REGISTERED NUMBER: 03110470 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

PIMSS DATA SYSTEMS LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

-

45,678

Tangible assets

5

7,636

25,242

7,636

70,920

CURRENT ASSETS

Debtors

6

160,129

285,704

Cash at bank and in hand

832,477

608,493

992,606

894,197

CREDITORS

Amounts falling due within one year

7

(952,136

)

(765,945

)

NET CURRENT ASSETS

40,470

128,252

TOTAL ASSETS LESS CURRENT LIABILITIES

48,106

199,172

CREDITORS

Amounts falling due after more than one year

8

(6,160

)

(16,514

)

PROVISIONS FOR LIABILITIES

(1,226

)

(5,630

)

NET ASSETS

40,720

177,028

CAPITAL AND RESERVES

Called up share capital

100

200

Capital redemption reserve

10

100

-

Retained earnings

10

40,520

176,828

SHAREHOLDERS' FUNDS

40,720

177,028

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 March 2025 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:

5 Brooklands Place

Brooklands Road

Sale

Cheshire

M33 3SD

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.

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

Government grants

The company has received a grant of £30,000 in respect of the research and development costs. This grant is released into the profit and loss account over five years. In the year to 31 December 2024 the grant has been fully released to the profit and loss account.

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 20 (2023 - 22 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

and 31 December 2024

228,386

AMORTISATION

At 1 January 2024

182,708

Charge for year

45,678

At 31 December 2024

228,386

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

45,678

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

116,102

357,964

474,066

Additions

-

1,722

1,722

Disposals

(116,102

)

(331,558

)

(447,660

)

At 31 December 2024

-

28,128

28,128

DEPRECIATION

At 1 January 2024

108,541

340,283

448,824

Charge for year

268

10,251

10,519

Eliminated on disposal

(108,809

)

(330,042

)

(438,851

)

At 31 December 2024

-

20,492

20,492

NET BOOK VALUE

At 31 December 2024

-

7,636

7,636

At 31 December 2023

7,561

17,681

25,242

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

143,201

255,418

Other debtors

16,928

30,286

160,129

285,704

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

10,354

10,098

Trade creditors

14,737

63,760

Taxation and social security

142,101

107,948

Other creditors

784,944

584,139

952,136

765,945

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

6,160

16,514

9.	LEASING AGREEMENTS

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

2024

2023

£

£

Within one year

-

8,680

10.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 January 2024

176,828

-

176,828

Profit for the year

82,402

82,402

Dividends

(48,710

)

(48,710

)

Purchase of own shares

(170,000

)

100

(169,900

)

At 31 December 2024

40,520

100

40,620

11.	PENSION CONTRIBUTIONS

The company contributes to a defined contribution scheme for employees. At the year end pension contributions of £4,830 (2023: £4,197) were outstanding.