Fair Pay Services Limited 29/06/2024 iXBRL

Company registration number: 11754947

Fair Pay Services Limited

Financial statements

29 June 2024

Fair Pay Services Limited

Contents

Directors and other information

Strategic report

Directors report

Independent auditor's report to the member

Statement of comprehensive income

Statement of financial position

Statement of changes in equity

Statement of cash flows

Notes to the financial statements

Fair Pay Services Limited

Directors and other information


Directors	Mr A J Holby	(Appointed 8 January 2019)(Resigned 30 January 2025)
	Mr L Mulligan	(Appointed 23 January 2025)


Company number	11754947


Registered office	Vulcan Works
	34-38 Guildhall Road
	Northampton
	England
	NN1 1EW


Auditor	Ashford Chartered Accountants Statutory Auditor
	2 Manor Court
	Manor Mill Lane
	Leeds
	LS11 8LQ

Fair Pay Services Limited

Strategic report

Period ended 29 June 2024

Principal activity

The principal activity of the company is that of providing a compliant range of contracting and payroll services.

Fair review of the business

Fair Pay Services sales have grown in the period by 82.22% (2024 - £32.40m; 2023 - £17.78m).

Whilst some turnover increase is due to our expansion into new recruitment industries that have higher hourly rates of pay, the margin has also increased by 270% (2024 - £1,276,345; 2023 - £472,606).

This increase in activity has come through increased sales activity. Sales staff have developed their skills and knowledge in the industry, allowing them to increase activity on both current customers and new.

The overall net profit for the period was £144,002 (2023 - £254,282).

At the year end, the company had net assets of £316,172 (2023 - £262,170).

The Directors have forecast that the company has sufficient resources to continue with its current strategy and expects to remain in a profit-making position in the year ahead.

Principal risks and uncertainties

Competition is a significant risk to the company. With the current market discussion regarding compliance and the focus from HMRC to remove non-compliant offerings in the industry, expectations for growth are high. Our focus is to provide consistently good quality service at a reasonable price to retain existing customers, as well as attract new ones through positive customer reviews.

Technology continues to advance in a positive way to enhance the customer experience and we work with our suppliers to ensure that our customer facing technology continues to develop as new and exciting methods of communicating become available.

This report was approved by the board of directors on 29 September 2025 and signed on behalf of the board by:

Mr L Mulligan

Director

Fair Pay Services Limited

Directors report

Period ended 29 June 2024

The directors present their report and the financial statements of the company for the period ended 29 June 2024.

Directors

The directors who served the company during the period were as follows:


Mr A J Holby				(Appointed 8 January 2019)(Resigned 30 January 2025)

Dividends

Particulars of recommended dividends are detailed in note 9 to the financial statements.

Directors responsibilities statement

The directors are responsible for preparing the strategic report, directors report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgments and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

This report was approved by the board of directors on 29 September 2025 and signed on behalf of the board by:

Mr L Mulligan

Director

Fair Pay Services Limited

Independent auditor's report to the member of

Fair Pay Services Limited

Period ended 29 June 2024

Opinion

We have audited the financial statements of Fair Pay Services Limited (the 'company') for the period ended 29 June 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the company's affairs as at 29 June 2024 and of its profit for the period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the company's member, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to him in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member as a body, for our audit work, for this report, or for the opinions we have formed.

Pavanjeet Singh Bagri (BA FCA CTA) (Senior Statutory Auditor)

For and on behalf of

Ashford Chartered Accountants Statutory Auditor

2 Manor Court

Manor Mill Lane

Leeds

LS11 8LQ

29 September 2025

Fair Pay Services Limited

Statement of comprehensive income

Period ended 29 June 2024

		Period	Year
		ended	ended
		29/06/24	30/06/23
	Note	£	£


			as restated
			-see note 17

Turnover		32,406,548	17,781,573
Cost of sales		( 31,130,203)	( 17,308,967)
		_______	_______
Gross profit		1,276,345	472,606

Administrative expenses		( 1,041,649)	( 195,972)
Other operating income	3	71,233	32,009
		_______	_______
Operating profit		305,929	308,643

Other interest receivable and similar income		18,550	11,087
Interest payable and similar expenses	7	( 128,790)	( 865)
Profit before taxation		195,689	318,865

Tax on profit	8	( 51,687)	( 64,583)
		_______	_______
Profit for the financial period and total comprehensive income		144,002	254,282
		_______	_______

All the activities of the company are from continuing operations.

