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Registration number: 06236539

Wagesbynet Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Wagesbynet Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Wagesbynet Limited

Company Information

Director

Mr D J Hampton

Company secretary

Mrs S Neville

Registered office

2 The Steadings
Ford
Salisbury
Wiltshire
SP4 6BH

Accountants

Numeric Accounting
Chartered Certified AccountantsSuite 1 The Portway Centre
Old Sarum Park
Old Sarum
Salisbury
Wiltshire
SP4 6EB

 

Wagesbynet Limited

(Registration number: 06236539)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,251

1,681

Other financial assets

5

517

372

 

3,768

2,053

Current assets

 

Debtors

6

10,733

9,654

Cash at bank and in hand

 

20,567

18,913

 

31,300

28,567

Creditors: Amounts falling due within one year

7

(18,901)

(16,956)

Net current assets

 

12,399

11,611

Total assets less current liabilities

 

16,167

13,664

Creditors: Amounts falling due after more than one year

7

(1,112)

(2,313)

Provisions for liabilities

(618)

(320)

Net assets

 

14,437

11,031

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

14,435

11,029

Shareholders' funds

 

14,437

11,031

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Wagesbynet Limited

(Registration number: 06236539)
Balance Sheet as at 30 June 2024 (continued)

Approved and authorised by the director on 28 February 2025
 

.........................................
Mr D J Hampton
Director

 

Wagesbynet Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
2 The Steadings
Ford
Salisbury
Wiltshire
SP4 6BH

These financial statements were authorised for issue by the director on 28 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Wagesbynet Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)


Cost of sales
The cost of sales is the accumulated total of all costs used to create a product or service, which has been sold.

Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.

 

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer Equipment

25% Straight Line

 

Wagesbynet Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
 Recognition and measurement
When a financial asset or financial liability is recognised initially, the entity shall measure it at the transaction price unless the arrangement constitutes, in effect, a financing transaction. An arrangement constitutes a financing transaction if payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognise changes in fair value in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Wagesbynet Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 July 2023

13,519

13,519

Additions

3,264

3,264

At 30 June 2024

16,783

16,783

Depreciation

At 1 July 2023

11,838

11,838

Charge for the year

1,694

1,694

At 30 June 2024

13,532

13,532

Carrying amount

At 30 June 2024

3,251

3,251

At 30 June 2023

1,681

1,681

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 July 2023

372

372

Revaluations

145

145

At 30 June 2024

517

517

Impairment

Carrying amount

At 30 June 2024

517

517

 

Wagesbynet Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

6

Debtors

Current

2024
£

2023
£

Trade debtors

4,425

4,410

Other debtors

5,008

3,944

 

9,433

8,354

Non-current

2024
£

2023
£

Other debtors

1,300

1,300

 

1,300

1,300

 

Wagesbynet Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

1,278

1,278

Trade creditors

 

1,050

807

Taxation and social security

 

14,922

14,183

Accruals and deferred income

 

695

660

Other creditors

 

956

28

 

18,901

16,956

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

1,112

2,313

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,112

2,313

 

Wagesbynet Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

9

Loans and borrowings (continued)

Current loans and borrowings

2024
£

2023
£

Bank borrowings

1,278

1,278


Bank Loan

The loan is unsecured for a period of 22 months and attracts interest of 2.5% per annum. Repayments are made monthly.
Amounts due for repayment:
Less than 1 year: £1,278 (2023 - £1,278)
More than 1 year and less than 5 years: £1,112 (2023 - £2,313)

10

Dividends

2024

2023

£

£

Interim dividend of £16,500.00 (2023 - £16,500.00) per ordinary share

33,000

33,000

 

 

11

Related party transactions

Transactions with the director

2024

At 1 July 2023
£

Advances to director
£

At 30 June 2024
£

Mr D J Hampton

The loan is interest free with no fixed date of repayment.

3,944

1,062

5,006

Director's remuneration

The director's remuneration for the year was as follows:

 

Wagesbynet Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

11

Related party transactions (continued)

2024
£

2023
£

Remuneration

14,685

13,160

Contributions paid to money purchase schemes

2,400

2,000

17,085

15,160