Company Registration No. 08583711 (England and Wales)
PAYZEN Limited
Unaudited accounts
for the year ended 31 December 2023
PAYZEN Limited
Unaudited accounts
Contents
PAYZEN Limited
Company Information
for the year ended 31 December 2023
Company Number
08583711 (England and Wales)
Registered Office
72 Sunny Bank
London
SE25 4TG
Accountants
The Accounting Club
Synium House
Shallowford Court
Henley in Arden
B95 5FY
PAYZEN Limited
Statement of financial position
as at 31 December 2023
Intangible assets
1,252,782
1,324,085
Cash at bank and in hand
73,250
36,748
Creditors: amounts falling due within one year
(131,939)
(118,583)
Net current liabilities
(58,689)
(81,835)
Net assets
1,194,093
1,242,250
Called up share capital
1,592,299
1,592,299
Profit and loss account
(398,206)
(350,049)
Shareholders' funds
1,194,093
1,242,250
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 director acknowledges his 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 and authorised for issue on 12 February 2024 and were signed on its behalf by
Adekanmi Adedire
Director
Company Registration No. 08583711
PAYZEN Limited
Notes to the Accounts
for the year ended 31 December 2023
PAYZEN Limited is a private company, limited by shares, registered in England and Wales, registration number 08583711. The registered office is 72 Sunny Bank, London, SE25 4TG.
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 transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
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.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Goodwill
Other
Total
At 1 January 2023
66,000
1,678,188
1,744,188
At 31 December 2023
66,000
1,678,188
1,744,188
At 1 January 2023
33,000
387,103
420,103
Charge for the year
16,500
54,803
71,303
At 31 December 2023
49,500
441,906
491,406
At 31 December 2023
16,500
1,236,282
1,252,782
At 31 December 2022
33,000
1,291,085
1,324,085
PAYZEN Limited
Notes to the Accounts
for the year ended 31 December 2023
5
Creditors: amounts falling due within one year
2023
2022
Other creditors
50,000
55,561
Loans from directors
81,189
62,472
6
Average number of employees
During the year the average number of employees was 6 (2022: 6).