Company registration number 13830139 (England and Wales)
WEBCONTRACTOR HOLDINGS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WEBCONTRACTOR HOLDINGS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
WEBCONTRACTOR HOLDINGS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022 Unaudited
Notes
£
£
£
£
Fixed assets
Investments
4
1
1
Current assets
Debtors
6
1,868,356
1,518,280
Creditors: amounts falling due within one year
7
-
0
(144,589)
Net current assets
1,868,356
1,373,691
Total assets less current liabilities
1,868,357
1,373,692
Creditors: amounts falling due after more than one year
8
-
0
(1,480,000)
Net assets/(liabilities)
1,868,357
(106,308)
Capital and reserves
Called up share capital
9
100
92
Share premium account
38,257
38,189
Capital contribution
2,186,051
-
0
Profit and loss reserves
(356,051)
(144,589)
Total equity
1,868,357
(106,308)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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 23 September 2024 and are signed on its behalf by:
S Stemkowski
Director
Company Registration No. 13830139
WEBCONTRACTOR HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Webcontractor Holdings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Keel House, Garth Heads, Newcastle Upon Tyne, NE1 2JE.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

WEBCONTRACTOR HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

WEBCONTRACTOR HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Impairment of investment in subsidiaries

Management consider whether investments in subsidiaries are impaired on an annual basis. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash-generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022 Unaudited
Number
Number
Total
3
1
4
Fixed asset investments
2023
2022 Unaudited
£
£
Shares in group undertakings and participating interests
1
1
5
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Webcontractor Ltd
Keel House, Garth Heads, Newcastle Upon Tyne, England, NE1 2JE
Ordinary
100.00
WEBCONTRACTOR HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Debtors
2023
2022 Unaudited
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,868,356
1,518,280
7
Creditors: amounts falling due within one year
2023
2022 Unaudited
£
£
Other creditors
-
0
144,589
8
Creditors: amounts falling due after more than one year
2023
2022 Unaudited
£
£
Other creditors
-
0
1,480,000
9
Called up share capital
2023
2022 Unaudited
2023
2022 Unaudited
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of 1p each
-
7,314
-
73
B Ordinary of 1p each
-
966
-
10
C Ordinary of 1p each
-
920
-
9
Ordinary of 1p each
9,963
-
100
-
9,963
9,200
100
92
10
Capital contribution

Capital contributions relate to acquisition related purchase price adjustments.

WEBCONTRACTOR HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was qualified and the auditor reported as follows:

Qualified opinion on financial statements

We were engaged to audit the financial statements of Webcontractor Holdings Ltd (the 'company') for the year ended 31 December 2023 which comprise , the balance sheet and notes to the financial statements, including significant accounting policies. The 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, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

Basis for qualified opinion

The financial statements for the year ended 31 December 2022 were unaudited. We were appointed as auditors during the year and we have been unable to carry out auditing procedures necessary to obtain adequate assurance regarding the opening balances and comparative figures as at 31 December 2022.

 

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 Auditor's 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 UK, including the FRC’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.

Senior Statutory Auditor:
Lewis Cross
Statutory Auditor:
Azets Audit Services
12
Related party transactions

Included in the amounts owed by group undertakings is balances due from Webcontractor Ltd of £1,859,189 (2022 - £1,518,280) and Payapps.com (UK) Limited of £9,167 (2022 - Nil)

13
Ultimate controlling party

The immediate parent company is Payapps.com (UK) Limited, a company registered in England and Wales at Keel House, Garth Heads, Newcastle Upon Tyne, NE1 2JE.

 

The ultimate controlling party is Autodesk, Inc a company registered in the United States at The Landmark @ One Market, Ste. 400, San Francisco, CA 94105.

WEBCONTRACTOR HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
14
Events after the reporting date

Merger agreement with Autodesk Australia Pty Ltd

On 24 January, 2024, the Ultimate Parent Company ('Payapps Limited') of the Company entered into an Agreement and Plan of Merger for the Payapps Group, including the Company, to be acquired by Autodesk Australia Pty Ltd. On 20 February, 2024, the acquisition was completed.

Restructuring following acquisition

On 1 June, 2024, the Company released WebContractor Limited of its £2,176,609 payable as at that date (including any accrued but unpaid interest) due from WebContractor Limited in exchange for WebContractor Limited issuing 2 ordinary shares with the remaining value being allocated to share premium, thereby resulting in the complete extinguishment of the intercompany balance.

Effective 1 June, 2024, pursuant to a share purchase agreement, the Company's Ultimate Parent Entity, Payapps Limited, sold all of the beneficial and economic ownership rights with respect to all of the issued and outstanding shares of the Company's controlling party, Payapps.com (UK) Ltd to Autodesk Australia Pty Ltd.

Effective 1 June, 2024, pursuant to a share purchase agreement, Autodesk Australia Pty Ltd transferred all of the beneficial and economic ownership rights with respect to all of the issued and outstanding shares of Payapps.com (UK) Ltd to Autodesk Inc. (US), becoming the Company's new Ultimate Parent Entity.

No other matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Company, the results of those operations, or the state of affairs of the Company in future financial years.

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