New Millennia Payroll Services Limited - Period Ending 2019-12-31
New Millennia Payroll Services Limited - Period Ending 2019-12-31
Registration number:
New Millennia Payroll Services Limited
for the Period from 1 July 2018 to 31 December 2019
New Millennia Payroll Services Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
New Millennia Payroll Services Limited
Company Information
Directors |
Mr N Hynes FCCA Mr P O'Rourke |
Company secretary |
Mr N Hynes FCCA |
Registered number |
04254121 |
Registered office |
|
Auditors |
|
New Millennia Payroll Services Limited
Strategic Report for the Period from 1 July 2018 to 31 December 2019
The directors present their strategic report for the period from 1 July 2018 to 31 December 2019.
Principal activity
The principal activity of the company is that of the supply of temporary workers, funding and back office services.
Fair review of the business
The company's key financial performance indicators during the year were as follows;
2019 |
2018 |
|||||||||||
Turnover |
55,637,745 |
32,117,499 |
||||||||||
Operating Profit |
41,808 |
104,481 |
||||||||||
Profit before tax |
41,808 |
104,481 |
The company works with a number of employment businesses and together the turnover is derived from the sourcing and placement of temporary workers.
Future profitability is to be determined by turnover growth, which in turn affects commissions earned as administration costs are anticipated to remain in line with prior year. The directors are confident of the outlook for the new year based upon projections and post balance sheet trading results.
The principal risk facing the company is the need to ensure effective working capital management and this is achieved through its stringent planning.
The company enjoys a good relationships with its customers and believes that the strength of the business lies in these. The directors however do appreciate the risk in the employment market at the current time and are conscious of the need to have a varied customer base and to be aware of any changes in legislation.
The company continues to widen its customer base and has been able to procure new customers during the year and this together with the strong post balance sheet trading gives the directors confidence for the forthcoming year.
The company has a number of non-financial KPI's that it monitors within the business, these are key staff on turnover and length of contract with employment business.
New Millennia Payroll Services Limited
Strategic Report for the Period from 1 July 2018 to 31 December 2019
Principal risks and uncertainties
The company's financial instruments comprise of cash and liquid resources, balances with group undertakings and various items such as trade debtors and creditors that arise directly from its operations.
It is and has been throughout the year under review, the company's policy that no trading in financial instruments shall be undertaken.
The main risks arising from the company's financial instruments are interest rate and credit risk. The board reviews and agrees policies for managing each of these risks and they are summarised below:
Interest rate risk
The company finances its operation through a mixture of retained profit and agreements with factoring/ banking providers.
Credit risk
Management are responsible for the installation and maintenance of appropriate credit worthy customers. Individuals exposures are monitored with customers subject to credit terms to ensure that the company's exposure to bad debts is not significant and payment is received in line with agreed terms.
We note the ongoing negotiations as a result of the UK EU Referendum, relating to Britain’s withdrawal from the EU. The company’s approach to managing this risk is to monitor trading patterns from customers who could be affected by this outcome and continue to assess the impact on our cost base.
Approved by the
.........................................
Company secretary and director
New Millennia Payroll Services Limited
Directors' Report for the Period from 1 July 2018 to 31 December 2019
The directors present their report and the financial statements for the period from 1 July 2018 to 31 December 2019.
Directors of the company
The directors who held office during the period were as follows:
Future developments
The company reviews the market and is always looking to expand our current services and diversify with new services.
Research and development
The company continues to perform research and development in the online system.
Post balance sheet events
The Covid-19 pandemic after the period end has not had a significant negative impact on the business.
Since lockdown restrictions were implemented by the UK Government in March 2020, management have carried out a variety of actions, including applying for applicable Government support (including utilisation of the Coronavirus Job Retention Scheme 'CJRS' for some employees) and deferring or cancelling costs where appropriate.
Management have worked to facilitate an environment where employees can work safely and effectively whilst following Government guidance. The directors also took the decision to top up any furloughed employees’ wages to 100%.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Hurst Accountants Ltd as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
New Millennia Payroll Services Limited
Directors' Report for the Period from 1 July 2018 to 31 December 2019
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
Approved by the
.........................................
Company secretary and director
New Millennia Payroll Services Limited
Independent Auditor's Report to the Members of New Millennia Payroll Services Limited
Opinion
We have audited the financial statements of New Millennia Payroll Services Limited (the 'company') for the period from 1 July 2018 to 31 December 2019, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 period 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.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
• |
the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
• |
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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.
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.
New Millennia Payroll Services Limited
Independent Auditor's Report to the Members of New Millennia Payroll Services Limited
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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' 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 Directors' 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 directors
As explained more fully in the Statement of Directors ResponsibilitiesStatement of Directors' Responsibilities set out on page 4, the directors are 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 directors determine 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 directors are 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 directors either intend 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.
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.
New Millennia Payroll Services Limited
Independent Auditor's Report to the Members of New Millennia Payroll Services Limited
......................................
