IF Payroll Limited - Accounts to registrar (filleted) - small 18.2

IF Payroll Limited - Accounts to registrar (filleted) - small 18.2


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REGISTERED NUMBER: 08945857(England and Wales)














Unaudited Financial Statements for the Year Ended 31 December 2020

for

IF Payroll Limited

IF Payroll Limited (Registered number: 08945857)






Contents of the Financial Statements
for the Year Ended 31 December 2020




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

IF Payroll Limited

Company Information
for the Year Ended 31 December 2020







DIRECTOR: Mr R Walker





REGISTERED OFFICE: The Retreat
406 Roding Lane South
Woodford Green
Essex
IG8 8EY





REGISTERED NUMBER: 08945857(England and Wales)





ACCOUNTANTS: Nordens
The Retreat
406 Roding Lane South
Woodford Green
Essex
IG8 8EY

IF Payroll Limited (Registered number: 08945857)

Statement of Financial Position
31 December 2020

31.12.20 31.12.19
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,579 -

CURRENT ASSETS
Stocks - 60,000
Debtors 5 9,030 17,385
Cash at bank 66,432 37,835
75,462 115,220
CREDITORS
Amounts falling due within one year 6 75,491 101,265
NET CURRENT (LIABILITIES)/ASSETS (29 ) 13,955
TOTAL ASSETS LESS CURRENT LIABILITIES 5,550 13,955

ACCRUALS AND DEFERRED INCOME - 1,846
NET ASSETS 5,550 12,109

CAPITAL AND RESERVES
Called up share capital 7 35,100 45,100
Retained earnings (29,550 ) (32,991 )
SHAREHOLDERS' FUNDS 5,550 12,109

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

IF Payroll Limited (Registered number: 08945857)

Statement of Financial Position - continued
31 December 2020


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 February 2021and were signed by:





Mr R Walker- Director


IF Payroll Limited (Registered number: 08945857)

Notes to the Financial Statements
for the Year Ended 31 December 2020

1. STATUTORY INFORMATION

IF Payroll Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

IF Payroll Limited (Registered number: 08945857)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2020

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1(2019 - 3) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
Additions 7,310
At 31 December 2020 7,310
DEPRECIATION
Charge for year 1,731
At 31 December 2020 1,731
NET BOOK VALUE
At 31 December 2020 5,579

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.20 31.12.19
£    £   
Trade debtors - 2,215
Other debtors 9,030 15,170
9,030 17,385

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.20 31.12.19
£    £   
Trade creditors 256 350
Amounts owed to group undertakings - 66,642
Taxation and social security 31,715 20,340
Other creditors 43,520 13,933
75,491 101,265

IF Payroll Limited (Registered number: 08945857)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2020

7. CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:
Number: Class: Nominal 31.12.20 31.12.19
value: £    £   
100 Ordinary 1 100 100
35,000 Ordinary 1 35,000 45,000
35,100 45,100

During the year the company bought back £10,000 unpaid shares.

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
IF Payroll Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of IF Payroll Limited for the year ended 31 December 2020 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of IF Payroll Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of IF Payroll Limited and state those matters that we have agreed to state to the director of IF Payroll Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than IF Payroll Limited and its director for our work or for this report.

It is your duty to ensure that IF Payroll Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of IF Payroll Limited. You consider that IF Payroll 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 financial statements of IF Payroll 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 financial statements.






Nordens
The Retreat
406 Roding Lane South
Woodford Green
Essex
IG8 8EY


Date: .............................................