Registered number
OC363852
IPAYLINKS UK LLP
Filleted Accounts
30 April 2024
IPAYLINKS UK LLP
Registered number: OC363852
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,084 2,576
1,084 2,576
Current assets
Debtors 4 428,287 419,192
Cash at bank and in hand 1,511,813 930,375
1,940,100 1,349,567
Creditors: amounts falling due within one year 5 (1,441,944) (737,315)
Net current assets 498,156 612,252
Total assets less current liabilities 499,240 614,828
Net assets attributable to members 499,240 614,828
Members' other interests
Members' capital classified as equity 1,310,000 1,250,000
Other reserves (810,760) (635,172)
499,240 614,828
499,240 614,828
Total members' interests
Members' other interests 499,240 614,828
499,240 614,828
For the year ended 30 April 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 8 January 2025 and signed on their behalf by:
GUOGANG ZHEN
Designated member
IPAYLINKS UK LLP
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment Depreciated 95% in three years
with straightline method
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 3 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 - 6,359 - 6,359
Additions - - - -
Revaluation - -
Disposals - - - -
At 30 April 2024 - 6,359 - 6,359
Depreciation
At 1 May 2023 - 3,783 - 3,783
Charge for the year - 1,492 - 1,492
Revaluation - -
On disposals - - - -
At 30 April 2024 - 5,275 - 5,275
Net book value
At 30 April 2024 - 1,084 - 1,084
At 30 April 2023 - 2,576 - 2,576
4 Debtors 2024 2023
£ £
Ipaylinks Limited 327,999 319,362
Other debtors 100,288 99,830
428,287 419,192
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,440,878 736,238
Other creditors 1,066 1,077
1,441,944 737,315
6 Controlling party
IPAYLINKS UK LLP is controlled by PAYLINKS LIMITED.
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