PayItMonthly Limited
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Registered number: |
09719909
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Balance Sheet |
as at 31 December 2020
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Notes |
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2020 |
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|
2019 |
£ |
£ |
Fixed assets |
Investments |
3 |
|
|
1,000 |
|
|
1,000 |
|
Current assets |
Debtors |
4 |
|
2,138,764 |
|
|
2,895,818 |
Cash at bank and in hand |
|
|
212,946 |
|
|
116,487 |
|
|
|
2,351,710 |
|
|
3,012,305 |
|
Creditors: amounts falling due within one year |
5 |
|
(1,018,576) |
|
|
(1,253,295) |
|
Net current assets |
|
|
|
1,333,134 |
|
|
1,759,010 |
|
Total assets less current liabilities |
|
|
|
1,334,134 |
|
|
1,760,010 |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(980,355) |
|
|
(1,507,988) |
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|
|
Net assets |
|
|
|
353,779 |
|
|
252,022 |
|
|
|
|
|
|
|
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Capital and reserves |
Called up share capital |
|
|
|
124,093 |
|
|
124,093 |
Share premium |
|
|
|
41,957 |
|
|
41,957 |
Profit and loss account |
|
|
|
187,729 |
|
|
85,972 |
|
Shareholders' funds |
|
|
|
353,779 |
|
|
252,022 |
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|
|
|
|
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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.
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The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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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.
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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.
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Chris Pursey |
Director |
Approved by the board on 8 February 2021
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PayItMonthly Limited
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Notes to the Accounts |
for the year ended 31 December 2020
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1 |
Accounting policies |
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Basis of preparation |
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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).
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Turnover |
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Turnover is principally credit charges made when loans receivable are granted (net of an allowance for impairment losses) which are spread on a prorata basis as the loans are repaid. Turnover includes revenue earned from the rendering of services which is measured at the fair value of the consideration received or receivable net of VAT. Turnover also includes receipts in respect of debt assigned to the company on a non recourse basis.
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Tangible and intangible fixed assets |
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Purchases and expenditure on development projects do not have a material realisable value and are expensed as incurred.
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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Debtors |
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Loans receivable are included at the principal value less impairment losses for bad and doubtful debts. Impairment losses are estimated and provided for when the loan is set up with the adequacy of the estimate being reviewed at the year end. Trade debtors are valued at invoice value less impairment losses for bad and doubtful debts.
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Creditors |
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Creditors are measured at transaction value. Deferred profits represents credit charges in respect of loans receivable which have not yet been included in turnover.
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods net of R&D tax credits. A current tax asset is recognised in respect of R&D tax credits that are due to be received.
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Share Premium Account |
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New capital of £1 million was sought in 2018 to assist the expansion of the company and this was achieved by way of additional equity and debt. The costs of this exercise, which included £18,000 in 2019, have been deducted from the Share Premium Account. The costs of raising further debt are not deducted from the Share Premium account but are amortised over the period the costs relate to.
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate.
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2 |
Employees |
2020 |
|
2019 |
Number |
Number |
|
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Average number of persons employed by the company |
11 |
|
10 |
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|
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3 |
Investments |
Investments in |
subsidiary |
undertakings |
£ |
|
Cost |
|
At 1 January 2020 |
1,000 |
|
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At 31 December 2020 |
1,000 |
|
|
|
|
|
|
|
|
|
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Historical cost |
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At 1 January 2020 |
1,000 |
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At 31 December 2020 |
1,000 |
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|
|
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4 |
Debtors |
2020 |
|
2019 |
£ |
£ |
|
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Trade debtors |
12,193 |
|
16,838 |
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Loans receivable |
2,105,665 |
|
2,863,378 |
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Corporation tax |
|
|
|
|
3,715 |
|
4,111 |
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Other debtors |
17,191 |
|
11,491 |
|
|
|
|
|
|
2,138,764 |
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2,895,818 |
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|
|
|
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Amounts due after more than one year included in loans receivable. |
|
|
|
175,815 |
|
140,064 |
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|
|
|
|
|
|
|
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|
5 |
Creditors: amounts falling due within one year |
2020 |
|
2019 |
£ |
£ |
|
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Bank loans and overdrafts |
48,542 |
|
39,233 |
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Trade creditors |
742,645 |
|
746,156 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
1,000 |
|
1,000 |
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Deferred profits |
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|
|
|
197,014 |
|
420,498 |
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Taxation and social security costs |
4,680 |
|
6,166 |
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Other creditors |
24,695 |
|
40,242 |
|
|
|
|
|
|
1,018,576 |
|
1,253,295 |
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|
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6 |
Creditors: amounts falling due after one year |
2020 |
|
2019 |
£ |
£ |
|
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Bank loans |
824,249 |
|
1,373,138 |
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Trade creditors |
152,485 |
|
120,872 |
|
Other creditors |
3,621 |
|
13,978 |
|
|
|
|
|
|
980,355 |
|
1,507,988 |
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Trade creditors due after one year are not payable until the money due from the debtor that they relate to (and which is also due after one year) has been paid. |
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7 |
Loans |
2020 |
|
2019 |
£ |
£ |
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Creditors include: |
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Secured bank loans |
630,000 |
|
1,412,371 |
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The bank loans are secured by a debenture over the assets of the company.
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8 |
Other financial commitments |
2020 |
|
2019 |
£ |
£ |
|
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Total future minimum payments under non-cancellable operating leases |
|
30,667 |
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47,667 |
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|
|
|
|
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9 |
Related party transactions |
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The bank loans in note 7 were provided by Conister Bank Limited, a company registered in the Isle of Man and a subsidiary of Manx Financial Group PLC, also registered in the Isle of Man. Bradburn Limited, a fellow subsidiary of Manx Financial Group PLC and also registered in the Isle of Man, held a participating interest in the company throughout the year. Interest payable on the loans was £109,532 (2018 £91,005) and was incurred at commercial rates of interest.
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Bank loans include an unsecured bank loan provided in 2020 through the Coronavirus Business Interruption Loan Scheme via Conister Finance & Leasing Limited as an accredited lender of British Business Bank. Conister Finance & Leasing Limited is also a subsidiary of Manx Financial PLC. The balance outstanding at 31st December 2020 was £242,791. No interest is charged in the first year of the loan. |
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10 |
Other information |
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PayItMonthly Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Gainsborough House |
|
42 Bath Road |
|
Cheltenham |
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GL53 7HW |