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REGISTERED NUMBER: 02518342 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

READYPAY LTD

READYPAY LTD (REGISTERED NUMBER: 02518342)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


READYPAY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024







DIRECTOR: A H M Hurst





SECRETARY: A H M Hurst





REGISTERED OFFICE: Northumberland Taxi & Coach Centre
South Albion Retail Park
Albion Way
Blyth
NE24 5BW





REGISTERED NUMBER: 02518342 (England and Wales)





ACCOUNTANTS: RMT Ribchesters
Accountants and Business Advisors
Finchale House
Belmont Business Park
Durham
DH1 1TW

READYPAY LTD (REGISTERED NUMBER: 02518342)

BALANCE SHEET
31 OCTOBER 2024

2024 2023
as restated
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 710 3,863
Tangible assets 5 1,578,200 1,352,299
1,578,910 1,356,162

CURRENT ASSETS
Stocks 15,500 8,000
Debtors 6 2,616,890 1,817,884
Cash at bank 826,645 890,244
3,459,035 2,716,128
CREDITORS
Amounts falling due within one year 7 945,100 1,569,044
NET CURRENT ASSETS 2,513,935 1,147,084
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,092,845

2,503,246

CREDITORS
Amounts falling due after more than one
year

8

(132,354

)

(389,922

)

PROVISIONS FOR LIABILITIES (21,181 ) -
NET ASSETS 3,939,310 2,113,324

CAPITAL AND RESERVES
Called up share capital 11 5,000 5,000
Capital redemption reserve 5,000 5,000
Retained earnings 3,929,310 2,103,324
SHAREHOLDERS' FUNDS 3,939,310 2,113,324

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

READYPAY LTD (REGISTERED NUMBER: 02518342)

BALANCE SHEET - continued
31 OCTOBER 2024


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

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 18 December 2024 and were signed by:





A H M Hurst - Director


READYPAY LTD (REGISTERED NUMBER: 02518342)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1. STATUTORY INFORMATION

Readypay Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Hackney licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Taxi equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

READYPAY LTD (REGISTERED NUMBER: 02518342)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 22 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 November 2023
and 31 October 2024 73,844
AMORTISATION
At 1 November 2023 69,981
Charge for year 3,153
At 31 October 2024 73,134
NET BOOK VALUE
At 31 October 2024 710
At 31 October 2023 3,863

READYPAY LTD (REGISTERED NUMBER: 02518342)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Taxi
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2023 156,381 65,984 2,124,490 287,593 2,634,448
Additions 93,840 2,725 762,507 - 859,072
Disposals - - (475,691 ) - (475,691 )
At 31 October 2024 250,221 68,709 2,411,306 287,593 3,017,829
DEPRECIATION
At 1 November 2023 94,779 54,168 845,722 287,480 1,282,149
Charge for year 27,082 3,463 423,734 28 454,307
Eliminated on disposal - - (296,827 ) - (296,827 )
At 31 October 2024 121,861 57,631 972,629 287,508 1,439,629
NET BOOK VALUE
At 31 October 2024 128,360 11,078 1,438,677 85 1,578,200
At 31 October 2023 61,602 11,816 1,278,768 113 1,352,299

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 November 2023 1,563,472
Disposals (372,445 )
Transfer to ownership (309,042 )
At 31 October 2024 881,985
DEPRECIATION
At 1 November 2023 666,975
Charge for year 193,891
Eliminated on disposal (243,850 )
Transfer to ownership (228,332 )
At 31 October 2024 388,684
NET BOOK VALUE
At 31 October 2024 493,301
At 31 October 2023 896,497

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 963,665 921,002
Other debtors 1,653,225 896,882
2,616,890 1,817,884

READYPAY LTD (REGISTERED NUMBER: 02518342)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Bank loans and overdrafts - 39,848
Hire purchase contracts (see note 9) 177,211 276,917
Trade creditors 93,048 143,426
Taxation and social security 598,302 1,014,662
Other creditors 76,539 94,191
945,100 1,569,044

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
as restated
£    £   
Bank loans - 36,409
Hire purchase contracts (see note 9) 132,354 353,513
132,354 389,922

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
as restated
£    £   
Net obligations repayable:
Within one year 177,211 276,917
Between one and five years 132,354 353,513
309,565 630,430

Non-cancellable operating leases
2024 2023
as restated
£    £   
Within one year 55,925 27,000
Between one and five years 145,256 56,400
201,181 83,400

READYPAY LTD (REGISTERED NUMBER: 02518342)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
as restated
£    £   
Hire purchase contracts 309,565 630,430

A cross guarantee also exists between Readypay Ltd and a related company Phoenix Taxis (North East) Limited. The hire purchase liability within that company is secured by way of a floating charge.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as restated
£    £   
5,000 Ordinary £1.00 5,000 5,000

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2024 and 31 October 2023:

2024 2023
as restated
£    £   
A H M Hurst
Balance outstanding at start of year 640,348 (746 )
Amounts advanced 775,060 641,094
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,415,408 640,348

The director's loan account was repaid in full on the 20th December 2024.

13. RELATED PARTY DISCLOSURES

During the prior year the company maintained an interest free loan to a company under common control. In the current year the loan was repaid in full. The balance outstanding on this loan at the year end was £Nil (2023: £4,800).