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 2021

FOR

PIMSS DATA SYSTEMS LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

137,031

182,709

Tangible assets

5

17,175

22,673

154,206

205,382

CURRENT ASSETS

Debtors

6

261,453

152,007

Cash at bank and in hand

505,944

483,237

767,397

635,244

CREDITORS

Amounts falling due within one year

7

628,663

600,442

NET CURRENT ASSETS

138,734

34,802

TOTAL ASSETS LESS CURRENT LIABILITIES

292,940

240,184

CREDITORS

Amounts falling due after more than one year

8

(48,461

)

(63,000

)

PROVISIONS FOR LIABILITIES

(197

)

(1,086

)

NET ASSETS

244,282

176,098

CAPITAL AND RESERVES

Called up share capital

200

100

Retained earnings

244,082

175,998

SHAREHOLDERS' FUNDS

244,282

176,098

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 26 September 2022 and were signed on its behalf by:

A G Key - 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.

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 which is five years.

The company has received a grant of £30,000 in respect of these costs and this will be released back to profit and loss account over five years. The un-amortised amount of the grant is included in other creditors due within one year and other creditors due after one year.

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 13 (2020 - 17 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2021

and 31 December 2021

228,386

AMORTISATION

At 1 January 2021

45,677

Charge for year

45,678

At 31 December 2021

91,355

NET BOOK VALUE

At 31 December 2021

137,031

At 31 December 2020

182,709

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2021

116,102

321,608

437,710

Additions

-

5,134

5,134

At 31 December 2021

116,102

326,742

442,844

DEPRECIATION

At 1 January 2021

105,167

309,870

415,037

Charge for year

1,312

9,320

10,632

At 31 December 2021

106,479

319,190

425,669

NET BOOK VALUE

At 31 December 2021

9,623

7,552

17,175

At 31 December 2020

10,935

11,738

22,673

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

232,870

122,245

Other debtors

28,583

29,762

261,453

152,007

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

9,601

5,000

Trade creditors

42,781

41,485

Taxation and social security

115,284

134,680

Other creditors

460,997

419,277

628,663

600,442

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

36,461

45,000

Other creditors

12,000

18,000

48,461

63,000

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

26,040

37,636

Between one and five years

34,720

60,760

60,760

98,396

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020:

2021

2020

£

£

M R McDonnell

Balance outstanding at start of year

-

26,669

Amounts repaid

-

(26,669

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

11.	PENSION CONTRIBUTIONS

The company contributes to a defined contribution scheme for employees. At the year end pension contributions of £nil (2020: £2,505) were outstanding.