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

REGISTERED NUMBER: 04387026 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR

WEBSTRACT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs L Lloyd

Mr A Lloyd

SECRETARY:

Mr A Lloyd

REGISTERED OFFICE:

6b Parkway

Porters Wood

St Albans

Hertfordshire

AL3 6PA

REGISTERED NUMBER:

04387026 (England and Wales)

ACCOUNTANTS:

Kings Chartered Accountants

4 Grovelands

Boundary Way

Hemel Hempstead

Hertfordshire

HP2 7TE

FIXED ASSETS

Intangible assets

4

8,022

-

Tangible assets

5

60,900

52,638

68,922

52,638

CURRENT ASSETS

Stocks

6

78,306

20,547

Debtors

7

134,526

89,734

Cash at bank and in hand

84,921

57,808

297,753

168,089

CREDITORS

Amounts falling due within one year

8

259,843

167,058

NET CURRENT ASSETS

37,910

1,031

TOTAL ASSETS LESS CURRENT LIABILITIES

106,832

53,669

CREDITORS

Amounts falling due after more than one year

9

(120,238

)

(13,055

)

PROVISIONS FOR LIABILITIES

11

(8,322

)

(5,266

)

NET (LIABILITIES)/ASSETS

(21,728

)

35,348

CAPITAL AND RESERVES

Called up share capital

12

4

4

Retained earnings

(21,732

)

35,344

SHAREHOLDERS' FUNDS

(21,728

)

35,348

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2021 and were signed on its behalf by:

Mr A Lloyd - Director

1.	STATUTORY INFORMATION

Webstract Limited is a private company, limited by shares , registered in England and Wales. 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.

The accounts have been prepared on a going concern basis which assumes that the company will continue to trade. The directors continue to adopt the going concern basis of accounting despite the current economic impact as a result of COVID-19. The directors consider that their available reserves and the availability of continued financial support will ensure the required working capital be in place for the company to continue operations for the foreseeable future. If the company were unable to continue to trade adjustments would have to be made to reduce the value of assets to their realisable amount, to reclassify fixed assets as current assets and to provide for any further liabilities that may arise.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Development costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

in accordance with the property

Demonstration kit

-

25% on reducing balance

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Website

-

25% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 7 (2020 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Developmen

costs

£

COST

At 1 April 2020

30,197

Additions

8,237

At 31 March 2021

38,434

AMORTISATION

At 1 April 2020

30,197

Amortisation for year

215

At 31 March 2021

30,412

NET BOOK VALUE

At 31 March 2021

8,022

At 31 March 2020

-

5.	TANGIBLE FIXED ASSETS

Short

Demonstration

Plant and

leasehold

kit

machinery

£

£

£

COST

At 1 April 2020

4,183

104,567

38,852

Additions

-

5,293

7,958

At 31 March 2021

4,183

109,860

46,810

DEPRECIATION

At 1 April 2020

4,183

89,443

13,269

Charge for year

-

4,179

6,305

At 31 March 2021

4,183

93,622

19,574

NET BOOK VALUE

At 31 March 2021

-

16,238

27,236

At 31 March 2020

-

15,124

25,583

Fixtures

and

Computer

fittings

Website

equipment

Totals

£

£

£

£

COST

At 1 April 2020

49,111

6,738

32,758

236,209

Additions

972

900

7,380

22,503

At 31 March 2021

50,083

7,638

40,138

258,712

DEPRECIATION

At 1 April 2020

41,906

6,592

28,178

183,571

Charge for year

1,960

37

1,760

14,241

At 31 March 2021

43,866

6,629

29,938

197,812

NET BOOK VALUE

At 31 March 2021

6,217

1,009

10,200

60,900

At 31 March 2020

7,205

146

4,580

52,638

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and

machinery

£

COST

At 1 April 2020

and 31 March 2021

16,455

DEPRECIATION

At 1 April 2020

1,097

Charge for year

3,291

At 31 March 2021

4,388

NET BOOK VALUE

At 31 March 2021

12,067

At 31 March 2020

15,358

6.

STOCKS

31.3.21

31.3.20

£

£

Stocks

20,661

15,212

Work-in-progress

57,645

5,335

78,306

20,547

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

41,416

42,963

Other debtors

5,161

4,038

Director's current account

77,191

40,777

Accrued income

1,126

-

Prepayments

9,632

1,956

134,526

89,734

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts

16,108

-

Finance leases

2,209

2,209

Trade creditors

43,675

43,603

Taxation

4,515

28,228

Social security and other taxes

6,246

6,868

Value added tax

8,988

5,766

Other creditors

1,621

1,281

Accruals and deferred income

172,379

76,292

Accruals

4,102

2,811

259,843

167,058

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans - 2-5 years

109,392

-

Finance leases

10,846

13,055

120,238

13,055

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.21

31.3.20

£

£

Bank loans

125,500

-

The bank loans are secured by way of a fixed and floating charge on the undertakings of the company.

11.	PROVISIONS FOR LIABILITIES

31.3.21

31.3.20

£

£

Deferred tax

Accelerated capital allowances

8,322

5,266

Deferred

tax

£

Balance at 1 April 2020

5,266

Provided during year

3,056

Balance at 31 March 2021

8,322

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.21

31.3.20

value:

£

£

4

Ordinary

£1

4

4

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2021 and 31 March 2020:

31.3.21

31.3.20

£

£

Mr A Lloyd and Mrs L Lloyd

Balance outstanding at start of year

40,777

-

Amounts advanced

36,414

40,777

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

77,191

40,777