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BBBBB Limited 

Company Number:  12345678


DIRECTORS' REPORT


The directors present their annual report and the audited financial statements for the year ended 31 December 2009.


For this accounting period, the accounting policies of the parent company have been adopted in full.


PRINCIPAL ACTIVITIES AND FUTURE DEVELOPMENTS


The principal activity of the company is the creation of online accounting software.  BBBBB Limited is a UK incorporated private company, limited by shares.


BUSINESS REVIEW AND RESULTS


The directors are satisfied with the company's performance for the period. The results for the period are shown in the Statement of Comprehensive Income and notes thereto.


DIVIDENDS


The directors have not paid an interim dividend (9 months ended 31 December 2008 £52,000) and they do not propose the payment of a final dividend (9 months ended 31 December 2008: £nil).


DIRECTORS


The directors who served during the year were as follows:


G T White 

J P Green (and Company Secretary) 

M M Black 

S D Orange


Mr J P Green and Mrs S D Orange are also directors of the intermediate parent undertaking BBBBB Parent Limited.


DISCLOSURE OF INFORMATION TO AUDITORS


The Directors who held office at date of approval of this directors' report confirm that, so far as they are each aware, there is no relevant audit information of which the Company's auditors are unaware; and each director has taken all the steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information.


CREDITOR PAYMENT POLICY


The company's policy concerning the payment of suppliers for the next financial year is to agree terms of payment in advance and to make the payment in accordance with agreed terms and any other legal obligations.


As at 31 December 2009 creditor days were 20 days (As at 31 December 2008: 41 days).


POLITICAL AND CHARITABLE DONATIONS


The company made no political contributions or charitable donations during the year (9 months ended 31 December 2008: £nil).



AUDITORS


A resolution to re-appoint XYZ LLP as auditors will be proposed at the next Annual General Meeting.


By order of the board


J P Green 

Director


2 February 2010


STATEMENT OF DIRECTORS' RESPONSIBILITIES


The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.


Company law requires the directors to prepare financial statements for each financial year.  Under that law the directors have elected to prepare financial statements in accordance with IFRSs as adopted by the EU and applicable laws.


Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:


select suitable accounting policies and then apply them consistently;


make Judgments and estimates that are reasonable and prudent;


state whether they have been prepared in accordance with IFRSs as adopted by the EU; and 


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.


INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BBBBB Limited


We have audited the financial statements of BBBBB Limited for the year ended 31 December 2009 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union.


This report, including the opinions, has been prepared for and only for the company's members, as a body, in accordance with sections 495 and 496 of the Companies Act 2006 and for no other purpose. We do not, in giving those opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.


Respective responsibilities of directors and auditors


As explained more fully in the Statement of Directors Responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors.


Scope of the audit of the financial statements


A description of the scope of an audit of financial statements is provided on the APB's website at http://www.frc.org.uk/Our-Work/Codes-Standards/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Scope-of-audit/Former-scope-for-UK-non-publicly-traded-companies.aspx.


Opinion


In our opinion:


the financial statements give a true and fair view, in accordance with IFRSs as adopted by the EU, of the state of the company's affairs as at 31 December 2009 and of its profit for the period then ended;


the financial statements have been properly prepared in accordance with the Companies Act 2006; and


the information given in the Directors' Report is consistent with the financial statements.


Opinion on other matter prescribed by the Companies Act 2006


In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.


Matters on which we are required to report by exception 


We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches visited by us; or


the financial statements are not in agreement with the accounting records or returns; or


certain disclosures of directors' remuneration specified by law are not made; or


we have not received all the information and explanations we require for our audit.


 

A Smith 

Senior Statutory Auditor  

for and on behalf of  XYZ LLP 

Chartered Accountants


2 February 2010





Statement of Comprehensive Income






FOR THE YEAR ENDED 31 December 2009













Year ended

9 months ended



31 December

31 December



2009

2008


Notes

£

£







Revenue



888,345 


287,004 

Cost of sales



( 175,973)


( 89,738)

Gross Profit



712,372 


197,266 













Administrative expenses



( 396,049)


( 156,747)

Profit from operations

2


316,323 


40,519 







Financial income

3


0 


757 

Financial expenses

4


( 2,842)


( 814)

Net financing costs



( 2,842)


( 57)

Profit before tax



313,481 


40,462 

Taxation



( 89,160)


( 12,227)

