Payne Corporations Ltd - Accounts to registrar (filleted) - small 18.2

Payne Corporations Ltd - Accounts to registrar (filleted) - small 18.2

PAYNE CORPORATIONS LTD - Company Information

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REGISTERED NUMBER: 08975750 (England and Wales)


















PAYNE CORPORATIONS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021





Gerald Thomas
Chartered Accountants
3 New Mill Court
Swansea Enterprise Park
Swansea
SA7 9FG








PAYNE CORPORATIONS LTD (REGISTERED NUMBER: 08975750)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5


PAYNE CORPORATIONS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2021







DIRECTOR: D R Payne





REGISTERED OFFICE: Unit 5 Dyffryn Close
Swansea
SA7 0AP





REGISTERED NUMBER: 08975750 (England and Wales)





ACCOUNTANTS: Gerald Thomas
Chartered Accountants
3 New Mill Court
Swansea Enterprise Park
Swansea
SA7 9FG
Page 1
PAYNE CORPORATIONS LTD (REGISTERED NUMBER: 08975750)

BALANCE SHEET
30 APRIL 2021

2021 2020
Notes £    £   
CURRENT ASSETS
Debtors 5 24,297 23,903
Cash at bank 16 -
24,313 23,903
CREDITORS
Amounts falling due within one year 6 23,798 17,166
NET CURRENT ASSETS 515 6,737
TOTAL ASSETS LESS CURRENT
LIABILITIES
515
6,737

CREDITORS
Amounts falling due after more than one
year
7
-
2,500
NET ASSETS 515 4,237

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 415 4,137
515 4,237

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 27 April 2022 and were signed by:



D R Payne - Director


The notes form part of these financial statements

Page 2
PAYNE CORPORATIONS LTD (REGISTERED NUMBER: 08975750)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021


1. STATUTORY INFORMATION

Payne Corporations Ltd 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 (£).


The balances presented in these financial statements are rounded to the nearest £1.

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 and revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and sales taxes. Revenue is recognised in the period to which it relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

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

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

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.


Page 3 continued...
PAYNE CORPORATIONS LTD (REGISTERED NUMBER: 08975750)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2021


2. ACCOUNTING POLICIES - continued
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.

Going concern
In preparing the financial statements, the director has considered the current financial position and has also assessed the financial future of the business. The director has concluded that it is appropriate to prepare the financial statements on a going concern basis. In forming this conclusion the director has considered the company's net assets and net current asset position.

The director is aware that the current economic situation remains uncertain and the director is prepared to respond to the latest developments.

After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and to meet its financial obligations as they fall due. Accordingly, the director continues to adopt the going concern basis in preparing the annual report and accounts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - 1 ).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2020 2,337
Impairments (2,337 )
At 30 April 2021 -
DEPRECIATION
At 1 May 2020 2,337
Impairments (2,337 )
At 30 April 2021 -
NET BOOK VALUE
At 30 April 2021 -

Page 4 continued...
PAYNE CORPORATIONS LTD (REGISTERED NUMBER: 08975750)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2021


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Amounts owed by related parties 24,297 19,414
Other debtors - 4,489
24,297 23,903

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts - 9,260
Trade creditors 1,500 -
Taxation and social security 203 3,638
Other creditors 22,095 4,268
23,798 17,166

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Bank loans - 2,500

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2021 and 30 April 2020:

2021 2020
£    £   
D R Payne
Balance outstanding at start of year 4,488 -
Amounts advanced - 4,488
Amounts repaid (4,488 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 4,488

Page 5