067
27,528
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary A of £1 each
2
2
1 Ordinary B of £1 each
1
1
3
3
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