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Registered Number: 06236539
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 30 June 2023

for

WAGESBYNET LTD

Director Mr D J Hampton
Registered Number 06236539
Registered Office 2 The Steadings
Ford
Salisbury
Wiltshire
SP4 6BH
Accountants Numeric Accounting Limited
Chartered Certified Accountants
Suite 1, The Portway Centre,
Old Sarum Park, Old Sarum
Salisbury
SP4 6EB
Secretary Mrs S J Neville
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 1,681    2,864 
Investments 4 372    315 
2,053    3,179 
Current assets      
Debtors: amounts falling due within one year 5 8,354    6,933 
Debtors: amounts falling due after one year 6 1,300    1,300 
Cash at bank and in hand 18,913    12,751 
28,567    20,984 
Creditors: amount falling due within one year 7 (16,956)   (14,840)
Net current assets 11,611    6,144 
 
Total assets less current liabilities 13,664    9,323 
Creditors: amount falling due after more than one year 8 (2,313)   (3,485)
Provisions for liabilities 9 (320)   (544)
Net assets 11,031    5,294 
 

Capital and reserves
     
Called up share capital 10 2    2 
Profit and loss account 11,029    5,292 
Shareholder's funds 11,031    5,294 
 


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

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 01 March 2024 and were signed by:


-------------------------------
Mr D J Hampton
Director
2
General Information
Wagesbynet Ltd is a private company, limited by shares, registered in England and Wales, registration number 06236539, registration address 2 The Steadings, Ford, Salisbury, Wiltshire, SP4 6BH.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Cost of sales
The cost of sales is the accumulated total of all costs used to create a product or service, which has been sold.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer Equipment 25% Straight Line
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Financial instruments
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

When a financial asset or financial liability is recognised initially, the entity shall measure it at the transaction price unless the arrangement constitutes, in effect, a financing transaction. An arrangement constitutes a financing transaction if payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognise changes in fair value in profit or loss.
2.

Average number of employees

Average number of employees during the year was 1 (2022 : 1).
3.

Tangible fixed assets

Cost or valuation Computer Equipment   Total
  £   £
At 01 July 2022 13,519    13,519 
Additions  
Disposals  
At 30 June 2023 13,519    13,519 
Depreciation
At 01 July 2022 10,655    10,655 
Charge for year 1,183    1,183 
On disposals  
At 30 June 2023 11,838    11,838 
Net book values
Closing balance as at 30 June 2023 1,681    1,681 
Opening balance as at 01 July 2022 2,864    2,864 


4.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 July 2022 315    315 
Additions  
Transfer to/from tangible fixed assets  
Disposals  
Revaluations 57    57 
At 30 June 2023 372    372 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 4,410    2,976 
Directors' Current Accounts 3,944    3,957 
8,354    6,933 

6.

Debtors: amounts falling due after one year

2023
£
  2022
£
S455 Tax 1,300    1,300 
1,300    1,300 

7.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 807    807 
Corporation Tax 10,039    8,605 
PAYE & Social Security 107    8 
Accrued Expenses 660    599 
Company credit card 28    114 
Bounce Back Loan - Less than 1 year 1,278    1,278 
VAT 4,037    3,429 
16,956    14,840 

8.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bounce Back Loan - More than 1 year 2,313    3,485 
2,313    3,485 

9.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 320    544 
320    544 
Particulars   2023
£
  2022
£
Amount of DT Expense in relation to the origination of timing differences (224) (348)
Amount of DT Expense in relation to changes to tax rates
(224) (348)


10.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
2 Ordinary shares of £1.00 each  
 

11.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2023
£
 2022
£
 2023
£
 2022
£
Mr D J Hampton3,944 3,957 

The loan is interest free with no fixed date of repayment.
12.

Dividend

During the year, total dividends of £33,000 (2022 - £31,000) were paid to the director.
13.

Bank Loan

The loan is unsecured for a period of 34 months and attracts interest of 2.5% per annum. Repayments are made monthly. 
Amounts due for repayment:
Less than 1 year: £1,278 (2022 - £1,278)
More than 1 year and less than 5 years: £2,313 (2022 - £3,485)
3