Profit for the year



224,321 


28,235 



Statement of Financial Position






AS AT 31 December 2009














As at

As at



31 December

31 December



2009

2008









Notes

£

£


£

£








Non-current assets







Intangible assets

8


141,753 



35,574 

Property plant and equipment

9


18,623 



17,426 

Deferred tax

13


431 



0 

Current assets







Trade and other receivables

10

272,777 



42,147 


Cash and cash equivalents

11

22,319 



18,128 


Total current assets



295,096 



60,275 

Total assets



455,903 



113,275 

Current liabilities







Trade and other payables

12

155,788 



88,286 


Income tax payable


63,419 



10,101 


Long term liabilities







Deferred tax

13

0 



2,513 


Total liabilities



219,207 



100,900 

Equity







Share capital

14

1,087 



1,087 


Reserves

15






Retained earnings


235,609 



11,288 


Total equity



236,696 



12,375 

Total equity and liabilities



455,903 


113,275 







These accounts were approved by the  board of directors on 2 February 2010 and signed on its behalf by :







J P Green






Director








Statement of Cash Flows






FOR THE YEAR ENDING 31 December 2009














Year ended

9 months ended



31 December

31 December



2009

2008


Notes

£

£







Cash flows from operating activities






Profit before taxation



313,481 


40,462 







Adjustments for:












Depreciation and amortisation charges



20,855 


3,280 

(Increase) in trade and other receivables



( 230,630)


( 8,166)

Increase in trade and other payables



67,502 


82,042 

Financial expense



2,842 


814 

Financial income



0 


( 757)







Cash generated from operating activities



174,050 


117,675 







Income taxes paid



( 38,786)


( 37,340)

Dividends paid



0 


( 52,176)

Interest paid



( 2,842)


( 815)

Net cash from operating activities



132,422 


27,344 







Cash generated from investing activities












Purchase of intangible assets

10


( 117,782)


( 35,574)

Purchases of property, plant and equipment

11


( 10,449)


( 14,796)

Interest received



0 


757 







Net cash from investing activities



( 128,231)


( 49,613)







Net increase/(decrease) in cash and cash equivalents



4,191 


( 22,269)

Cash and cash equivalents at 1 April





40,397 

Cash and cash equivalents at 1 January



18,128 









Cash and cash equivalents at 31 December



22,319 


18,128 



NOTES TO THE FINANCIAL STATEMENTS


1. Accounting Policies


The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's accounts:


(a) Basis of accounting


The financial statements are presented in accordance with International Financial Reporting Standards (IFRS) and its interpretations as adopted by the EU and effective at 31 December 2009.


The Directors have adopted IAS 1 Presentation of Financial Statements (revised). This has changed the presentation of the primary financial statements to the format adopted.


The Directors have not adopted IFRS 8 Operating Segments. This is not mandatory for non listed companies and the directors do not intend to adopt this standard.


The financial statements are drawn up under the historic cost convention and in accordance with applicable accounting standards.


(b) Revenue Recognition


Where the company agrees to provide a service for a fixed period, revenue is allocated on a monthly basis, for the period of the contract. Revenue which is transactional is invoiced and recognised in the month it is generated.


For larger development projects, revenue is recognised when all of the following has occurred:


can be reliably measured;


is probable that the economic benefits will flow to the company;


at the balance sheet date the stage of completion can be measured reliably;


transaction costs and costs to completion can be measured reliably.


All revenue arises on the sale of products and services relating to the principal activities of the company.


Interest income is recognised on an accruals basis.


(c) Going concern


The financial statements have been prepared on a going concern basis assuming the continued support of the company's ultimate parent undertaking. The directors have reviewed the results of the company's operations in the period 1 January 2009 to the date of approval of the financial statements and have made forecasts of its performance in the subsequent 12 months. They have also received assurances of continued financial support from the ultimate parent undertaking. In view of this the director's consider that the company will continue to be able to meet its liabilities as they fall due and that the financial statements can therefore be prepared on the going concern basis.


(d) Property, plant and equipment


Property, plant and equipment are stated in the Statement of Financial Position at cost less accumulated depreciation.


Depreciation is charged so as to write off the cost of assets over their estimated useful lives on the following bases:


Fixtures and fittings - Office Equipment

25% reducing balance

Fixtures and fittings - Computer Equipment

33% per annum


(e) Intangible assets


Intangible assets include software development costs that in the opinion of the directors meets the definition of an intangible asset.  Amortisation is charged to the Statement of Comprehensive Income on a straight-line basis over the estimated useful lives of intangible assets. Intangible assets are amortised from the day they are available for use or sale. The estimated useful lives are as follows:


Deferred Development costs

33% per annum


In accordance with IAS36: Impairment, an impairment review of those products under development, which are not yet available for sale at the Statement of Financial Position date is undertaken by the company.


The results of this review performed at 31 December 2009 confirmed there were no indications of impairment.


(f) Operating Leases


Costs of operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.


(g) Taxation


Income tax on the profits for the year comprises current tax and deferred tax. Income tax is recognised in the Statement of Comprehensive Income except where items are recognised directly in equity, in which case the associated income tax asset or liability is recognised.


