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Registered number: 10777356









WEBB TRADERS UK LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WEBB TRADERS UK LTD
 
 
COMPANY INFORMATION


Directors
G A Spiro (resigned 7 February 2024)
M Van Den Berg 




Registered number
10777356



Registered office
60 St. Martins Lane

London

WC2N 4JS




Independent auditors
BKL Audit LLP
Chartered Accountants & Registered Auditors

35 Ballards Lane

London

N3 1XW





 
WEBB TRADERS UK LTD
 

CONTENTS



Page
Strategic Report
 
 
1 - 2
Directors' Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 8
Statement of Comprehensive Income
 
 
9
Statement of Financial Position
 
 
10
Statement of Changes in Equity
 
 
11
Statement of Cash Flows
 
 
12
Analysis of Net Debt
 
 
13
Notes to the Financial Statements
 
 
14 - 22

 
WEBB TRADERS UK LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
WEBB Traders UK Ltd. {“the Company”} was formed on 18 May 2017 as market makers and liquidity providers to electronic futures exchanges. With the introduction of MIFID II at the beginning of 2018, the company needed to be a regulated entity in order to continue to have full access to European-based exchanges. The Company became regulated by the Financial Conduct Authority {"FCA"} on 21 December 2017 and commenced trading on 3 January 2018. On 6 February 2019, the Company was acquired by WEBB Traders B.V., a Dutch based trading firm. The aim of the acquisition was to broaden the European presence and to prepare for any Brexit scenario.

Business review and future developments
 
The company started their trading activities in the year 2023, where the Company made a loss of £30,692. This loss includes charges of interest on the current account (£34,594), a negative currency effect on the cash balance (£31,587) and administrative and other expenses (£788,854). The loss had been covered by the loan in the current account with the parent company. 
The business activity for the year included £813,354 of profit allocation from Webb Traders B.V, the parent company.
The commodity trading desk did not perform as expected. As a result, the board decided to terminate the activities of this desk at the beginning of Q3 2023. 

Principal risks and uncertainties
 
The principal risk the Company faces is from the availability of suitable current account funding. This risk has been mitigated with the investment of an additional £3.0 million in share capital in September 2022. Furthermore, the Company faces regulatory risk in respect of its status as an FCA-regulated entity and is required to maintain its capital resources at £75,000. This is regularly monitored by the directors who utilise and liaise with experienced external FCA compliance consultants to ensure compliance with FCA rules. In line with most businesses, Brexit uncertainties have also been taken into consideration by the directors which is another factor behind the decision to acquire the Company.

Financial key performance indicators
 
Like most companies, the Company’s main KPI is profit and loss as detailed in the statement of comprehensive income. Other indicators are of much less importance. 

Other key performance indicators
 
In addition to the financial KPI’s, the main other KPI is the contract with exchanges and the clearing membership. This drives the possibility of trading. Other factors are of no importance.

Change in group structure
In 2022 the controlling shareholder of WEBB Traders UK Ltd changed from WEBB Traders B.V. to WEBB Invest B.V.

Events after the end of the reporting period
As of 7th February 2024, the Company ceased to be FCA authorised and can no longer provide regulated activities and products.
In June 2024, the Company reduced its share capital by cancelling 2,500,000 of the issued Ordinary shares.
Page 1

 
WEBB TRADERS UK LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Directors' statement of compliance with duty to promote the success of the Company
 
The directors of the Company are acutely aware of the requirement for them to act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole. In considering this duty the Directors consider the following stakeholders:
 
As a private company, WEBB Traders UK Ltd has a sole shareholder which is WEBB Invest B.V., a
company incorporated in The Netherlands. The directors have regular contact with WEBB which ensures
that the business strategy of the Company is completely aligned with the strategic objectives of the Parent
company.
The company has no customers as a proprietary trading company.
 We have various key supplier relationships which work more as a partnership which ensures the smooth
running of our business.


This report was approved by the board and signed on its behalf.







M Van Den Berg
Director

Date: 19 August 2024
Page 2

 
WEBB TRADERS UK LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity is that of a proprietary trading company and market maker active in electronic trading on leading international financial markets. The Company ceased trading during the year and is seeking other opportunities for trade. 

Results and dividends

The loss for the year, after taxation, amounted to £30,692 (2022 - loss £649,263).

