Registered number: 2126469

WINGPATH LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2003

WINGPATH LIMITED

COMPANY INFORMATION

DIRECTORS	F O'Gorman

M Croucher

SECRETARY	F O'Gorman

COMPANY NUMBER	2126469

REGISTERED OFFICE	Blenheim House

120 Church Street

Brighton

East Sussex

BN1 1AU

BANKERS	Barclays Bank plc

139 – 142 North Street

Brighton

BN1 1RU

WINGPATH LIMITED

CONTENTS

Page

Directors report	1

Profit and loss account	2

Balance sheet	3

Notes to the financial statements	4 – 6

The following pages do not form part of the statutory accounts:

Detailed profit and loss account and summaries	7

DIRECTORS' REPORT

For the year ended 31 March 2003

The directors present their report and the financial statements for the year ended 31 March 2003.

PRINCIPAL ACTIVITIES

The principal activity of the company is that of computer consultants and contract programmers.

DIRECTORS

The directors who served during the year and their beneficial interests in the company's issued share capital were:

Ordinary shares

of £1 each

31/3/03	1/4/02

F O'Gorman	1	1

M Croucher	1	1

STATEMENT OF DIRECTORS' RESPONSIBILITIES

Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing those financial statements, the directors are required to:

select suitable accounting policies and then apply them consistently;

make judgements and estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 1985. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The report of the directors has been prepared in accordance with the special provisions of Part VII of the Companies Act 1985 relating to small companies.

This report was approved by the board on 15 December 2003 and signed on its behalf.

F O'Gorman

Secretary

PROFIT AND LOSS ACCOUNT

For the year ended 31 March 2003

2003	2002

Note	£	£

TURNOVER	1	-	40,208

Administrative expenses	(10,843)	(60,479)

------------	------------

OPERATING (LOSS)/PROFIT	2	(10,843)	(20,271)

Interest receivable	-	62

------------	------------

(LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION	(10,843)	(20,209)

TAX ON (LOSS)/PROFIT ON ORDINARY ACTIVITIES	4	-	(520)

------------	------------

(LOSS)/PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION	(10,843)	(20,729)

=======	=======

The notes on pages 4 to 6 form part of these financial statements.

BALANCE SHEET

As at 31 March 2003

2003	2002

Note	£	£	£	£

FIXED ASSETS

Tangible fixed assets	5	821	1,032

CURRENT ASSETS

Debtors	6	300	163

Cash at bank	226	1,641

------------	------------

526	1,804

CREDITORS: amounts falling due within one year	7	(26,139)	(16,785)

------------	------------

NET CURRENT (LIABILITIES)/ASSETS	(25,613)	(14,981)

------------	-----------

TOTAL ASSETS LESS CURRENT LIABILITIES	(24,792)	(13,949)

=======	=======

CAPITAL AND RESERVES

Called up share capital	8	2	2

Profit and loss account	9	(24,794)	(13,951)

------------	------------

SHAREHOLDERS' FUNDS	(24,792)	(13,949)

=======	=======

The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 249A(1) of the Companies Act 1985 and members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 249B(2) of the Act. The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 221 of the Companies Act 1985, and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2003 and of its loss for the year then ended in accordance with the requirements of section 226, and which otherwise comply with the requirements of the Act relating to the financial statements so far as applicable to the company.

The financial statements have been prepared in accordance with the special provisions of Part VII of the Companies Act 1985 relating to small companies and in accordance with the Financial Reporting Standard for Smaller Entities (effective June 2002).

The financial statements were approved by the board on 15 December 2003 and signed on its behalf.

F O'Gorman

Director

The notes on pages 4 to 6 form part of these financial statements.

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 March 2003

1.	ACCOUNTING POLICIES

1.1	Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective June 2002).

1.2	Cash flow

The financial statements do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under the Financial Reporting Standard for Smaller Entities (effective June 2002).

1.3	Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, exclusive of Valued Added Tax and trade discounts.

1.4	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 of fixed assets, less their estimated residual values, over their expected useful lives on the following bases:

Office equipment	-	25% reducing balance

2.	OPERATING (LOSS)/PROFIT

The operating (loss)/profit is stated after charging:

2003	2002

£	£

Depreciation of fixed assets	273	344

Loss on disposal of fixed assets	143	-

=======	=======

3.	DIRECTORS' REMUNERATION

2003	2002

£	£

Aggregate emoluments	9,228	58,132

=======	=======

4.	TAXATION

2003	2002

£	£

UK corporation tax	-	520

=======	=======

There is no charge to taxation due to losses made in the year.

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 March 2003

5.	TANGIBLE FIXED ASSETS

Furniture,

fittings and

equipment	£

Cost

At 1 April 2002	8,006

Additions	205

Disposals	(5,014)

------------

At 31 March 2003	3,197

------------

Depreciation

At 1 April 2002	6,974

Charge for the year	273

On disposals	(4,871)

------------

At 31 March 2003	2,376

------------

Net book value

At 31 March 2003	821

=======

At 31 March 2002	1,032

=======

6.	DEBTORS

2003	2002

£	£

Due within one year

Other debtors	300	163

=======	=======

7.	CREDITORS

Amounts falling due within one year

2003	2002

£	£

Social security and other taxes	-	2,266

Other creditors	26,139	14,519

------------	------------

26,139	16,785

=======	=======

8.	SHARE CAPITAL

2003	2002

£	£

Authorised

1,000 Ordinary shares of £1 each	1,000	1,000

=======	=======

Allotted, called up and fully paid

2 Ordinary shares of £1 each	2	2

=======	=======

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 March 2003

9.	RESERVES

Profit and loss account

£

At 1 April 2002	(13,951)

Loss retained for the year	(10,843)

------------

At 31 March 2003	(24,794)

=======

10.	CONTROLLING PARTY

The company is owned and controlled by the directors.

DETAILED TRADING AND PROFIT AND LOSS ACCOUNT

For the year ended 31 March 2003

2003	2002

£	£	£	£

TURNOVER

Sales	-	40,208

Less: EXPENSES

Directors' salaries	9,228	58,132

Computer costs	-	611

Depreciation – plant and machinery	273	344

Equipment disposals	143	-

Accountancy	320	500

Insurance	372	-

Web site	182	-

Bank charges	78	116

Sundry expenses	247	776

Bank interest receivable	-	(62)

------------	------------

10,843	60,417

------------	-----------

NET (LOSS)/PROFIT	(10,843)	(20,209)

=======	=======

WINGPATH LIMITED

Page 6

Directors' report and financial statements

2003-12-06T14:30:59