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REGISTERED NUMBER: 01263840 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 September 2023

for

PAYLL DEVELOPMENTS LIMITED

PAYLL DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01263840)

Contents of the Financial Statements
for the year ended 30 September 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PAYLL DEVELOPMENTS LIMITED

Company Information
for the year ended 30 September 2023







Directors: Mrs J Yuill
Mr I T Yuill





Secretary: Ms Z Yuill





Registered office: Barn 4 Yew Tree Farm
Upper Harlestone
Northampton
Northamptonshire
NN7 4EL





Registered number: 01263840 (England and Wales)






PAYLL DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01263840)

Balance Sheet
30 September 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 4 13,797,429 12,857,354

Current assets
Debtors 5 3,314,917 2,634,732
Cash at bank 2,119 86,120
3,317,036 2,720,852
Creditors
Amounts falling due within one year 6 1,112,956 976,043
Net current assets 2,204,080 1,744,809
Total assets less current liabilities 16,001,509 14,602,163

Creditors
Amounts falling due after more than one year 7 (5,828,290 ) (5,486,029 )

Provisions for liabilities 8 (2,067,151 ) (1,843,948 )
Net assets 8,106,068 7,272,186

Capital and reserves
Called up share capital 9 1,000 1,000
Fair value reserve 10 7,821,791 6,894,291
Retained earnings 283,277 376,895
Shareholders' funds 8,106,068 7,272,186

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PAYLL DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01263840)

Balance Sheet - continued
30 September 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2024 and were signed on its behalf by:





Mr I T Yuill - Director


PAYLL DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01263840)

Notes to the Financial Statements
for the year ended 30 September 2023


1. Statutory information

Payll Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance

PAYLL DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01263840)

Notes to the Financial Statements - continued
for the year ended 30 September 2023


2. Accounting policies - continued

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. Employees and directors

The average number of employees during the year was 2 (2022 - 2 ) .

PAYLL DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01263840)

Notes to the Financial Statements - continued
for the year ended 30 September 2023


4. Tangible fixed assets
Fixtures
Freehold Plant and and
property machinery fittings Totals
£ £ £ £
Cost or valuation
At 1 October 2022 12,848,500 - 94,655 12,943,155
Additions - 13,266 4,306 17,572
Disposals - - (2,816 ) (2,816 )
Revaluations 927,500 - - 927,500
At 30 September 2023 13,776,000 13,266 96,145 13,885,411
Depreciation
At 1 October 2022 - - 85,801 85,801
Charge for year - 1,593 2,303 3,896
Eliminated on disposal - - (1,715 ) (1,715 )
At 30 September 2023 - 1,593 86,389 87,982
Net book value
At 30 September 2023 13,776,000 11,673 9,756 13,797,429
At 30 September 2022 12,848,500 - 8,854 12,857,354

Cost or valuation at 30 September 2023 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings Totals
£ £ £ £
Valuation in 2019 5,621,735 - - 5,621,735
Valuation in 2020 899,000 - - 899,000
Valuation in 2022 1,602,000 - - 1,602,000
Valuation in 2023 927,500 - - 927,500
Cost 4,725,765 13,266 96,145 4,835,176
13,776,000 13,266 96,145 13,885,411

The company's assets were revalued by the directors on 30 September 2023.

PAYLL DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01263840)

Notes to the Financial Statements - continued
for the year ended 30 September 2023


5. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 4,755 11,400
Amounts owed by group undertakings 3,274,390 1,360,739
Other debtors 35,772 1,262,593
3,314,917 2,634,732

6. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 36,111 63,889
Trade creditors 10,966 4,131
Amounts owed to group undertakings 973,572 501,229
Taxation and social security 31,273 236,143
Other creditors 61,034 170,651
1,112,956 976,043

Bank overdrafts and bank loans are secured by way of fixed and floating charge over the company's assets and undertaking.

7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans 5,796,808 5,443,436
Other creditors 31,482 42,593
5,828,290 5,486,029

Bank overdrafts and bank loans are secured by way of fixed and floating charge over the company's assets and undertaking.

8. Provisions for liabilities
2023 2022
£ £
Deferred tax 2,067,151 1,843,948

Deferred tax
£
Balance at 1 October 2022 1,843,948
Provided during year 223,203
Balance at 30 September 2023 2,067,151

PAYLL DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01263840)

Notes to the Financial Statements - continued
for the year ended 30 September 2023


9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
1,000 Ordinary £1 1,000 1,000

10. Reserves
Fair value
reserve
£
At 1 October 2022 6,894,291
Movements during the year 927,500

At 30 September 2023 7,821,791

11. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 30 September 2023 and 30 September 2022:

2023 2022
£    £   
Mr I T Yuill
Balance outstanding at start of year - 195,488
Amounts advanced 53,073 192,191
Amounts repaid (53,073 ) (387,679 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -