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COMPANY REGISTRATION NUMBER: 02888152
World of Computers Limited
Unaudited financial statements
31 March 2024
World of Computers Limited
Statement of financial position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
838,284
800,682
Current assets
Stocks
1,787,815
1,232,795
Debtors
6
616,575
910,334
Cash at bank and in hand
1,077,355
1,524,766
-----------
-----------
3,481,745
3,667,895
Creditors: Amounts falling due within one year
7
( 877,697)
( 735,367)
-----------
-----------
Net current assets
2,604,048
2,932,528
-----------
-----------
Total assets less current liabilities
3,442,332
3,733,210
Provisions
Taxation including deferred tax
( 29,218)
( 17,092)
-----------
-----------
Net assets
3,413,114
3,716,118
-----------
-----------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
3,412,114
3,715,118
-----------
-----------
Shareholder funds
3,413,114
3,716,118
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
World of Computers Limited
Statement of financial position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
P P M Daft
Director
Company registration number: 02888152
World of Computers Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 133 Cambridge Road, Milton, Cambridge, CB24 6AZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 11 (2023: 10 ).
5. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
848,102
59,333
206,870
9,648
1,123,953
Additions
80,704
80,704
Disposals
( 10,940)
( 10,940)
---------
---------
---------
------
-----------
At 31 March 2024
848,102
129,097
206,870
9,648
1,193,717
---------
---------
---------
------
-----------
Depreciation
At 1 April 2023
123,821
41,955
148,557
8,938
323,271
Charge for the year
12,382
13,172
14,578
106
40,238
Disposals
( 8,076)
( 8,076)
---------
---------
---------
------
-----------
At 31 March 2024
136,203
47,051
163,135
9,044
355,433
---------
---------
---------
------
-----------
Carrying amount
At 31 March 2024
711,899
82,046
43,735
604
838,284
---------
---------
---------
------
-----------
At 31 March 2023
724,281
17,378
58,313
710
800,682
---------
---------
---------
------
-----------
6. Debtors
2024
2023
£
£
Trade debtors
592,787
870,731
Other debtors
23,788
39,603
---------
---------
616,575
910,334
---------
---------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
423,328
184,584
Social security and other taxes
450,189
546,913
Other creditors
4,180
3,870
---------
---------
877,697
735,367
---------
---------