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Registration number: 13637810

Staff Benefits Program Ltd

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Staff Benefits Program Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Staff Benefits Program Ltd

Company Information

Directors

Miss CD Wilkinson

Mr RS Ingleby

Registered office

8 Avroe Crescent
Blackpool
Lancashire
FY4 2DP

Auditors

Crossley & Davis Chartered Accountants
Senior statutory auditor
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

 

Staff Benefits Program Ltd

(Registration number: 13637810)
Balance Sheet as at 31 December 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Intangible assets

5

8,000

9,000

Current assets

 

Stocks

6

20,480

211,855

Debtors

7

168,499

165,481

Cash at bank and in hand

 

4,483

23,753

 

193,462

401,089

Creditors: Amounts falling due within one year

8

(354,509)

(557,143)

Net current liabilities

 

(161,047)

(156,054)

Net liabilities

 

(153,047)

(147,054)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(153,147)

(147,154)

Shareholders' deficit

 

(153,047)

(147,054)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 May 2025 and signed on its behalf by:
 

.........................................
Mr RS Ingleby
Director

 

Staff Benefits Program Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
8 Avroe Crescent
Blackpool
Lancashire
FY4 2DP
England

These financial statements were authorised for issue by the Board on 7 May 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.

Going concern

The financial statements have been prepared on a going concern basis.

 

Staff Benefits Program Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 7 May 2025 was Mr P Swarbrick, who signed for and on behalf of Crossley & Davis Chartered Accountants.

.........................................

Prior period errors

A restatement was made to the year ended 31st December 2022 financial statements in respect of revenue previously recognised incorrectly, assets previously misclassified and other balances misstated.

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to periods before the prior period disclosed in these financial statements
£

Profit & loss

-

130,562

-

Goodwill

(174,192)

(174,192)

-

Other intangible asset

9,000

9,000

-

Work in progress

211,855

211,855

-

Provision for bad debts

(1,140)

(1,140)

-

Accruals

(217,336)

(217,336)

-

Corporation Tax

843

843

-

Deferred tax

50,471

50,471

-

P&l reserve - prior year adjustment

120,500

(10,062)

-

   

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.

 

Staff Benefits Program Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight-line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Staff Benefits Program Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

 

Staff Benefits Program Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Auditors' remuneration

The company entered into a liability limitation agreement with the auditor on 21st November 2023. The liability of the auditor in respect of any claim or claims made by the company is limited to £4,000,000 inclusive of interest and costs.

5

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

10,000

10,000

At 31 December 2023

10,000

10,000

Amortisation

At 1 January 2023

1,000

1,000

Amortisation charge

1,000

1,000

At 31 December 2023

2,000

2,000

Carrying amount

At 31 December 2023

8,000

8,000

At 31 December 2022

9,000

9,000

6

Stocks

2023
£

(As restated)

2022
£

Work in progress

20,480

211,855

 

Staff Benefits Program Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Debtors

Current

Note

2023
£

(As restated)

2022
£

Trade debtors

 

26,038

46,868

Amounts owed by related parties

10

45,927

-

Prepayments

 

-

13,690

Other debtors

 

96,534

104,923

   

168,499

165,481

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

(As restated)

2022
£

Due within one year

 

Trade creditors

 

-

646

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

-

4,076

Taxation and social security

 

448

38,946

Accruals and deferred income

 

149,661

503,078

Other creditors

 

204,400

10,397

 

354,509

557,143

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       
 

Staff Benefits Program Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

10

Related party transactions

Loans to related parties

2023

Key management
£

Total
£

At start of period

44,495

44,495

At end of period

44,495

44,495

2022

Key management
£

Total
£

Advanced

44,000

44,000

Interest transactions

495

495

At end of period

44,495

44,495