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COMPANY REGISTRATION NUMBER: 06650275
Webdadi Limited
Filleted Unaudited Financial Statements
31 December 2023
Webdadi Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Webdadi Limited
Statement of Financial Position
31 December 2023
2023
2022
(restated)
Note
£
£
Current assets
Debtors
5
107,625
84,752
Cash at bank and in hand
121,023
161,280
---------
---------
228,648
246,032
Creditors: amounts falling due within one year
6
122,996
115,358
---------
---------
Net current assets
105,652
130,674
---------
---------
Total assets less current liabilities
105,652
130,674
Creditors: amounts falling due after more than one year
7
29,205
76,462
---------
---------
Net assets
76,447
54,212
---------
---------
Capital and reserves
Called up share capital
101
101
Capital redemption reserve
24
24
Profit and loss account
76,322
54,087
--------
--------
Shareholders funds
76,447
54,212
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Webdadi Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
Mr O J R Chapple
Director
Company registration number: 06650275
Webdadi Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7-8 Crescent Stables, 139 Upper Richmond Road Putney, London, SW15 2TN, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have considered the basis of the preparation of the accounts and are satisfied that the accounts should be prepared on a going concern basis.
Judgements 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. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line
Equipment
-
25% straight line
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 13 ).
5. Debtors
2023
2022
(restated)
£
£
Trade debtors
39,772
54,322
Amounts owed by group undertakings and undertakings in which the company has a participating interest
19,595
Other debtors
67,853
10,835
---------
--------
107,625
84,752
---------
--------
6. Creditors: amounts falling due within one year
2023
2022
(restated)
£
£
Bank loans and overdrafts
52,849
46,348
Trade creditors
23,643
46,863
Social security and other taxes
7,803
22,839
Other creditors
38,701
( 692)
---------
---------
122,996
115,358
---------
---------
The company has a fixed and floating charge over its assets from HSBC
7. Creditors: amounts falling due after more than one year
2023
2022
(restated)
£
£
Bank loans and overdrafts
29,205
75,888
Other creditors
574
--------
--------
29,205
76,462
--------
--------
The company has a fixed and floating charge over its assets from HSBC.
8. Prior period errors
A prior period adjustment was made for the financial year ending 31 December 2022 as the company paid no dividends. The net asset position therefore improved from £23,324 to £54,212.
9. Related party transactions
At the year end, the company was owed £nil (2023: £19,595) to a group company. At the year end, the company owed £54,018 to a company under common control.
10. Controlling party
The company's ultimate parent company is Webdadi UK Holdings Limited , a company incorporated in England and Wales. Webdadi UK Holdings Limited's registered address is 7-8 Crescent Stables 139 Upper Richmond, Putney, London, United Kingdom, SW15 2TN .