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Registration number: 08297197

Payless4Payroll Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Payless4Payroll Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Payless4Payroll Ltd

Company Information

Director

Mr K Roberts

Registered office

GMR Accountants,1st Floor
8 - 12 London Street
Southport
Merseyside
PR9 0UE

 

Payless4Payroll Ltd

(Registration number: 08297197)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

33,750

37,500

Current assets

 

Debtors

5

101,558

77,924

Cash at bank and in hand

 

34,258

30,028

 

135,816

107,952

Creditors: Amounts falling due within one year

6

(41,014)

(40,632)

Net current assets

 

94,802

67,320

Total assets less current liabilities

 

128,552

104,820

Creditors: Amounts falling due after more than one year

6

(9,753)

(13,439)

Net assets

 

118,799

91,381

Capital and reserves

 

Called up share capital

3

3

Retained earnings

118,796

91,378

Shareholders' funds

 

118,799

91,381

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 August 2024
 

.........................................
Mr K Roberts
Director

 

Payless4Payroll Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
GMR Accountants,1st Floor
8 - 12 London Street
Southport
Merseyside
PR9 0UE
England

These financial statements were authorised for issue by the director on 29 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Payless4Payroll Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Payless4Payroll Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Payless4Payroll Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

75,000

75,000

At 30 November 2023

75,000

75,000

Amortisation

At 1 December 2022

41,250

41,250

At 30 November 2023

41,250

41,250

Carrying amount

At 30 November 2023

33,750

33,750

At 30 November 2022

37,500

37,500

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

1,054

1,420

Amounts owed by related parties

100,504

76,504

   

101,558

77,924

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

4,533

4,201

Amounts owed to group undertakings and undertakings in which the company has a participating interest

5,191

5,191

Taxation and social security

 

30,777

30,726

Other creditors

 

513

514

 

41,014

40,632

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

9,753

13,439

 

Payless4Payroll Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

9,753

13,439

Current loans and borrowings

2023
£

2022
£

Bank borrowings

4,188

4,201

Bank overdrafts

345

-

4,533

4,201