Registration number:
ePayMe Limited
for the Year Ended 31 December 2019
ePayMe Limited
Company Information
Director |
Mrs S J Sharpe |
Registered office |
|
Auditors |
|
ePayMe Limited
Strategic Report for the Year Ended 31 December 2019
The director presents her strategic report for the year ended 31 December 2019.
Principal activity
The principal activity of the company is that of providing a compliant range of contracting and payroll services.
Fair review of the business
The business continues to operate as an Outsourced Payroll Provider to the recruitment industry offering compliant PAYE and Construction Industry Scheme services to contract and freelance workers within the UK.
In common with many businesses in our sector, the environment in which we operate continues to be challenging. New legislations continue to be introduced and we consider that our expertise will enable the company to meet any challenges.
With the changes to IR35, we do see more recruitment companies leaning towards umbrella, CIS and bureau to accommodate workers. Whilst Brexit has not currently effected the majority of our clients, the changes come the end 2020 are hard to gauge. Covid-19 has had major implications to the majority of end clients, agencies and contractors. Having to rapidly alter our own working environment in addition to rolling out a completely new pay structure in a matter of weeks, has shown that the business is extremely flexible and robust.
Management also recognises the increasing importance of accreditation in our sector and will concentrate efforts on looking at current and new accreditations to decide which are best for the sector and the business.
The business is concentrating on addition transaction volume in the next year and growth organically and winning business by delivering quality service with competitive margins.
Principal risks and uncertainties
The nature of our business means we have to be compliant with legislation as it changes and to meet our clients needs. Professional advice is taken as required and a dedicated teams control compliance at transaction level. The business also uses insurance cover specifically designed for the industry and has a good working relationship with the broker. The business focus needs to be to provide solutions to customers who have individuals which will always require payroll services, thereby reducing the ongoing business risk.
Key performance indicators
The key indicators of turnover, gross profit and operating profit are used, in common with many similar businesses. Gross profit percentage has seen a decrease from 6.02% to 5.07%. Turnover has increased by 52% to £28.3m. This has resulted in a gross profit increase.
Approved by the
.........................................
Director
ePayMe Limited
Director's Report for the Year Ended 31 December 2019
The director presents her report and the financial statements for the year ended 31 December 2019.
Directors of the company
The directors who held office during the year were as follows:
Results and dividends
The results for the year are set out on page 9.
During the year, ordinary dividends were paid amounting to £124,706 (2018: £nil).
Information included in the Strategic Report
The company in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.
Financial instruments
The company does not use any financial instruments to hedge its risks associated with price, credit, liquidity or cash flow. The financial risk management objectives and policies of the company and the exposure of the company to price risk, credit risk, liquidity risk and cash flow risk are not considered material for the assessment of the assets, liabilities, financial position and profit of the company.
Company policy on employment
The hiring of staff is dictated by the level of business. We engage with agencies and job boards for sourcing staff. We regularly liaise with current staff to determine skill set and requirements and offer training and qualifications where required.
Employment of disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled or incapacitated, every effort is made to ensure their employment with the company continues and that the appropriate training and alterations are arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of all other employees.
Employee involvement
The company policy is to consult and discus with employees, matters likely to affect employees’ interests.
Information about matters of concern to employees is provided and discussed through regular company meetings.
There is no employee share scheme at present but the management have considered the introduction of such a scheme as means of further encouraging the involvement of employees in the performance of the business.
We have recently moved offices and we discussed this with all the staff well in advance of looking for new offices. They were given locations of local large towns with sufficient suitable office space and we looked at areas based on the feedback from the staff.
ePayMe Limited
Director's Report for the Year Ended 31 December 2019
Future developments
We are constantly looking at ways to diversify. In doing so we intend to promote our services to a wider audience within the recruitment sector and focus on areas we are not currently active within. Diversification also comes with a focus towards new ventures, products and services.
