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Registration number: 05431059

Selectpay (Sidcup) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Selectpay (Sidcup) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Selectpay (Sidcup) Limited

Company Information

Directors

Nila Manojkumar Padamshi Shah

Alka Shah-Kalayil

Mehul Rasiklal Shah

Amit Rasiklal Shah

Registered office

DVS House
4 Spring Villa Road
Spring Villa Park
Edgware
Middlesex
HA8 7EB

Accountants

Stanmore Accountants Ltd
Chartered Certified Accountants
25 Rocklands Drive
Stanmore
Middlesex
HA7 2JD

 

Selectpay (Sidcup) Limited

(Registration number: 05431059)
Balance Sheet as at 31 March 2023

Note

2023
£

2022 (Restated)
£

Fixed assets

 

Tangible assets

4

1,610,000

1,610,000

Current assets

 

Cash at bank and in hand

 

71,088

46,013

Creditors: Amounts falling due within one year

5

(185,328)

(184,178)

Net current liabilities

 

(114,240)

(138,165)

Total assets less current liabilities

 

1,495,760

1,471,835

Creditors: Amounts falling due after more than one year

5

(1,232,795)

(1,235,373)

Net assets

 

262,965

236,462

Capital and reserves

 

Called up share capital

6

3

3

Revaluation reserve

38,801

38,801

Retained earnings

224,161

197,658

Shareholders' funds

 

262,965

236,462

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 February 2024 and signed on its behalf by:
 

.........................................
Amit Rasiklal Shah
Director

 

Selectpay (Sidcup) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
DVS House
4 Spring Villa Road
Spring Villa Park
Edgware
Middlesex
HA8 7EB

These financial statements were authorised for issue by the Board on 7 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Selectpay (Sidcup) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Not depreciated

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 4).

 

Selectpay (Sidcup) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 April 2022

1,610,000

1,610,000

At 31 March 2023

1,610,000

1,610,000

Depreciation

Carrying amount

At 31 March 2023

1,610,000

1,610,000

At 31 March 2022

1,610,000

1,610,000

Included within the net book value of land and buildings above is £1,610,000 (2022 - £1,610,000) in respect of long leasehold land and buildings.
 

 

Selectpay (Sidcup) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022 (Restated)
£

Due within one year

Taxation and social security

13,332

17,718

Accruals and deferred income

1,368

1,368

Other creditors

170,628

165,092

185,328

184,178

Creditors: amounts falling due after more than one year

Note

2023
£

2022 (Restated)
£

Due after one year

 

Loans and borrowings

7

1,232,795

1,235,373

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022 (Restated)

 

No.

£

No.

£

Ordinary shares of £1 each

3

3

3

3

         

7

Loans and borrowings

2023
£

2022 (Restated)
£

Non-current loans and borrowings

Bank borrowings

905,605

926,375

Other borrowings

327,190

308,998

1,232,795

1,235,373

 

Selectpay (Sidcup) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Related party transactions

At the balance sheet date, the amount payable to the director, Amit Rasiklal Shah amounted to £196,375 (2022 - £185,394) and the amount payable to director, Mehul Rasiklal Shah amounted to £196,330 (2022 - £185,350). The loans are unsecured, interest freee and repayable on demand.

Included in other creditors is an amount of £73,467 (2022 - £71,582) owed to Mrs K R Shah, a connected persson. The loan is unsecured, interest free and repayable on demand.