PIMSS Data Systems Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03110470 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

PIMSS DATA SYSTEMS LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

228,386

228,386

Tangible assets

5

29,352

19,836

257,738

248,222

CURRENT ASSETS

Debtors

6

255,371

127,591

Cash at bank and in hand

219,179

160,815

474,550

288,406

CREDITORS

Amounts falling due within one year

7

493,050

358,358

NET CURRENT LIABILITIES

(18,500

)

(69,952

)

TOTAL ASSETS LESS CURRENT LIABILITIES

239,238

178,270

CREDITORS

Amounts falling due after more than one year

8

102,860

145,717

NET ASSETS

136,378

32,553

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

136,278

32,453

SHAREHOLDERS' FUNDS

136,378

32,553

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 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.

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 on 27 September 2019 and were signed by:

M R McDonnell - Director

1.	STATUTORY INFORMATION

PIMSS Data Systems Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address are as below:

Registered number:

03110470

Registered office:

Gateway House

Old Hall Road

Bromborough

Wirral

Merseyside

CH62 3NX

The presentation currency of the financial statements is the Pound Sterling (£).

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

Revenue represents net invoiced software licence fee income, support and maintenance income and services

income.

Software licence fee income is recognised in full on the delivery of the license. Support and maintenance income

is deferred at the date of invoicing and released to the profit and loss account over the duration of the

maintenance contract. The balance of maintenance income not released to the profit and loss account is carried in

the balance sheet within deferred income. Services income is recognised in the month the services are performed.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Research and development costs

Research costs are expensed as incurred. Development expenditures on an individual project are recognised as

an intangible asset when the company can demonstrate:

* The technical feasibility of completing the intangible asset so that the asset will be available for use or sale

* The intention to complete and its ability to use or sell the asset

* How the asset will generate future economic benefits

* The availability of resources to complete the asset

* The ability to measure reliably the expenditure during development

* The ability to use the intangible asset generated

Where the directors are satisfied as to the technical, commercial and financial viability of the project, the

identifiable expenditure is deferred and amortised over the period during which the company is expected to

benefit. The period is expected to be seven years.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet 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.

Financial instruments

The following assets and liabilities are classified as financial instruments; trade debtors, trade creditors, bank

loans, and directors' loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest,

and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted

amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at 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

profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2017 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2018

and 31 December 2018

228,386

NET BOOK VALUE

At 31 December 2018

228,386

At 31 December 2017

228,386

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2018

110,347

284,375

394,722

Additions

788

21,485

22,273

At 31 December 2018

111,135

305,860

416,995

DEPRECIATION

At 1 January 2018

100,761

274,125

374,886

Charge for year

1,476

11,281

12,757

At 31 December 2018

102,237

285,406

387,643

NET BOOK VALUE

At 31 December 2018

8,898

20,454

29,352

At 31 December 2017

9,586

10,250

19,836

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

226,847

71,866

Other debtors

28,524

55,725

255,371

127,591

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

42,857

42,857

Trade creditors

23,355

52,302

Taxation and social security

84,844

63,356

Other creditors

341,994

199,843

493,050

358,358

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

77,143

120,000

Other creditors

25,717

25,717

102,860

145,717

9.	PENSION CONTRIBUTIONS

The company contributes to a defined contribution scheme for employees. At the year end pension contributions

of £3,696 were outstanding.