SGW Payroll Limited - Accounts to registrar (filleted) - small 18.2
SGW Payroll Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2021 |
| for |
| SGW Payroll Limited |
| SGW Payroll Limited (Registered number: 06368331) |
| Contents of the Financial Statements |
| for the year ended 31 March 2021 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| Directors' Responsibilities Statement | 9 |
| Independent Accountants' Review Report | 10 |
| SGW Payroll Limited |
| Company Information |
| for the year ended 31 March 2021 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Datum House |
| Electra Way |
| Crewe |
| Cheshire |
| CW1 6ZF |
| SGW Payroll Limited (Registered number: 06368331) |
| Statement of Financial Position |
| 31 March 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Tangible assets | 6 |
| CURRENT ASSETS |
| Debtors: amounts falling due within one year | 7 |
| Debtors: amounts falling due after more than one year |
7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| SGW Payroll Limited (Registered number: 06368331) |
| Statement of Financial Position - continued |
| 31 March 2021 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| SGW Payroll Limited (Registered number: 06368331) |
| Notes to the Financial Statements |
| for the year ended 31 March 2021 |
| 1. | STATUTORY INFORMATION |
| SGW Payroll Limited ('The Company') is primarily engaged in the operation of a payroll bureau. |
| The company is a private company limited by shares and is incorporated in England and Wales. The address of the principal place of business and of the registered office is Arnold Haase House, Duchy Road, Crewe, Cheshire, CW1 6ND. The registered number can be found on the Company Information page. |
| The functional and presentational currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £. |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Summary of significant accounting policies |
| The principle accounting policies applied in the preparation of these financial statements are set out below. |
| These policies have been consistently applied to all years presented, unless otherwise stated. |
| Basis of preparation |
| The financial statements are prepared on the going concern basis under the historical cost convention and comply with the United Kingdom Accounting Standards and Companies Act 2006. |
| Going concern |
| No material uncertainties, including any related to COVID-19, that may cast doubt about the ability of the company to continue as a going concern have been identified by the directors. |
| Therefore the directors consider it appropriate to prepare the financial statements on the going concern basis. |
| Revenue recognition |
| Turnover is measured at the fair value of the consideration received or receivable and represents amounts received or receivable for services rendered, stated net of discounts and of Value Added Tax and inclusive of postal charges. |
| 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. |
| Computer software is being amortised evenly over is estimated useful life of three and five years. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Computer equipment | - |
| 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 end of the financial year. |
| SGW Payroll Limited (Registered number: 06368331) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2021 |
| 3. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| end of the financial year. |
| 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 |
| 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. |
| Impairment of assets |
| Assets not measured at fair value are reviewed for any indications that the asset may be impaired at each statement of financial position date. If such indications exists the recoverable amount of the asset or the assets cash generating unit is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
| Any losses arising from impairment are recognised in the Statement of Comprehensive Income under the appropriate heading. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | INTANGIBLE FIXED ASSETS |
| Computer |
| software |
| £ |
| COST |
| At 1 April 2020 |
| and 31 March 2021 |
| AMORTISATION |
| At 1 April 2020 |
| Amortisation for year |
| At 31 March 2021 |
| NET BOOK VALUE |
| At 31 March 2021 |
| At 31 March 2020 |
| SGW Payroll Limited (Registered number: 06368331) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2021 |
| 6. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2020 |
| Additions |
| At 31 March 2021 |
| DEPRECIATION |
| At 1 April 2020 |
| Charge for year |
| At 31 March 2021 |
| NET BOOK VALUE |
| At 31 March 2021 |
| At 31 March 2020 |
| 7. | DEBTORS |
| 2021 | 2020 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Loans owed by related parties | 19,951 | 225,906 |
| Directors' loan accounts | 1,445,000 | 390,000 |
| Called up share capital not paid |
| Prepayments and accrued income |
| Amounts falling due after more than one year: |
| Loans owed by related parties |
| Deferred tax asset | 12,455 | 12,695 |
| Aggregate amounts |
| Loans owed by related parties are unsecured. A loan of £7,957 is interest free and repayable on demand. The remainder of the loans have interest charged at an annual rate of 3% and are repayable within five years. |
| SGW Payroll Limited (Registered number: 06368331) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2021 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 49,608 | 61,649 |
| Amounts owed to related |
| parties | 10,634 | 44,247 |
| Accrued expenses |
| Amounts owed to related parties are unsecured, interest free and repayable on demand. |
| 9. | PROVISIONS FOR LIABILITIES |
| 2021 | 2020 |
| £ | £ |
| Other provisions |
| Leave pay provision | 13,141 | 14,719 |
| Leave |
| pay |
| provision |
| £ |
| Balance at 1 April 2020 |
| Charge to Income Statement during year |
| Utilised during year | ( |
) |
| Balance at 31 March 2021 |
| 10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 March 2021 and 31 March 2020: |
| 2021 | 2020 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Interest totalling £21,326 (2020: £2,923) was chargeable in respect of the director's loan balances during the year. The above loan was cleared during the year ending 31 March 2022. |
| SGW Payroll Limited (Registered number: 06368331) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2021 |
| 11. | RELATED PARTY DISCLOSURES |
| Transactions with related parties during the year and balances outstanding at the end of the reporting period were as follows: |
| Entities under common control: |
| 2021 | 2020 |
| £ | £ |
| Interest receivable from entities | 765 | 1,567 |
| Management fees paid to entities | 128,397 | 154,118 |
| Loans owed by entities | 119,951 | 741,899 |
| Amounts owed to entities | 10,634 | 44,247 |
| 12. | SUBSEQUENT EVENTS |
| The effects of the COVID-19 pandemic started in mid-March 2020 and continue to the date of the signing of these financial statements.The company has adapted its operations to overcome the many challenges that have arisen as a result, including the need to protect its employees. Due to the nature of the company's activities there has been no reduction in the demand for its services since this date. Therefore the company remains in a sound financial position at the date these accounts were signed notwithstanding COVID-19. Consequently, the directors do not consider any additional disclosure regarding going concern is required in the accounting policies disclosed on page 7. |
| Directors' Responsibilities Statement |
| on the Unaudited Financial Statements of |
| SGW Payroll Limited |
| The following reproduces the text of the report prepared for the directors and members 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 Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| We confirm that as directors we have met our duty in accordance with the Companies Act 2006 to: |
| - | ensure that the company has kept proper accounting records; |
| - | prepare financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2021 and of its profit for that period in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and |
| - | follow the applicable accounting policies, subject to any material departures disclosed and explained in the notes to the financial statements. |
| ON BEHALF OF THE BOARD: |
| 20 December 2021 |
| Independent Accountants' Review Report to the Directors of |
| SGW Payroll Limited |
| 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 Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| We have reviewed the financial statements of SGW Payroll Limited for the year ended 31 March 2021, which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes 1 to 13. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
| This report is made solely to the company's directors, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's directors as a body for our work, for this report or the conclusions we have formed. |
| Directors' responsibility for the financial statements |
| As explained more fully in the Directors' Responsibilities Statement set out on page thirteen, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. |
| Accountants' responsibility |
| Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF 'Assurance review engagements on historical financial statements'. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics. |
| Scope of the assurance review |
| A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements. |
| Conclusion |
| Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared: |
| - | so as to give a true and fair view of the state of the company's affairs as at 31 March 2021 and of its profit for the year then ended; |
| - | in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and |
| - | in accordance with the requirements of the Companies Act 2006. |
| Datum House |
| Electra Way |
| Crewe |
| Cheshire |
| CW1 6ZF |