Acorah Software Products - Accounts Production 15.0.600 false true 31 May 2022 1 June 2021 false 1 June 2022 31 May 2023 31 May 2023 SC597300 Dr D W McDonald Mr J A Kelly Mr B Ahdoot Mr M Rankin iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC597300 2022-05-31 SC597300 2023-05-31 SC597300 2022-06-01 2023-05-31 SC597300 frs-core:CurrentFinancialInstruments 2023-05-31 SC597300 frs-core:SharePremium 2023-05-31 SC597300 frs-core:ShareCapital 2023-05-31 SC597300 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31 SC597300 frs-bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 SC597300 frs-bus:FilletedAccounts 2022-06-01 2023-05-31 SC597300 frs-bus:SmallEntities 2022-06-01 2023-05-31 SC597300 frs-bus:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 SC597300 frs-bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 SC597300 frs-bus:Director1 2022-06-01 2023-05-31 SC597300 frs-bus:Director1 2022-05-31 SC597300 frs-bus:Director1 2023-05-31 SC597300 frs-bus:Director2 2022-06-01 2023-05-31 SC597300 frs-bus:Director3 2022-06-01 2023-05-31 SC597300 frs-bus:Director4 2022-06-01 2023-05-31 SC597300 frs-countries:Scotland 2022-06-01 2023-05-31 SC597300 2021-05-31 SC597300 2022-05-31 SC597300 2021-06-01 2022-05-31 SC597300 frs-core:CurrentFinancialInstruments 2022-05-31 SC597300 frs-core:SharePremium 2022-05-31 SC597300 frs-core:ShareCapital 2022-05-31 SC597300 frs-core:RetainedEarningsAccumulatedLosses 2022-05-31
Registered number: SC597300
Paythings Limited
Unaudited Financial Statements
For The Year Ended 31 May 2023
TaxAssist West Edinburgh
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: SC597300
2023 2022
Notes £ £ £ £
CURRENT ASSETS
Stocks 4 1,595,219 605,756
Debtors 5 246,210 97,496
Cash at bank and in hand 38,612 37,079
1,880,041 740,331
Creditors: Amounts Falling Due Within One Year 6 (126,608 ) (910,826 )
NET CURRENT ASSETS (LIABILITIES) 1,753,433 (170,495 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,753,433 (170,495 )
NET ASSETS/(LIABILITIES) 1,753,433 (170,495 )
CAPITAL AND RESERVES
Called up share capital 7 2 1
Share premium account 1,999,833 -
Profit and Loss Account (246,402 ) (170,496 )
SHAREHOLDERS' FUNDS 1,753,433 (170,495)
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Dr D W McDonald
Director
30/05/2024
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Paythings Limited is a private company, limited by shares, incorporated in Scotland, registered number SC597300 . The registered office is Suite 2, Ground Floor Orchard Brae House, 30 Queensferry Road, Edinburgh, EH4 2HS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.3. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 4)
4 4
4. Stocks
2023 2022
£ £
Stock 1,595,219 605,756
5. Debtors
2023 2022
£ £
Due within one year
Other debtors 246,210 97,496
Page 2
Page 3
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Other loans 119,960 887,046
Other creditors 5,231 22,363
Taxation and social security 1,417 1,417
126,608 910,826
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 1
8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2022 Amounts advanced Amounts repaid Amounts written off As at 31 May 2023
£ £ £ £ £
Dr D W McDonald 4,360 - 312 - 4,048
The above loan is unsecured, interest free and repayable on demand.
Page 3