Prima Business Control Software Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03634964 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2018

for

Prima Business Control Software Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

10

DIRECTORS:

S P McLaughlin

A Pathak

I Buckley

SECRETARY:

S P McLaughlin

REGISTERED OFFICE:

Cheshire House

Gorsey Lane

Widnes

Cheshire

WA8 0RP

REGISTERED NUMBER:

03634964 (England and Wales)

ACCOUNTANTS:

Voisey & Co

Chartered Accountants

8 Winmarleigh Street

Warrington

Cheshire

WA1 1JW

FIXED ASSETS

Intangible fixed assets

4

218,312

306,556

Tangible assets

5

88

175

218,400

306,731

CURRENT ASSETS

Debtors

6

168,359

154,010

Cash at bank and in hand

235,283

94,176

403,642

248,186

CREDITORS

Amounts falling due within one year

7

159,888

140,703

NET CURRENT ASSETS

243,754

107,483

TOTAL ASSETS LESS CURRENT LIABILITIES

462,154

414,214

CAPITAL AND RESERVES

Called up share capital

8

18,000

18,000

Share premium

9

2,250,948

2,250,948

Retained earnings

9

(1,806,794

)

(1,854,734

)

SHAREHOLDERS' FUNDS

462,154

414,214

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 29 August 2018 and were signed on its behalf by:

S P McLaughlin - Director

1.	STATUTORY INFORMATION

Prima Business Control Software Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted are set out below.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates

and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other

sources. The estimates and associated assumptions are based on historical experience and other factors that are

considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates

are recognised in the period in which the estimate is revised where the revision affects only that period, or in the

period of the revision and future periods where the revision affects both current and future periods.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company

has adequate resources to continue in operational existence for the foreseeable future. Thus the directors

continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

Revenue is measured as the fair value of the consideration received or receivable and represents amounts

receivable for goods and services supplied by the company, net of value added tax and trade discounts in the

normal course of business.

Development expenditure

Development expenditure relating to clearly defined projects which are assessed to be commercially viable and

have a certainty to their technical feasibility are capitalised. Development expenditure includes employee's

salaries, employee's benefits and other development consultancy costs.Capitalised expenditure is recorded at cost

less accumulated amortisation and provisions for impairment. Development expenditure is amortised once the

product is released and is calculated by reference to the expected useful life of the product.

Tangible fixed assets

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

Plant and machinery

-

50% on reducing balance

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets

to determine whether there is any indication that those assets have suffered an impairment loss. If any such

indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the

impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the

company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the

estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current

market assessments of the time value of money and the risks specific to the asset for which the estimates of future

cash flows have been adjusted.

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 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 defined contribution pension schemes in respect of employees. The assets of the schemes

are held in separately administered funds from the other assets of the company. The charge to the profit and loss

account represents the contributions to the schemes in the year.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank,

other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company

becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is

a legally enforcible right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the net asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and are subsequently carried at amortised costs using the effective interest

method unless the arrangement constitutes a financing transaction, where the transaction is measured at the

present value of the future receipts discounted at a market rate of interest. Financial assets classified as

receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint

ventures, are initially measured at fair value, which is normally the transaction price. Such assets are

subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that

investments in equity instruments that are not publically traded and whose fair values cannot be measured

reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of

impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that

occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If

an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of

the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is

recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are

settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership

to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has

transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of

the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference

shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a

financing transaction, where the debt instrument is measured at the present value of the future receipts discounted

at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or

less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction

price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or

cancelled.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of

the company.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are

required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are

received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to

terminate the employment of an employee or to provide termination benefits.

Provisions

A provision is recognised in the balance sheet when the company has a constructive or legal obligation as a result

of a past event and it is probable that an outflow of economic benefit will be required to settle the obligation.

Provisions are recognised at their discounted net present value.

Operating and finance leases

Costs in respect of operating leases are charged on a straight-line basis over the lease term in arriving at the

operating profit or loss. Tangible fixed assets acquired under hire purchase contracts are capitalised at the

estimated fair value at the date of inception of each lease or contract and depreciated over the expected useful

life of the asset concerned. The finance charges are allocated over the period of the lease on a straight-line basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2017 - 25 ) .

4.	INTANGIBLE FIXED ASSETS

Development

Expenditure

£

COST

At 1 February 2017

483,076

Additions

80,970

At 31 January 2018

564,046

AMORTISATION

At 1 February 2017

176,520

Amortisation for year

169,214

At 31 January 2018

345,734

NET BOOK VALUE

At 31 January 2018

218,312

At 31 January 2017

306,556

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 February 2017

and 31 January 2018

73,432

DEPRECIATION

At 1 February 2017

73,257

Charge for year

87

At 31 January 2018

73,344

NET BOOK VALUE

At 31 January 2018

88

At 31 January 2017

175

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.18

31.1.17

£

£

Trade debtors

147,881

135,831

Amounts owed by participating interests

-

74

Other debtors

1,758

1,758

Prepayments

18,720

16,347

168,359

154,010

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.18

31.1.17

£

£

Bank loans and overdrafts

129

2,654

Trade creditors

37,554

23,497

Social security and other taxes

52,164

46,113

Other creditors

1,252

3,108

Accrued expenses and deferred income

68,789

65,331

159,888

140,703

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.18

31.1.17

value:

£

£

450,000

'A' Ordinary

1p

4,500

4,500

Allotted and issued:

Number:

Class:

Nominal

31.1.18

31.1.17

value:

£

£

1,350,000

Ordinary

1p

13,500

13,500

9.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 February 2017

(1,854,734

)

2,250,948

396,214

Profit for the year

47,940

47,940

At 31 January 2018

(1,806,794

)

2,250,948

444,154

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary

statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Prima Business Control Software Limited for the year ended 31 January 2018 which comprise

the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the

company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Prima Business Control Software Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Prima Business Control Software Limited and state those matters that we have agreed to state to the Board of Directors of Prima Business Control Software Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Prima Business Control Software Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Prima Business Control Software Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Prima Business Control Software Limited. You consider that Prima Business Control Software Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Prima Business Control Software Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Voisey & Co

Chartered Accountants

8 Winmarleigh Street

Warrington

Cheshire

WA1 1JW

31 August 2018