Webster Buchanan Research Limited Filleted accounts for Companies House (small and micro)

WEBSTER BUCHANAN RESEARCH LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04287748

WEBSTER BUCHANAN RESEARCH LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2020

WEBSTER BUCHANAN RESEARCH LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

Contents	Pages

Balance sheet 1

Notes to the financial statements 2 to 5

WEBSTER BUCHANAN RESEARCH LIMITED

BALANCE SHEET

31 December 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	5	–	213
Investments	6	620	620
		------------	------------
		620	833

Current assets

Debtors	7	13,505	32,107
Cash at bank and in hand		14,692	819
		------------	------------
		28,197	32,926

Creditors: amounts falling due within one year	8	( 52,703)	( 46,618)
		------------	------------
Net current liabilities		( 24,506)	( 13,692)
		------------	------------
Total assets less current liabilities		( 23,886)	( 12,859)
		------------	------------
Net liabilities		( 23,886)	( 12,859)
		------------	------------

Capital and reserves

Called up share capital	9	100	100
Profit and loss account		( 23,986)	( 12,959)
		------------	------------
Shareholders deficit		( 23,886)	( 12,859)
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 29 September 2022 , and are signed on behalf of the board by:

K D J Rodgers Director

Company registration number: 04287748

WEBSTER BUCHANAN RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35 Westgate, Huddersfield, West Yorkshire, HD1 1PA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The company and its subsidiary undertakings represent a small group and group accounts are not required.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Office equipment	-	33% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2019: 1 ).

5. Tangible assets

	Office equipment	Total
	£	£
Cost
At 1 January 2020 and 31 December 2020	2,470	2,470
	------------	------------
Depreciation
At 1 January 2020	2,257	2,257
Charge for the year	213	213
	------------	------------
At 31 December 2020	2,470	2,470
	------------	------------
Carrying amount
At 31 December 2020	–	–
	------------	------------
At 31 December 2019	213	213
	------------	------------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2020 and 31 December 2020	620
	------------
Impairment
At 1 January 2020 and 31 December 2020	–
	------------

Carrying amount
At 31 December 2020	620
	------------
At 31 December 2019	620
	------------

The company's investments in its subsidiary undertakings represent cost of acquisition of the whole of the ordinary share capital of Webster Buchanan Research Inc, registered in the USA.

The directors do not consider that any impairment provision is required to reduce the cost of investments to net realisable value.

7. Debtors

	2020	2019
	£	£
Trade debtors	11,451	31,768
Prepayments and accrued income	1,774	–
Other debtors	280	339
	------------	------------
	13,505	32,107
	------------	------------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	–	468
Amounts owed to group undertakings	27,526	18,458
Accruals and deferred income	3,365	3,550
Social security and other taxes	1,284	1,212
Director loan accounts	20,528	22,930
	------------	------------
	52,703	46,618
	------------	------------

9. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	------------	------------	------------	------------

10. Related party transactions

The directors' loan accounts of £20,528 (2019: £22,930) set out above were unsecured, repayable on demand and currently interest-free. Control of the company During the year the company was controlled by Mr K D J Rodgers , a director, who with his family, hold 80% of the issued ordinary share capital.

11. Going concern

Certain directors and group companies have confirmed that they will procure adequate working capital to enable the company to continue trading until at least 30 September 2022. Consequently, the accounts have been prepared on a going concern basis.