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Company registration number: 06425704
MyPay Limited
Financial statements
30 November 2023
MyPay Limited
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the members
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Notes to the financial statements
MyPay Limited
Directors and other information
Directors Mr Stephen Hollins
Mrs Dianna Hollins
Mr Dawid Jurkiewicz
Secretary Mrs Jane Hollins
Company number 06425704
Registered office Sovereign House
Stockport Road
Cheadle
Cheshire
SK8 2EA
Business address Sovereign House
Stockport Road
Cheadle
Cheshire
SK8 2EA
Auditor Langer & Co
8-10 Gatley Road
Cheadle
Cheshire
SK8 1PY
MyPay Limited
Strategic report
Year ended 30 November 2023
In this review we aim to present a balanced view of the development and performance of the company throughout the year and its position at year end. This review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties that we currently face.
We operate solely within the United Kingdom and have no offices outside the UK. Our principal activity is as a commercial contractor, and we have continued doing so throughout the year. We work with many industry sectors e.g., IT and engineering, but the majority of our business comes from working in the Healthcare industry.
The company operates an equal opportunities policy, and our selection processes are non-discriminatory. The career development, training and promotion prospects of any disabled employee are identical to that of any other employee. The company's policy on health and safety is to comply with all relevant legislation, as far as is reasonably practical, to ensure health, safety and welfare at work for all our employees.
All employees can contact their manager to discuss any issues or concerns that they may have about the company. Important information is emailed to employees and may also be displayed on our website. The company does not offer any form of employee's share scheme and has no plans to do so in the immediate future.
We consider that the key financial performance indicators that communicate the financial performance and strength of the company are the turnover and pre-tax profits.
In 2023 our turnover had a decrease of 6.9% after a previous increase of 17% in 2022, MyPay has recently invested in ways to enhance our offering and we are confident this will see MyPay increase our turnover in 2024. The result of the additional cost and reduced turnover has resulted in a pre-tax profits decreased 22%.
MyPay in this financial year or any previous has not made any donations to any political party/ organisation or any independent election candidate. MyPay does not have any political allegiances.
As a business that deals in high quantity of transactions in multiple supply chains, MyPay understands our duty in relation to payment practices and performances. We have various Clients with payment terms ranging from 30 days to payment on receipt invoice. MyPay processes ensure all payments are made promptly within all agreed payment terms and we do not have any outstanding payments.
The Directors of MyPay continue to act in good faith in the running of the company to promote the long term benefit of the company, including to our clients, employees and shareholders.
MyPay are confident for the future of the company, although this cannot be guaranteed. Changes in legislation could affect our future performance and growth, and as the previous years have shown, an unexpected event, like a pandemic can have consequences for all of us.
This report was approved by the board of directors on 21 August 2024 and signed on behalf of the board by:
Mr Stephen Hollins
Director
MyPay Limited
Directors report
Year ended 30 November 2023
The directors present their report and the financial statements of the company for the year ended 30 November 2023.
Directors
The directors who served the company during the year were as follows:
Mr Stephen Hollins
Mrs Dianna Hollins
Mr Dawid Jurkiewicz
Dividends
Particulars of recommended dividends are detailed in note 11 to the financial statements.
Greenhouse gas emissions and energy consumption
Information not included
The company consumed 40,000kWh of energy or less in the UK during the period.
Disclosure of information in the strategic report.
The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. The strategic report includes infomration required by section 172(1) of the Companies Act 2006.
Directors responsibilities statement
The directors are responsible for preparing the strategic report, directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 21 August 2024 and signed on behalf of the board by:
Mr Stephen Hollins
Director
MyPay Limited
Independent auditor's report to the members of
MyPay Limited
Year ended 30 November 2023
Opinion
I have audited the financial statements of MyPay Limited (the 'company') for the year ended 30 November 2023 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In my opinion, the financial statements: - give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. My responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. I am independent of the company in accordance with the ethical requirements that are relevant to my audit of the financial statements in the UK, including the FRC’s Ethical Standard, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.
Conclusions relating to going concern
In auditing the financial statements, I have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work I have performed, I have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
My responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and my auditor’s report thereon. The directors are responsible for the other information. My opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon. In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I are required to report that fact. I have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In my opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, I have not identified material misstatements in the strategic report or the directors' report. I have nothing to report in respect of the following matters where the Companies Act 2006 requires me to report to you if, in my opinion: - adequate accounting records have not been kept, or returns adequate for my audit have not been received from branches not visited by me; or - the financial statements are not in agreement with the accounting records and the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - I have not received all the information and explanations I require for my audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. I design procedures in line with my responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which my procedures are capable of detecting irregularities, including fraud is detailed below: As part of an audit in accordance with ISAs (UK), I exercise professional judgment and maintain professional scepticism throughout the audit. I also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If I conclude that a material uncertainty exists, we are required to draw attention in my auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit.
