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Company Registration No. 8386910 (England and Wales)
Payhip Ltd Unaudited accounts for the year ended 31 December 2023
Payhip Ltd Unaudited accounts Contents
Page
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Payhip Ltd Company Information for the year ended 31 December 2023
Directors
A Farah K Farah
Company Number
8386910 (England and Wales)
Registered Office
First Floor 85 Great Portland Street London W1W 7LT
Accountants
Barnes & Scott 86-90 Paul Street Shoreditch London EC2A 4NE
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Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Payhip Ltd for the year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Payhip Ltd for the year ended 31 December 2023 as set out on pages 5 - 7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of Payhip Ltd, as a body, in accordance with the terms of our engagement letter dated 8 June 2014. Our work has been undertaken solely to prepare for your approval the accounts of Payhip Ltd and state those matters that we have agreed to state to the Board of Directors of Payhip Ltd, as a body, in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Payhip Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Payhip Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Payhip Ltd. You consider that Payhip Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Payhip Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Barnes & Scott Chartered Accountants 86-90 Paul Street Shoreditch London EC2A 4NE 24 September 2024
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Payhip Ltd Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
3,173 
4,539 
Current assets
Debtors
47,993 
- 
Cash at bank and in hand
804,702 
454,233 
852,695 
454,233 
Creditors: amounts falling due within one year
(224,592)
(87,094)
Net current assets
628,103 
367,139 
Net assets
631,276 
371,678 
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
631,274 
371,676 
Shareholders' funds
631,276 
371,678 
For the year ending 31 December 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by
A Farah Director Company Registration No. 8386910
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Payhip Ltd Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Payhip Ltd is a private company, limited by shares, registered in England and Wales, registration number 8386910. The registered office is First Floor, 85 Great Portland Street, London, W1W 7LT.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
These financial statements for the year ended 31 December 2023 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 January 2022
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for providing an e-commerce platform that enables sale of digital products and memberships in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% reducing balance
Computer equipment
25% straight line
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Payhip Ltd Notes to the Accounts for the year ended 31 December 2023
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 January 2023
658 
17,790 
18,448 
Additions
- 
1,031 
1,031 
At 31 December 2023
658 
18,821 
19,479 
Depreciation
At 1 January 2023
557 
13,352 
13,909 
Charge for the year
25 
2,372 
2,397 
At 31 December 2023
582 
15,724 
16,306 
Net book value
At 31 December 2023
76 
3,097 
3,173 
At 31 December 2022
101 
4,438 
4,539 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Accrued income and prepayments
47,993 
- 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
86,641 
25,077 
Taxes and social security
102,040 
41,083 
Other creditors
853 
255 
Loans from directors
3,096 
9,714 
Accruals
31,962 
10,965 
224,592 
87,094 
The director loan is measured at transaction price and is interest free and repayable on demand.
7
Average number of employees
During the year the average number of employees was 3 (2022: 3).
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