Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 true No description of principal activity 1 January 2023 31 December 2023 31 December 2023 6812615 Mr Clive Mason Mr Michael Davies Mrs Tracey Chidlow Mr Duncan Weir iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 6812615 2022-12-31 6812615 2023-12-31 6812615 2023-01-01 2023-12-31 6812615 frs-core:CurrentFinancialInstruments 2023-12-31 6812615 frs-core:Non-currentFinancialInstruments 2023-12-31 6812615 frs-core:ComputerEquipment 2023-12-31 6812615 frs-core:ComputerEquipment 2023-01-01 2023-12-31 6812615 frs-core:ComputerEquipment 2022-12-31 6812615 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-12-31 6812615 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-01-01 2023-12-31 6812615 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-31 6812615 frs-core:FurnitureFittings 2023-12-31 6812615 frs-core:FurnitureFittings 2023-01-01 2023-12-31 6812615 frs-core:FurnitureFittings 2022-12-31 6812615 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-12-31 6812615 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 6812615 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-12-31 6812615 frs-core:MotorVehicles 2023-12-31 6812615 frs-core:MotorVehicles 2023-01-01 2023-12-31 6812615 frs-core:MotorVehicles 2022-12-31 6812615 frs-core:PlantMachinery 2023-01-01 2023-12-31 6812615 frs-core:RevaluationReserve 2022-12-31 6812615 frs-core:RevaluationReserve 2023-12-31 6812615 frs-core:ShareCapital 2023-12-31 6812615 frs-core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 6812615 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 6812615 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 6812615 frs-bus:FullAccounts 2023-01-01 2023-12-31 6812615 frs-bus:SmallEntities 2023-01-01 2023-12-31 6812615 frs-bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 6812615 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 6812615 frs-bus:SmallCompaniesRegimeForDirectorsReport 2023-01-01 2023-12-31 6812615 frs-core:UnlistedNon-exchangeTraded 2023-12-31 6812615 frs-core:UnlistedNon-exchangeTraded 2022-12-31 6812615 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2022-12-31 6812615 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-12-31 6812615 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2022-12-31 6812615 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 6812615 frs-bus:Director1 2023-01-01 2023-12-31 6812615 frs-bus:Director2 2023-01-01 2023-12-31 6812615 frs-bus:Director3 2023-01-01 2023-12-31 6812615 frs-bus:Director4 2023-01-01 2023-12-31 6812615 frs-bus:Director5 2023-01-01 2023-12-31 6812615 frs-bus:Director5 2023-12-31 6812615 frs-countries:EnglandWales 2023-01-01 2023-12-31 6812615 2021-12-31 6812615 2022-12-31 6812615 2022-01-01 2022-12-31 6812615 frs-core:CurrentFinancialInstruments 2022-12-31 6812615 frs-core:Non-currentFinancialInstruments 2022-12-31 6812615 frs-core:RevaluationReserve 2021-12-31 6812615 frs-core:RevaluationReserve 2022-12-31 6812615 frs-core:ShareCapital 2021-12-31 6812615 frs-core:ShareCapital 2022-12-31 6812615 frs-core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 6812615 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2021-12-31 6812615 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 6812615
Webeye Limited
Directors' Report and
Unaudited Financial Statements
For The Year Ended 31 December 2023
Ravenwood Business Solutions Limited
Sherbrook Enterprise
100 Sherbrook Road
Nottingham
NG5 6AB
Directors' Report and Unaudited Financial Statements
Contents
Page
Company Information 1
Directors' Report 2
Accountant's Report 3
Profit and Loss Account 4
Balance Sheet 5—6
Statement of Changes in Equity 7
Notes to the Financial Statements 8—12
Page 1
Company Information
Directors Mr Clive Mason
Mr Michael Davies
Mrs Tracey Chidlow
Mr Duncan Weir
Company Number 6812615
Registered Office Innovation House
Kestral Road
Mansfield
Nottinghamshire
NG18 5FT
Accountants Ravenwood Business Solutions Limited
Sherbrook Enterprise
100 Sherbrook Road
Nottingham
NG5 6AB
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2023.
