1 March 2023 v2024.58.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP039172722023-03-012024-02-29039172722024-02-29039172722023-02-2803917272core:WithinOneYear2024-02-2903917272core:WithinOneYear2023-02-2803917272core:AfterOneYear2024-02-2903917272core:AfterOneYear2023-02-2803917272core:ShareCapital2024-02-2903917272core:ShareCapital2023-02-2803917272core:RetainedEarningsAccumulatedLosses2024-02-2903917272core:RetainedEarningsAccumulatedLosses2023-02-2803917272bus:Director12023-03-012024-02-2903917272bus:RegisteredOffice2023-03-012024-02-2903917272core:OfficeEquipment2023-03-012024-02-2903917272core:FurnitureFittings2023-03-012024-02-29039172722022-03-012023-02-2803917272core:LandBuildings2023-03-0103917272core:PlantMachinery2023-03-01039172722023-03-0103917272core:PlantMachinery2023-03-012024-02-2903917272core:LandBuildings2024-02-2903917272core:PlantMachinery2024-02-2903917272core:LandBuildings2023-02-2803917272core:PlantMachinery2023-02-280391727212023-03-012024-02-2903917272countries:EnglandWales2023-03-012024-02-2903917272bus:AuditExemptWithAccountantsReport2023-03-012024-02-2903917272bus:PrivateLimitedCompanyLtd2023-03-012024-02-2903917272bus:SmallEntities2023-03-012024-02-2903917272bus:FullAccounts2023-03-012024-02-29
Company registration number:
03917272
Cumbria Payroll Services Ltd
Unaudited Filleted Financial Statements for the year ended
29 February 2024
Cumbria Payroll Services Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Cumbria Payroll Services Ltd
Year ended
29 February 2024
As described on the statement of financial position, the Board of Directors of
Cumbria Payroll Services Ltd
are responsible for the preparation of the
financial statements
for the year ended
29 February 2024
, which comprise the income statement, statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
Paul Goddard FAIA FFA FIPA
Financial Accountant
54 Warwick Road
Carlisle
Cumbria
CA1 1DR
United Kingdom
Date:
15 November 2024
Cumbria Payroll Services Ltd
Statement of Financial Position
29 February 2024
20242023
Note££
Fixed assets    
Tangible assets 5
184,695
 
187,890
 
Current assets    
Debtors 6
9,898
 
11,332
 
Cash at bank and in hand
4,755
 
6,445
 
14,653
 
17,777
 
Creditors: amounts falling due within one year 7
(19,242
)
(24,186
)
Net current liabilities
(4,589
)
(6,409
)
Total assets less current liabilities 180,106   181,481  
Creditors: amounts falling due after more than one year 8
(161,715
)
(162,532
)
Net assets
18,391
 
18,949
 
Capital and reserves    
Called up share capital
4
 
2
 
Profit and loss account
18,387
 
18,947
 
Shareholders funds
18,391
 
18,949
 
For the year ending
29 February 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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 income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
15 November 2024
, and are signed on behalf of the board by:
Mr P Goddard
Director
Company registration number:
03917272
Cumbria Payroll Services Ltd
Notes to the Financial Statements
Year ended
29 February 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
54 Warwick Road
,
Carlisle
,
CA1 1DR
, .

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office equipment
25% reducing balance
Fixtures and fittings
25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4 Average number of employees

The average number of persons employed by the company during the year was
6
(2023:
6.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 March 2023
175,000
 
30,282
 
205,282
 
Additions -  
37
 
37
 
At
29 February 2024
175,000
 
30,319
 
205,319
 
Depreciation      
At
1 March 2023
-  
17,392
 
17,392
 
Charge -  
3,232
 
3,232
 
At
29 February 2024
-  
20,624
 
20,624
 
Carrying amount      
At
29 February 2024
175,000
 
9,695
 
184,695
 
At 28 February 2023
175,000
 
12,890
 
187,890
 

6 Debtors

20242023
££
Trade debtors
9,898
 
11,332
 

7 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
2,900
 
2,900
 
Trade creditors
966
 
3,698
 
Taxation and social security
6,177
 
7,586
 
Other creditors
9,199
 
10,002
 
19,242
 
24,186
 

8 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
3,625
 
6,525
 
Other creditors
158,090
 
156,007
 
161,715
 
162,532