Celerity Payroll Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04198766 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019

FOR

CELERITY PAYROLL SERVICES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

L Bulmer

C Boxall

SECRETARY:

L Bulmer

REGISTERED OFFICE:

Advo House

St Leonards Road

Maidstone

Kent

ME16 0LS

REGISTERED NUMBER:

04198766 (England and Wales)

ACCOUNTANTS:

BSR Bespoke Chartered Accountants

Linden House

Linden Close

Tunbridge Wells

Kent

TN4 8HH

FIXED ASSETS

Intangible assets

4

5,656

11,312

Tangible assets

5

14,497

4,241

20,153

15,553

CURRENT ASSETS

Debtors

6

177,129

249,201

Cash at bank

50,632

62,002

227,761

311,203

CREDITORS

Amounts falling due within one year

7

87,235

101,804

NET CURRENT ASSETS

140,526

209,399

TOTAL ASSETS LESS CURRENT LIABILITIES

160,679

224,952

CREDITORS

Amounts falling due after more than one year

8

5,992

-

NET ASSETS

154,687

224,952

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

154,587

224,852

SHAREHOLDERS' FUNDS

154,687

224,952

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 14 November 2019 and were signed on its behalf by:

L Bulmer - Director

1.	STATUTORY INFORMATION

Celerity Payroll Services Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Revenue is recognised when it is probable that future economic benefits will flow to the company from the

provision of contracts for the sale of professional services and is measured as the fair value of consideration

which the company expects to receive from those transactions. Revenue is recognised from the provision of

services as the value of professional services provided is delivered to the customer. Where the normal criteria

for the recognition of revenue are not met or are varied, then revenue is recognised at the point when control has

passed to the customer which could be when legal title has passed to the customer or when the business has a

right to payment such as on delivery or when cash payment has been made to the company.

When the outcome of a services contract can be estimated reliably, contract revenue and associated expenditure

are recognised by reference to the stage of completion of the contract at the reporting date.

When the outcome of a services contract cannot be estimated reliably, contract revenue shall only be recognised

to the extent of the amount of associated expenditure incurred and it is probable that the contract revenue will be

recoverable.

Provision will be made for all losses arising from a services contract where it is probable that current and future

contract expenditure exceeds contract revenue.

Any income which is unbilled at the reporting date is included as accrued income within Debtors and any prepaid

income is included as deferred income within Creditors.

Revenue is recognised net of returns and of trade discounts but includes expenses and disbursements and is

shown exclusive of value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2001, was being amortised

over its estimated useful life of 20 years. After a review of the useful life, this was amended to 5 years in 2016.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Office equipment

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2018 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2018

and 31 March 2019

80,800

AMORTISATION

At 1 April 2018

69,488

Amortisation for year

5,656

At 31 March 2019

75,144

NET BOOK VALUE

At 31 March 2019

5,656

At 31 March 2018

11,312

5.	TANGIBLE FIXED ASSETS

Fixtures

Office

and

Computer

equipment

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2018

4,264

1,858

10,753

16,875

Additions

12,645

-

2,442

15,087

At 31 March 2019

16,909

1,858

13,195

31,962

DEPRECIATION

At 1 April 2018

3,893

1,301

7,440

12,634

Charge for year

3,255

138

1,438

4,831

At 31 March 2019

7,148

1,439

8,878

17,465

NET BOOK VALUE

At 31 March 2019

9,761

419

4,317

14,497

At 31 March 2018

371

557

3,313

4,241

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Office

equipment

£

COST

Additions

12,645

At 31 March 2019

12,645

DEPRECIATION

Charge for year

3,162

At 31 March 2019

3,162

NET BOOK VALUE

At 31 March 2019

9,483

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

33,720

52,130

Amounts owed by group undertakings

142,171

195,833

Other debtors

780

780

Prepayments

458

458

177,129

249,201

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Hire purchase contracts (see note 9)

4,227

-

Trade creditors

11,579

5,343

Tax

27,340

59,470

Social security and other taxes

4,114

5,447

VAT

15,618

12,948

Other creditors

20,165

16,396

Accruals and deferred income

1,225

-

Accrued expenses

2,967

2,200

87,235

101,804

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Hire purchase contracts (see note 9)

5,992

-

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.3.19

31.3.18

£

£

Net obligations repayable:

Within one year

4,227

-

Between one and five years

5,992

-

10,219

-

Non-cancellable

operating leases

31.3.19

31.3.18

£

£

Within one year

14,942

10,552

Between one and five years

7,394

13,190

22,336

23,742

10.	RELATED PARTY DISCLOSURES

11.	SECURED DEBTS

The company has given a fixed and floating charge dated 1 April 2016 over all of the assets of the company in

favour of the bank to cover the bank loans advanced to the company's parent.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Celerity Payroll Services Limited for the year ended 31 March 2019 which comprise the Income

Statement, Balance Sheet, Statement of Changes in Equity and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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

It is your duty to ensure that Celerity Payroll Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Celerity Payroll Services Limited. You consider that Celerity Payroll Services 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 financial statements of Celerity Payroll Services 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 financial statements.

BSR Bespoke Chartered Accountants

Linden House

Linden Close

Tunbridge Wells

Kent

TN4 8HH

14 November 2019