REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
EMPLOYMENT INNOVATIONS PAYROLL UK |
LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
EMPLOYMENT INNOVATIONS PAYROLL UK |
LIMITED |
EMPLOYMENT INNOVATIONS PAYROLL UK |
LIMITED (REGISTERED NUMBER: 13977790) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
EMPLOYMENT INNOVATIONS PAYROLL UK |
LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 June 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Herschel House |
58 Herschel Street |
Slough |
Berkshire |
SL1 1PG |
EMPLOYMENT INNOVATIONS PAYROLL UK |
LIMITED (REGISTERED NUMBER: 13977790) |
BALANCE SHEET |
30 June 2024 |
30.6.24 | 30.6.23 |
(Unaudited) |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
EMPLOYMENT INNOVATIONS PAYROLL UK |
LIMITED (REGISTERED NUMBER: 13977790) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Employment Innovations Payroll Uk Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on the going concern basis in light of the fact the ultimate parent company, Employment Hero Holdings Pty Ltd (incorporated in Australia) has confirmed that it will continue to support the company, as required, for a period of at least 12 months and 1 day from the date of the audit report. |
Related party exemption |
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. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is generated through the provision of payroll services to other companies. Turnover is recognised once the service has been provided. |
Financial instruments |
Basic financial instruments as covered by Section 11 of FRS102 are measured at amortised cost. The company does not have any other financial instruments as covered by Section 12 of FRS102. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
EMPLOYMENT INNOVATIONS PAYROLL UK |
LIMITED (REGISTERED NUMBER: 13977790) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
(Unaudited) |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
(Unaudited) |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors & accruals |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |
EMPLOYMENT INNOVATIONS PAYROLL UK |
LIMITED (REGISTERED NUMBER: 13977790) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
As stated above, the Report of the Auditors was unqualified. It did however contain the following modification:- |
"Other information |
The financial statements for the previous accounting period were not audited." |
We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:- |
"Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed." |
8. | ULTIMATE CONTROLLING PARTY |
There is no ultimate controlling party in the period. |
9. | PARENT COMPANY |
The immediate parent company is Employment Innovations Group Pty Ltd. |
The ultimate parent company is Employment Hero Holdings Pty Ltd, for which consolidated financial statements are prepared. |
The registered address of Employment Innovations Group Pty Ltd and Employment Hero Holdings Pty Ltd is Level 2, 439-441 Kent Street, Sydney, New South Wales 2000, Australia. Consolidated accounts are publicly available and can be found on the ASIC Connect website. |
EMPLOYMENT INNOVATIONS PAYROLL UK |
LIMITED (REGISTERED NUMBER: 13977790) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
10. | RELATED PARTY DISCLOSURES |
The Company has taken advantage of the exemption to disclose related party transactions entered into between two or more members of a group, as the subsidiaries which are party to these transactions are wholly owned by a member of the group. |
Prior to being included in the group headed by Employment Hero Holdings Pty Ltd, completing on 10th April 2024, transactions with members of this group were between related parties as defined by FRS102 Section 33.2(b). |
The following table provides the total amount of transactions that were entered into with related parties for the relevant portion of the financial year before inclusion in the Employment Hero Holdings Pty Ltd headed group, and the resulting outstanding balances at the same point in time. |
Related Party | Sales to related party | Purchases from related party | Amounts owed by related parties | Amounts owed to related parties |
Remote Hero (UK) Limited | £4,248 | - | £497 | - |
Employment Hero (UK) Limited | £8,040 | - | £1,397 | - |
PensionSync Ltd | £648 | - | £86 | - |
Keypay Ltd | £1,920 | - | £245 | - |
Webscale Pty Ltd | - | £1,123 | - | - |
Sales to, and purchases from related parties are made in arm's length transactions both at normal market rates, and on normal commercial terms. |