The DTE Payroll and Tax Centre Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02506635 (England and Wales)

THE DTE PAYROLL AND TAX CENTRE LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

G Lovell

A McCann

R I Taylor

SECRETARY:

R I Taylor

REGISTERED OFFICE:

The Exchange

5 Bank Street

Bury

Lancashire

BL9 0DN

REGISTERED NUMBER:

02506635 (England and Wales)

FIXED ASSETS

Property, plant and equipment

4

2,016

2,361

CURRENT ASSETS

Inventories

244

779

Debtors

5

310,595

205,669

Cash at bank

76,424

85,456

387,263

291,904

CREDITORS

Amounts falling due within one year

6

(129,538

)

(137,317

)

NET CURRENT ASSETS

257,725

154,587

TOTAL ASSETS LESS CURRENT LIABILITIES

259,741

156,948

CAPITAL AND RESERVES

Called up share capital

126

126

Share premium

5

5

Retained earnings

259,610

156,817

SHAREHOLDERS' FUNDS

259,741

156,948

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 27 April 2022 and were signed on its behalf by:

R I Taylor - Director

1.	STATUTORY INFORMATION

DTE Payroll and Tax Centre Limited is a private company, limited by shares, registered in England and Wales, registration number 02506635. The registered office address is The Exchange, 5 Bank Street, Bury, BL9 0DN.

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.

Despite the current challenges faced in the UK economy, not least as a result of the global Covid-19 pandemic, the directors have been encouraged with the results reported by the company for the year ended 30 April 2021.

The company continued trading through the pandemic, as the need for its services continues, especially those in providing payroll bureau services. The company's employees have been able to adapt to home/hybrid working arrangements and procedures have been implemented to ensure the office premises are Covid-secure. The directors continue to monitor and control costs as necessary.

Post year end management accounts, indicate the company continues to generate profits.

The directors have considered the business risks and believe that the company is well placed to manage these risks successfully, thus the going concern basis of accounting has been adopted in preparing these financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continuously evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Making judgement based on knowledge of the customer on the level of provision required for any provision for bad debts. Further information received after the statement of financial position date may impact on the level of provision required.

Revenue

Revenue represents the aggregate of the fair value of the sales of professional services provided, net of value added tax, refunds and discounts. Services revenues are recognised as those services are provided to customers.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on reducing balance and 15% on reducing balance

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Inventories

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost represents the direct purchase price.

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.

Pensions

The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the income statement.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2020 - 13 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 May 2020

15,058

Additions

285

At 30 April 2021

15,343

DEPRECIATION

At 1 May 2020

12,697

Charge for year

630

At 30 April 2021

13,327

NET BOOK VALUE

At 30 April 2021

2,016

At 30 April 2020

2,361

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

152,044

143,301

Other debtors

158,551

62,368

310,595

205,669

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

6,817

2,161

Amounts owed to group undertakings

2,525

2,072

Taxation and social security

91,900

117,077

Other creditors

28,296

16,007

129,538

137,317

7.	CONTINGENT LIABILITIES

The company has entered into a cross guarantee with DTE Business Advisers Limited in support of a joint bank overdraft facility. As at the statement of financial position, the bank overdraft of that company amounted to £51,759 (2020 - £256,403).

8.	SUBSEQUENT EVENTS

Subsequent to the year end date, interim dividends totalling £150,000 have been voted and paid.