Converge Technology Ltd - Abbreviated accounts 16.1

REGISTERED NUMBER: 08225307 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE PERIOD 1 APRIL 2015 TO 31 DECEMBER 2015

FOR

CONVERGE TECHNOLOGY LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

M Smith

Mrs B Smith

J W Buttle

S W Patterson

REGISTERED OFFICE:

Unit C1 Herrick Close

Staverton Technology Park

Cheltenham

Gloucestershire

GL51 6TQ

REGISTERED NUMBER:

08225307 (England and Wales)

ACCOUNTANTS:

Randall & Payne LLP

Chartered Accountants

Chargrove House

Shurdington Road

Cheltenham

Gloucestershire

GL51 4GA

FIXED ASSETS

Intangible assets

2

375,230

461,821

Tangible assets

3

25,177

25,881

400,407

487,702

CURRENT ASSETS

Stocks

16,818

19,403

Debtors

729,663

585,897

Cash at bank and in hand

370,293

195,605

1,116,774

800,905

CREDITORS

Amounts falling due within one year

583,033

415,522

NET CURRENT ASSETS

533,741

385,383

TOTAL ASSETS LESS CURRENT LIABILITIES

934,148

873,085

CREDITORS

Amounts falling due after more than one year

(201,950

)

(145,398

)

PROVISIONS FOR LIABILITIES

(4,118

)

-

NET ASSETS

728,080

727,687

CAPITAL AND RESERVES

Called up share capital

4

485,000

620,000

Profit and loss account

243,080

107,687

SHAREHOLDERS' FUNDS

728,080

727,687

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 9 August 2016 and were signed on its behalf by:

M Smith - Director

Mrs B Smith - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods and provision of services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Going concern

The directors consider that there are no material uncertainties that may cast significant doubt about the

company’s ability to continue as a going concern.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

and 31 December 2015

577,276

AMORTISATION

At 1 April 2015

115,455

Amortisation for period

86,591

At 31 December 2015

202,046

NET BOOK VALUE

At 31 December 2015

375,230

At 31 March 2015

461,821

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

38,336

Additions

5,160

At 31 December 2015

43,496

DEPRECIATION

At 1 April 2015

12,455

Charge for period

5,864

At 31 December 2015

18,319

NET BOOK VALUE

At 31 December 2015

25,177

At 31 March 2015

25,881

4.	CALLED UP SHARE CAPITAL