The directors do not recommend payment of a dividend.
Page 3

 
WEBB TRADERS UK LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Directors

The directors who served during the year were:

G A Spiro (resigned 7 February 2024)
M Van Den Berg 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditors, BKL Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
M Van Den Berg
Director

Date: 19 August 2024
Page 4

 
WEBB TRADERS UK LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEBB TRADERS UK LTD
 

Opinion


We have audited the financial statements of Webb Traders UK Ltd (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Material uncertainty related to going concern


We draw attention to note 2.2 in the financial statements, which indicates that the Company ceased trading during the year. The directors continue to seek profitable future trading opportunities and the Company has the support of its parent undertaking.  As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included the support provided by the parent company.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
WEBB TRADERS UK LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEBB TRADERS UK LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
WEBB TRADERS UK LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEBB TRADERS UK LTD (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Enquiring of management around actual and potential litigation and claims, including any instances of non-compliance with laws and regulations;
Testing of journal entries where we identified particular risk criteria;
Reviewing accounting estimates for bias and evaluating whether circumstances producing any bias, represent a risk of material misstatement due to fraud;
Reviewing minutes of meetings of those charged with governance;
Reviewing financial statement disclosures and testing to support documentation to asses compliance with applicable laws and regulations;
Performing audit work over the risks of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our
Page 7

 
WEBB TRADERS UK LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEBB TRADERS UK LTD (CONTINUED)


opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Ian Saunderson FCA (Senior Statutory Auditor)
  
for and on behalf of
BKL Audit LLP
 
Chartered Accountants & Registered Auditors
  
London

21 August 2024
Page 8

 
WEBB TRADERS UK LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

Discontinued operations
2023
Discontinued operations
2022
Note
£
£

  

Turnover
  
84,766
8,733

Cost of sales
  
(73,777)
(24,199)

Gross profit/(loss)
  
10,989
(15,466)

Administrative expenses
  
(820,441)
(616,206)

Other operating income
  
813,354
-

Operating profit/(loss)
 4 
3,902
(631,672)

Interest payable and similar expenses
 7 
(34,594)
(17,591)

Loss before tax
  
(30,692)
(649,263)

Loss for the financial year
  
(30,692)
(649,263)

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 14 to 22 form part of these financial statements.

Page 9

 
WEBB TRADERS UK LTD
REGISTERED NUMBER: 10777356

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 9 
7,171
3,586

  
7,171
3,586

Current assets
  

Debtors: amounts falling due within one year
 10 
6,315
26,834

Cash at bank and in hand
 11 
3,865,521
3,876,414

  
3,871,836
3,903,248

Creditors: amounts falling due within one year
 12 
(1,363,733)
(1,360,868)

Net current assets
  
 
 
2,508,103
 
 
2,542,380

Total assets less current liabilities
  
2,515,274
2,545,966

  

Net assets
  
2,515,274
2,545,966


Capital and reserves
  

Called up share capital 
 13 
3,450,000
3,450,000

Profit and loss account
  
(934,726)
(904,034)

  
2,515,274
2,545,966


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M Van Den Berg
Director

Date: 19 August 2024

The notes on pages 14 to 22 form part of these financial statements.
Page 10

 
WEBB TRADERS UK LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
450,000
(254,771)
195,229



Loss for the year
-
(649,263)
(649,263)

Shares issued during the year
3,000,000
-
3,000,000



At 1 January 2023
3,450,000
(904,034)
2,545,966



Loss for the year
-
(30,692)
(30,692)


At 31 December 2023
3,450,000
(934,726)
2,515,274


The notes on pages 14 to 22 form part of these financial statements.
Page 11

 
WEBB TRADERS UK LTD
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Loss for the financial year
(30,692)
(649,263)

Adjustments for:

Depreciation of tangible assets
1,585
43

Interest paid
34,594
17,591

Decrease/(increase) in debtors
20,519
(26,834)

(Decrease)/increase in creditors
(4,145)
7,707

Net cash generated from operating activities

21,861
(650,756)


Cash flows from investing activities

Purchase of tangible fixed assets
(5,170)
(3,629)

Net cash from investing activities

(5,170)
(3,629)

Cash flows from financing activities

Issue of ordinary shares
-
3,000,000

New loans from group companies
7,010
684,750

Interest paid
(34,594)
(17,591)

Net cash used in financing activities
(27,584)
3,667,159

Net (decrease)/increase in cash and cash equivalents
(10,893)
3,012,774

Cash and cash equivalents at beginning of year
3,876,414
863,640

Cash and cash equivalents at the end of year
3,865,521
3,876,414


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,865,521
3,876,414

3,865,521
3,876,414


The notes on pages 14 to 22 form part of these financial statements.

