PSU Technology Group Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 04812202 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31st December 2014

for

PSU TECHNOLOGY GROUP LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

M Lounton

N M Davies

R Deacon

REGISTERED OFFICE:

Unit 1, Manchester Park

Tewkesbury Road

Cheltenham

Gloucestershire

GL51 9EJ

REGISTERED NUMBER:

04812202 (England and Wales)

ACCOUNTANTS:

Davies Mayers Barnett LLP

Pillar House

113/115 Bath Road

Cheltenham

Gloucestershire

GL53 7LS

FIXED ASSETS

Intangible assets

2

406,271

407,110

Tangible assets

3

66,946

49,983

Investments

4

177,083

177,083

650,300

634,176

CURRENT ASSETS

Stocks

85,574

100,735

Debtors

1,218,839

1,295,702

Cash at bank and in hand

1,077,996

614,257

2,382,409

2,010,694

CREDITORS

Amounts falling due within one year

5

(2,444,775

)

(2,177,807

)

NET CURRENT LIABILITIES

(62,366

)

(167,113

)

TOTAL ASSETS LESS CURRENT LIABILITIES

587,934

467,063

CREDITORS

Amounts falling due after more than one year

(7,217

)

(9,084

)

PROVISIONS FOR LIABILITIES

(76,782

)

(80,390

)

NET ASSETS

503,935

377,589

CAPITAL AND RESERVES

Called up share capital

6

105

105

Profit and loss account

503,830

377,484

SHAREHOLDERS' FUNDS

503,935

377,589

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 10th July 2015 and were signed on its behalf by:

M Lounton - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Preparation of consolidated financial statements

The financial statements contain information about PSU Technology Group Limited as an individual company

and do not contain consolidated financial information as the parent of a group. The company has taken the option

under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover

Turnover represents the value of goods and services supplied to customers, excluding VAT and is adjusted to

take account of amounts deferred in respect of maintenance contracts which straddle the balance sheet date.

Goodwill

Goodwill represents the excess of consideration over the fair value of net assets acquired with the acquisition of

a business. Goodwill is amortised over its estimated useful life and amortisation commenced on 1st January 2004

at 5% straight line. Negative goodwill is fully written off in the year of acquisition.

Intangible assets

Intangible assets relate to wage costs incurred in the development of computer software. Amortisation will be

charged on completion of the development.

The carrying value of the asset is regularly reviewed by the directors and any further appropriate adjustments to

carrying values are made.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Lease premium

-

over the period of the lease

Improvements to property

-

over the period of the lease

Tools and equipment

-

10% to 33.3% on cost

Fixtures, fittings and equipment

-

10% to 33.3% on cost

Computer equipment

-

33% on cost

Cost is defined as the purchase cost less any residual value.

Depreciation is then charged from the month of acquisition at the above rates.

The net book values of the assets are regularly reviewed by the directors and any further appropriate adjustments

to carrying values are made.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the treatment of certain items for taxation

and accounting purposes which have arisen but not reversed by the balance sheet date. Full provision is made

without discounting for all deferred tax liabilities. Deferred tax assets are recognised to the extent that it is more

likely than not that they will be recovered against taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

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 the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1st January 2014

and 31st December 2014

415,502

AMORTISATION

At 1st January 2014

8,392

Amortisation for year

839

At 31st December 2014

9,231

NET BOOK VALUE

At 31st December 2014

406,271

At 31st December 2013

407,110

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1st January 2014

466,685

Additions

57,210

At 31st December 2014

523,895

DEPRECIATION

At 1st January 2014

416,702

Charge for year

40,247

At 31st December 2014

456,949

NET BOOK VALUE

At 31st December 2014

66,946

At 31st December 2013

49,983

4.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1st January 2014

and 31st December 2014

177,083

NET BOOK VALUE

At 31st December 2014

177,083

At 31st December 2013

177,083

The company's investments at the Balance Sheet date in the share capital of companies include the following:

PSU Talk Limited

Nature of business: Provision of telephone and computer services

%

Class of shares:

holding

Ordinary £1 shares

100.00

2014

2013

£

£

Aggregate capital and reserves

133,974

125,938

Profit for the year

8,036

179,623

PSU Computers Limited

Nature of business: Dormant

%

Class of shares:

holding

Ordinary £1 shares

100.00

2014

2013

£

£

Aggregate capital and reserves

27,000

27,000

PSU Software Limited

Nature of business: Dormant

%

Class of shares:

holding

Ordinary £1 shares

100.00

2014

2013

£

£

Aggregate capital and reserves

100

100

Loss for the year

-

(138,814

)

PSU Business Services Limited

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

2014

2013

£

£

Aggregate capital and reserves

10

10

5.

CREDITORS

Creditors include an amount of £ 1,499 (2013 - £ 2,166 ) for which security has been given.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

100

Ordinary

£1

100

100

1

A Ordinary

£1

1

1

1

B Ordinary

£1

1

1

1

C Ordinary

£1

1

1

1

D Ordinary

£1

1

1

1

E Ordinary

£1

1

1

105

105

All shares rank pari passu with the exception that the A,B,C,D and E ordinary shares do not carry any voting

rights.

7.	ULTIMATE PARENT COMPANY