Company Registration No. 03168664 (England and Wales)
DELTA FINANCIAL SYSTEMS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
DELTA FINANCIAL SYSTEMS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
DELTA FINANCIAL SYSTEMS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2014
31 March 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
85,627
126,100
Current assets
Debtors
277,240
237,258
Cash at bank and in hand
764,987
946,761
1,042,227
1,184,019
Creditors: amounts falling due within one year
(552,878)
(352,013)
Net current assets
489,349
832,006
Total assets less current liabilities
574,976
958,106
Creditors: amounts falling due after more than one year
(5,124)
(16,101)
569,852
942,005
Capital and reserves
Called up share capital
3
9,000
10,000
Other reserves
1,000
Profit and loss account
559,852
932,005
Shareholders' funds
569,852
942,005
For the financial year ended 31 March 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for the 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 accounts, so far as applicable to the company.
These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board for issue on 19 December 2014
Mr B Hurl
Mr M A W Power
Director
Director
Company Registration No. 03168664
DELTA FINANCIAL SYSTEMS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2014
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents the sales value for goods and services provided during the year net of VAT and trade discounts.
1.4
Research and development
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.
Research and development costs incurred amounting to £1,122,741 (2013 - £766,593), relate to the scoping and development of new software solutions for SIPP and SSAS administration. The creation of the software required a system specification to be created from scratch in order that real technological advancement could be achieved.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment
25% Reducing Balance & Over Period of Lease
Fixtures, fittings & equipment
25% Reducing Balance & Over Period of Lease
1.6
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.7
Deferred taxation
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax at a future date at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
DELTA FINANCIAL SYSTEMS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2014
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2013
360,234
Additions
19,405
At 31 March 2014
379,639
Depreciation
At 1 April 2013
234,134
Charge for the year
59,878
At 31 March 2014
294,012
Net book value
At 31 March 2014
85,627
At 31 March 2013
126,100
3
Share capital
2014
2013
£
£
Allotted, called up and fully paid
9000 (2013 : £10,000) Ordinary shares of £1 each
9,000
10,000
During the year, 1000 Ordinary £1 Shares (representing 10% of the called up share capital) were purchased by the Company for a consideration of £50,000.
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