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REGISTERED NUMBER: 05776010 (England and Wales)





















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2024

FOR

PAYONOMY LIMITED

PAYONOMY LIMITED (REGISTERED NUMBER: 05776010)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PAYONOMY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JANUARY 2024







DIRECTORS: N S Chaffe
L D Melville
M Vaigncourt-Strallen
J A E Smith





SECRETARY: L D Melville





REGISTERED OFFICE: 2 The Links
Herne Bay
Kent
CT6 7GQ





REGISTERED NUMBER: 05776010 (England and Wales)





ACCOUNTANTS: McCabe Ford Williams
Chartered Accountants
2 The Links
HERNE BAY
Kent
CT6 7GQ

PAYONOMY LIMITED (REGISTERED NUMBER: 05776010)

BALANCE SHEET
31ST JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 2,340 5,261
Investments 7 500 500
2,840 5,761

CURRENT ASSETS
Debtors 8 313,283 383,513
Cash at bank 675,205 415,410
988,488 798,923
CREDITORS
Amounts falling due within one year 9 1,078,185 932,220
NET CURRENT LIABILITIES (89,697 ) (133,297 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(86,857

)

(127,536

)

CREDITORS
Amounts falling due after more than one
year

10

27,520

42,861
NET LIABILITIES (114,377 ) (170,397 )

CAPITAL AND RESERVES
Called up share capital 12 1,000 1,000
Retained earnings (115,377 ) (171,397 )
SHAREHOLDERS' FUNDS (114,377 ) (170,397 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2024 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.

PAYONOMY LIMITED (REGISTERED NUMBER: 05776010)

BALANCE SHEET - continued
31ST JANUARY 2024


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 25th March 2024 and were signed on its behalf by:




L D Melville - Director



N S Chaffe - Director


PAYONOMY LIMITED (REGISTERED NUMBER: 05776010)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2024

1. STATUTORY INFORMATION

Payonomy 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Payonomy Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on a straight line basis and 20% on reducing balance

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 tax
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

PAYONOMY LIMITED (REGISTERED NUMBER: 05776010)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024

3. ACCOUNTING POLICIES - continued

Going concern
The company traded profitably for the period under review. New business growth was strong in the year. Due to the nature of the licenses being issued, the revenue is deferred across the licence term, which is typically 12 months. Whilst the operating position of the company appears insolvent, current liabilities includes a large value of deferred income, for which there is no obligation to repay, as the licence fees are non-refundable once issued. When considered, looking at the net liability as stated and knowledge of this position with deferred income, current assets are more than sufficient to meet current liabilities as they fall due. For this reason, the Directors believe the going concern basis of accounting is appropriate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 10 ) .

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st February 2023
and 31st January 2024 33,334
AMORTISATION
At 1st February 2023
and 31st January 2024 33,334
NET BOOK VALUE
At 31st January 2024 -
At 31st January 2023 -

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st February 2023
and 31st January 2024 30,932
DEPRECIATION
At 1st February 2023 25,671
Charge for year 2,921
At 31st January 2024 28,592
NET BOOK VALUE
At 31st January 2024 2,340
At 31st January 2023 5,261

PAYONOMY LIMITED (REGISTERED NUMBER: 05776010)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024

7. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1st February 2023
and 31st January 2024 500
NET BOOK VALUE
At 31st January 2024 500
At 31st January 2023 500

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 264,340 242,590
Amounts owed by group undertakings - 101,485
Other debtors 48,943 39,438
313,283 383,513

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 11) 10,017 1,861
Other loans (see note 11) 50,000 50,000
Trade creditors 47,812 59,054
Social security and other taxes 24,813 25,250
VAT 46,839 59,351
Other creditors 4,678 13,201
Accruals 82,966 53,597
Deferred income 811,060 669,906
1,078,185 932,220

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 11) 27,520 42,861

11. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,017 1,861
Other loans 50,000 50,000
60,017 51,861

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,187 10,017

Amounts falling due between two and five years:
Bank loans - 2-5 years 17,333 32,844

PAYONOMY LIMITED (REGISTERED NUMBER: 05776010)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
500 Ordinary A 1 500 500
500 Ordinary B 1 500 500
1,000 1,000