Directors
The directors who held office during the year were as follows:
Mr Clive Mason
Mr Michael Davies
Mr David Overton Resigned 19/03/2023
Mrs Tracey Chidlow
Mr Duncan Weir
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has 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.
On behalf of the board
Mr Duncan Weir
Director
16 August 2024
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Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of Webeye Limited for the year ended 31 December 2023
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Webeye Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of Webeye Limited , as a body, in accordance with the terms of our engagement letter dated 01 January 2015. Our work has been undertaken solely to prepare for your approval the accounts of Webeye Limited and state those matters that we have agreed to state to the directors of Webeye Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Webeye Limited and its directors as a body for our work or for this report.
It is your duty to ensure that Webeye Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Webeye Limited . You consider that Webeye Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Webeye Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
GH Ravenwood FCCA
16 August 2024
Ravenwood Business Solutions Limited
Sherbrook Enterprise
100 Sherbrook Road
Nottingham
NG5 6AB
Page 3
Page 4
Profit and Loss Account
2023 2022
Notes £ £
TURNOVER 3,203,747 3,623,399
Cost of sales (1,812,570 ) (2,227,065 )
GROSS PROFIT 1,391,177 1,396,334
Administrative expenses (1,073,918 ) (1,033,590 )
OPERATING PROFIT 317,259 362,744
Loss on disposal of fixed assets - (14,145 )
Interest payable and similar charges (75,162 ) (83,696 )
PROFIT BEFORE TAXATION 242,097 264,903
Tax on Profit 5 12,143 6,284
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 254,240 271,187
The notes on pages 8 to 12 form part of these financial statements.
Page 4
Page 5
Balance Sheet
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 6 750,000 750,000
Tangible Assets 7 640,221 671,653
Investments 8 265,000 265,000
1,655,221 1,686,653
CURRENT ASSETS
Stocks 9 522,638 648,398
Debtors 10 448,023 497,156
Cash at bank and in hand 42,106 23,142
1,012,767 1,168,696
Creditors: Amounts Falling Due Within One Year 11 (737,140 ) (896,786 )
NET CURRENT ASSETS (LIABILITIES) 275,627 271,910
TOTAL ASSETS LESS CURRENT LIABILITIES 1,930,848 1,958,563
Creditors: Amounts Falling Due After More Than One Year 12 (335,436 ) (403,527 )
NET ASSETS 1,595,412 1,555,036
CAPITAL AND RESERVES
Called up share capital 13 400 400
Revaluation reserve 15 680,124 680,124
Profit and Loss Account 914,888 874,512
SHAREHOLDERS' FUNDS 1,595,412 1,555,036
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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 in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
Mr Duncan Weir
Director
16 August 2024
The notes on pages 8 to 12 form part of these financial statements.
Page 6
Page 7
Statement of Changes in Equity
Share Capital Revaluation reserve Profit and Loss Account Total
£ £ £ £
As at 1 January 2022 400 680,124 792,733 1,473,257
Profit for the year and total comprehensive income - - 271,187 271,187
Dividends paid - - (189,408) (189,408)
As at 31 December 2022 and 1 January 2023 400 680,124 874,512 1,555,036
Profit for the year and total comprehensive income - - 254,240 254,240
Dividends paid - - (213,864) (213,864)
As at 31 December 2023 400 680,124 914,888 1,595,412
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Page 8
Notes to the Financial Statements
1. General Information
Webeye Limited Registered number 6812615 is a limited by shares company incorporated in England & Wales. The Registered Office is Innovation House, Kestral Road, Mansfield, Nottinghamshire, NG18 5FT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Intellectual Property
The Intellectual property asset relates to the Webeye alarm notification system.

The directors continue to estimate that the future value of profits generated by the Webeye platform over the next ten years will amount to between £12 million and £60 million.

