Allan Webb Limited - Period Ending 2022-06-30
Allan Webb Limited - Period Ending 2022-06-30
Registration number:
Allan Webb Limited
for the Year Ended 30 June 2022
Allan Webb Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Allan Webb Limited
Company Information
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Directors |
S M Rigsby R J Lipington J C Hardcastle G D Jones I J Hayes E M Webb |
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Company secretary |
I J Hayes |
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Registered office |
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Auditors |
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Allan Webb Limited
Strategic Report for the Year Ended 30 June 2022
The directors present their strategic report for the year ended 30 June 2022.
Principal activity
The principal activity of the company is the provision of data driven support solutions focussed on technical publications, obsolescence management, supportability engineering and supply chain and logistics to a range of customers in the defence and commercial sectors.
Fair review of the business
The company continues to follow a clear strategy to deliver sustainable and profitable growth built around the provision of tech enabled services into markets with positive demand characteristics, in particular the UK defence sector. The directors are pleased with the strong financial performance of the business in the year ended 30 June 2022.
The key performance indicators for the year were as follows:
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2022 |
2021 |
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Turnover |
17,750 |
12,165 |
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Gross Profit |
4,362 |
3,338 |
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Reported EBITDA |
2,361 |
1,237 |
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Adjusted EBITDA* |
2,495 |
1,386 |
* Adjusted EBITDA is calculated as EBITDA before exceptional and non-recurring items.
The directors are expecting continued strong growth in the current financial year underpinned by a number of strategic multi-year contracts. The company is well placed to capitalise on the significant opportunities it faces within its core defence market, particularly in light of the current geopolitical climate and the UK Government’s desire to support and maintain sovereign national security capabilities.
Principal risks and uncertainties
The principal risks relate to market demand, although there are no indicators to suggest that future demand will diminish and is, in fact, expected to expand.
The company considers working capital management, particularly cash flow to be the key management of the company. By monitoring cash flow as part of its day to day control procedures, we are confident that no liquidity risk should arise based on regular operations.
Approved and authorised by the
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Allan Webb Limited
Directors' Report for the Year Ended 30 June 2022
The directors present their report and the financial statements for the year ended 30 June 2022.
Directors of the company
The directors who held office during the year were as follows:
Dividends -
Final dividends paid 1 July 2022 for the year ended 30 June 2021 was £1,035,397 (2021 - £1,564,125).
Financial instruments
Objectives and policies
The company's operation is exposed to a variety of financial risks that includes the effect of changes in credit risks, liquidity risks and interest rates risks.
The company has in place a risk management programme that seeks to limit the possible adverse effects on financial performance by monitoring levels of cash. The monitoring of financial risk management is the responsibility of the board of directors.
Price risk, credit risk, liquidity risk and cash flow risk
Price risk
Expenditure incurred by the company is authorised by management in order to ensure that goods and services are not obtained at a higher price than necessary.
Credit risk-
The company has implemented policies that require appropriate credit checks on potential customers before new accounts are accepted and continually monitors the credit arrangement of existing customers.
Liquidity cash flow risk-
The company maintains large credit balances on its bank accounts to ensure there are sufficient funds for operations.
Interest rate risk-
The company has interest bearing assets. Interest bearing assets include only cash balances that earn interest at a floating rate.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Allan Webb Limited
Directors' Report for the Year Ended 30 June 2022
Reappointment of Auditors
With the significant growth in the Company, the Board of Directors has taken the decision to review the appointment of auditors for the next financial year within the next three months.
Approved and authorised by the
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Allan Webb Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they 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 these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.
Allan Webb Limited
Independent Auditor's Report to the Members of Allan Webb Limited
Opinion
We have audited the financial statements of Allan Webb Limited (the 'company') for the year ended 30 June 2022, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 30 June 2022 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Allan Webb Limited
Independent Auditor's Report to the Members of Allan Webb Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Allan Webb Limited
Independent Auditor's Report to the Members of Allan Webb Limited
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of
irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,
including fraud is detailed below:
Discussions with and enquiries of management and those charged with governance were held with a view
to identifying those laws and regulations that could be expected to have a material impact on the financial
statements. During the engagement team briefing, the outcomes of these discussions and enquiries were
shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
- Those laws and regulations considered to have a direct effect on the financial statements include UK
financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits
legislation.
-Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the
business and therefore may have a material effect on the financial statements include health and safety
legislation, FCA legislation, GDPR.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include
fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those
charged with governance as to whether the entity complies with such laws and regulations; enquiries with
the same concerning any actual or potential litigation or claims; inspection of relevant legal
correspondence; review of board minutes; testing the appropriateness of journal entries; and the
performance of analytical review to identify unexpected movements in account balances which may be
indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting
irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the
effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed.
Irregularities that result from fraud might be inherently more difficult to detect than irregularities that
result from error. As explained above, there is an unavoidable risk that material misstatements may not be
detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms
part of our Report of the Auditors.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control. |
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
Allan Webb Limited
Independent Auditor's Report to the Members of Allan Webb Limited
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Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. |
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
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Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion. |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
8th Floor
Becket House
36 Old Jewry
EC2R 8DD
Allan Webb Limited
Profit and Loss Account for the Year Ended 30 June 2022
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Note |
2022 |
2021 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
|
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Distribution costs |
( |
( |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
2,234,707 |
1,146,115 |
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Other interest receivable and similar income |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Allan Webb Limited
Statement of Comprehensive Income for the Year Ended 30 June 2022
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2022 |
2021 |
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Profit for the year |
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Deficit on revaluation of other assets |
- |
( |
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Total comprehensive income for the year |
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Allan Webb Limited
(Registration number: 01780818)
Balance Sheet as at 30 June 2022
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Note |
2022 |
2021 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
|
|
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Other financial assets |
911,456 |
981,112 |
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Current assets |
|||
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Stocks |
- |
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Debtors |
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Cash at bank and in hand |
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
1,236 |
1,236 |
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Share premium reserve |
408,269 |
408,269 |
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Capital redemption reserve |
35 |
35 |
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Revaluation reserve |
(79,264) |
31,505 |
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Retained earnings |
3,438,009 |
2,510,515 |
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Shareholders' funds |
3,768,285 |
2,951,560 |
Approved and authorised by the
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Allan Webb Limited
Statement of Changes in Equity for the Year Ended 30 June 2022
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Share capital |
Share premium |
Capital redemption reserve |
Revaluation reserve |
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At 1 July 2021 |
|
|
|
|
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Prior period adjustment |
- |
- |
- |
( |
|
At 1 July 2021 (As restated) |
|
|
|
( |
|
Profit for the year |
- |
- |
- |
- |
|
Dividends |
- |
- |
- |
- |
|
At 30 June 2022 |
|
|
|
( |
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Retained earnings |
Total |
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At 1 July 2021 |
|
|
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Prior period adjustment |
- |
( |
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At 1 July 2021 (As restated) |
|
|
|
Profit for the year |
|
|
|
Dividends |
( |
( |
|
At 30 June 2022 |
|
|
|
Share capital |
Share premium |
Capital redemption reserve |
Revaluation reserve |
|
|
At 1 July 2020 |
|
|
- |
( |
|
Prior period adjustment |
- |
- |
- |
|
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Profit for the year |
- |
- |
- |
- |
|
Other comprehensive income |
- |
- |
- |
( |
|
Total comprehensive income |
- |
- |
- |
( |
|
Dividends |
- |
- |
- |
- |
|
New share capital subscribed |
|
|
- |
- |
|
Purchase of own share capital |
- |
- |
- |
- |
|
Other capital redemption reserve movements |
- |
- |
35 |
- |
|
At 30 June 2021 |
|
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Allan Webb Limited
Statement of Changes in Equity for the Year Ended 30 June 2022
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Retained earnings |
Total |
|
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At 1 July 2020 |
|
|
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Prior period adjustment |
( |
|
|
Profit for the year |
|
|
|
Other comprehensive income |
- |
( |
|
Total comprehensive income |
|
|
|
Dividends |
( |
( |
|
New share capital subscribed |
- |
|
|
Purchase of own share capital |
(189,406) |
(189,406) |
|
Other capital redemption reserve movements |
- |
35 |
|
At 30 June 2021 |
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Allan Webb Limited
Statement of Cash Flows for the Year Ended 30 June 2022
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Note |
2022 |
2021 |
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Cash flows from operating activities |
|||
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Profit for the year |
|
|
|
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
|
Loss from disposals of investments |
- |
|
|
|
Finance income |
( |
( |
|
|
Income tax expense |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
Decrease in stocks |
|
|
|
|
Increase in trade debtors |
( |
( |
|
|
Increase/(decrease) in trade creditors |
|
( |
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Acquisition of intangible assets |
- |
( |
|
|
Dividend income from financial assets |
|
|
|
|
FA investment - listed other shares additions |
(48,503) |
(942,217) |
|
|
Disposal of shares |
- |
942,217 |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Proceeds from issue of ordinary shares, net of issue costs |
- |
|
|
|
Payments for purchase of own shares |
- |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 1 July |
|
|
|
|
Cash and cash equivalents at 30 June |
3,252,766 |
1,754,044 |
|
Allan Webb Limited
Notes to the Financial Statements for the Year Ended 30 June 2022
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom 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.
