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2023-05-01
Sage Accounts Production Advanced 2024 - FRS102_2024
183,931
204,657
195
195
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COMPANY REGISTRATION NUMBER:
04722729
Good Payroll Services Limited |
|
Unaudited Financial Statements |
|
Good Payroll Services Limited |
|
Year ended 30 April 2024
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
2 |
|
|
Statement of income and retained earnings |
3 |
|
|
Statement of financial position |
4 |
|
|
Notes to the financial statements |
5 |
|
|
Good Payroll Services Limited |
|
Year ended 30 April 2024
The directors present their report and the unaudited financial statements of the company for the year ended
30 April 2024
.
Directors
The directors who served the company during the year were as follows:
Mr P Stewart |
|
Mrs S Dewil |
|
Mr P Dewil |
|
Mrs L Stewart |
|
|
|
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
13 June 2024
and signed on behalf of the board by:
Registered office: |
The Stables |
1 Cranmer Street |
Long Eaton |
Nottingham |
NG10 1NJ |
|
Good Payroll Services Limited |
|
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Good Payroll Services Limited |
|
Year ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Good Payroll Services Limited for the year ended 30 April 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Good Payroll Services Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Good Payroll Services Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Good Payroll Services Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Good Payroll Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Good Payroll Services Limited. You consider that Good Payroll Services Limited 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 financial statements of Good Payroll Services Limited. 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 financial statements.
GREGORY PRIESTLEY & STEWART
Chartered Accountants
Lyndhurst
1-3 Cranmer Street
Long Eaton
Nottingham
NG10 1NJ
13 June 2024
Good Payroll Services Limited |
|
Statement of Income and Retained Earnings |
|
Year ended 30 April 2024
|
2024 |
2023 |
Note |
£ |
£ |
Turnover |
153,756 |
159,504 |
|
|
|
|
--------- |
--------- |
Gross profit |
153,756 |
159,504 |
|
|
|
Administrative expenses |
43,700 |
40,293 |
Other operating income |
135,000 |
135,000 |
|
--------- |
--------- |
Operating profit |
245,056 |
254,211 |
|
|
|
Other interest receivable and similar income |
155 |
– |
|
--------- |
--------- |
Profit before taxation |
245,211 |
254,211 |
|
|
|
Tax on profit |
61,280 |
49,554 |
|
--------- |
--------- |
Profit for the financial year and total comprehensive income |
183,931 |
204,657 |
|
--------- |
--------- |
|
|
|
Dividends paid and payable |
(
198,150) |
(
180,000) |
|
|
|
Retained earnings at the start of the year |
264,169 |
239,512 |
|
--------- |
--------- |
Retained earnings at the end of the year |
249,950 |
264,169 |
|
--------- |
--------- |
|
|
|
All the activities of the company are from continuing operations.
Good Payroll Services Limited |
|
Statement of Financial Position |
|
30 April 2024
Current assets
Debtors |
6 |
44,524 |
|
51,143 |
Cash at bank and in hand |
279,828 |
|
278,863 |
|
--------- |
|
--------- |
|
324,352 |
|
330,006 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
74,252 |
|
65,687 |
|
--------- |
|
--------- |
Net current assets |
|
250,100 |
264,319 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
250,100 |
264,319 |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
150 |
150 |
Profit and loss account |
|
249,950 |
264,169 |
|
|
--------- |
--------- |
Shareholders funds |
|
250,100 |
264,319 |
|
|
--------- |
--------- |
|
|
|
|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 30 April 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 were approved by the
board of directors
and authorised for issue on
13 June 2024
, and are signed on behalf of the board by:
Company registration number:
04722729
Good Payroll Services Limited |
|
Notes to the Financial Statements |
|
Year ended 30 April 2024
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is The Stables, 1 Cranmer Street, Long Eaton, Nottingham, NG10 1NJ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
20% straight line |
|
|
|
|
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Short term debtors are measured at transaction price, less any impairment. Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Short term creditors are measured at the transaction price. The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans and hire purchase agreements from banks and other third parties, and loans to and from related parties.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2023:
1
).
5.
Tangible assets
|
Fixtures and fittings |
|
£ |
Cost |
|
At 1 May 2023 and 30 April 2024 |
195 |
|
---- |
Depreciation |
|
At 1 May 2023 and 30 April 2024 |
195 |
|
---- |
Carrying amount |
|
At 30 April 2024 |
– |
|
---- |
At 30 April 2023 |
– |
|
---- |
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
40,130 |
41,810 |
Other debtors |
4,394 |
9,333 |
|
-------- |
-------- |
|
44,524 |
51,143 |
|
-------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
13 |
– |
Corporation tax |
61,220 |
49,554 |
Social security and other taxes |
13,019 |
16,133 |
|
-------- |
-------- |
|
74,252 |
65,687 |
|
-------- |
-------- |
|
|
|
8.
Controlling party
The company is controlled by G P & S Holdings Limited, a company registered in the UK. The registered office of G P & S Holdings Limited is Lyndhurst, 1 Cranmer Street, Long Eaton, Nottingham, NG10 1NJ.