Fair Pay Services Limited

Statement of financial position

29 June 2024

			29/06/24		30/06/23
					as restated
					- see note 17
		Note	£	£	£	£

Fixed assets
Intangible assets		10	522,740		-
Tangible assets		11	39,461		52,970
			_______		_______
				562,201		52,970

Current assets
Debtors:
	Amounts falling due within one year	12	3,033,358		316,251
Cash at bank and in hand			1,707,021		341,644
			_______		_______
			4,740,379		657,895
Creditors: amounts falling due
within one year		13	( 4,977,857)		( 429,528)
			_______		_______
Net current (liabilities)/assets				( 237,478)		228,367
				_______		_______
Total assets less current liabilities				324,723		281,337

Creditors: amounts falling due
after more than one year		14		( 8,551)		( 19,167)
				_______		_______
Net assets				316,172		262,170
				_______		_______

Capital and reserves
Called up share capital		15		100		100
Profit and loss account				316,072		262,070
				_______		_______
Shareholder funds				316,172		262,170
				_______		_______

These financial statements were approved by the board of directors and authorised for issue on 29 September 2025 , and are signed on behalf of the board by:

Mr L Mulligan

Director

Company registration number: 11754947

Fair Pay Services Limited

Statement of changes in equity

Period ended 29 June 2024

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 July 2022	100	7,788	7,888

Profit for the period		254,282	254,282
	_______	_______	_______
Total comprehensive income for the period	-	254,282	254,282

	_______	_______	_______
At 30 June 2023 and	100	262,070	262,170

Profit for the period		144,002	144,002
	_______	_______	_______
Total comprehensive income for the period	-	144,002	144,002

Dividends paid and payable		( 90,000)	( 90,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 90,000)	( 90,000)

	_______	_______	_______
At 29 June 2024	100	316,072	316,172
	_______	_______	_______

Fair Pay Services Limited

Statement of cash flows

Period ended 29 June 2024

	Period	Year
	ended	ended
	29/06/24	30/06/23
	£	£

Cash flows from operating activities
Profit for the financial period	144,002	254,282

Adjustments for:
Depreciation of tangible assets	13,509	10,600
Amortisation of intangible assets	8,860	-
Other interest receivable and similar income	( 18,550)	( 11,087)
Interest payable and similar expenses	128,790	865
Gain/(loss) on disposal of tangible assets	-	4,100
Tax on profit	51,687	64,583

Changes in:
Trade and other debtors	( 2,717,107)	( 314,516)
Trade and other creditors	4,492,827	( 399,065)
	_______	_______
Cash generated from operations	2,104,018	( 390,238)

Interest paid	( 128,790)	( 865)
Interest received	18,550	11,087
Tax paid	-	( 6,629)
	_______	_______
Net cash from/(used in) operating activities	1,993,778	( 386,645)
	_______	_______

Cash flows from investing activities
Purchase of tangible assets	-	( 63,429)
Proceeds from sale of tangible assets	-	40,010
Purchase of intangible assets	( 531,600)	-
	_______	_______
Net cash used in investing activities	( 531,600)	( 23,419)
	_______	_______

Cash flows from financing activities
Proceeds from borrowings	( 6,801)	( 10,000)
Equity dividends paid	( 90,000)	-
	_______	_______
Net cash used in financing activities	( 96,801)	( 10,000)
	_______	_______

Net increase/(decrease) in cash and cash equivalents	1,365,377	( 420,064)
Cash and cash equivalents at beginning of period	341,644	761,718
	_______	_______
Cash and cash equivalents at end of period	1,707,021	341,654
	_______	_______

Fair Pay Services Limited

Notes to the financial statements

Period ended 29 June 2024

1. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

2. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Motor vehicles	-	20 %	straight line
User defined asset	-	33.33 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

3. Other operating income

	Period	Year
	ended	ended
	29/06/24	30/06/23
	£	£
Commission receivable	71,170	32,009
Other operating income	63	-
	_______	_______
	71,233	32,009
	_______	_______

4. Auditors remuneration

	Period	Year
	ended	ended
	29/06/24	30/06/23
	£	£
Fees payable to Ashford Chartered Accountants Statutory Auditor
Fees payable for the audit of the financial statements	15,000	12,500
	_______	_______

5. Staff costs

The average number of persons employed by the company during the period, including the directors, amounted to:

	Period	Year
	ended	ended
	29/06/24	30/06/23
Administrative staff	4	4
Contracting	2,297	837
	_______	_______
	2,301	841
	_______	_______

The aggregate payroll costs incurred during the period were:

	Period	Year
	ended	ended
	29/06/24	30/06/23
	£	£
Wages and salaries	25,756,258	14,834,888
Social security costs	2,606,728	1,610,562
Other pension costs	652,609	302,996
	_______	_______
	29,015,595	16,748,446
	_______	_______