Functional currency-
The financial statements are prepared in sterling £ which is the functional currency of the company.
Going concern
After reviewing the company's forecast and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Allan Webb Limited
Notes to the Financial Statements for the Year Ended 30 June 2022
Key sources of estimation uncertainty
The preparation of the financial statements of the company requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements of the company.
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 sales/value added tax, returns, rebates and discounts.
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.
The company always recognised revenue in its accounts upon raising of a customer's invoice. However as the company now has contracts with quarterly invoicing and long cycles between milestone delivery and invoicing. The company has decided to align revenue with when the effort is expended, The business will therefore recognise revenue monthly for those contracts.
Tax
The tax expense for the period comprises current and deferred 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 income 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Allan Webb Limited
Notes to the Financial Statements for the Year Ended 30 June 2022
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.
Impairment of fixed assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with the carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and impairment loss is recognised immediately in the profit and loss account.
If an impairment loss subsequently reverses, the carrying amount of the assets is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the assets in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.
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:
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Asset class |
Depreciation method and rate |
|
Plant and equipment |
Years 1& 5 -12.5% on cost and Years 2,3 & 4 - 25% on cost |
|
Motor vehicles |
25% on cost |
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 |
|
Training materials |
Amortised over 4 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
Allan Webb Limited
Notes to the Financial Statements for the Year Ended 30 June 2022
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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.
Financial instruments
Classification
|
Turnover |
The analysis of the company's revenue for the year from continuing operations is as follows:
|
2022 |
2021 |
|
|
Sale of goods |
|
|
The analysis of the company's turnover for the year by market is as follows:
|
2022 |
2021 |
|
|
Sale of goods, UK |
17,749,798 |
12,165,235 |
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2022 |
2021 |
|
|
Miscellaneous other operating income |
|
|
Allan Webb Limited
Notes to the Financial Statements for the Year Ended 30 June 2022
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2022 |
2021 |
|
|
Gain/loss on disposal of property, plant and equipment |
|
|
|
Gain/loss from disposals of investments |
- |
( |
|
788 |
(143,354) |
|
Operating profit |
Arrived at after charging/(crediting)
|
2022 |
2021 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Profit on disposal of property, plant and equipment |
( |
( |
|
Other interest receivable and similar income |
|
2022 |
2021 |
|
|
Interest income on bank deposits |
|
|
|
Dividend income from financial assets |
48,502 |
27,732 |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2022 |
2021 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other short-term employee benefits |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
Allan Webb Limited
Notes to the Financial Statements for the Year Ended 30 June 2022
|
2022 |
2021 |
|
|
Administration and support |
|
|
|
Sales |
|
|
|
Other departments |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2022 |
2021 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
Compensation for loss of office |
- |
|
|
1,114,748 |
1,388,887 |
In respect of the highest paid director:
|
2022 |
2021 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
Auditors' remuneration |
|
2022 |
2021 |
|
|
Audit of the financial statements |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2022 |
2021 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
( |
|