Important non adjusting events after the financial period
Following the year end the global economy has been significantly affected by the Covid-19 pandemic. The impact of this virus has result in uncertainties regarding the future of businesses across all sectors. However, despite these difficult economic conditions, the company continues to trade and there is no intention to cease trading. This matter is discussed further in note 21 of the financial statements. There is no material impact on the financial statements for the year ending 31 December 2019.
Disclosure of information to the auditors
The director has taken steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that she knows of and of which she knows the auditors are unaware.
Approved by the
.........................................
Director
ePayMe Limited
Statement of Director's Responsibilities
The director acknowledges her responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ePayMe Limited
Independent Auditor's Report to the Members of ePayMe Limited
Opinion
We have audited the financial statements of ePayMe Limited (the 'company') for the year ended 31 December 2019, which comprise the Statement of Income and Retained Earnings, Statement of Comprehensive Income, Statement of Financial Position, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• |
give a true and fair view of the state of the company's affairs as at 31 December 2019 and of its profit for the year then ended; |
• |
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• |
have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material uncertainty related to going concern
In forming our opinion on the financial statements, we have considered the adequacy of the disclosure made in note 22 to the financial statements concerning the company’s ability to continue as a going concern.
We draw attention to note 22 in the financial statements, which indicates that the Covid-19 pandemic has significantly affected the global social and financial economies. The pandemic is unpredictable in nature and its
consequences and future impact are unknown.
These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other matters
In the previous accounting period the directors of the company took advantage of audit exemption under s477 of the Companies Act. Therefore the prior period financial statements were not subject to audit.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
ePayMe Limited
Independent Auditor's Report to the Members of ePayMe Limited
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• |
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• |
the financial statements are not in agreement with the accounting records and returns; or |
• |
certain disclosures of directors’ remuneration specified by law are not made; or |
• |
we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 5], the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
ePayMe Limited
Independent Auditor's Report to the Members of ePayMe Limited
• |
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
• |
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control. |
• |
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. |
• |
Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. |
• |
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
• |
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion. |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
Knoll House
Knoll Road
Surrey
GU15 3SY
ePayMe Limited
Statement of Income and Retained Earnings for the Year Ended 31 December 2019
Note |
2019 |
2018 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
6,341 |
1,937 |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
|
Retained earnings brought forward |
124,706 |
- |
|
Dividends paid |
( |
- |
|
Retained earnings carried forward |
287,328 |
124,706 |
ePayMe Limited
Statement of Comprehensive Income for the Year Ended 31 December 2019
2019 |
2018 |
|
Profit for the year |
|
|
Total comprehensive income for the year |
|
|
ePayMe Limited
(Registration number: 09921785)
Statement of Financial Position as at 31 December 2019
Note |
2019 |
2018 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
Approved and authorised by the
.........................................
Director
ePayMe Limited
Statement of Cash Flows for the Year Ended 31 December 2019
Note |
2019 |
2018 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Loss on disposal of tangible assets |
|
- |
|
Finance income |
( |
( |
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Increase in trade and other debtors |
( |
( |
|
Increase in trade and other creditors |
|
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
- |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
- |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Dividends paid |
( |
- |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 January |
|
|
|
Cash and cash equivalents at 31 December |
2,524,940 |
1,875,754 |
ePayMe Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales. The registered company number is 09921785.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Monetary amounts in these financial statements are rounded to the nearest £.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
ePayMe Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
25% straight line |
Office equipment |
25% reducing balance |
Cash and cash equivalents
Cash is represented by cash in hand and bank deposits.
Trade debtors
Short term debtors are measured at transaction price, less any impairment.
Trade creditors
Short term creditors are measured at the transaction price.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
ePayMe Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Financial instruments
Recognition and measurement
Impairment
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 are largely independent of the cash inflows from other assets or groups of assets.
Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
2019 |
2018 |
|
Rendering of services |
|
|
Revenue is derived from sales made directly to the UK.
