Company Registration No. 02321033 (England and Wales)
WEALD COMPUTER MAINTENANCE LIMITED
DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2015
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
Business address
53 Perrymount Road
Haywards Heath
West Sussex
RH16 3BN
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 - 11
WEALD COMPUTER MAINTENANCE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2015
- 1 -
The directors present their report and financial statements for the year ended 31 March 2015.
Principal activities
The principal activity of the company was that of computer maintenance.
Directors
The following directors have held office since 1 April 2014:
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
9 September 2015
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 2015
- 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 2015 set out on pages 3 to 11 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
15 September 2015
Chartered Accountants
One Bell Lane
Lewes
East Sussex
BN7 1JU
WEALD COMPUTER MAINTENANCE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2015
- 3 -
2015
2014
Notes
£
£
Turnover
1,575,290
1,468,701
Cost of sales
(766,756)
(833,990)
Gross profit
808,534
634,711
Administrative expenses
(724,100)
(486,704)
Other operating income
4,007
-
Operating profit
2
88,441
148,007
Other interest receivable and similar income
3
62
76
Profit on ordinary activities before taxation
88,503
148,083
Tax on profit on ordinary activities
4
(24,743)
(28,191)
Profit for the year
13
63,760
119,892
WEALD COMPUTER MAINTENANCE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
- 4 -
2015
2014
Notes
£
£
£
£
Fixed assets
Intangible assets
6
222,400
-
Tangible assets
7
57,658
39,901
280,058
39,901
Current assets
Stocks
24,290
19,383
Debtors
8
151,505
366,726
Cash at bank and in hand
59,896
101,729
235,691
487,838
Creditors: amounts falling due within one year
9
(279,608)
(324,539)
Net current (liabilities)/assets
(43,917)
163,299
Total assets less current liabilities
236,141
203,200
Provisions for liabilities
10
(8,298)
-
227,843
203,200
Capital and reserves
Called up share capital
12
1,532
1,532
Profit and loss account
13
226,311
201,668
Shareholders'  funds
227,843
203,200
WEALD COMPUTER MAINTENANCE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2015
31 March 2015
- 5 -
For the financial year ended 31 March 2015 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 April 2008).
Approved by the Board for issue on 9 September 2015
Mr M  Nelson
Director
Company Registration No. 02321033
WEALD COMPUTER MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2015
- 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 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 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
2015
2014
£
£
Operating profit is stated after charging:
Amortisation of intangible assets
55,600
-
Depreciation of tangible assets
17,176
13,303
Directors' remuneration
6,000
20,320
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2014 - 1).
WEALD COMPUTER MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 7 -
3
Investment income
2015
2014
£
£
Bank interest
62
76
62
76
4
Taxation
2015
2014
£
£
Domestic current year tax
U.K. corporation tax
15,802
28,430
Adjustment for prior years
643
(239)
Total current tax
16,445
28,191
Deferred tax
Deferred tax charge/credit current year
8,298
-
24,743
28,191
5
Dividends
2015
2014
£
£
Ordinary interim paid
39,117
113,730
6
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2014
30,000
Additions
278,000
At 31 March 2015
308,000
Amortisation
At 1 April 2014
30,000
Charge for the year
55,600
At 31 March 2015
85,600
Net book value
At 31 March 2015
222,400
At 31 March 2014
-
WEALD COMPUTER MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 8 -
7
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2014
185,552
Additions
34,933
At 31 March 2015
220,485
Depreciation
At 1 April 2014
145,651
Charge for the year
17,176
At 31 March 2015
162,827
Net book value
At 31 March 2015
57,658
At 31 March 2014
39,901
8
Debtors
2015
2014
£
£
Trade debtors
151,088
307,726
Other debtors
417
59,000
151,505
366,726
9
Creditors: amounts falling due within one year
2015
2014
£
£
Trade creditors
86,906
188,518
Taxation and social security
52,734
58,394
Other creditors
139,968
77,627
279,608
324,539
WEALD COMPUTER MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 9 -
10
Provisions for liabilities
Deferred tax liability
£
Profit and loss account
8,298
Balance at 31 March 2015
8,298
The deferred tax liability is made up as follows:
2015
2014
£
£
Accelerated capital allowances
8,298
-
11
Pension costs
Defined contribution

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund. There were no outstanding contributions at the balance sheet date (2014 - £nil)

 

2015
2014
£
£
Contributions payable by the company for the year
-
7,200
12
Share capital
2015
2014
£
£
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
WEALD COMPUTER MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 10 -
13
Statement of movements on profit and loss account
Profit
and loss
account
£
Balance at 1 April 2014
201,668
Profit for the year
63,760
Dividends paid
(39,117)
Balance at 31 March 2015
226,311
14
Financial commitments
At 31 March 2015 the company was committed to making the following payments under non-cancellable operating leases in the year to 31 March 2016:
2015
2014
£
£
Operating leases which expire:
Within one year
3,864
4,416
Between two and five years
16,000
2,752
19,864
7,168
15
Control

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

 

16
Related party relationships and transactions
Dividends to Directors
The following directors were paid dividends during the year as outlined in the table below:
2015
2014
£
£
Mr M  Nelson
26,484
51,870
B  St John - Poulton
12,633
30,360
39,117
82,230
WEALD COMPUTER MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
16
Related party relationships and transactions
(Continued)
- 11 -

 

Other creditors include £133 (2014 £40,133) due to M Nelson, a director of the company.

 

The company became a partner in the limited liability partnership, G2 Support LLP, with effect from 22 May 2014. The company has charged a management fee to G2 Support LLP of £4,007. At the balance sheet date there is a balance outstanding of £1,750.

 

2015-03-31 2014-04-01 false true true true true true tmp523.html 2015-09-17 02321033 2014-04-01 2015-03-31 02321033 uk-bus:CompanySecretaryDirector 2014-04-01 2015-03-31 02321033 uk-bus:Director1 2014-04-01 2015-03-31 02321033 uk-bus:CompanySecretary 2014-04-01 2015-03-31 02321033 uk-bus:RegisteredOffice 2014-04-01 2015-03-31 02321033 uk-bus:EntityAccountantsOrAuditors 2014-04-01 2015-03-31 02321033 2015-03-31 02321033 uk-bus:EntityAccountantsOrAuditors 2015-03-31 02321033 2013-04-01 2014-03-31 02321033 2014-03-31 02321033 2014-03-31 02321033 uk-gaap:FixturesFittingsToolsEquipment 2014-04-01 2015-03-31 02321033 uk-gaap:MotorVehicles 2014-04-01 2015-03-31 02321033 uk-gaap:OwnedOrFreeholdTangibleFixedAssets 2014-04-01 2015-03-31 02321033 uk-gaap:OwnedOrFreeholdTangibleFixedAssets 2013-04-01 2014-03-31 02321033 uk-bus:AllEntityOfficers 2014-04-01 2015-03-31 02321033 uk-bus:AllEntityOfficers 2013-04-01 2014-03-31 02321033 uk-bus:OrdinaryShareClass1 2014-04-01 2015-03-31 02321033 uk-bus:OrdinaryShareClass2 2014-04-01 2015-03-31 02321033 uk-bus:OrdinaryShareClass1 2015-03-31 02321033 uk-bus:OrdinaryShareClass2 2015-03-31 02321033 uk-bus:OrdinaryShareClass1 2014-03-31 02321033 uk-bus:OrdinaryShareClass2 2014-03-31 xbrli:pure xbrli:shares iso4217:GBP