Use of my report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. My audit work has been undertaken so that I might state to the company's members those matters I am required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's members as a body, for my audit work, for this report, or for the opinions I have formed.
Eric Langer BSc FCA
Langer & Co
Chartered Accountant and Statutory Auditor
8-10 Gatley Road
Cheadle
Cheshire
SK8 1PY
27 August 2024
MyPay Limited
Statement of comprehensive income
Year ended 30 November 2023
2023 2022
Note £ £
Turnover 4 49,731,826 53,438,211
Cost of sales ( 48,619,342) ( 52,244,859)
_______ _______
Gross profit 1,112,484 1,193,352
Administrative expenses ( 831,209) ( 804,490)
_______ _______
Operating profit 5 281,275 388,862
Other interest receivable and similar income 9 24,577 4,892
Profit before taxation 305,852 393,754
Tax on profit 10 ( 72,667) ( 75,474)
_______ _______
Profit for the financial year and total comprehensive income 233,185 318,280
_______ _______
All the activities of the company are from continuing operations.
MyPay Limited
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 12 43 58
_______ _______
43 58
Current assets
Debtors 13 734,893 564,295
Cash at bank and in hand 2,333,445 2,894,672
_______ _______
3,068,338 3,458,967
Creditors: amounts falling due
within one year 14 ( 2,929,669) ( 3,162,396)
_______ _______
Net current assets 138,669 296,571
_______ _______
Total assets less current liabilities 138,712 296,629
Provisions for liabilities 15 ( 11) ( 11)
_______ _______
Net assets 138,701 296,618
_______ _______
Capital and reserves
Called up share capital 18 100 100
Profit and loss account 19 138,601 296,518
_______ _______
Shareholders funds 138,701 296,618
_______ _______
These financial statements were approved by the board of directors and authorised for issue on 21 August 2024 , and are signed on behalf of the board by:
Mr Stephen Hollins
Director
Company registration number: 06425704
MyPay Limited
Statement of changes in equity
Year ended 30 November 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 December 2021 100 445,738 445,838
Profit for the year 318,280 318,280
_______ _______ _______
Total comprehensive income for the year - 318,280 318,280
Dividends paid and payable ( 467,500) ( 467,500)
_______ _______ _______
Total investments by and distributions to owners - ( 467,500) ( 467,500)
_______ _______ _______
At 30 November 2022 and 1 December 2022 100 296,516 296,616
Profit for the year 233,185 233,185
_______ _______ _______
Total comprehensive income for the year - 233,185 233,185
Dividends paid and payable ( 391,100) ( 391,100)
_______ _______ _______
Total investments by and distributions to owners - ( 391,100) ( 391,100)
_______ _______ _______
At 30 November 2023 100 138,601 138,701
_______ _______ _______
MyPay Limited
Statement of cash flows
Year ended 30 November 2023
2023 2022
£ £
Cash flows from operating activities
Profit for the financial year 233,185 318,280
Adjustments for:
Depreciation of tangible assets 14 79
Other interest receivable and similar income ( 24,577) ( 4,892)
Gain/(loss) on disposal of tangible assets - 181
Tax on profit 72,667 75,474
Accrued expenses/(income) 3,575 ( 330)
Changes in:
Trade and other debtors ( 173,449) ( 39,955)
Trade and other creditors ( 230,673) 123,173
_______ _______
Cash generated from operations ( 119,258) 472,010
Interest received 24,577 4,892
Tax paid ( 75,445) ( 95,182)
_______ _______
Net cash (used in)/from operating activities ( 170,126) 381,720
_______ _______
Cash flows from financing activities
Equity dividends paid ( 391,100) ( 467,500)
_______ _______
Net cash used in financing activities ( 391,100) ( 467,500)
_______ _______
Net increase/(decrease) in cash and cash equivalents ( 561,226) ( 85,780)
Cash and cash equivalents at beginning of year 2,894,672 2,980,452
_______ _______
Cash and cash equivalents at end of year 2,333,446 2,894,672
_______ _______
MyPay Limited
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Sovereign House, Stockport Road, Cheadle, Cheshire, SK8 2EA.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the invoiced amount receivable from clients, excluding value added tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
Computer software - 33.33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2023 2022
£ £
Rendering of services 49,731,826 53,438,211
_______ _______
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible assets 14 79
(Gain)/loss on disposal of tangible assets - 181
Impairment of trade debtors 1,354 443
Operating lease rentals 15,820 15,666
_______ _______
6. Auditors remuneration
2023 2022
£ £
Fees payable to Langer & Co
Fees payable for the audit of the financial statements 5,500 5,300