Operating profit |
Arrived at after charging/(crediting)
2019 |
2018 |
|
Depreciation expense |
|
|
Loss on disposal of property, plant and equipment |
|
- |
Auditor's remuneration - The audit of the company's annual accounts |
5,000 |
- |
Other interest receivable and similar income |
2019 |
2018 |
|
Interest income on bank deposits |
|
|
ePayMe Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2019 |
2018 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
2019 |
2018 |
|
Administration and support |
|
|
Other departments |
|
|
|
|
Director's remuneration |
The directors' remuneration for the year was as follows:
2019 |
2018 |
|
Remuneration |
|
|
Company contributions to money purchase schemes |
|
|
244,907 |
153,885 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2019 |
2018 |
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
2019 |
2018 |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
|
|
ePayMe Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Auditors' remuneration |
2019 |
2018 |
|
Audit of the financial statements |
|
- |
Other fees to auditors |
||
All other non-audit services |
|
- |
Taxation |
Tax charged/(credited) in the income statement
2019 |
2018 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2018 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2019 |
2018 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
- |
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
Tax (decrease)/increase from other short-term timing differences |
( |
|
Tax decrease from effect of adjustment in research and development tax credit |
- |
( |
Total tax charge |
|
|
ePayMe Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Deferred tax
Deferred tax assets and liabilities
2019 |
Liability |
Capital allowances and depreciation |
|
2018 |
Liability |
Capital allowances and depreciation |
|
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
|||
At 1 January 2019 |
- |
|
|
Additions |
|
- |
|
Disposals |
- |
( |
( |
At 31 December 2019 |
|
- |
|
Depreciation |
|||
At 1 January 2019 |
- |
|
|
Charge for the year |
|
|
|
Eliminated on disposal |
- |
( |
( |
At 31 December 2019 |
|
- |
|
Carrying amount |
|||
At 31 December 2019 |
|
- |
|
At 31 December 2018 |
- |
|
|
Debtors |
2019 |
2018 |
|
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
Total current trade and other debtors |
|
|
ePayMe Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Cash and cash equivalents |
2019 |
2018 |
|
Cash at bank |
|
|
Short-term deposits |
|
|
|
|
Creditors |
Note |
2019 |
2018 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Other payables |
|
|
|
Accrued expenses |
|
|
|
|
|
||
Due after one year |
|||
Other non-current financial liabilities |
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 January 2019 |
|
|
Provisions used |
( |
( |
At 31 December 2019 |
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
ePayMe Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
|||
No. |
£ |
No. |
£ |
|
£1 ordinary of £1 each |
100 |
100 |
100 |
100 |
There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2019 |
2018 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Dividends |
Interim dividends paid
2019 |
2018 |
|||
Interim dividend of £
|
|
- |
||
Analysis of changes in net debt |
At 1 January 2019 |
Financing cash flows |
At 31 December 2019 |
|
Cash and cash equivalents |
|||
Cash |
1,875,754 |
649,186 |
2,524,940 |
|
|
|
|
ePayMe Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Related party transactions |
Key management compensation
2019 |
2018 |
|
Salaries and other short term employee benefits |
|
|
Other transactions with directors |
At the year end the director owed the company £811 (2018: £100). The loan is unsecured and repayable on demand. Interest has not been charged on the loan.
Summary of transactions with other related parties
During the year Sharston Ltd, a related party, invoiced the company £186,068 (2018: £138,240) for rental and advertising services. No amounts were outstanding at the year end (2018: £nil).
Non adjusting events after the financial period |
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Going concern |
After the year end, the global economy has been significantly affected by the Covid-19 pandemic. This is discussed further in note 21. The impact of this virus is being felt worldwide, by both social and financial economies. The likelihood of previous government restrictions being reinstated and to what extent is currently unknown. Therefore, management consider there to be a material uncertainty in relation to going concern. This situation is being closely monitored by the director.
Despite the difficult economic conditions, the company continues to trade, and management have no intention to cease trading within 12 months of approval of these financial statements. The director therefore considers going concern to be an appropriate basis, despite the inherent material uncertainties resulting from the Covid-19 pandemic, based on the information available to them at the signing date.