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Company Registration No. 8386910 (England and Wales)
Payhip Ltd Unaudited accounts for the year ended 31 December 2024
Payhip Ltd Unaudited accounts Contents
Page
Company information
3
Accountants' report
4
Statement of financial position
5
Notes to the accounts
6
- 2 -
Payhip Ltd Company Information for the year ended 31 December 2024
Directors
A Farah K Farah
Company Number
8386910 (England and Wales)
Registered Office
First Floor 85 Great Portland Street London W1W 7LT
Accountants
Barnes & Scott 86-90 Paul Street London EC2A 4NE
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Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Payhip Ltd for the year ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Payhip Ltd for the year ended 31 December 2024 as set out on pages 5 - 8 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 icaew.com/membershandbook.
This report is made solely to the Board of Directors of Payhip Ltd, as a body, in accordance with the terms of our engagement letter dated 8 June 2014. Our work has been undertaken solely to prepare for your approval the accounts of Payhip Ltd and state those matters that we have agreed to state to the Board of Directors of Payhip Ltd, as a body, in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Payhip Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Payhip Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Payhip Ltd. You consider that Payhip Ltd 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 Payhip Ltd. 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.
Barnes & Scott Chartered Accountants 86-90 Paul Street London EC2A 4NE 25 September 2025
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Payhip Ltd Statement of financial position as at 31 December 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
11,538 
3,173 
Current assets
Debtors
5
49,725 
47,993 
Cash at bank and in hand
933,880 
804,702 
983,605 
852,695 
Creditors: amounts falling due within one year
6
(235,581)
(224,592)
Net current assets
748,024 
628,103 
Net assets
759,562 
631,276 
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
759,560 
631,274 
Shareholders' funds
759,562 
631,276 
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by
A Farah Director Company Registration No. 8386910
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Payhip Ltd Notes to the Accounts for the year ended 31 December 2024
1
Statutory information
Payhip Ltd is a private company, limited by shares, registered in England and Wales, registration number 8386910. The registered office is First Floor, 85 Great Portland Street, London, W1W 7LT.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for providing an e-commerce platform that enables sale of digital products and memberships in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% reducing balance
Computer equipment
25% straight line
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
- 6 -
Payhip Ltd Notes to the Accounts for the year ended 31 December 2024
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
4
Tangible fixed assets
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 January 2024
658 
18,821 
19,479 
Additions
1,029 
10,245 
11,274 
At 31 December 2024
1,687 
29,066 
30,753 
Depreciation
At 1 January 2024
582 
15,724 
16,306 
Charge for the year
47 
2,862 
2,909 
At 31 December 2024
629 
18,586 
19,215 
Net book value
At 31 December 2024
1,058 
10,480 
11,538 
At 31 December 2023
76 
3,097 
3,173 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Accrued income and prepayments
45,492 
47,993 
Other debtors
4,233 
- 
49,725 
47,993 
- 7 -
Payhip Ltd Notes to the Accounts for the year ended 31 December 2024
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
113,059 
86,641 
Trade creditors
39,762 
- 
Taxes and social security
38,988 
102,040 
Other creditors
1,513 
853 
Loans from directors
438 
3,096 
Accruals
41,821 
31,962 
235,581 
224,592 
The director loan is measured at transaction price and is interest free and repayable on demand.
7
Loans to directors
Included in debtors is an amount of £4,233 (2024: creditor of £383) owed by one of the directors. This amount was repaid within nine months of year end.
8
Average number of employees
During the year the average number of employees was 8 (2023: 3).
- 8 -