ACCOUNTS - Final Accounts

JC PAYROLL SERVICES LIMITED - Company Information

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Registered number: 04964449

JC PAYROLL SERVICES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

JC PAYROLL SERVICES LIMITED

REGISTERED NUMBER: 04964449

BALANCE SHEET

AS AT 30 APRIL 2021

		2021		2020
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	953,909		790,372
Cash at bank and in hand		2,592		8,620
		956,501		798,992
Creditors: amounts falling due within one year	5	(751,408)		(611,332)
Net current assets			205,093		187,660
Total assets less current liabilities			205,093		187,660

Net assets			205,093		187,660

Capital and reserves
Called up share capital	3	3
Profit and loss account	205,090	187,657
	205,093	187,660

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 comprehensive income 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:

A R Peal	S R Staunton
Director	Director

Date: 12 October 2021	Date:12 October 2021

The notes on pages 2 to 5 form part of these financial statements.

Page 1

JC PAYROLL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

1.	General information

JC Payroll Services Limited is a private company limited by share capital and incorporated in England and Wales.
The Company's registered office is 2 Communications Road, Greenham Business Park, Greenham, Newbury, Berkshire, RG19 6AB.

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

Going concern

The directors have prepared financial projections which show the company to be a going concern. The financial statements have, therefore, been prepared on a going concern basis.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.4

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.

Page 2

JC PAYROLL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

2.Accounting policies (continued)

2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.6

Taxation

Tax is recognised in profit or loss 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 balance sheet date in the countries where the Company operates and generates income.

2.7

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.

2.8

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.

2.9

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.

2.10

Financial instruments

The Company only enters into basic financial instrument 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 ordinary shares.

2.11

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.

Page 3

JC PAYROLL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Employees

The average monthly number of employees, including directors, during the year was 16 (2020 - 19).

Debtors

					2021	2020
					£	£


Trade debtors	206,834	253,314
Amounts owed by group undertakings	743,220	533,371
Prepayments and accrued income	3,855	3,687
	953,909	790,372

5.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Trade creditors	8,121	9,255
Amounts owed to group undertakings	675,454	535,837
Corporation tax	46,876	43,739
Other taxation and social security	17,762	22,156
Other creditors	3,195	345
	751,408	611,332

6.	Indebtedness, guarantees and commitments

The company has given an unlimited, multilateral guarantee in respect of facilities extended by the group’s bank.

7.	Pension commitments

The company contributes to a defined contribution scheme on behalf of its employees. There are no outstanding amounts payable to the scheme at the year end (2020: £nil).

8.	Related party transactions
	The Directors have elected to take advantage of the exemption available to them under FRS 102 section 1A in respect of transactions with other group companies, where 100% of the shareholding is held within the group.

Page 4

JC PAYROLL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

9.	Controlling party

The Directors consider James Cowper LLP, an LLP registered in England and Wales, to be the ultimate parent entity of the Company, by virtue of its shareholding.
James Cowper LLP is the parent of both the smallest and largest groups for which group accounts including the company are prepared. Copies of these group accounts can be obtained from 2 Communications Road, Greenham Business Park, Greenham, Newbury, Berkshire, RG19 6AB.

10.	Auditors' information

The auditors' report on the financial statements for the year ended 30 April 2021 was unqualified.

The audit report was signed on 13 October 2021 by Martin Longmore FCA (Senior Statutory Auditor) on behalf of MHA Monahans.

Page 5