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 2020

FOR

PIMSS DATA SYSTEMS LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

182,709

228,386

Tangible assets

5

22,673

29,472

205,382

257,858

CURRENT ASSETS

Debtors

6

152,007

222,666

Cash at bank and in hand

483,237

237,608

635,244

460,274

CREDITORS

Amounts falling due within one year

7

600,442

542,631

NET CURRENT ASSETS/(LIABILITIES)

34,802

(82,357

)

TOTAL ASSETS LESS CURRENT LIABILITIES

240,184

175,501

CREDITORS

Amounts falling due after more than one year

8

(63,000

)

(60,003

)

PROVISIONS FOR LIABILITIES

(1,086

)

-

NET ASSETS

176,098

115,498

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

175,998

115,398

SHAREHOLDERS' FUNDS

176,098

115,498

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.

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 27 September 2021 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.

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

-

20% on reducing balance

Computer equipment

-

33% on cost

Government grants

Government grants relating to revenue expenditure are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. The income is included within other operating income.

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 (2019 - 19 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2020

and 31 December 2020

228,386

AMORTISATION

Charge for year

45,677

At 31 December 2020

45,677

NET BOOK VALUE

At 31 December 2020

182,709

At 31 December 2019

228,386

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2020

115,081

316,620

431,701

Additions

1,021

4,988

6,009

At 31 December 2020

116,102

321,608

437,710

DEPRECIATION

At 1 January 2020

103,748

298,481

402,229

Charge for year

1,419

11,389

12,808

At 31 December 2020

105,167

309,870

415,037

NET BOOK VALUE

At 31 December 2020

10,935

11,738

22,673

At 31 December 2019

11,333

18,139

29,472

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

122,245

120,279

Other debtors

29,762

102,387

152,007

222,666

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

5,000

42,857

Trade creditors

41,485

42,619

Taxation and social security

134,680

88,935

Other creditors

419,277

368,220

600,442

542,631

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

45,000

34,286

Other creditors

18,000

25,717

63,000

60,003

9.	LEASING AGREEMENTS

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

2020

2019

£

£

Within one year

37,636

48,320

Between one and five years

60,760

107,968

98,396

156,288

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2020 and 31 December 2019:

2020

2019

£

£

M R McDonnell

Balance outstanding at start of year

26,669

-

Amounts advanced

-

26,669

Amounts repaid

(26,669

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

26,669

11.	PENSION CONTRIBUTIONS

The company contributes to a defined contribution scheme for employees. At the year end pension contributions of £2,505 (2019: £4,271) were outstanding.