For and on behalf of
Lancashire Gate
21 Tivot Dale
SK1 1TD
New Millennia Payroll Services Limited
Profit and Loss Account for the Period from 1 July 2018 to 31 December 2019
Note |
18 months ended |
12 months ended |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Profit before tax |
|
|
|
Taxation |
- |
( |
|
Profit for the financial period |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the period other than the results above.
New Millennia Payroll Services Limited
Statement of Comprehensive Income for the Period from 1 July 2018 to 31 December 2019
2019 |
2018 |
|
Profit for the period |
|
|
Total comprehensive income for the period |
|
|
New Millennia Payroll Services Limited
(Registration number: 04254121)
Balance Sheet as at 31 December 2019
Note |
31 December 2019 |
30 June 2018 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Approved and authorised by the
.........................................
Company secretary and director
New Millennia Payroll Services Limited
Statement of Changes in Equity for the Period from 1 July 2018 to 31 December 2019
Share capital |
Profit and loss account |
Total |
|
At 1 July 2018 |
|
|
|
Profit for the period |
- |
|
|
Total comprehensive income |
- |
|
|
At 31 December 2019 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 July 2017 |
|
|
|
Profit for the period |
- |
|
|
Total comprehensive income |
- |
|
|
At 30 June 2018 |
|
|
|
New Millennia Payroll Services Limited
Notes to the Financial Statements for the Period from 1 July 2018 to 31 December 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The company's registered number is: 04254121
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'.
New Millennia Payroll Services Limited
Notes to the Financial Statements for the Period from 1 July 2018 to 31 December 2019
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 company extended its year end by 6 months to 31 December 2019. Therefore, the financial statements cover the 18 month period ended 31 December 2019. As a result, comparable figures may not be entirely comparable.
The financial statements of New Millennia Payroll Services Limited were approved for issue by the Board of Directors on 18 December 2020.
The financial statements have been prepared on a going concern basis.
The company made a profit for the year of £41,808 (2018 - £86,466) during the period ended 31 December 2019 and at that date had net assets of £189,515 (2018 - £147,707).
Post year end management accounts and projections have been reviewed and indicate that the company will be profitable over the forthcoming year.
The company meets it day-to-day working capital requirements through a factoring facility. The current economic conditions create uncertainty in particular over the availability of finance, however, the company has a strong relationship with its financiers and there is no indication of support being withdrawn in the foreseeable future.
Management have prepared forecasts which show the company will be able to realise its assets and discharge its liabilities in the normal course of business. Accordingly, the directors believe it is appropriate to prepare the financial statements on a going concern basis.
Summary of disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
- the requirements of section 7 Statement of Cash Flows;
- the requirement of section 33 Related Party Disclosures paragraph 33.7
This information is included within the consolidated accounts of New Millennia Group Ltd. Copies of the accounts can be obtained from the company's registered office..
Judgements
There are no significant judgements or estimates within the financial statements. |
Revenue recognition
Turnover represents the value of services provided, net of VAT, and discounts given. Turnover arising for the supply, administration/ funding from placement of temporary staff is recognised over the period that the staff are provided. Where the company is acting as principal, turnover presents the amounts billed for the services of temporary staff including the salary costs of those staff. Accrued revenue represents amounts of services provided in the current year to be invoiced in a future period.
New Millennia Payroll Services Limited
Notes to the Financial Statements for the Period from 1 July 2018 to 31 December 2019
Tax
The tax expense for the period comprises 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.
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 |
Fixtures and Fittings |
20% on cost |
Motor vehicles |
25% on reducing balance |
Computer equipment |
20% on cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
New Millennia Payroll Services Limited
Notes to the Financial Statements for the Period from 1 July 2018 to 31 December 2019
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Hire purchase and leasing commitments
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated in accordance with the above depreciation policies. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account on a straight line basis, and the capital element which reduces the outstanding obligations for future instalments.
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Related Party Transactions
The company has taken advantage of exemption, under the terms of FRS102 33.1A, not to disclose related party transactions with wholly-owned subsidiaries within the group.
New Millennia Payroll Services Limited
Notes to the Financial Statements for the Period from 1 July 2018 to 31 December 2019
Revenue |
The analysis of the company's revenue for the period from continuing operations is as follows:
1 July 2018 to 31 December 2019 |
Year ended 30 June 2018 |
|
Provision of services |
|
|
The analysis of the company's turnover for the period by market is as follows:
1 July 2018 to 31 December 2019 |
Year ended 30 June 2018 |
|
UK |
|
|
Europe |
|
|
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the period is as follows:
1 July 2018 to 31 December 2019 |
Year ended 30 June 2018 |
|
Gain (loss) on disposal of property, plant and equipment |
- |
|
New Millennia Payroll Services Limited
Notes to the Financial Statements for the Period from 1 July 2018 to 31 December 2019
Operating profit |
Arrived at after charging/(crediting)
1 July 2018 to 31 December 2019 |
Year ended 30 June 2018 |
|
Depreciation expense |
|
|
Profit on disposal of property, plant and equipment |
- |
( |
Auditors remuneration |
7,800 |
7,600 |
Research and development |
96,998 |
44,618 |
Other operating leases |
3,450 |
2,600 |
Other expenditure |
70,673 |
- |
Other expenditure relates to exceptional unforeseen IT related expenditure incurred in the period.
