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Registration number: 08222574

Webiny Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Webiny Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Webiny Ltd

Company Information

Directors

P Denisjuk

S A Hamad

Registered office

Kemp House
160 City Road
London
EC1V 2NX

 

Webiny Ltd

(Registration number: 08222574)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

13,052

12,729

Current assets

 

Debtors

5

9,766

8,277

Cash at bank and in hand

 

16,837

34,291

 

26,603

42,568

Creditors: Amounts falling due within one year

6

(2,462,203)

(1,398,005)

Net current liabilities

 

(2,435,600)

(1,355,437)

Net liabilities

 

(2,422,548)

(1,342,708)

Capital and reserves

 

Called up share capital

1,286

1,286

Share premium reserve

260,114

260,114

Retained earnings

(2,683,948)

(1,604,108)

Shareholders' deficit

 

(2,422,548)

(1,342,708)

For the financial year ending 30 September 2023 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 2 April 2024 and signed on its behalf by:
 

.........................................
S A Hamad
Director

 

Webiny Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Kemp House
160 City Road
London
EC1V 2NX
United Kingdom

These financial statements were authorised for issue by the Board on 2 April 2024.

2

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis. At 30 September 2023, the Company was loss making and had net liabilities. The directors have confirmed that in their opinion the Company will be able to meet its liabilities as they fall due for the foreseeable future (being a period not less than twelve months).

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Webiny Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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.

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:

Asset class

Depreciation method and rate

Office equipment

25% straight line

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Webiny Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 6).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

17,119

17,119

Additions

5,028

5,028

At 30 September 2023

22,147

22,147

Depreciation

At 1 October 2022

4,389

4,389

Charge for the year

4,706

4,706

At 30 September 2023

9,095

9,095

Carrying amount

At 30 September 2023

13,052

13,052

At 30 September 2022

12,729

12,729

5

Debtors

Current

2023
£

2022
£

Prepayments

3,837

1,813

Other debtors

5,929

6,464

 

9,766

8,277

 

Webiny Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

300,000

300,000

Trade creditors

 

3,981

3,358

Amounts owed to group undertakings

9

2,151,865

1,089,170

Accruals and deferred income

 

2,136

2,015

Other creditors

 

4,221

3,462

 

2,462,203

1,398,005

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

300,000

300,000

Under the terms of the Convertible Notes, cash advanced by investors converts into shares if there is a qualifying equity finance event. A qualifying equity finance event occurs if the Company issues shares for a price of £500,000. As at 30 September 2023, the Company held £300,000 in convertible loan notes. No interest is accrued on these notes.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.0001 each

10,000,000

1,000.00

10,000,000

1,000.00

Seed shares of £0.0001 each

2,857,143

285.71

2,857,143

285.71

 

12,857,143

1,285.71

12,857,143

1,285.71

9

Related party transactions

The Company has taken advantage of the exemption in Section 33.1 A of FRS102 Related Party Transaction from disclosing transactions with other members of the Group.

 

Webiny Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

 

10

Control

The controlling party is the parent company, Webiny Inc.