Priority Payroll Services Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 04338404 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

FOR

PRIORITY PAYROLL SERVICES LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

Mrs K D Gray

C Gray

SECRETARY:

Mrs K D Gray

REGISTERED OFFICE:

Hardy House

Northbridge Road

Berkhamsted

Hertfordshire

HP4 1EF

REGISTERED NUMBER:

04338404 (England and Wales)

ACCOUNTANTS:

COLIN GRAY & CO. LIMITED

Chartered Accountants

Hardy House

Northbridge Road

Berkhamsted

Hertfordshire

HP4 1EF

FIXED ASSETS

Intangible assets

2

1

Tangible assets

3

23,937

2

23,938

3

CURRENT ASSETS

Debtors

71,626

27,875

Prepayments and accrued income

8,805

17,364

Cash at bank

40,235

17,335

120,666

62,574

CREDITORS

Amounts falling due within one year

79,680

28,995

NET CURRENT ASSETS

40,986

33,579

TOTAL ASSETS LESS CURRENT
LIABILITIES

64,924

33,582

CAPITAL AND RESERVES

Called up share capital

4

100

Profit and loss account

64,824

33,482

SHAREHOLDERS' FUNDS

64,924

33,582

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 27 December 2016 and were signed on its behalf
by:

Mrs K D Gray - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer Equipment

-

33% on cost and 25% on reducing balance

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

and 31 March 2016

1,020

AMORTISATION

At 1 April 2015

and 31 March 2016

1,019

NET BOOK VALUE

At 31 March 2016

1

At 31 March 2015

1

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

4,770

Additions

23,935

At 31 March 2016

28,705

DEPRECIATION

At 1 April 2015

and 31 March 2016

4,768

NET BOOK VALUE

At 31 March 2016

23,937

At 31 March 2015

2

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

100

Ordinary

£1

100

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the period the Company provided payroll bureau services totalling £118,695 (£58,528 - 2015) to Colin

Gray & Co. Limited , the sole shareholder of whom is a Director of this Company . All transactions were at arms

length and on normal commercial terms.