6. Directors remuneration

The directors aggregate remuneration in respect of qualifying services was:

	Period	Year
	ended	ended
	29/06/24	30/06/23
	£	£
Remuneration	36,583	12,000
Company contributions to pension schemes in respect of qualifying services	173,900	-
	_______	_______
	210,483	12,000
	_______	_______

7. Interest payable and similar expenses

		Period	Year
		ended	ended
		29/06/24	30/06/23
		£	£
Other loans made to the company:
	Other interest	128,790	865
		_______	_______
		128,790	865
		_______	_______

8. Tax on profit

Major components of tax expense

	Period	Year
	ended	ended
	29/06/24	30/06/23
	£	£
Current tax:
UK current tax expense	51,687	64,583
	_______	_______
Tax on profit	51,687	64,583
	_______	_______

Reconciliation of tax expense

The tax assessed on the profit for the period is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25.00 % (2023: 20.50%).

	Period	Year
	ended	ended
	29/06/24	30/06/23
	£	£
Profit before taxation	195,689	318,865
	_______	_______

Profit multiplied by rate of tax	48,922	65,367
Effect of expenses not deductible for tax purposes	-	2,100
Effect of capital allowances and depreciation	3,377	( 2,884)
Marginal relief	( 612)	-
	_______	_______
Tax on profit	51,687	64,583
	_______	_______

9. Dividends

Equity dividends

	Period	Year
	ended	ended
	29/06/24	30/06/23
	£	£
Dividends paid during the period (excluding those for which a liability existed at the end of the prior period)	90,000	-
	_______	_______

10. Intangible assets

	Goodwill	Total
	£	£
Cost
At	-	-
Business combinations	531,600	531,600
	_______	_______
At 29 June 2024	531,600	531,600
	_______	_______
Amortisation
At	-	-
Charge for the period	8,860	8,860
	_______	_______
At 29 June 2024	8,860	8,860
	_______	_______
Carrying amount
At 29 June 2024	522,740	522,740
	_______	_______
At 30 June 2023	-	-
	_______	_______

11. Tangible assets

	Motor vehicles	Tangible assets - user defined	Total
	£	£	£
Cost
At and 29 June 2024	58,180	5,804	63,984
	_______	_______	_______
Depreciation
At	8,727	2,287	11,014
Charge for the year	11,636	1,873	13,509
	_______	_______	_______
At 29 June 2024	20,363	4,160	24,523
	_______	_______	_______
Carrying amount
At 29 June 2024	37,817	1,644	39,461
	_______	_______	_______
At 30 June 2023	49,453	3,517	52,970
	_______	_______	_______

12. Debtors

Debtors falling due within one year are as follows:

	29/06/24	30/06/23
	£	£
Trade debtors	2,232,227	( 602,679)
Amounts owed by customers on construction contracts	260,652	567,975
Prepayments and accrued income	311,839	339,605
Other debtors	228,640	11,350
	_______	_______
	3,033,358	316,251
	_______	_______

13. Creditors: amounts falling due within one year

	29/06/24	30/06/23
	£	£
Bank loans and overdrafts	13,815	10,000
Trade creditors	2,912,554	( 582)
Corporation tax	109,641	57,954
Social security and other taxes	1,533,111	775,885
Director loan accounts	-	12,954
Other creditors	408,736	( 426,683)
	_______	_______
	4,977,857	429,528
	_______	_______

14. Creditors: amounts falling due after more than one year

	29/06/24	30/06/23
	£	£
Bank loans and overdrafts	8,551	19,167
	_______	_______

15. Called up share capital

Issued, called up and fully paid

	29/06/24		30/06/23
	No	£	No	£
Ordinary shares of £ 1.00 each	100	100	100	100
	_______	_______	_______	_______

16. Directors advances, credits and guarantees

	During the period the directors entered into the following advances and credits with the company:

Period ended 29/06/24
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr A J Holby	( 12,954)	137,770	124,816
		_______	_______	_______

Year ended 30/06/23
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr A J Holby	-	( 12,954)	( 12,954)
		_______	_______	_______

17. Prior Year Restatement

During the current year, a cut-off error was identified in respect of payroll invoicing and the associated recognition of income and assets at the prior year-end. Certain payroll transactions were omitted from the correct accounting period, resulting in an understatement of 'Revenue’, ‘Current assets’, and the associated corporation tax liability in the financial statements for the year ended 30 June 2023. Accordingly, the prior year balances have been restated as follows: - ‘Revenue’ increased by £315,828 - ‘Current assets’ increased by £315,828 - ‘Corporation tax creditor’ increased by £64,583 The net impact of the above adjustment is an increase of £251,245 in the Company’s net assets