Company registration number 02321033 (England and Wales)
WEALD COMPUTER MAINTENANCE LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
WEALD COMPUTER MAINTENANCE LIMITED
COMPANY INFORMATION
Directors
Mr M J Nelson
Mr B C St John-Poulton
Secretary
Mr M J Nelson
Company number
02321033
Registered office
5 Horsted Square
Bellbrook Industrial Estate
Uckfield
East Sussex
TN22 1QG
Accountants
Knill James LLP
One Bell Lane
Lewes
East Sussex
BN7 1JU
Bankers
Natwest
24 Church Road
Burgess Hill
West Sussex
RH15 9ZS
WEALD COMPUTER MAINTENANCE LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 9
WEALD COMPUTER MAINTENANCE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2023.
Principal activities
The principal activity of the company was that of computer maintenance.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr M J Nelson
Mr B C St John-Poulton
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
By order of the board
Mr M J Nelson
Secretary
21 August 2023
WEALD COMPUTER MAINTENANCE LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WEALD COMPUTER MAINTENANCE LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Weald Computer Maintenance Limited for the year ended 31 March 2023 set out on pages 3 to 9 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 at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Weald Computer Maintenance Limited, as a body, in accordance with the terms of our engagement letter dated 9 July 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Weald Computer Maintenance Limited and state those matters that we have agreed to state to the board of directors of Weald Computer Maintenance Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Weald Computer Maintenance Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Weald Computer Maintenance 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 Weald Computer Maintenance Limited. You consider that Weald Computer Maintenance 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 Weald Computer Maintenance 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.
Knill James LLP
27 August 2023
Chartered Accountants
One Bell Lane
Lewes
East Sussex
BN7 1JU
WEALD COMPUTER MAINTENANCE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
2023
2022
Notes
£
£
Turnover
2,733,589
2,367,234
Cost of sales
(1,482,980)
(1,121,464)
Gross profit
1,250,609
1,245,770
Administrative expenses
(1,001,767)
(933,136)
Operating profit
248,842
312,634
Interest receivable and similar income
6,897
401
Profit before taxation
255,739
313,035
Tax on profit
3
(46,300)
(60,073)
Profit for the financial year
209,439
252,962
WEALD COMPUTER MAINTENANCE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 4 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
26,029
15,619
Current assets
Stocks
16,013
53,527
Debtors
6
305,107
378,675
Cash at bank and in hand
1,301,949
1,160,289
1,623,069
1,592,491
Creditors: amounts falling due within one year
7
(357,790)
(426,537)
Net current assets
1,265,279
1,165,954
Total assets less current liabilities
1,291,308
1,181,573
Provisions for liabilities
(3,939)
(2,968)
Net assets
1,287,369
1,178,605
Capital and reserves
Called up share capital
8
1,532
1,532
Profit and loss reserves
1,285,837
1,177,073
Total equity
1,287,369
1,178,605
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 August 2023 and are signed on its behalf by:
Mr M J Nelson
Director
Company Registration No. 02321033
WEALD COMPUTER MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
1
Accounting policies
Company information
Weald Computer Maintenance Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Horsted Square, Bellbrook Industrial Estate, Uckfield, East Sussex, TN22 1QG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for computer maintenance net of VAT.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
25% reducing balance basis
Motor vehicles
25% reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
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.
1.6
Stocks
Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks.
WEALD COMPUTER MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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 balance sheet when the company becomes party to the contractual provisions of the instrument.
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 cost 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.
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
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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.
WEALD COMPUTER MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 7 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
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.
1.12
Retirement benefits
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.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
17
18
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
45,329
60,392
Adjustments in respect of prior periods
(1)
Total current tax
45,329
60,391
Deferred tax
Origination and reversal of timing differences
971
(318)
Total tax charge
46,300
60,073
WEALD COMPUTER MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
308,000
Amortisation and impairment
At 1 April 2022 and 31 March 2023
308,000
Carrying amount
At 31 March 2023
At 31 March 2022
5
Tangible fixed assets
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022
230,432
10,995
241,427
Additions
19,088
19,088
At 31 March 2023
249,520
10,995
260,515
Depreciation and impairment
At 1 April 2022
218,291
7,517
225,808
Depreciation charged in the year
7,808
870
8,678
At 31 March 2023
226,099
8,387
234,486
Carrying amount
At 31 March 2023
23,421
2,608
26,029
At 31 March 2022
12,141
3,478
15,619
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
302,206
375,009
Other debtors
2,901
3,666
305,107
378,675
WEALD COMPUTER MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
189,808
271,598
Corporation tax
45,329
60,367
Other taxation and social security
116,998
91,959
Other creditors
5,655
2,613
357,790
426,537
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'B' shares of £1 each
200
200
200
200
Ordinary 'A' shares of £1 each
1,332
1,332
1,332
1,332
1,532
1,532
1,532
1,532
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
8,709
23,560
WEALD COMPUTER MAINTENANCE LIMITED
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023
2023-03-312022-04-01falseCCH SoftwareCCH Accounts Production 2023.100Mr B C St John-PoultonMr B C St John-PoultonMr M J Nelson023210332022-04-012023-03-3102321033bus:CompanySecretaryDirector12022-04-012023-03-3102321033bus:Director12022-04-012023-03-3102321033bus:Director22022-04-012023-03-3102321033bus:CompanySecretary12022-04-012023-03-3102321033bus:RegisteredOffice2022-04-012023-03-3102321033bus:Agent12022-04-012023-03-31023210332023-03-31023210332021-04-012022-03-31023210332022-03-3102321033core:FurnitureFittings2023-03-3102321033core:MotorVehicles2023-03-3102321033core:FurnitureFittings2022-03-3102321033core:MotorVehicles2022-03-3102321033core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3102321033core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3102321033core:CurrentFinancialInstruments2023-03-3102321033core:CurrentFinancialInstruments2022-03-3102321033core:ShareCapital2023-03-3102321033core:ShareCapital2022-03-3102321033core:RetainedEarningsAccumulatedLosses2023-03-3102321033core:RetainedEarningsAccumulatedLosses2022-03-3102321033core:ShareCapitalOrdinaryShares2023-03-3102321033core:ShareCapitalOrdinaryShares2022-03-3102321033core:Goodwill2022-04-012023-03-3102321033core:FurnitureFittings2022-04-012023-03-3102321033core:MotorVehicles2022-04-012023-03-3102321033core:UKTax2022-04-012023-03-3102321033core:UKTax2021-04-012022-03-3102321033core:NetGoodwill2022-03-3102321033core:NetGoodwill2023-03-3102321033core:NetGoodwill2022-03-3102321033core:FurnitureFittings2022-03-3102321033core:MotorVehicles2022-03-31023210332022-03-3102321033core:WithinOneYear2023-03-3102321033core:WithinOneYear2022-03-3102321033bus:PrivateLimitedCompanyLtd2022-04-012023-03-3102321033bus:FRS1022022-04-012023-03-3102321033bus:AuditExemptWithAccountantsReport2022-04-012023-03-3102321033bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP