Caseware UK (AP4) 2024.0.164 2024.0.164 2024-05-312024-05-31falsetrue2023-06-01No description of principal activity11falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12016896 2023-06-01 2024-05-31 12016896 2022-06-01 2023-05-31 12016896 2024-05-31 12016896 2023-05-31 12016896 c:Director5 2023-06-01 2024-05-31 12016896 d:OfficeEquipment 2023-06-01 2024-05-31 12016896 d:OfficeEquipment 2024-05-31 12016896 d:OfficeEquipment 2023-05-31 12016896 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 12016896 d:CurrentFinancialInstruments 2024-05-31 12016896 d:CurrentFinancialInstruments 2023-05-31 12016896 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 12016896 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 12016896 d:ShareCapital 2024-05-31 12016896 d:ShareCapital 2023-05-31 12016896 d:RetainedEarningsAccumulatedLosses 2024-05-31 12016896 d:RetainedEarningsAccumulatedLosses 2023-05-31 12016896 c:OrdinaryShareClass1 2023-06-01 2024-05-31 12016896 c:OrdinaryShareClass1 2024-05-31 12016896 c:FRS102 2023-06-01 2024-05-31 12016896 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 12016896 c:FullAccounts 2023-06-01 2024-05-31 12016896 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 12016896 2 2023-06-01 2024-05-31 12016896 e:PoundSterling 2023-06-01 2024-05-31 12016896 d:EntityControlledByKeyManagementPersonnel1 2023-06-01 2024-05-31 12016896 d:EntityControlledByKeyManagementPersonnel1 2024-05-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12016896









INFINITY PAYROLL SOLUTIONS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
INFINITY PAYROLL SOLUTIONS LIMITED
REGISTERED NUMBER: 12016896

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
279
610

  
279
610

Current assets
  

Debtors: amounts falling due within one year
 5 
618,840
533,912

Cash at bank and in hand
 6 
165,206
415,001

  
784,046
948,913

Creditors: amounts falling due within one year
 7 
(175,755)
(431,251)

Net current assets
  
 
 
608,291
 
 
517,662

Total assets less current liabilities
  
608,570
518,272

  

Net assets
  
608,570
518,272


Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
  
608,569
518,271

  
608,570
518,272


Page 1

 
INFINITY PAYROLL SOLUTIONS LIMITED
REGISTERED NUMBER: 12016896
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 26 February 2025.




S Meads
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
INFINITY PAYROLL SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Infinity Payroll Solutions Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 5 Copperhouse Court, Caldecotte, Milton Keynes, England, MK7 8NL.
The company specialises in providing business support activities.

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

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. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the year in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the contract;
• the stage of completion of the contract at the end reporting date can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in Statement of comprehensive income using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
INFINITY PAYROLL SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in the Statement of comprehensive income 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.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on the following basis:

Office equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.9

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.

Page 4

 
INFINITY PAYROLL SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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).


4.


Tangible fixed assets





Office equipment

£



Cost 


At 1 June 2023
1,412



At 31 May 2024

1,412



Depreciation


At 1 June 2023
802


Charge for the year
331



At 31 May 2024

1,133



Net book value



At 31 May 2024
279



At 31 May 2023
610

Page 5

 
INFINITY PAYROLL SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Debtors

2024
2023
£
£


Trade debtors
74,515
206,024

Other debtors
540,001
322,740

Prepayments and accrued income
4,324
5,148

618,840
533,912



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
165,206
415,001

165,206
415,001



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
9,233
5,370

Corporation tax
28,383
91,886

Other taxation and social security
118,841
10,813

Other creditors
5,207
12,808

Accruals and deferred income
14,091
310,374

175,755
431,251



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 Ordinary shares of £0.01 each
1
1


Page 6

 
INFINITY PAYROLL SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company, in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £5,389 (2023 - £3,416). Contributions totalling £5,056 (2023 - £970) were payable at the reporting date and are included in other creditors.


10.


Related party transactions

During the year, sales of £7,010,438 (2023 - £11,694,172) were generated, purchases of £93,294 (2023 - £90,657) were incurred, and management charges of £10,800 (2023 - £10,800) were borne from companies with common controlling interests

At the reporting date a net amount of £612,136 (2023 - £324,863) was owed by these companies.


11.


Controlling party

There is no ultimate controlling party. 

 
Page 7