| PayItMonthly Limited |
| Registered number: |
09719909 |
| Balance Sheet |
| as at 31 December 2017 |
|
| Notes |
|
|
2017 |
|
|
2016 |
| £ |
£ |
| Fixed assets |
| Investments |
3 |
|
|
1,000 |
|
|
1,000 |
|
| Current assets |
| Debtors |
4 |
|
445,524 |
|
|
87,574 |
| Cash at bank and in hand |
|
|
75,193 |
|
|
23,412 |
|
|
|
520,717 |
|
|
110,986 |
|
| Creditors: amounts falling due within one year |
5 |
|
(335,745) |
|
|
(10,494) |
|
| Net current assets |
|
|
|
184,972 |
|
|
100,492 |
|
| Total assets less current liabilities |
|
|
|
185,972 |
|
|
101,492 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(34,320) |
|
|
(20,010) |
|
|
|
| Net assets |
|
|
|
151,652 |
|
|
81,482 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
117,950 |
|
|
64,200 |
| Profit and loss account |
|
|
|
33,702 |
|
|
17,282 |
|
| Shareholders' funds |
|
|
|
151,652 |
|
|
81,482 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Chris Pursey |
| Director |
| Approved by the board on 19 February 2018 |
|
| PayItMonthly Limited |
| Notes to the Accounts |
| for the year ended 31 December 2017 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover also includes receipts in respect of debt assigned to the company on a non recourse basis. |
|
|
Investments |
|
Investments in subsidiaries are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Debtors |
|
Trade debtors are valued at invoice value less any impairment losses for bad and doubtful debts. Loans receivable are included at transaction price less any impairment losses for bad and doubtful debts. Assigned debt is valued at invoice value in respect of non recourse debts and at original cost in respect of recourse debts, less any impairment losses for bad and doubtful debts. Impairment losses comprise debtors not currently paying together with an allowance for all future losses in respect of them. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Deferred profits represents the future profit over the term of loans receivable within debtors and is measured using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. |
|
| 2 |
Employees |
2017 |
|
2016 |
| Number |
Number |
|
|
Average number of persons employed by the company |
5 |
|
5 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
|
Cost |
|
At 1 January 2017 |
1,000 |
|
|
At 31 December 2017 |
1,000 |
|
|
|
| 4 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade debtors |
8,978 |
|
5,732 |
|
Other trade debtors |
|
6,614 |
|
76,477 |
|
Loans receivable |
|
|
|
|
423,124 |
|
- |
|
Other debtors |
6,808 |
|
5,365 |
|
|
|
|
|
|
445,524 |
|
87,574 |
|
|
|
|
|
|
|
|
|
|
Other trade debtors includes £6,614 (2016 £16,048) in respect of debt assigned on a non recourse basis and £nil (2016 £60,429) in respect of debt assigned on a recourse basis. The directors estimate that profit in respect of these debts to be realised in future periods and not yet accounted for will be £47,402 (2016 £47,172). |
|
|
| 5 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade creditors |
227,337 |
|
- |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
1,000 |
|
1,000 |
|
Taxation and social security costs |
8,680 |
|
2,791 |
|
Deferred Profit |
76,552 |
|
- |
|
Other creditors |
22,176 |
|
6,703 |
|
|
|
|
|
|
335,745 |
|
10,494 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Other creditors |
34,320 |
|
20,010 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Other information |
|
|
PayItMonthly Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
|
2.2 Montpellier House |
|
Montpellier Drive |
|
Cheltenham |
|
Gloucestershire |
|
GL50 1TY |
