The DTE Payroll and Tax Centre Limited - Accounts to registrar (filleted) - small 18.2

The DTE Payroll and Tax Centre Limited - Accounts to registrar (filleted) - small 18.2

THE DTE PAYROLL AND TAX CENTRE LIMITED - Company Information

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REGISTERED NUMBER: 02506635 (England and Wales)















THE DTE PAYROLL AND TAX CENTRE LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2020














THE DTE PAYROLL AND TAX CENTRE LIMITED (REGISTERED NUMBER: 02506635)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


THE DTE PAYROLL AND TAX CENTRE LIMITED


COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2020







DIRECTORS: G Lovell
A McCann
R I Taylor





SECRETARY: R I Taylor





REGISTERED OFFICE: The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN





REGISTERED NUMBER: 02506635 (England and Wales)





1
THE DTE PAYROLL AND TAX CENTRE LIMITED (REGISTERED NUMBER: 02506635)


STATEMENT OF FINANCIAL POSITION
30 APRIL 2020

2020 2019
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 2,361 2,646

CURRENT ASSETS
Inventories 779 75
Debtors 5 205,669 184,818
Cash at bank 85,456 148,514
291,904 333,407
CREDITORS
Amounts falling due within one year 6 (137,317 ) (227,336 )
NET CURRENT ASSETS 154,587 106,071
TOTAL ASSETS LESS CURRENT
LIABILITIES
156,948
108,717

CAPITAL AND RESERVES
Called up share capital 126 126
Share premium 5 5
Retained earnings 156,817 108,586
SHAREHOLDERS' FUNDS 156,948 108,717

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2020 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 notes form part of these financial statements

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THE DTE PAYROLL AND TAX CENTRE LIMITED (REGISTERED NUMBER: 02506635)


STATEMENT OF FINANCIAL POSITION - continued
30 APRIL 2020


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 and authorised for issue on 28 April 2021 and were signed on its behalf by:





R I Taylor - Director


The notes form part of these financial statements

3
THE DTE PAYROLL AND TAX CENTRE LIMITED (REGISTERED NUMBER: 02506635)


NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020


1. STATUTORY INFORMATION

DTE Payroll and Tax Centre Limited is a private company, limited by shares, registered in England and Wales, registration number 02506635. The registered office is The Exchange, 5 Bank Street, Bury, BL9 0DN.

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.

The directors have considered the impact of the global Covid-19 pandemic on the company and recognise that the future cannot be predicted with any certainty. The directors expect the company to continue trading through the pandemic, as the need for its services continues, especially those in providing payroll bureau services. Procedures have been introduced to ensure that operations are conducted in accordance with Official government advice. The directors will continue to monitor and control costs as necessary and any available government backed support will be obtained as required.

The directors have considered the business risks and believe that the company is well placed to manage these risks successfully, thus the going concern basis of accounting has been adopted in preparing these financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continuously evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Making judgement based on knowledge of the customer on the level of provision required for any provision for bad debts. Further information received after the statement of financial position date may impact on the level of provision required.

Revenue
Revenue represents the aggregate of the fair value of the sales of professional services provided, net of value added tax, refunds and discounts. Services revenues are recognised as those services are provided to customers.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on reducing balance and 15% on reducing balance

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

4 continued...
THE DTE PAYROLL AND TAX CENTRE LIMITED (REGISTERED NUMBER: 02506635)


NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2020


2. ACCOUNTING POLICIES - continued

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost represents the direct purchase price.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pensions
The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the income statement.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2019 - 12 ) .

5 continued...
THE DTE PAYROLL AND TAX CENTRE LIMITED (REGISTERED NUMBER: 02506635)


NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2020


4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 May 2019 14,638
Additions 420
At 30 April 2020 15,058
DEPRECIATION
At 1 May 2019 11,992
Charge for year 705
At 30 April 2020 12,697
NET BOOK VALUE
At 30 April 2020 2,361
At 30 April 2019 2,646

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors 143,301 137,647
Other debtors 62,368 47,171
205,669 184,818

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade creditors 2,161 4,076
Amounts owed to group undertakings 2,072 118,394
Taxation and social security 117,077 92,790
Other creditors 16,007 12,076
137,317 227,336

7. CONTINGENT LIABILITIES

The company has entered into a cross guarantee with DTE Business Advisers Limited in support of a joint bank overdraft facility. As at the statement of financial position, the bank overdraft of that company amounted to £256,403 (2019 - £590,934).

8. SUBSEQUENT EVENTS

Subsequent to the year end date, interim dividends totalling £150,000 have been voted and paid.

6