Company registration number 03197211 (England and Wales)
WEBB DISTRIBUTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
30-31 St.James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
WEBB DISTRIBUTION LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
5 - 9
WEBB DISTRIBUTION LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr G P R Webb
Mrs T A Webb
Mr D Webb
Secretary
Mrs L Venables
Company number
03197211
Registered office
30-31 St.James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
Accountants
TC Group
30-31 St.James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
WEBB DISTRIBUTION LIMITED
BALANCE SHEET
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
725,357
823,846
Current assets
Stocks
5,227
7,653
Debtors
5
660,125
733,115
Cash at bank and in hand
26,249
110,142
691,601
850,910
Creditors: amounts falling due within one year
6
(724,369)
(748,978)
Net current (liabilities)/assets
(32,768)
101,932
Total assets less current liabilities
692,589
925,778
Creditors: amounts falling due after more than one year
7
(179,093)
(280,081)
Provisions for liabilities
(120,713)
(104,655)
Net assets
392,783
541,042
Capital and reserves
Called up share capital
2,000
2,000
Profit and loss reserves
390,783
539,042
Total equity
392,783
541,042
WEBB DISTRIBUTION LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 August 2023 and are signed on its behalf by:
Mr G P R Webb
Director
Company Registration No. 03197211
WEBB DISTRIBUTION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2021
2,000
472,635
474,635
Year ended 31 May 2022:
Profit and total comprehensive income for the year
-
204,924
204,924
Dividends
-
(138,517)
(138,517)
Balance at 31 May 2022
2,000
539,042
541,042
Year ended 31 May 2023:
Loss and total comprehensive income for the year
-
(46,649)
(46,649)
Dividends
-
(101,609)
(101,609)
Balance at 31 May 2023
2,000
390,783
392,783
WEBB DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
1
Accounting policies
Company information
Webb Distribution Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30-31 St.James Place, Mangotsfield, Bristol, United Kingdom, BS16 9JB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of ten years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Computers
15% reducing balance
Motor vehicles
25% reducing balance
WEBB DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 6 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the 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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
WEBB DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
24
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2022 and 31 May 2023
77,000
Amortisation and impairment
At 1 June 2022 and 31 May 2023
77,000
Carrying amount
At 31 May 2023
At 31 May 2022
WEBB DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2022
84,265
1,000
16,005
1,792,186
1,893,456
Additions
106,315
106,315
Disposals
(227,272)
(227,272)
At 31 May 2023
84,265
1,000
16,005
1,671,229
1,772,499
Depreciation and impairment
At 1 June 2022
30,898
1,000
8,311
1,029,401
1,069,610
Depreciation charged in the year
8,005
1,152
179,044
188,201
Eliminated in respect of disposals
(210,669)
(210,669)
At 31 May 2023
38,903
1,000
9,463
997,776
1,047,142
Carrying amount
At 31 May 2023
45,362
6,542
673,453
725,357
At 31 May 2022
53,367
7,694
762,785
823,846
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
472,576
526,088
Other debtors
187,549
207,027
660,125
733,115
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
362,997
428,247
Taxation and social security
84,840
32,014
Other creditors
276,532
288,717
724,369
748,978
WEBB DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 9 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
179,093
280,081
8
Ultimate Controlling Party
The ultimate controlling party is the directors.