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.
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 £.
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.
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, 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.
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.
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.
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.
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.
The average monthly number of persons (including directors) employed by the company during the year was:
Details of the company's subsidiaries at 31 December 2023 are as follows:
Capital contributions relate to acquisition related purchase price adjustments.
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:
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 qualified opinion
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)
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.