Webaspx Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC201416 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2018

for

WEBASPX LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

7

Director:

J M Forsyth

Secretary:

J M Forsyth

Registered office:

Q Court

3 Quality Street

Edinburgh

EH4 5BP

Registered number:

SC201416 (Scotland)

Accountants:

Haines Watts

Chartered Accountants

Aissela

46 High Street

Esher

Surrey

KT10 9QY

Fixed assets

Intangible assets

4

15,000

-

Tangible assets

5

52,594

57,530

67,594

57,530

Current assets

Stocks

32,507

25,409

Debtors

6

898,073

1,386,833

Cash at bank

994,994

678,881

1,925,574

2,091,123

Creditors

Amounts falling due within one year

7

1,271,583

1,605,512

Net current assets

653,991

485,611

Total assets less current liabilities

721,585

543,141

Capital and reserves

Called up share capital

8

164,250

164,250

Share premium

385

385

Capital redemption reserve

150

150

Retained earnings

556,800

378,356

Shareholders' funds

721,585

543,141

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 18 April 2019 and were signed by:

J M Forsyth - Director

1.	Statutory information

Webaspx Limited is a private company, limited by shares , registered in Scotland. The company's registered

number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires

management to make estimates and judgement that affect the reported amounts of assets and liabilities as well

as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of

revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out

by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as

possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out

by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as

possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is

carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are

as accurate as possible, there remains a risk that the provisions do not match the level of debts which

ultimately prove to be uncollectable.

Turnover

Turnover represents net invoiced sales of goods and services in respect of information technology consultancy,

excluding value added tax. Sales are recognised at the point at which goods are delivered or the service is

complete.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

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

slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred. Development

expenditure is written off in the same year unless directors are satisfied as to the commercial, technical and

financial viability of individual projects.In this situation, the expenditure is deferred and amortised over the

period from which the company is expected to benefit.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

3.	Employees and directors

The average number of employees during the year was 32 (2017 - 27 ) .

4.	Intangible fixed assets

Computer

software

£

Cost

Additions

15,000

At 31 December 2018

15,000

Net book value

At 31 December 2018

15,000

5.	Tangible fixed assets

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

Cost

At 1 January 2018

56,445

50,950

107,395

Additions

8,352

11,233

19,585

At 31 December 2018

64,797

62,183

126,980

Depreciation

At 1 January 2018

26,102

23,763

49,865

Charge for year

8,443

16,078

24,521

At 31 December 2018

34,545

39,841

74,386

Net book value

At 31 December 2018

30,252

22,342

52,594

At 31 December 2017

30,343

27,187

57,530

6.

Debtors: amounts falling due within one year

2018

2017

£

£

Trade debtors

568,810

279,548

Amounts owed by group undertakings

118,595

647,225

Other debtors

17,131

12,735

Prepayments and accrued income

193,537

447,325

898,073

1,386,833

7.

Creditors: amounts falling due within one year

2018

2017

£

£

Trade creditors

38,535

17,176

Amounts owed to group undertakings

384,016

-

Tax

22,240

-

Social security and other taxes

18,040

16,565

VAT

89,111

48,737

Other creditors

14,940

11,588

Accruals and deferred income

704,701

1,511,446

1,271,583

1,605,512

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

164,250

Ordinary shares

£1

164,250

164,250

9.	Related party disclosures

At the balance sheet date, the company owed £384,016 (was owed 2017: £593,390) to Webaspx Holdings

Limited, the company's parent company. The movement in the year reflects licence fees, expenses and

dividends paid.

At the balance sheet date, the company was owed £118,595 (2017: £53,835) from Webaspx International

Limited, a fellow subsidiary. The movement in the year relates to support and wages costs.

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to

file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other

primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Webaspx Limited for the year ended 31 December 2018 which comprise the Profit and Loss

Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records

and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Webaspx Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Webaspx Limited and state those matters that we have agreed to state to the director of Webaspx Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Webaspx Limited and its director for our work or for this report.

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

Haines Watts

Chartered Accountants

Aissela

46 High Street

Esher

Surrey

KT10 9QY

18 April 2019