_______ _______
Fees payable to the company's auditor and its associates for other services:
Taxation advisory services 235 225
Other non-audit services 58 1,025
_______ _______
293 1,250
_______ _______
7. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2023 2022
Management & Administration 13 13
Off-site employees 817 873
_______ _______
830 886
_______ _______
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 43,368,906 46,320,715
Social security costs 5,026,976 5,641,293
Other pension costs 450,082 455,528
_______ _______
48,845,964 52,417,536
_______ _______
8. Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
2023 2022
£ £
Remuneration 156,678 131,152
Company contributions to pension schemes in respect of qualifying services 51,900 39,600
_______ _______
208,578 170,752
_______ _______
The number of directors who accrued benefits under company pension plans was as follows:
2023 2022
Number Number
Defined contribution plans 1 1
_______ _______
9. Other interest receivable and similar income
2023 2022
£ £
Bank deposits 24,471 4,814
Other interest receivable and similar income 106 78
_______ _______
24,577 4,892
_______ _______
10. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax expense 72,667 75,523
_______ _______
Deferred tax:
Origination and reversal of timing differences - ( 49)
_______ _______
Tax on profit 72,667 75,474
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 23.00 % (2022: 19.00%).
2023 2022
£ £
Profit before taxation 305,852 393,754
_______ _______
Profit multiplied by rate of tax 70,346 74,813
Effect of expenses not deductible for tax purposes 2,286 710
Rounding on tax charge 35 -
Deferred Taxation - ( 49)
_______ _______
Tax on profit 72,667 75,474
_______ _______
11. Dividends
Equity dividends
2023 2022
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 391,100 467,500
_______ _______
12. Tangible assets
Fixtures, fittings and equipment Computer software Total
£ £ £
Cost
At 1 December 2022 and 30 November 2023 1,013 26,120 27,133
_______ _______ _______
Depreciation
At 1 December 2022 956 26,120 27,076
Charge for the year 14 - 14
_______ _______ _______
At 30 November 2023 970 26,120 27,090
_______ _______ _______
Carrying amount
At 30 November 2023 43 - 43
_______ _______ _______
At 30 November 2022 57 - 57
_______ _______ _______
13. Debtors
2023 2022
£ £
Trade debtors 693,837 514,841
Prepayments and accrued income 39,406 47,810
Other debtors 1,650 1,644
_______ _______
734,893 564,295
_______ _______
14. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 5,171 7,137
Accruals and deferred income 7,460 6,736
Corporation tax 72,667 75,445
Social security and other taxes 2,465,845 2,777,855
Other creditors 378,526 295,223
_______ _______
2,929,669 3,162,396
_______ _______
15. Provisions
Deferred tax (note 16) Total
£ £
At 1 December 2022 and 30 November 2023 11 11
_______ _______
16. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 15) 11 11
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 11 11
_______ _______
17. Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £ 450,082 (2022: £ 455,528 ).
18. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares shares of £ 1.00 each 88 88 88 88
Ordinary A shares shares of £ 1.00 each 10 10 10 10
Ordinary B shares shares of £ 0.50 each 2 1 2 1
Ordinary C shares shares of £ 0.50 each 2 1 2 1
_______ _______ _______ _______
102 100 102 100
_______ _______ _______ _______
19. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
20. Analysis of changes in net debt
At 1 December 2022 Cash flows At 30 November 2023
£ £ £
Cash and cash equivalents 2,894,672 (561,227) 2,333,445
21. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Later than 1 year and not later than 5 years 19,772 29,704
_______ _______
22. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
MyPay PSC Limited 500 1,125 - -
_______ _______ _______ _______
The company provided management services to MyPay PSC Ltd, company number 10022112. Two of the directors were also directors of MyPay PSC Ltd. MyPay PSC Ltd was dissolved on 31 January 2023.
23. Controlling party
The company is controlled by the directors and their associates, who hold 90% of the ordinary share capital (2022 90%).
24. Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, which are described in note 3, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below. Compliance with laws and regulations Where there is a material uncertainty as regards compliance with laws and regulations, the policy of the directors is to take advice from lawyers or other professional advisors. Based on that advice, any provisions or contingent liabilities would be disclosed in these financial statements in line with the recognition and disclosure requirements in FRS 102.