Company Registration No. 02321033 (England and Wales)
WEALD COMPUTER MAINTENANCE LIMITED
DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
WEALD COMPUTER MAINTENANCE LIMITED
COMPANY INFORMATION
Directors
Mr M  Nelson
B  St John - Poulton
Secretary
Mr M Nelson
Company number
02321033
Registered office
5 Horsted Square
Bellbrook Industrial Estate
Uckfield
East Sussex
TN22 1QG
Accountants
Knill James
One Bell Lane
Lewes
East Sussex
BN7 1JU
Bankers
Natwest
24 Church Road
Burgess Hill
West Sussex
WEALD COMPUTER MAINTENANCE LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4 - 5
Notes to the financial statements
6 - 10
WEALD COMPUTER MAINTENANCE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2016
- 1 -
The directors present their report and financial statements for the year ended 31 March 2016.
Principal activities
The principal activity of the company was that of computer maintenance.
Directors
The following directors have held office since 1 April 2015:
Mr M  Nelson
B  St John - Poulton
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
By order of the board
Mr M Nelson
Secretary
6 July 2016
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 2016
- 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 2016 set out on pages 3 to 10 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, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.

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 14 May 2012. 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 AAF 2/10 as detailed at icaew.com/compilation. 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
6 July 2016
Chartered Accountants
One Bell Lane
Lewes
East Sussex
BN7 1JU
WEALD COMPUTER MAINTENANCE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
2016
2015
Notes
£
£
Turnover
1,992,726
1,575,290
Cost of sales
(961,648)
(766,756)
Gross profit
1,031,078
808,534
Administrative expenses
(709,904)
(724,100)
Other operating income
-
4,007
Operating profit
2
321,174
88,441
Other interest receivable and similar income
3
28
62
Profit on ordinary activities before taxation
321,202
88,503
Tax on profit on ordinary activities
4
(64,752)
(24,743)
Profit for the year
12
256,450
63,760
WEALD COMPUTER MAINTENANCE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 4 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
6
166,800
222,400
Tangible assets
7
43,244
57,658
210,044
280,058
Current assets
Stocks
27,165
24,290
Debtors
8
238,765
151,505
Cash at bank and in hand
237,096
59,896
503,026
235,691
Creditors: amounts falling due within one year
9
(316,732)
(279,608)
Net current assets/(liabilities)
186,294
(43,917)
Total assets less current liabilities
396,338
236,141
Provisions for liabilities
10
(5,997)
(8,298)
390,341
227,843
Capital and reserves
Called up share capital
11
1,532
1,532
Profit and loss account
12
388,809
226,311
Shareholders'  funds
390,341
227,843
WEALD COMPUTER MAINTENANCE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2016
31 March 2016
- 5 -
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective January 2015).
Approved by the Board for issue on 6 July 2016
Mr M  Nelson
Director
Company Registration No. 02321033
WEALD COMPUTER MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
- 6 -
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 January 2015).

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 amounts receivable for goods and services net of VAT.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
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:
Fixtures, fittings & equipment
25% Reducing balance basis
Motor vehicles
25% reducing balance
1.6
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.7
Stock
Stock is valued at the lower of cost and net realisable value.
1.8
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.  The deferred tax balance has not been discounted.
2
Operating profit
2016
2015
£
£
Operating profit is stated after charging:
Amortisation of intangible assets
55,600
55,600
Depreciation of tangible assets
14,414
17,176
Directors' remuneration
8,533
6,000
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2015 - 1).
WEALD COMPUTER MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 7 -
3
Investment income
2016
2015
£
£
Bank interest
28
62
28
62
4
Taxation
2016
2015
£
£
Domestic current year tax
U.K. corporation tax
67,053
15,802
Adjustment for prior years
-
643
Total current tax
67,053
16,445
Deferred tax
Deferred tax charge/credit current year
(2,301)
8,298
64,752
24,743
5
Dividends
2016
2015
£
£
Ordinary interim paid
93,952
39,117
6
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2015 & at 31 March 2016
308,000
Amortisation
At 1 April 2015
85,600
Charge for the year
55,600
At 31 March 2016
141,200
Net book value
At 31 March 2016
166,800
At 31 March 2015
222,400
WEALD COMPUTER MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 8 -
7
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2015 & at 31 March 2016
220,485
Depreciation
At 1 April 2015
162,827
Charge for the year
14,414
At 31 March 2016
177,241
Net book value
At 31 March 2016
43,244
At 31 March 2015
57,658
8
Debtors
2016
2015
£
£
Trade debtors
238,765
151,088
Other debtors
-
417
238,765
151,505
9
Creditors: amounts falling due within one year
2016
2015
£
£
Trade creditors
135,767
86,906
Taxation and social security
117,113
52,734
Other creditors
63,852
139,968
316,732
279,608
WEALD COMPUTER MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 9 -
10
Provisions for liabilities
Deferred tax liability
£
Balance at 1 April 2015
8,298
Profit and loss account
(2,301)
Balance at 31 March 2016
5,997
The deferred tax liability is made up as follows:
2016
2015
£
£
Accelerated capital allowances
5,997
8,298
11
Share capital
2016
2015
£
£
Allotted, called up and fully paid
200 Ordinary 'B' shares of £1 each
200
200
1,332 Ordinary 'A' shares of £1 each
1,332
1,332
1,532
1,532
12
Statement of movements on profit and loss account
Profit
and loss
account
£
Balance at 1 April 2015
226,311
Profit for the year
256,450
Dividends paid
(93,952)
Balance at 31 March 2016
388,809
WEALD COMPUTER MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 10 -
13
Financial commitments
At 31 March 2016 the company was committed to making the following payments under non-cancellable operating leases in the year to 31 March 2017:
2016
2015
£
£
Operating leases which expire:
Within one year
-
3,864
Between two and five years
27,090
16,000
27,090
19,864
14
Control

There is no ultimate controlling party as the two directors own 50% of the issued shares each.

 

15
Related party relationships and transactions
Dividends to Directors
The following directors were paid dividends during the year as outlined in the table below:
2016
2015
£
£
Mr M  Nelson
56,452
26,484
B  St John - Poulton
37,500
12,633
93,952
39,117

 

Other creditors include £133 (2015 £133) due to M Nelson, a director of the company.

 

The company is a partner in the limited liability partnership, G2 Support LLP which has not traded in the year. At the balance sheet date there is a balance outstanding of £nil (2015 - £1,750).

 

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