Payment Partner Limited - Period Ending 2014-03-31

Registration number: 06428712

Payment Partner Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2014
 

Phillip Carroll Associates Limited
Chartered Certified Accountants
10 Ambassador Place
Stockport Road
Altrincham
Cheshire
WA15 8DB

Payment Partner Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Payment Partner Limited
for the Year Ended 31 March 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Payment Partner Limited for the year ended 31 March 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Payment Partner Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Payment Partner Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Payment Partner Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Payment Partner Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Payment Partner Limited. You consider that Payment Partner Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Payment Partner Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Phillip Carroll Associates Limited
Chartered Certified Accountants
10 Ambassador Place
Stockport Road
Altrincham
Cheshire
WA15 8DB

24 December 2014

Page 1

Payment Partner Limited
(Registration number: 06428712)
Abbreviated Balance Sheet at 31 March 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					9,507			12,500
Current assets
Stocks					4,169			8,803
Debtors		3			19,046			24,123
Cash at bank and in hand					11,129			8,728
					34,344			41,654
Creditors: Amounts falling due within one year					(25,324)			(35,268)
Net current assets					9,020			6,386
Total assets less current liabilities					18,527			18,886
Creditors: Amounts falling due after more than one year					(222,133)			(188,207)
Net liabilities					(203,606)			(169,321)
Capital and reserves
Called up share capital		4			2			2
Profit and loss account					(203,608)			(169,323)
Shareholders' deficit					(203,606)			(169,321)

For the year ending 31 March 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 24 December 2014 and signed on its behalf by:

.........................................
Mr P J Myers
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Payment Partner Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	15% reducing balance
Office equipment	25% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

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

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Payment Partner Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2013		27,740			27,740
At 31 March 2014		27,740			27,740
Depreciation
At 1 April 2013		15,240			15,240
Charge for the year		2,993			2,993
At 31 March 2014		18,233			18,233
Net book value
At 31 March 2014		9,507			9,507
At 31 March 2013		12,500			12,500

3

Debtors

Debtors includes £2,084 (2013 - £nil) receivable after more than one year.

 

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		2			2			2			2

5	Related party transactions

Directors' advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £
Mr D J Watson

Page 4

Payment Partner Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

The loan is repayable on demand and no interest has been charged.	8,335	-	3,251	-

6

Control

The company is controlled by Myers La Roche Limited, a company registered in the United Kingdom who own 100% of the issued share capital. The directors, P J Myers and D J Watson, are also directors of the holding company.

Page 5