Company registration number 02321033 (England and Wales)
WEALD COMPUTER MAINTENANCE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2025
One Bell Lane
Lewes
East Sussex
BN7 1JU
WEALD COMPUTER MAINTENANCE LIMITED
CONTENTS
Page
Company information
1
Directors' report
2
Profit and loss account
3
Balance sheet
4 - 5
Statement of changes in equity
6
Notes to the financial statements
7 - 13
The following pages do not form part of the financial statements
Accountants' report
14
WEALD COMPUTER MAINTENANCE LIMITED
COMPANY INFORMATION
- 1 -
Directors
M J Nelson
C Winchester
(Appointed 23 January 2025)
H Morris
(Appointed 23 January 2025)
Secretary
M J Nelson
Company number
02321033
Registered office
5 Horsted Square
Bellbrook Industrial Estate
Uckfield
East Sussex
TN22 1QG
Accountants
TC Group
One Bell Lane
Lewes
East Sussex
BN7 1JU
Bankers
Natwest
24 Church Road
Burgess Hill
West Sussex
RH15 9ZS
WEALD COMPUTER MAINTENANCE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
The directors present their annual report and financial statements for the year ended 31 March 2025.
Principal activities
The principal activity of the company continued to be 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:
M J Nelson
B C St John-Poulton
(Resigned 23 January 2025)
C Winchester
(Appointed 23 January 2025)
H Morris
(Appointed 23 January 2025)
On 24 March 2025 the entire share capital of the company was acquired Weald Trustee Company Limited for and on behalf of Weald Computer Maintenance Employee-Ownership Trust ("EOT"). No individual company or person has control of the EOT.
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
M J Nelson
Secretary
5 August 2025
WEALD COMPUTER MAINTENANCE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
2025
2024
Notes
£
£
Turnover
2,682,003
2,648,186
Cost of sales
(1,311,548)
(1,397,034)
Gross profit
1,370,455
1,251,152
Administrative expenses
(1,132,408)
(1,000,382)
Operating profit
238,047
250,770
Interest receivable and similar income
37,258
21,385
Profit before taxation
275,305
272,155
Tax on profit
3
(68,500)
(73,835)
Profit for the financial year
206,805
198,320
WEALD COMPUTER MAINTENANCE LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 4 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
5
41,550
48,737
Current assets
Stocks
28,032
14,853
Debtors
6
383,268
277,037
Cash at bank and in hand
487,269
1,416,022
898,569
1,707,912
Creditors: amounts falling due within one year
7
(315,226)
(359,451)
Net current assets
583,343
1,348,461
Total assets less current liabilities
624,893
1,397,198
Provisions for liabilities
(10,388)
(12,184)
Net assets
614,505
1,385,014
Capital and reserves
Called up share capital
8
1,532
1,532
Profit and loss reserves
612,973
1,383,482
Total equity
614,505
1,385,014
WEALD COMPUTER MAINTENANCE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
31 March 2025
- 5 -
For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 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.
The financial statements were approved by the board of directors and authorised for issue on 5 August 2025 and are signed on its behalf by:
M J Nelson
Director
Company registration number 02321033 (England and Wales)
WEALD COMPUTER MAINTENANCE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
1,532
1,285,837
1,287,369
Year ended 31 March 2024:
Profit and total comprehensive income
-
198,320
198,320
Dividends
-
(100,675)
(100,675)
Balance at 31 March 2024
1,532
1,383,482
1,385,014
Year ended 31 March 2025:
Profit and total comprehensive income
-
206,805
206,805
Dividends
-
(77,314)
(77,314)
Capital contribution to EOT
-
(900,000)
(900,000)
Balance at 31 March 2025
1,532
612,973
614,505
WEALD COMPUTER MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
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.
WEALD COMPUTER MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 8 -
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.
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.
WEALD COMPUTER MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 9 -
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.
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.
WEALD COMPUTER MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 10 -
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:
2025
2024
Number
Number
Total
18
18
3
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
70,212
65,596
Adjustments in respect of prior periods
84
(6)
Total current tax
70,296
65,590
Deferred tax
Origination and reversal of timing differences
(1,796)
8,245
Total tax charge
68,500
73,835
WEALD COMPUTER MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
308,000
Amortisation and impairment
At 1 April 2024 and 31 March 2025
308,000
Carrying amount
At 31 March 2025
At 31 March 2024
5
Tangible fixed assets
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2024
59,222
22,995
82,217
Additions
6,666
6,666
At 31 March 2025
65,888
22,995
88,883
Depreciation and impairment
At 1 April 2024
27,731
5,749
33,480
Depreciation charged in the year
9,541
4,312
13,853
At 31 March 2025
37,272
10,061
47,333
Carrying amount
At 31 March 2025
28,616
12,934
41,550
At 31 March 2024
31,491
17,246
48,737
WEALD COMPUTER MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
327,557
248,833
Other debtors
27,560
Prepayments and accrued income
28,151
28,204
383,268
277,037
7
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
85,751
152,008
Corporation tax
70,212
65,512
Other taxation and social security
132,905
136,052
Other creditors
22,116
2,890
Accruals and deferred income
4,242
2,989
315,226
359,451
8
Called up share capital
2025
2024
2025
2024
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:
2025
2024
£
£
111,966
18,394
WEALD COMPUTER MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
10
Parent company
On 24 March 2025, the share capital of the company was purchased by Weald Trustee Computer Ltd on behalf of the Weald Computer Maintenance Employee Ownership Trust. ("EOT").
WEALD COMPUTER MAINTENANCE LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF WEALD COMPUTER MAINTENANCE LIMITED
- 14 -
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 March 2025.
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
On the balance sheet, you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give a true and fair view.
You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the directors for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
TC Group
5 August 2025
One Bell Lane
Lewes
East Sussex
BN7 1JU
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