Tax expense in the income statement |
|
|
Allan Webb Limited
Notes to the Financial Statements for the Year Ended 30 June 2022
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2021 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2022 |
2021 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
- |
|
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
|
Tax decrease from other short-term timing differences |
( |
( |
|
Tax decrease from effect of dividends from UK companies |
( |
( |
|
Tax decrease from effect of adjustment in research and development tax credit |
( |
( |
|
Total tax charge |
|
|
Allan Webb Limited
Notes to the Financial Statements for the Year Ended 30 June 2022
|
Intangible assets |
|
Other intangible assets |
Total |
|
|
Cost or valuation |
||
|
At 1 July 2021 |
|
|
|
At 30 June 2022 |
|
|
|
Amortisation |
||
|
At 1 July 2021 |
|
|
|
Amortisation charge |
|
|
|
At 30 June 2022 |
|
|
|
Carrying amount |
||
|
At 30 June 2022 |
|
|
|
At 30 June 2021 |
|
|
|
Tangible assets |
|
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
|||
|
At 1 July 2021 |
|
|
|
|
Additions |
|
- |
|
|
Disposals |
( |
- |
( |
|
At 30 June 2022 |
|
|
|
|
Depreciation |
|||
|
At 1 July 2021 |
|
|
|
|
Charge for the year |
|
- |
|
|
Eliminated on disposal |
( |
- |
( |
|
At 30 June 2022 |
|
|
|
|
Carrying amount |
|||
|
At 30 June 2022 |
|
- |
|
|
At 30 June 2021 |
|
- |
|
Allan Webb Limited
Notes to the Financial Statements for the Year Ended 30 June 2022
|
Other financial assets (current and non-current) |
|
Financial assets at fair value through profit and loss |
Total |
|
|
Non-current financial assets |
||
|
Cost or valuation |
||
|
At 1 July 2021 |
981,112 |
981,112 |
|
Fair value adjustments |
(79,264) |
(79,264) |
|
Additions |
48,503 |
48,503 |
|
At 30 June 2022 |
950,351 |
950,351 |
|
Impairment |
||
|
Losses made in the period |
38,895 |
38,895 |
|
At 30 June 2022 |
38,895 |
38,895 |
|
Carrying amount |
||
|
At 30 June 2022 |
|
911,456 |
|
Stocks |
|
2022 |
2021 |
|
|
Other inventories |
- |
|
|
Debtors |
|
Current |
2022 |
2021 |
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
|
Cash and cash equivalents |
|
2022 |
2021 |
|
|
Cash at bank |
|
|
|
Short-term deposits |
|
|
|
|
|
Allan Webb Limited
Notes to the Financial Statements for the Year Ended 30 June 2022
|
Creditors |
|
Note |
2022 |
2021 |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Accrued expenses |
|
|
|
|
Income tax liability |
333,004 |
28,449 |
|
|
|
|
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 July 2021 |
|
|
|
Increase (decrease) in existing provisions |
( |
( |
|
Unused provision reversed |
( |
( |
|
At 30 June 2022 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2022 |
2021 |
|||
|
No. |
£ |
No. |
£ |
|
|
Ordinary of £0.10 each |
12,360 |
1,236 |
12,360 |
1,236 |
New ordinary shares issued in the year:
In the previous year, the company issued 800 ordinary shares at a nominal value of £0.10p per share. There were no new shares issued in the year under review.
Purchase of its own shares by the company.
In the previous year, the company purchased 35 shares for a purchase price of £189,405.. There were no purchased of shares in the year under review.
Allan Webb Limited
Notes to the Financial Statements for the Year Ended 30 June 2022
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2022 |
2021 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
|
Dividends |
|
2022 |
2021 |
|||
|
£ |
£ |
|||
|
Final dividend of £ |
1,035,397 |
1,564,125 |
||
|
Related party transactions |
|
Transactions with directors |
Dividends paid to directors
|
2022 |
2021 |
|||
|
E M Webb |
||||
|
Dividends |
331,059 |
494,119 |
||
|
J C Hardcastle |
||||
|
Dividends |
102,199 |
152,537 |
||
|
G Jones |
||||
|
Dividends |
60,314 |
90,022 |
||
|
S M Rigsby |
||||
|
Dividends |
92,147 |
137,533 |
||
|
M R Lewis |
||||
|
Dividends |
60,314 |
90,022 |
||
|
R J Lipington |
||||
|
Dividends |
41,885 |
62,515 |
||
|
I J Hayes |
||||
|
Dividends |
25,131 |
37,509 |
||
Allan Webb Limited
Notes to the Financial Statements for the Year Ended 30 June 2022
|
M W Copp |
||||
|
Dividends |
- |
18,755 |
||
|
Non adjusting events after the financial period |
|
|
|
Ultimate controlling party |
In the opinion of the directors, there were no ultimate controlling party for the current year and the previous year.