Company registration number 02682523 (England and Wales)
DEXTRAPAY LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
Ridehalgh Limited
Chartered Accountants
Guardian House
42 Preston New Road
Blackburn
Lancashire
BB2 6AH
DEXTRAPAY LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
DEXTRAPAY LTD.
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,190
3,666
Current assets
Stocks
650
797
Debtors
4
35,557
36,101
Cash at bank and in hand
21,340
20,688
57,547
57,586
Creditors: amounts falling due within one year
5
(59,174)
(60,152)
Net current liabilities
(1,627)
(2,566)
Total assets less current liabilities
563
1,100
Provisions for liabilities
(417)
(697)
Net assets
146
403
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
46
303
Total equity
146
403
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 2 July 2024 and are signed on its behalf by:
Mr J Grogan
Director
Company registration number 02682523 (England and Wales)
DEXTRAPAY LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Dextrapay Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is Number Two Cottage, Daisyfield Business Centre, Appleby Street, Blackburn, BB1 3BL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% per annum, reducing balance
Office equipment
25% per annum, reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are recognised at transaction price.
DEXTRAPAY LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
6
DEXTRAPAY LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Tangible fixed assets
Fixtures and fittings
Office equipment
Total
£
£
£
Cost
At 1 April 2023
11,457
15,570
27,027
Disposals
(8,601)
(8,601)
At 31 March 2024
11,457
6,969
18,426
Depreciation and impairment
At 1 April 2023
10,989
12,372
23,361
Depreciation charged in the year
70
800
870
Eliminated in respect of disposals
(7,995)
(7,995)
At 31 March 2024
11,059
5,177
16,236
Carrying amount
At 31 March 2024
398
1,792
2,190
At 31 March 2023
468
3,198
3,666
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
34,157
34,487
Prepayments and accrued income
1,400
1,614
35,557
36,101
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,915
2,234
Corporation tax
16,482
14,325
Other taxation and social security
16,967
16,862
Other creditors
1,338
691
Accruals and deferred income
20,472
26,040
59,174
60,152