Current tax is the expected tax payable on the income for the year, using tax rates enacted or substantially enacted at the Statement of Financial Position date, and any adjustment to tax payable in respect of previous years.


Deferred tax is provided using the Statement of Financial Position liability method, which recognises temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. It is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which temporary differences reverse, based on tax rates and laws enacted or substantively enacted at the Statement of Financial Position date.


(h) Pensions


All company employees are entitled to be members of the BBBBB Group stakeholder pension scheme, the assets of which are held in an independently administered scheme.


Contributions are charged to the Statement of Comprehensive Income and are included in staff costs.


(i) Cash and cash equivalents


For the purpose of the Statement of Cash Flows, cash comprises cash in hand and loans and advances to credit institutions repayable on demand, and cash and cash equivalents comprise highly liquid investments that are convertible into cash with an insignificant risk of changes in value with original maturities of three months or less.


The Statement of Cash Flows has been prepared using the indirect method.


(j) Net financing costs


Net financing costs comprise interest payable on borrowings calculated using the effective interest rate method, dividends on redeemable preference shares, interest receivable on funds invested, dividend income, foreign exchange gains and losses on hedging instruments that are recognised In the Statement of Comprehensive Income.


Interest income is recognised in the Statement of Comprehensive Income as it accrues, using the effective interest rate method.


2. Profit from operations





Year ended


9 months ended


31 December


31 December


2009


2008


£


£

Profit from operations has been arrived at after charging:








Depreciation of property, plant and equipment

9,252 


3,280 

Staff costs excluding amounts capitalised (see note 5)

307,660 


82,640 

Rentals payable under operating leases

20,331 


5,566 





Auditors' remuneration and expenses:




Audit of the financial statements

8,000 


4,500 





3. Financial income





Year ended


9 months ended


31 December


31 December


2009


2008


£


£





Interest receivable

0 


757 





4. Finance costs





Year ended


9 months ended


31 December


31 December


2009


2008


£


£





Interest payable

( 2,842)


( 814)





5. Staff numbers and costs








The average monthly number of persons employed by the company (including directors) during the period was as follows:





Sales and operations

13 


9 





The aggregate payroll costs of these persons was as follows:





Year ended


9 months ended


31 December


31 December


2009


2008


£


£









Wages and salaries

367,488 


107,957 

Social security costs

50,382 


10,257 

Other pension costs

7,573 


0 


425,443 


118,214 





During the year £117,783 which has been included in the staff costs above was capitalised within additions to deferred development assets as shown in note 10 (9 Months Ended 31 December 2008: £35,574)





6. Directors' remuneration and transactions





Year ended


9 months ended


31 December


31 December


2009


2008


£


£

Remuneration








The remuneration of the directors was as follows:








Emoluments

124,142 


70,957 

Company contributions to money purchase pension schemes

0 


0 





Highest Paid Director








The above amounts for remuneration. include the following in respect of the highest paid director








Emoluments

62,071 


35,479 

Payments to defined contribution schemes

0 


0 





No directors were members of pension schemes during the current or preceding periods.





7. Taxation





Year ended


9 months ended


31 December


31 December


2009


2008


£


£

a) Analysis of Income tax in the period at 28%








Current tax




Current tax at 28%

90,419 


10,101 

Adjustment In respect of prior years

1,684 


0 

Total Current Tax

92,103 


10,101 





Deferred tax expense








Origination and reversal of temporary differences

( 1,066)


1,902 

Adjustment in respect of prior years

( 1,877)


224 

Total Deferred Tax

( 2,943)


2,126 





Income tax expense

89,160 


12,227 





b) Factors affecting tax charge in the period








A reconciliation of tax on profit on ordinary activities at the standard UK corporation tax rate to the actual tax expense is as follows:





Profit on ordinary activities before tax

313,481 


40,462 





Tax on profit on ordinary activities at UK standard rate of 28% (31 December 2008: 28%)

87,775 


11,329 

Effects of:




expenses not deductible for tax purposes

1,559 


675 

adjustment to tax expense in respect of prior periods

(193)


224 

adjustment to tax expense in respect of other issues

19 


( 1)





