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Registration number: 11705497

PAYFAIR LIMITED

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2024

 

PAYFAIR LIMITED

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 13

Detailed Profit and Loss Account

14

 

PAYFAIR LIMITED

Company Information

Directors

Mr Peter Shea

Ms Barbara Ann Berridge

Registered office

Keelings Broad House
1 The Broadway
Hatfield
Hertfordshire
AL9 5BG

Accountants

KCMJ LLP
Suite 1B
18 Crendon Street
High Wycombe
Bucks
HP13 6LS

 

PAYFAIR LIMITED

Directors' Report for the Year Ended 30 November 2024

The directors present their report and the financial statements for the year ended 30 November 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Peter Shea

Ms Barbara Ann Berridge

Principal activity

The principal activity of the company is Financial Intermediation

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 4 August 2025 and signed on its behalf by:
 

.........................................
Mr Peter Shea
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
PAYFAIR LIMITED
for the Year Ended 30 November 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of PAYFAIR LIMITED for the year ended 30 November 2024 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of PAYFAIR LIMITED, as a body, in accordance with the terms of our engagement letter dated 1 August 2022. Our work has been undertaken solely to prepare for your approval the accounts of PAYFAIR LIMITED and state those matters that we have agreed to state to the Board of Directors of PAYFAIR LIMITED, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PAYFAIR LIMITED and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that PAYFAIR LIMITED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of PAYFAIR LIMITED. You consider that PAYFAIR LIMITED is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of PAYFAIR LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

KCMJ LLP
Suite 1B
18 Crendon Street
High Wycombe
Bucks
HP13 6LS

4 August 2025

 

PAYFAIR LIMITED

Profit and Loss Account for the Year Ended 30 November 2024

Note

2024
£

2023
£

Turnover

 

3,000

3,753

Cost of sales

 

(6,000)

(8,900)

Gross loss

 

(3,000)

(5,147)

Administrative expenses

 

(11,069)

(17,119)

Operating loss

 

(14,069)

(22,266)

Other interest receivable and similar income

 

-

35

Interest payable and similar expenses

 

(570)

(600)

   

(570)

(565)

Loss before tax

4

(14,639)

(22,831)

Loss for the financial year

 

(14,639)

(22,831)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

PAYFAIR LIMITED

Statement of Comprehensive Income for the Year Ended 30 November 2024

2024
£

2023
£

Loss for the year

(14,639)

(22,831)

Total comprehensive income for the year

(14,639)

(22,831)

 

PAYFAIR LIMITED

(Registration number: 11705497)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

505

5

Current assets

 

Debtors

6

624

624

Cash at bank and in hand

 

1

3,443

 

625

4,067

Creditors: Amounts falling due within one year

7

(32,523)

(14,564)

Net current liabilities

 

(31,898)

(10,497)

Total assets less current liabilities

 

(31,393)

(10,492)

Creditors: Amounts falling due after more than one year

7

(9,750)

(16,012)

Net liabilities

 

(41,143)

(26,504)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(41,243)

(26,604)

Shareholders' deficit

 

(41,143)

(26,504)

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

Directors' 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 directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 4 August 2025 and signed on its behalf by:
 

.........................................
Mr Peter Shea
Director

 

PAYFAIR LIMITED

Statement of Changes in Equity for the Year Ended 30 November 2024

Share capital
£

Retained earnings
£

Total
£

At 1 December 2023

100

(26,604)

(26,504)

Loss for the year

-

(14,639)

(14,639)

At 30 November 2024

100

(41,243)

(41,143)

Share capital
£

Retained earnings
£

Total
£

At 1 December 2022

100

(3,773)

(3,673)

Loss for the year

-

(22,831)

(22,831)

At 30 November 2023

100

(26,604)

(26,504)

 

PAYFAIR LIMITED

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

1

General information

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

The address of its registered office is:
Keelings Broad House
1 The Broadway
Hatfield
Hertfordshire
AL9 5BG
UK

These financial statements were authorised for issue by the Board on 4 August 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.

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.

Tax

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.

 

PAYFAIR LIMITED

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

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:

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

PAYFAIR LIMITED

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

-

500

 

PAYFAIR LIMITED

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

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2023

3,585

3,585

At 30 November 2024

3,585

3,585

Depreciation

At 1 December 2023

3,080

3,080

At 30 November 2024

3,080

3,080

Carrying amount

At 30 November 2024

505

505

At 30 November 2023

5

5

6

Debtors

Current

2024
£

2023
£

Prepayments

624

624

 

624

624

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

-

892

Trade creditors

 

4,000

2,000

Other creditors

 

28,523

11,672

 

32,523

14,564

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

9,750

16,012

 

PAYFAIR LIMITED

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

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

ordinary shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

9,750

16,012

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

892

10

Dividends

2024

2023

£

£

Interim dividend of £Nil (2023 - £Nil) per ordinary share

-

-

 

 

11

Related party transactions

 

PAYFAIR LIMITED

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

6,000

8,400

 

PAYFAIR LIMITED

Detailed Profit and Loss Account for the Year Ended 30 November 2024

2024
 £

2023
 £

turnover (analysed below)

3,000

3,753

Cost of sales (analysed below)

(6,000)

(8,900)

Gross loss

(3,000)

(5,147)

Gross profit (%)

(100)%

(137.14)%

Administrative expenses

Establishment costs (analysed below)

(1,040)

(1,040)

General administrative expenses (analysed below)

(9,925)

(15,877)

Finance charges (analysed below)

(104)

(202)

(11,069)

(17,119)

Operating loss

(14,069)

(22,266)

Other interest receivable and similar income (analysed below)

-

35

Interest payable and similar charges (analysed below)

(570)

(600)

(570)

(565)

Loss before tax

(14,639)

(22,831)