Small Business Payroll Service Ltd Company Accounts

Small Business Payroll Service Ltd Company Accounts

SMALL BUSINESS PAYROLL SERVICE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03770538
Small Business Payroll Service Ltd
Filleted Unaudited Financial Statements
30 June 2017
Small Business Payroll Service Ltd
Financial Statements
Year ended 30 June 2017
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
The following pages do not form part of the financial statements
Accountants report to the director on the preparation of the unaudited statutory financial statements
8
Small Business Payroll Service Ltd
Statement of Financial Position
30 June 2017
2017
2016
Note
£
£
£
£
Fixed assets
Intangible assets
5
8,180
9,500
Tangible assets
6
4,984
5,105
--------
--------
13,164
14,605
Current assets
Debtors
7
12,812
8,181
Cash at bank and in hand
19,760
32,548
--------
--------
32,572
40,729
Creditors: amounts falling due within one year
8
57,229
70,993
--------
--------
Net current liabilities
24,657
30,264
--------
--------
Total assets less current liabilities
( 11,493)
( 15,659)
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 11,495)
( 15,661)
--------
--------
Members deficit
( 11,493)
( 15,659)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Small Business Payroll Service Ltd
Statement of Financial Position (continued)
30 June 2017
These financial statements were approved by the board of directors and authorised for issue on 23 August 2017 , and are signed on behalf of the board by:
Mr D M Kendal
Director
Company registration number: 03770538
Small Business Payroll Service Ltd
Notes to the Financial Statements
Year ended 30 June 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Earlstrees Court, Corby, Northants, NN17 4AX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixture and fittings
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2016: 4 ).
5. Intangible assets
Goodwill
£
Cost
At 1 July 2016
25,800
Additions
1,400
--------
At 30 June 2017
27,200
--------
Amortisation
At 1 July 2016
16,300
Charge for the year
2,720
--------
At 30 June 2017
19,020
--------
Carrying amount
At 30 June 2017
8,180
--------
At 30 June 2016
9,500
--------
6. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 July 2016
50,873
50,873
Additions
1,541
1,541
--------
--------
At 30 June 2017
52,414
52,414
--------
--------
Depreciation
At 1 July 2016
45,768
45,768
Charge for the year
1,662
1,662
--------
--------
At 30 June 2017
47,430
47,430
--------
--------
Carrying amount
At 30 June 2017
4,984
4,984
--------
--------
At 30 June 2016
5,105
5,105
--------
--------
7. Debtors
2017
2016
£
£
Trade debtors
5,056
3,719
Other debtors
7,756
4,462
--------
-------
12,812
8,181
--------
-------
8. Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
8,802
23,545
Corporation tax
979
–
Other creditors
47,448
47,448
--------
--------
57,229
70,993
--------
--------
9. Related party transactions
The company was under the control of Mr D M Kendal throughout the current and previous year. Mr D M Kendal is the managing director and majority shareholder.
Small Business Payroll Service Ltd
Management Information
Year ended 30 June 2017
The following pages do not form part of the financial statements.
Small Business Payroll Service Ltd
Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Small Business Payroll Service Ltd
Year ended 30 June 2017
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 30 June 2017, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
DENTON TAVARA LTD Accountants
6 Alfred Street Rushden Northants NN10 9YS
23 August 2017