ACCOUNTS - Final Accounts

FIRMVALUE PAYROLLS LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2022-05-31truefalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2021-04-01No description of principal activity54 3356255 2021-04-01 2022-03-31 3356255 2020-04-01 2021-03-31 3356255 2022-03-31 3356255 2021-03-31 3356255 c:Director7 2021-04-01 2022-03-31 3356255 d:CurrentFinancialInstruments 2022-03-31 3356255 d:CurrentFinancialInstruments 2021-03-31 3356255 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 3356255 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 3356255 d:ShareCapital 2022-03-31 3356255 d:ShareCapital 2021-03-31 3356255 d:CapitalRedemptionReserve 2022-03-31 3356255 d:CapitalRedemptionReserve 2021-03-31 3356255 d:RetainedEarningsAccumulatedLosses 2022-03-31 3356255 d:RetainedEarningsAccumulatedLosses 2021-03-31 3356255 c:FRS102 2021-04-01 2022-03-31 3356255 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 3356255 c:FullAccounts 2021-04-01 2022-03-31 3356255 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 3356255 2 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 3356255

FIRMVALUE PAYROLLS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

For the Year Ended 31 March 2022

FIRMVALUE PAYROLLS LIMITED

Registered number: 3356255

STATEMENT OF FINANCIAL POSITION

As at 31 March 2022

		2022		2021
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	50,389		61,584
Cash at bank and in hand	5	33,224		51,328
		83,613		112,912
Creditors: amounts falling due within one year	6	(39,366)		(49,278)
Net current assets			44,247		63,634
Total assets less current liabilities			44,247		63,634

Net assets			44,247		63,634

Capital and reserves
Called up share capital	250	200
Capital redemption reserve	100	150
Profit and loss account	43,897	63,284
	44,247	63,634

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

S G Morgan

Director

Date: 31 May 2022

The notes on pages 2 to 4 form part of these financial statements.

Page 1

FIRMVALUE PAYROLLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 March 2022

1.	General information

Firmvalue Payrolls Limited is a private company limited by shares and incorporated in England. Its registered office is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT. and its company number is 03356255.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

2.4

Taxation

Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Page 2

FIRMVALUE PAYROLLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 March 2022

2.Accounting policies (continued)

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.8

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 debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Employees

The average monthly number of employees, including directors, during the year was 5 (2021 - 4).

Debtors

					2022	2021
					£	£


Trade debtors	50,389	60,819
Other debtors	-	765
	50,389	61,584

Page 3

FIRMVALUE PAYROLLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 March 2022

5.	Cash and cash equivalents
		2022	2021
		£	£

Cash at bank and in hand	33,224	51,328
	33,224	51,328

6.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Corporation tax	22,006	29,409
Other taxation and social security	13,579	16,089
Other creditors	1	-
Accruals and deferred income	3,780	3,780
	39,366	49,278

Page 4