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
1 July 2018 to 31 December 2019 |
Year ended 30 June 2018 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other short-term employee benefits |
|
|
Other employee expense |
|
- |
|
|
The average number of persons employed by the company (including directors) during the period, analysed by category was as follows:
2019 |
2018 |
|
Administration and support |
|
|
Other departments |
|
|
|
|
New Millennia Payroll Services Limited
Notes to the Financial Statements for the Period from 1 July 2018 to 31 December 2019
Directors' remuneration |
The directors' remuneration for the period was as follows:
1 July 2018 to 31 December 2019 |
Year ended 30 June 2018 |
|
Remuneration |
|
|
The highest paid director received remuneration totalling £114,478 (2018 - £96,440) during the period.
Taxation |
Tax charged/(credited) in the income statement
1 July 2018 to 31 December 2019 |
Year ended 30 June 2018 |
|
Current taxation |
||
UK corporation tax |
- |
|
The tax on profit before tax for the period is lower 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:
1 July 2018 to 31 December 2019 |
Year ended 30 June 2018 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Tax increase (decrease) from effect of adjustment in research and development tax credit |
( |
( |
Total tax charge |
- |
|
New Millennia Payroll Services Limited
Notes to the Financial Statements for the Period from 1 July 2018 to 31 December 2019
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 July 2018 |
|
|
Additions |
|
|
At 31 December 2019 |
|
|
Depreciation |
||
At 1 July 2018 |
|
|
Charge for the period |
|
|
At 31 December 2019 |
|
|
Carrying amount |
||
At 31 December 2019 |
|
|
At 30 June 2018 |
|
|
Debtors |
Note |
31 December 2019 |
30 June 2018 |
|
Trade debtors |
|
|
|
Amounts owed by related parties |
|
- |
|
Other debtors |
|
- |
|
Prepayments |
|
|
|
Total current trade and other debtors |
|
|
An impairment loss of £94,813 (2018 - £72,954) was recognised against trade debtors.
New Millennia Payroll Services Limited
Notes to the Financial Statements for the Period from 1 July 2018 to 31 December 2019
Creditors |
Note |
31 December 2019 |
30 June 2018 |
|
Due within one year |
|||
Factoring account |
|
|
|
Trade creditors |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Other payables |
|
- |
|
Accrued expenses |
|
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
|||
No. |
£ |
No. |
£ |
|
|
|
800 |
|
800 |
Reserves |
Retained earnings |
||
£ |
||
At 1 July 2018 |
146,907 |
|
Profit for year |
41,808 |
|
Dividends |
- |
|
At 31 December 2019 |
188,715 |
New Millennia Payroll Services Limited
Notes to the Financial Statements for the Period from 1 July 2018 to 31 December 2019
Loans and borrowings |
31 December 2019 |
30 June 2018 |
|
Current loans and borrowings |
||
Factoring account |
|
|
Security on the factoring account is held by a charge on the book debts of the company.
Related party transactions |
Transactions with directors |
2019 |
At 1 July 2018 |
Repayments by director |
At 31 December 2019 |
Mr D Payne |
|||
|
596 |
( |
- |
2018 |
At 1 July 2017 |
Advances to directors |
At 30 June 2018 |
Mr D Payne |
|||
|
(976) |
|
|
Summary of transactions with other related parties
During the year the company entered into transactions, in the ordinary course of business with other related parties. Transactions entered into and outstanding balances at the balance sheet date are as follows:
New Millennia Payroll Services Limited
Notes to the Financial Statements for the Period from 1 July 2018 to 31 December 2019
Expenditure with and payables to related parties
2019 |
Other related parties |
Rendering of services |
|
2018 |
Other related parties |
Rendering of services |
|
Loans from related parties
The directors have given a personal guarantee to the company bankers totalling £135,000.
Financial instruments |
31.12.19 |
30.6.18 |
|
Financial assets measured at amortised cost |
8,012,619 |
6,975,688 |
Financial liabilities measured at amortised cost |
7,013,209 |
6,205,093 |
Financial assets measured at amortised cost comprise trade debtors, amounts owed by related parties and accrued income.
Financial liabilities measured at amortised cost comprise factoring accounts, trade creditors, amounts owed to group undertakings, other creditors and accruals.
Parent and ultimate controlling party |
The company's immediate parent is New Millennia Group Limited, incorporated in England and Wales.
At the start of the period, the ultimate controlling party was Mr D Payne by virtue of his shareholding in the immediate parent company.
On 5 July 2019 NHPOR Holdings Limited, incorporated in England and Wales, acquired the entire share capital of the immediate parent company. Mr P O'Rourke and Mr N Hynes became the controlling parties by virtue of their shareholding in the ultimate parent company.