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Company Registration No. 10336876 (England and Wales)
Web Buys Ltd Unaudited accounts for the year ended 31 December 2023
Web Buys Ltd Unaudited accounts Contents
Page
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Web Buys Ltd Company Information for the year ended 31 December 2023
Directors
Mohammed Jabir Mohammed A Jabir
Company Number
10336876 (England and Wales)
Registered Office
20-22 WENLOCK ROAD LONDON N1 7GU ENGLAND
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Web Buys Ltd Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
1,894 
2,227 
Tangible assets
103,020 
82,580 
104,914 
84,807 
Current assets
Inventories
121,322 
307,413 
Debtors
220,325 
148,113 
Cash at bank and in hand
443,126 
343,021 
784,773 
798,547 
Creditors: amounts falling due within one year
(542,846)
(560,863)
Net current assets
241,927 
237,684 
Total assets less current liabilities
346,841 
322,491 
Creditors: amounts falling due after more than one year
(60,385)
(95,180)
Net assets
286,456 
227,311 
Capital and reserves
Called up share capital
24,200 
24,100 
Profit and loss account
262,256 
203,211 
Shareholders' funds
286,456 
227,311 
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 6 April 2024 and were signed on its behalf by
Mohammed Jabir Director Company Registration No. 10336876
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Web Buys Ltd Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Web Buys Ltd is a private company, limited by shares, registered in England and Wales, registration number 10336876. The registered office is 20-22 WENLOCK ROAD, LONDON, N1 7GU, ENGLAND.
2
Compliance with accounting standards
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.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Presentation currency
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 £.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Intangible fixed assets
Intangible fixed assets are included at cost less accumulated amortisation. Amortisation has been provided at 10% on cost per annum in order to write off the assets over their estimated economic lives.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% Straight Line
Fixtures & fittings
15% Straight Line
Computer equipment
15% Straight Line
Inventories
Inventories 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 inventories to their present location and condition. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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Web Buys Ltd Notes to the Accounts for the year ended 31 December 2023
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Any bank overdrafts are shown within borrowings in current liabilities.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Equity instruments
Equity instruments issued by the company are recorded at the amount of the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liability once they are no longer at the discretion of the company.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Intangible fixed assets
Other 
£ 
Cost
At 1 January 2023
3,329 
At 31 December 2023
3,329 
Amortisation
At 1 January 2023
1,102 
Charge for the year
333 
At 31 December 2023
1,435 
Net book value
At 31 December 2023
1,894 
At 31 December 2022
2,227 
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Web Buys Ltd Notes to the Accounts for the year ended 31 December 2023
5
Tangible fixed assets
Plant & machinery 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 January 2023
100,128 
7,112 
2,792 
110,032 
Additions
32,157 
- 
4,537 
36,694 
At 31 December 2023
132,285 
7,112 
7,329 
146,726 
Depreciation
At 1 January 2023
24,372 
2,287 
793 
27,452 
Charge for the year
14,302 
1,067 
885 
16,254 
At 31 December 2023
38,674 
3,354 
1,678 
43,706 
Net book value
At 31 December 2023
93,611 
3,758 
5,651 
103,020 
At 31 December 2022
75,756 
4,825 
1,999 
82,580 
2023 
2022 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Plant & machinery
33,040 
40,120 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
212,197 
132,606 
Other debtors
8,128 
15,507 
220,325 
148,113 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
34,941 
367,864 
Trade creditors
104,170 
6,965 
Taxes and social security
221,969 
156,377 
Other creditors
181,766 
29,657 
542,846 
560,863 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
60,385 
71,030 
Other creditors
- 
24,150 
60,385 
95,180 
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Web Buys Ltd Notes to the Accounts for the year ended 31 December 2023
9
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary A shares of £1 each
100 
100 
24,000 Ordinary B shares of £1 each
24,000 
24,000 
100 Ordinary C shares of £1 each
100 
- 
24,200 
24,100 
Shares issued during the period:
100 Ordinary C shares of £1 each
100 
10
Operating lease commitments
2023 
2022 
£ 
£ 
At 31 December 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
- 
16,129 
11
Average number of employees
During the year the average number of employees was 9 (2022: 10).
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