Income tax expense

89,160 


12,227 





8. Intangible Fixed Assets





Deferred Development Costs


Total


£


£

Cost




At 1 January 2009

35,574 


35,574 

Additions

117,782 


117,782 

At 31 December 2009

153,356 


153,356 

Accumulated Depreciation and impairment




At 1 January 2009

0 


0 

Depreciation charge for the year

11,603 


11,603 

At 31 December 2009

11,603 


11,603 





Carrying amounts




At 1 January 2009

35,574 


35,574 

At 31 December 2009

141,753 


141,753 






Deferred Development Costs


Total


£


£

Cost




At 1 April 2008

0 


0 

Additions

35,574 


35,574 

At 31 December 2008

35,574 


35,574 

Accumulated Depreciation and impairment




At 1 April 2008

0 


0 

Depreciation charge for the year

0 


0 

At 31 December 2008

0 


0 





Carrying amounts




At 1 April 2008

0 


0 

At 31 December 2008

35,574 


35,574 





9. Property, plant and equipment





Fixtures and Fittings


Total


£


£

Cost




At 1 January 2009

26,014 


26,014 

Additions

10,449 


10,449 

At 31 December 2009

36,463 


36,463 

Accumulated Depreciation and impairment




At 1 January 2009

8,588 


8,588 

Depreciation charge for the year

9,252 


9,252 

At 31 December 2009

17,840 


17,840 





Carrying amounts




At 1 January 2009

17,426 


17,426 

At 31 December 2009

18,623 


18,623 






Fixtures and Fittings


Total


£


£

Cost




At 1 April 2008

11,218 


11,218 

Additions

14,796 


14,796 

At 31 December 2008

26,014 


26,014 

Accumulated Depreciation and impairment




At 1 April 2008

5,308 


5,308 

Depreciation charge for the year

3,280 


3,280 

At 31 December 2008

8,588 


8,588 





Carrying amounts




At 1 April 2008

5,910 


5,910 

At 31 December 2008

17,426 


17,426 





None of the above assets are held under finance leases.








10. Trade and other receivables





Year ended


9 months ended


31 December


31 December


2009


2008


£


£





Prepayments and accrued income

28,324 


6,767 

Trade debtors

193,724 


22,234 

Amounts due from group undertakings

50,729 


13,146 

Total

272,777 


42,147 


The ageing of trade debtors at the reporting date was:



2009

2009

2008

2008


£

£

£

£


Gross

Impairment

Gross

Impairment






Not past due

143,610 

5,757 

Past due 0-30 days

9,255 

0 

4,739 

0 

Past due 31-60 days

8,704 

0 

8,897 

0 

Past due 61-90 days

32,155 

0 

2,841 

0 

Total

193,724 

0 

22,234 

0 






There was no movement in the allowance for impairment in the current or preceding periods.


11. Cash and cash equivalents







Year ended


9 months ended



31 December


31 December



2009


2008



£


£






Bank balances


22,319 


18,128 






12. Trade and other payables







Year ended


9 months ended



31 December


31 December



2009


2008



£


£






Trade creditors


11,018 


13,887 

Amounts owed to group undertakings


45,018 


18,060 

VAT


42,305 


7,536 

Other creditors


57,447 


48,803 



155,788 


88,286 






All amounts owed to the parent undertaking are repayable on demand.



13. Deferred tax assets and liabilities








Deferred tax liabilities are attributable to the following:


Assets

Liabilities

Net


2009

2008


2009

2008


2009

2008


£

£


£

£


£

£

Property, plant and equipment

431 

0 


0 

2,513 


431 

2,513 


The movement on the deferred tax account is as shown below:










Balance


Recognised  In


Balance



as at


Statement of


as at



1 January 2009


Comprehensive Income


31 December 2009



£


£


£

Property, plant and equipment


2,513


( 2,513)


0








Deferred tax liability


2,513


( 2,513)


0










Balance


Recognised  In


Balance



as at


Statement of


as at



1 January 2009


Comprehensive Income


31 December 2009



£


£


£

Property, plant and equipment


0


431


431








Deferred tax asset


0


431


431



14. Share Capital







Year ended


9 months ended



31 December


31 December



2009


2008



£


£

Authorised, issued and fully paid





Ordinary shares of £ 1 each


1,087 


1,087 



15. Reconciliation of movement in capital and reserves










Share Capital


Retained Earnings


Total Equity



£


£


£








Balance at 1 January 2009


1,087 


11,288 


12,375 

Profit for the period




224,321 


224,321 








Balance at 31 December 2009


1,087 


235,609 


236,696 








Balance at 1 April 2008


1,087 


35,229 


36,316 

Profit for the period




28,235 


28,235 

Dividends for the period




( 52,176)


( 52,176)








Balance at 31 December 2008


1,087 


11,288 


12,375 



16. Operating leases and commitments










The company has the following commitments due under operating leases at the Statement of Financial Position date:



As at


As at

Land and Buildings


31 December


31 December



2009


2008



£


£

On leases expiring:





Within one year


23,760 


16,560 






The company had no capital commitments at the current or previous period end.






The company is party to BBBBB Group Limited group banking arrangements involving the pooling of funds with other group companies.






17. Related Party Transactions










The company has related party relationships with other subsidiaries within the BBBBB Group as detailed below.  All such transactions are priced on an arms-length basis.








Year ended


9 months ended



31 December


31 December



2009


2008

a) Sales of goods and services:


£


£