WebBased Limited - Period Ending 2021-08-31

WebBased Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 9

WebBased Limited

Balance Sheet

31 August 2021

	Note	2021 £	2020 £
Fixed assets
Intangible assets	4	120,497	30,000
Tangible assets	5	5,285	8,258
		125,782	38,258
Current assets
Debtors	6	71,522	31,993
Cash at bank and in hand		208,548	331,458
		280,070	363,451
Creditors: Amounts falling due within one year	7	(247,212)	(253,139)
Net current assets		32,858	110,312
Total assets less current liabilities		158,640	148,570
Creditors: Amounts falling due after more than one year	7	(108,433)	(117,600)
Provisions for liabilities		(6,980)	(15,276)
Net assets		43,227	15,694
Capital and reserves
Called up share capital	9	200	200
Profit and loss account		43,027	15,494
Shareholders' funds		43,227	15,694

WebBased Limited

Balance Sheet

31 August 2021

For the financial year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 31 May 2022
 

......................................... J C Anderson Director

Company Registration Number: 04132463

WebBased Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Pkf Francis Clark
North Quay
Plymouth
PL4 0RA
England

The principal place of business is:
Chamberlain House
Research Way
Derriford
Devon
PL6 8BU

These financial statements were authorised for issue by the director on 31 May 2022.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. This depends on the continued financial support of the company's directors (and bankers).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

WebBased Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2021

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	5 years straight-line
Fixtures, fittings and equipment	5 years straight-line

Intangible assets

Research and Development expenditure is normally written off in the year of expenditure, however expenditure incurred on specific projects is capitalised when recoverability can be foreseen with reasonable certainty and is amortised in relation to sales from such projects.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Website and development	25% straight line

WebBased Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2021

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

WebBased Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2021

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 17 (2020 - 17).

WebBased Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2021

4	Intangible assets

	Website and development  £
Cost or valuation
At 1 September 2020	1,033,999
Additions acquired separately	100,497
At 31 August 2021	1,134,496
Amortisation
At 1 September 2020	1,003,999
Amortisation charge	10,000
At 31 August 2021	1,013,999
Carrying amount
At 31 August 2021	120,497
At 31 August 2020	30,000

5	Tangible assets

	Furniture, fittings and equipment  £	Plant and machinery £	Total £
Cost or valuation
At 1 September 2020	77,218	20,835	98,053
Additions	217	-	217
At 31 August 2021	77,435	20,835	98,270
Depreciation
At 1 September 2020	68,960	20,835	89,795
Charge for the year	3,190	-	3,190
At 31 August 2021	72,150	20,835	92,985
Carrying amount
At 31 August 2021	5,285	-	5,285
At 31 August 2020	8,258	-	8,258

WebBased Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2021

6

Debtors

	2021 £	2020 £
Trade debtors	43,658	14,915
Other debtors	17,974	-
Prepayments and accrued income	9,890	17,078
	71,522	31,993

7

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020  £
Due within one year
Loans and borrowings	8	10,000	-
Trade creditors		6,442	18,507
Amounts due to group undertakings		-	2,000
Social security and other taxes		50,975	53,199
Outstanding defined contribution pension costs		5	10,927
Other creditors		4,412	7,453
Accrued expenses		4,342	6,103
Deferred income		171,036	154,950
		247,212	253,139

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	8	108,433	117,600

WebBased Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2021

8	Loans and borrowings

	2021 £	2020 £
Loans and borrowings due after one year
Bank borrowings	38,333	50,000
Other borrowings	70,100	67,600
	108,433	117,600

	2021 £	2020 £
Current loans and borrowings
Bank borrowings	10,000	-

9	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Orindary A Shares of £1 each	140	140	140	140
Orindary B Shares of £1 each	20	20	20	20
Orindary C Shares of £1 each	40	40	40	40
	200	200	200	200