REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
PayItMonthly Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
PayItMonthly Limited |
PayItMonthly Limited (Registered number: 09719909) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PayItMonthly Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Second Floor |
123 Promenade |
Cheltenham |
Gloucestershire |
GL50 1NW |
PayItMonthly Limited (Registered number: 09719909) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
PayItMonthly Limited (Registered number: 09719909) |
Balance Sheet - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PayItMonthly Limited (Registered number: 09719909) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
PayItMonthly Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is principally credit charges made when loans receivable are granted (net of an allowance for impairment losses) which are recognised on a prorata basis as the loans are repaid. Turnover includes revenue earned from the rendering of services which is measured at the fair value of the consideration received or receivable net of VAT. Turnover also includes receipts in respect of debt assigned to the company on a non recourse basis. |
Investments in subsidiaries |
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
Taxation |
A current tax liability is recognised for the tax payable on the taxable profit of the current period net of R&D tax credits. R&D tax credits are not recognised until they have been received, agreed or there is a reasonable expectation that they will be agreed. |
Debtors |
Loans receivable are included at the principal value less impairment losses for bad and doubtful debts. Impairment losses are estimated and provided for when the loan is set up with the adequacy of the estimate being reviewed at the year end. Impairment losses include all loan repayments which are due beyond the original term and which are not due within 12 months of the year end. Trade debtors are valued at invoice value less impairment losses for bad and doubtful debts. Loans receivable which are assigned to PayItMonthly SPV1 Limited, a subsidiary of the company, and in respect of which the company continues to retain any profit or loss relating to repayments, are included within loans receivable. |
Tangible and intangible fixed assets |
Purchases and expenditure on development projects or other items of a capital nature do not have a material realisable value and are expensed as incurred. |
Creditors |
Creditors are measured at transaction value. Deferred profits represents credit charges in respect of loans receivable which have not yet been included in turnover. |
Pensions |
Contributions to defined contribution plans are expensed in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
PayItMonthly Limited (Registered number: 09719909) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | FIXED ASSET INVESTMENTS |
Investments |
in |
subsidiary |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The company has two subsidiary companies, PayItMonthly SPV1 Limited and Flexplans Limited, both of which are 100% owned directly by the company, neither of which made a profit or loss in the year. |
5. | DEBTORS |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Loans receivable | 5,674,262 | 2,976,086 |
Other debtors |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
Loans receivable incudes £1,733,707 (2021 Nil) of loans which are assigned to PayItMonthly SPV1 Limited which is a subsidiary of the company. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans |
PayItMonthly Limited (Registered number: 09719909) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Within one year |
9. | ULTIMATE CONTROLLING PARTY |
The company is a subsidiary of PIM TC Limited whose registered office is Gainsborough House, |
42 Bath Road, Cheltenham, GL53 7HW. |
10. | OTHER INFORMATION |
PayItMonthly Limited is a private company limited by shares and incorporated in England. Its registered office is: |
Gainsborough House |
42 Bath Road |
Cheltenham |
GL53 7HW |