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Registered number: 12370450










FAST PAYE LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
FAST PAYE LIMITED
REGISTERED NUMBER: 12370450

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
184,258
221,839

Cash at bank and in hand
 6 
420
499

  
184,678
222,338

Creditors: amounts falling due within one year
 7 
(75,115)
(131,294)

Net current assets
  
 
 
109,563
 
 
91,044

Total assets less current liabilities
  
109,563
91,044

  

Net assets
  
109,563
91,044


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
109,463
90,944

  
109,563
91,044


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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 January 2025.






I. C. Hogg
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
FAST PAYE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

FAST PAYE Limited is a private company limited by shares incorporated in England and Wales. The registered office is 105 Hallam Street, London, W1W 5HE. The principal place of business is 29-31 Saffron Hill, London, EC1N 8SW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company depends on the support of its fellow subsidiary Company, SWT Software Limited, to meet its day to day working capital requirements.  The directors of SWT Software Limited have confirmed that they will continue to be supportive of FAST PAYE Limited for the foreseeable future.  Accordingly, the directors believe it is appropriate to prepare the financial statements on the going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

  
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Page 2

 
FAST PAYE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Software development costs
-
20%
straight line

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 3

 
FAST PAYE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Intangible assets




Software develop-  ment costs

£



Cost


At 1 February 2023
1,415,157



At 31 January 2024

1,415,157



Amortisation


At 1 February 2023
1,415,157



At 31 January 2024

1,415,157



Net book value



At 31 January 2024
-



At 31 January 2023
-




5.


Debtors

2024
2023
£
£


Trade debtors
10,510
7,194

Amounts owed by group undertakings
173,748
60,984

Other debtors
-
135,930

Prepayments and accrued income
-
17,731

184,258
221,839


Page 4

 
FAST PAYE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
420
499

420
499



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
7,224
9,362

Amounts owed to group undertakings
66,044
94,092

Accruals and deferred income
1,847
27,840

75,115
131,294



8.Other financial commitments

A bank loan in SWT Software Limited, a fellow subsidiary, is secured by a guarantee from the Secretary of State for Business, Energy & Industrial Strategy for 80% of the loan and a cross company guarantee from all group companies, including FAST PAYE Limited.  The value of the loan outstanding as at 31 January 2024 was £907,873 (2023 - £1,000,000).


9.


Related party transactions

The Company has taken advantage of the exemption under paragraph 33.1A of FRS 102 and has not disclosed transactions with other wholly owned group companies.


10.


Controlling party

The parent Company of FAST PAYE Limited is The Work Tech Group Ltd, a Company which was incorporated in the British Virgin Islands, and as a result is required to maintain a registered office in that territory.
The Work Tech Group Ltd is a UK resident by reason of the central management and control of the company taking place in the United Kingdom.

Page 5

 
FAST PAYE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 January 2024 was unqualified.

The audit report was signed on 28 January 2025 by Andrew McCall (Senior statutory auditor) on behalf of Langtons Professional Services Limited.

 
Page 6