Product Web Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05299776 (England and Wales)

Product Web Limited

Unaudited Financial Statements

for the Year Ended 31st December 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr P R Howes

REGISTERED OFFICE:

12 Bridgford Road

West Bridgford

Nottingham

Nottinghamshire

NG2 6AB

REGISTERED NUMBER:

05299776 (England and Wales)

ACCOUNTANTS:

Brooks Mayfield Limited

Chartered Accountants

12 Bridgford Road

West Bridgford

Nottinghamshire

NG2 6AB

FIXED ASSETS

Intangible assets

4

4,250

5,750

Tangible assets

5

3,426

4,536

7,676

10,286

CURRENT ASSETS

Stocks

1,966,754

1,570,862

Debtors

6

219,957

339,358

Cash at bank and in hand

67,420

389,609

2,254,131

2,299,829

CREDITORS

Amounts falling due within one year

7

(466,342

)

(339,955

)

NET CURRENT ASSETS

1,787,789

1,959,874

TOTAL ASSETS LESS CURRENT LIABILITIES

1,795,465

1,970,160

CREDITORS

Amounts falling due after more than one year

8

(540,000

)

(290,000

)

NET ASSETS

1,255,465

1,680,160

CAPITAL AND RESERVES

Called up share capital

9

200

200

Retained earnings

1,255,265

1,679,960

SHAREHOLDERS' FUNDS

1,255,465

1,680,160

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2020 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 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 director and authorised for issue on 30th September 2021 and were signed by:

Mr P R Howes - Director

1.	STATUTORY INFORMATION

Product Web 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.

Turnover

Turnover is measured at the fair value of the consideration receivable for goods supplied and services rendered, stated net of discounts and Value Added Tax, and is derived from the wholesale of books, gifts and related products.

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.

Patents and licences are being amortised evenly over their estimated useful life of 5 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

-

33% on reducing balance

Motor vehicles

-

25% on reducing balance

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 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.

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 10 (2019 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1st January 2020

and 31st December 2020

7,500

AMORTISATION

At 1st January 2020

1,750

Amortisation for year

1,500

At 31st December 2020

3,250

NET BOOK VALUE

At 31st December 2020

4,250

At 31st December 2019

5,750

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1st January 2020

14,749

6,000

20,749

Additions

1,732

-

1,732

Disposals

(14,266

)

-

(14,266

)

At 31st December 2020

2,215

6,000

8,215

DEPRECIATION

At 1st January 2020

13,033

3,180

16,213

Charge for year

1,144

705

1,849

Eliminated on disposal

(13,273

)

-

(13,273

)

At 31st December 2020

904

3,885

4,789

NET BOOK VALUE

At 31st December 2020

1,311

2,115

3,426

At 31st December 2019

1,716

2,820

4,536

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

162,063

298,654

Other debtors

57,894

40,704

219,957

339,358

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

238,334

19,522

Taxation and social security

11,142

120,152

Other creditors

216,866

200,281

466,342

339,955

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

250,000

-

Other creditors

290,000

290,000

540,000

290,000

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

200

Ordinary

1

200

200

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year ended 31st December 2020 a loan exists between the company and its director and as at 31st December the director owes the company £258 (2019 - £1,678)