Company Registration No. 8386910 (England and Wales)
Payhip Ltd
Unaudited accounts
for the year ended 31 December 2023
Payhip Ltd
Company Information
for the year ended 31 December 2023
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
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
Payhip Ltd
Statement of financial position
as at 31 December 2023
Tangible assets
3,173
4,539
Cash at bank and in hand
804,702
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
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
Payhip Ltd
Notes to the Accounts
for the year ended 31 December 2023
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.
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
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 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.
Payhip Ltd
Notes to the Accounts
for the year ended 31 December 2023
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.
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
At 31 December 2023
658
18,821
19,479
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
At 31 December 2023
76
3,097
3,173
At 31 December 2022
101
4,438
4,539
Amounts falling due within one year
Accrued income and prepayments
47,993
-
6
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
102,040
41,083
Loans from directors
3,096
9,714
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).