Page 12

 
WEBB TRADERS UK LTD
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

3,876,414

(10,893)

3,865,521

Debt due within 1 year

(1,331,411)

(7,010)

(1,338,421)


2,545,003
(17,903)
2,527,100

The notes on pages 14 to 22 form part of these financial statements.
Page 13

 
WEBB TRADERS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The principal activity of Webb Traders UK Ltd ('the Company') was that of a proprietary trading company and market maker active in electronic trading on leading international financial markets.
The Company is a private limited company incorporated in England and Wales. 
The principal place of business is 60 St. Martins Lane, London, WC2N 4JS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

Although the Company incurred a loss during the year of £30,692 and ceased trading during the third quarter of the year, the Company has net assets of £2,515,274 at 31 December 2023. The directors are actively seeking future trading opportunities that the Company could undertake successfully and they consider that the Company is a going concern.
In June 2024, the Company cancelled 2,500,000 Ordinary shares of £1 each and this reduced the net assets of the company by £2,500,000.
The Company is supported by a loan account from its parent company and the parent company has confirmed that it is the intention of that company to continue to support Webb Traders UK Limited by making additional loan finance available if required.
The financial statements have therefore been prepared on the going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 14

 
WEBB TRADERS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.3
Foreign currency translation (continued)

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue comprises trading profits and losses, which are recognised on a mark to market basis, and income from market making activities.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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WEBB TRADERS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Fixtures and fittings
-
5
Years
Office equipment
-
5
Years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
 
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WEBB TRADERS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors, accruals, and amounts owed to related companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. 
There were no judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in the financial statements.

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WEBB TRADERS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2023
2022
£
£

Exchange differences
31,607
51,761


5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2023
2022
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
9,900
9,000

Fees payable to the Company's auditors and their associates in respect of:

Other Services
1,750
1,943

6.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
474,308
214,815

Social security costs
51,723
26,043

Cost of defined contribution scheme
3,170
1,773

529,201
242,631


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Staff (incl directors)
4
3


7.


Interest payable and similar expenses

2023
2022
£
£


Loans from group undertakings
34,594
17,591
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WEBB TRADERS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Taxation



Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(30,692)
(649,263)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
(7,213)
(123,360)

Effects of:


Unrelieved tax losses carried forward
7,213
123,360

Total tax charge for the year
-
-


Factors that may affect future tax charges

There are approximately £944,666 of taxable losses available to be carried forward and offset against future taxable profits. However, no deferred tax has been provided on these losses due to the uncertainty of future profits.

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WEBB TRADERS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
642
2,987
3,629


Additions
3,680
1,490
5,170



At 31 December 2023

4,322
4,477
8,799



Depreciation


At 1 January 2023
43
-
43


Charge for the year on owned assets
764
821
1,585



At 31 December 2023

807
821
1,628



Net book value



At 31 December 2023
3,515
3,656
7,171



At 31 December 2022
599
2,987
3,586


10.


Debtors

2023
2022
£
£


Other debtors
6,315
26,834



11.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
52,425
81,499

Cash equivalents held with the clearers
3,813,096
3,794,915

3,865,521
3,876,414


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WEBB TRADERS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
4,549
6,936

Amounts owed to group undertakings
1,338,421
1,331,411

Other taxation and social security
9,740
11,447

Other creditors
463
514

Accruals and deferred income
10,560
10,560

1,363,733
1,360,868



13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



3,450,000 (2022 - 3,450,000) Ordinary shares of £1.00 each
3,450,000
3,450,000



14.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
21,267
97,900


15.


Related party transactions

Included within creditors due within one year is a loan from the parent company of £1,338,421 (2022: £1,331,411). The loan is denominated in Euros and is unsecured, repayable on demand and carries interest at a commercial rate. Interest of £14,498 (2022: £ 11,951) was charged during the period and is included in the above balance.


16.


Events after the end of the reporting period

As of 7th February 2024, the Company ceased to be FCA authorised and can no longer provide regulated activities and products.
In June 2024, the Company reduced its share capital by cancelling 2,500,000 of the issued Ordinary shares.

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WEBB TRADERS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Controlling party

The immediate parent company is Webb Invest B.V., a company incorporated in The Netherlands.
There is no overall ultimate controlling party.
 
Page 22