The directors have opted to value the Intellectual Property at a conservative estimate pf £750,000. This is based on profit growth since a third-party valuation of the system was carried out by Lombard Technology Services in July 2018. Since estimated future revenues are far in excess of this amount, the directors do not feel there is any requirement to amortise the Intellectual Property.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost or revaluation less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Currenltly held at market value
Plant & Machinery 15% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 33% reducing balance
2.5. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2023 2022
£ £
Wages and salaries 631,645 570,775
Social security costs 56,900 48,141
Other pension costs 40,056 33,408
728,601 652,324
4. Average Number of Employees
Average number of employees, including directors, during the year was: 26 (2022: 26)
26 26
5. Tax on Profit
Tax Rate 2023 2022
2023 2022 £ £
Current tax
UK Corporation Tax 25.0% 19.0% (12,143 ) (6,284 )
Total tax charge for the period (12,143 ) (6,284 )
2023 2022
£ £
Profit before tax 242,097 264,903
Breakdown of tax charge is:
Tax on profit at 25% (UK standard rate) 60,524 50,331
Goodwill/depreciation not allowed for tax 8,384 7,963
...CONTINUED
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Expenses not deductible for tax purposes 1,168 199
Capital allowances (716 ) (5,246 )
Research and Development tax credit (81,503 ) (59,531 )
Total tax charge for the period (12,143) (6,284)
6. Intangible Assets
Intellectual Property
£
Cost
As at 1 January 2023 813,321
As at 31 December 2023 813,321
Amortisation
As at 1 January 2023 63,321
As at 31 December 2023 63,321
Net Book Value
As at 31 December 2023 750,000
As at 1 January 2023 750,000
In July 2018 the proprietory Webeye alarm notification platform was valued by Lombard Technolgy Services. This third party investigation into the reasonable value of the platform gave an active market valuation of £422,142. Estimated profits from the Webeye platform over the next ten years are still excpected to exceed £10 million. Growth in platform performance over the period to 31 December 2023 continues to indicate that a current fair active market value of the platform is well in excess of £750,000.
7. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost or Valuation
As at 1 January 2023 549,100 8,800 62,860 193,299 814,059
Additions - - - 2,106 2,106
As at 31 December 2023 549,100 8,800 62,860 195,405 816,165
Depreciation
As at 1 January 2023 - 6,712 21,568 114,126 142,406
Provided during the period - 522 6,194 26,822 33,538
As at 31 December 2023 - 7,234 27,762 140,948 175,944
Net Book Value
As at 31 December 2023 549,100 1,566 35,098 54,457 640,221
As at 1 January 2023 549,100 2,088 41,292 79,173 671,653
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8. Investments
Unlisted
£
Cost
As at 1 January 2023 265,000
As at 31 December 2023 265,000
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 265,000
As at 1 January 2023 265,000
The unlisted investment relates to shares held in Webeye CMS Corporation, a wholly owned subsidiary of the company based in the United States of America. As at 31 December 2023 the directors have reviewed the trading performance of the US company and feel confident that the cost of the investment remains an accurate indication of its current value. No provision for the impairment of the investment is deemed necessary as at this reporting date. 
9. Stocks
2023 2022
£ £
Materials 522,638 648,398
10. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 57,146 37,934
Factored debts outstanding 378,734 429,355
Corporation tax recoverable assets 12,143 29,867
448,023 497,156
11. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 268,000 520,240
Bank loans and overdrafts 317,275 259,339
Other taxes and social security 22,005 11,722
VAT 63,849 49,265
Other creditors 48,839 -
Accruals and deferred income 17,172 56,220
737,140 896,786
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12. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 335,436 403,527
335,436 403,527
13. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 400 400
14. Dividends
2023 2022
£ £
On equity shares:
Interim dividend paid 213,864 189,408
213,864 189,408
15. Reserves
Revaluation Reserve
£
As at 1 January 2023 680,124
As at 31 December 2023 680,124
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