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Registration number: 05755666

Computing Cubed Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Computing Cubed Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 11

 

Computing Cubed Limited

Company Information

Director

Mr Richard David James Walker

Company secretary

Mrs Annette Walker

Registered office

2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

Accountants

Welch & Co (South West) Limited
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

 

Computing Cubed Limited

Director's Report for the Year Ended 31 March 2023

The director presents his report and the financial statements for the year ended 31 March 2023.

Director of the company

The director who held office during the year was as follows:

Mr Richard David James Walker

Principal activity

The principal activity of the company is Computer support and services

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 19 October 2023
 

.........................................
Mr Richard David James Walker
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Computing Cubed Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Computing Cubed Limited for the year ended 31 March 2023 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Computing Cubed Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Computing Cubed Limited and state those matters that we have agreed to state to the Board of Directors of Computing Cubed Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Computing Cubed Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Computing Cubed Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Computing Cubed Limited. You consider that Computing Cubed 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 accounts of Computing Cubed 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 accounts.

......................................

Welch & Co (South West) Limited
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

19 October 2023

 

Computing Cubed Limited

(Registration number: 05755666)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

40,067

16,719

Current assets

 

Debtors

7

98,388

92,193

Cash at bank and in hand

 

83,308

47,615

 

181,696

139,808

Creditors: Amounts falling due within one year

8

(112,799)

(51,096)

Net current assets

 

68,897

88,712

Total assets less current liabilities

 

108,964

105,431

Creditors: Amounts falling due after more than one year

8

(30,198)

(45,000)

Net assets

 

78,766

60,431

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

78,666

60,331

Shareholders' funds

 

78,766

60,431

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 19 October 2023
 

.........................................
Mr Richard David James Walker
Director

 

Computing Cubed Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Computing Cubed Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Computing Cubed Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 4).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

13,356

5,574

 

Computing Cubed Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

42,997

13,584

56,581

Additions

39,672

100

39,772

Disposals

(21,384)

-

(21,384)

At 31 March 2023

61,285

13,684

74,969

Depreciation

At 1 April 2022

30,117

9,745

39,862

Charge for the year

12,371

985

13,356

Eliminated on disposal

(18,316)

-

(18,316)

At 31 March 2023

24,172

10,730

34,902

Carrying amount

At 31 March 2023

37,113

2,954

40,067

At 31 March 2022

12,880

3,839

16,719

6

Stocks

2023
£

2022
£

7

Debtors

Current

2023
£

2022
£

Trade debtors

78,388

71,169

Prepayments

-

120

Other debtors

20,000

20,904

 

98,388

92,193

8

Creditors

Creditors: amounts falling due within one year

 

Computing Cubed Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

34,250

18

Trade creditors

 

57,240

37,141

Taxation and social security

 

6,104

2,028

Other creditors

 

15,205

11,909

 

112,799

51,096

Due after one year

 

Loans and borrowings

10

30,198

45,000

 

Computing Cubed Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

30,198

45,000

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

26,054

45,000

Hire purchase contracts

4,144

-

30,198

45,000

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,020

-

Hire purchase contracts

24,153

-

Other borrowings

77

18

34,250

18

11

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £450.00 (2022 - £630.00) per each Ordinary

 

45,000

 

63,000

         

12

Related party transactions

 

Computing Cubed Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,491

12,821

Contributions paid to money purchase schemes

-

197

12,491

13,018