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REGISTERED NUMBER: 09719909 (England and Wales)















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: Mr B P Pursey
Mrs C J Pursey
Mr C R Pursey
Mr J B A Smeed





REGISTERED OFFICE: Gainsborough House
42 Bath Road
Cheltenham
GL53 7HW





REGISTERED NUMBER: 09719909 (England and Wales)





ACCOUNTANTS: Francis & Co
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 2,000 2,000

CURRENT ASSETS
Debtors 5 6,452,547 3,146,180
Cash at bank and in hand 229,234 184,544
6,681,781 3,330,724
CREDITORS
Amounts falling due within one year 6 5,979,724 2,713,569
NET CURRENT ASSETS 702,057 617,155
TOTAL ASSETS LESS CURRENT
LIABILITIES

704,057

619,155

CREDITORS
Amounts falling due after more than one
year

7

94,129

137,169
NET ASSETS 609,928 481,986

CAPITAL AND RESERVES
Called up share capital 144,093 144,093
Share premium 41,957 41,957
Retained earnings 423,878 295,936
609,928 481,986

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 26 January 2024 and were signed on its behalf by:





Mr B P Pursey - Director


PayItMonthly Limited (Registered number: 09719909)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

PayItMonthly Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 15 (2022 - 13 ) .

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 2,000
NET BOOK VALUE
At 31 December 2023 2,000
At 31 December 2022 2,000

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 10,491 10,101
Amounts owed by group undertakings 493,723 -
Loans receivable 5,674,262 2,976,086
Other debtors 10,071 10,993
6,188,547 2,997,180

Amounts falling due after more than one year:
Amounts owed by group undertakings 264,000 149,000

Aggregate amounts 6,452,547 3,146,180

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 47,961 39,564
Trade creditors 1,800,408 1,024,841
Amounts owed to group undertakings 3,326,451 1,204,854
Taxation and social security 64,311 9,988
Other creditors 740,593 434,322
5,979,724 2,713,569

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 94,129 137,169

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 21,167 47,667

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