Company Registration No. 15474033 (England and Wales)
Ontime Payments Limited
Unaudited accounts
for the period from 8 February 2024 to 28 February 2025
Ontime Payments Limited
Unaudited accounts
Contents
Ontime Payments Limited
Company Information
for the period from 8 February 2024 to 28 February 2025
Directors
Simon Cockle
Miles Hance-Lambie
Timothy Philip
Company Number
15474033 (England and Wales)
Registered Office
Spaces
60 St. Martin's Lane
London
London
WC2N 4JS
England
Accountants
Adams O'Rourke Accountants Ltd
436 Woolton Road
Liverpool
L25 6JQ
Ontime Payments Limited
Statement of financial position
as at 28 February 2025
Cash at bank and in hand
813,203
Creditors: amounts falling due within one year
(31,442)
Net current assets
801,109
Total assets less current liabilities
813,375
Creditors: amounts falling due after more than one year
(10,604)
Provisions for liabilities
Called up share capital
117
Profit and loss account
(607,720)
Shareholders' funds
801,785
For the period ending 28 February 2025 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 14 October 2025 and were signed on its behalf by
Timothy Philip
Director
Company Registration No. 15474033
Ontime Payments Limited
Notes to the Accounts
for the period from 8 February 2024 to 28 February 2025
Ontime Payments Limited is a private company, limited by shares, registered in England and Wales, registration number 15474033. The registered office is Spaces, 60 St. Martin's Lane, London, London, WC2N 4JS, England.
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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.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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:
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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.
Expenditure on research is recognised as an expense in the period in which it is incurred. Development expenditure is capitalised when all of the following conditions are met:
* the project is technically feasible and intended to be completed for use or sale;
* the company has the ability and intention to complete the project;
* it can be demonstrated how the project will generate probable future economic benefits;
* adequate technical, financial and other resources are available to complete the development; and
* the expenditure attributable to the project can be measured reliably.
Capitalised development costs are included in intangible assets and are amortised on a straight-line basis over their estimated useful life, not exceeding ten years.
Where the criteria for capitalisation are not met, development expenditure is recognised as an expense in the profit and loss account as incurred.
Ontime Payments Limited
Notes to the Accounts
for the period from 8 February 2024 to 28 February 2025
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.
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.
The company is in its pre-trading phase and has not yet commenced revenue-generating activities. The financial statements have been prepared on a going concern basis, which the directors consider appropriate.
The validity of this assumption depends upon the continuing financial support of the company’s shareholders and availability of external funding facilities. The directors have received confirmation that such support will continue for the foreseeable future and for a period of at least twelve months from the date of approval of these financial statements.
Accordingly, the directors believe that the company will have adequate resources to continue in operational existence for the foreseeable future and therefore have adopted the going concern basis in preparing the financial statements.
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Intangible fixed assets
Other
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Tangible fixed assets
Computer equipment
Charge for the period
1,388
Ontime Payments Limited
Notes to the Accounts
for the period from 8 February 2024 to 28 February 2025
Amounts falling due within one year
Accrued income and prepayments
13,180
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Creditors: amounts falling due within one year
2025
Taxes and social security
215
8
Creditors: amounts falling due after more than one year
2025
Taxes and social security
10,604
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Average number of employees
During the period the average number of employees was 4.