Caseware UK (AP4) 2023.0.135 2023.0.135 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-01No description of principal activityfalse11truetruefalse 03379184 2023-01-01 2023-12-31 03379184 2022-01-01 2022-12-31 03379184 2023-12-31 03379184 2022-12-31 03379184 2022-01-01 03379184 4 2023-01-01 2023-12-31 03379184 d:Director1 2023-01-01 2023-12-31 03379184 e:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 03379184 e:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 03379184 e:Goodwill 2023-01-01 2023-12-31 03379184 e:CopyrightsPatentsTrademarksServiceOperatingRights 2023-01-01 2023-12-31 03379184 e:CopyrightsPatentsTrademarksServiceOperatingRights 2023-12-31 03379184 e:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-31 03379184 e:CurrentFinancialInstruments 2023-12-31 03379184 e:CurrentFinancialInstruments 2022-12-31 03379184 e:Non-currentFinancialInstruments 2023-12-31 03379184 e:Non-currentFinancialInstruments 2022-12-31 03379184 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 03379184 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 03379184 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 03379184 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 03379184 e:ShareCapital 2023-12-31 03379184 e:ShareCapital 2022-12-31 03379184 e:ShareCapital 2022-01-01 03379184 e:SharePremium 2023-12-31 03379184 e:SharePremium 4 2023-01-01 2023-12-31 03379184 e:SharePremium 2022-12-31 03379184 e:SharePremium 2022-01-01 03379184 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03379184 e:RetainedEarningsAccumulatedLosses 2023-12-31 03379184 e:RetainedEarningsAccumulatedLosses 4 2023-01-01 2023-12-31 03379184 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 03379184 e:RetainedEarningsAccumulatedLosses 2022-12-31 03379184 e:RetainedEarningsAccumulatedLosses 2022-01-01 03379184 d:OrdinaryShareClass1 2023-01-01 2023-12-31 03379184 d:OrdinaryShareClass1 2023-12-31 03379184 d:OrdinaryShareClass1 2022-12-31 03379184 d:FRS102 2023-01-01 2023-12-31 03379184 d:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03379184 d:FullAccounts 2023-01-01 2023-12-31 03379184 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03379184 e:Subsidiary1 2023-01-01 2023-12-31 03379184 e:Subsidiary1 1 2023-01-01 2023-12-31 03379184 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03379184 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 03379184 e:TaxLossesCarry-forwardsDeferredTax 2023-12-31 03379184 e:TaxLossesCarry-forwardsDeferredTax 2022-12-31 03379184 2 2023-01-01 2023-12-31 03379184 6 2023-01-01 2023-12-31 03379184 e:PatentsTrademarksLicencesConcessionsSimilar e:OwnedIntangibleAssets 2023-01-01 2023-12-31 03379184 e:CopyrightsPatentsTrademarksServiceOperatingRights e:OwnedIntangibleAssets 2023-01-01 2023-12-31 03379184 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03379184










Webpac Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 December 2023

 
Webpac Limited
 
  
Chartered accountants' report to the director on the preparation of the unaudited statutory financial statements of Webpac Limited for the year ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Webpac Limited for the year ended 31 December 2023 which comprise  the Balance sheet, the Statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Webpac Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Webpac Limited and state those matters that we have agreed to state to the director of Webpac Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Webpac Limited and its director for our work or for this report. 

It is your duty to ensure that Webpac Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Webpac Limited. You consider that Webpac Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Webpac 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 statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
26 September 2024
Page 1

 
Webpac Limited
Registered number: 03379184

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
6,995
7,437

Investments
 5 
36,235
36,235

  
43,230
43,672

Current assets
  

Debtors: amounts falling due within one year
 6 
929,044
405,662

Cash at bank and in hand
  
850,123
1,612,288

  
1,779,167
2,017,950

Creditors: amounts falling due within one year
 7 
(209,706)
(1,084,041)

Net current assets
  
 
 
1,569,461
 
 
933,909

Total assets less current liabilities
  
1,612,691
977,581

Creditors: amounts falling due after more than one year
 8 
(10,402)
(44,307)

  

Net assets
  
1,602,289
933,274


Capital and reserves
  

Called up share capital 
 10 
22,621
22,621

Share premium account
  
602,641
602,641

Profit and loss account
  
977,027
308,012

  
1,602,289
933,274


Page 2

 
Webpac Limited
Registered number: 03379184

Balance sheet (continued)
As at 31 December 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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




................................................
D Briffett
Director
Date: 25 September 2024

The notes on pages 5 to 10 form part of these financial statements.

Page 3

 
Webpac Limited
 

Statement of changes in equity
For the year ended 31 December 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
22,621
602,641
675,069
1,300,331


Comprehensive income for the year

Profit for the year
-
-
49,626
49,626


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(416,683)
(416,683)



At 1 January 2023
22,621
602,641
308,012
933,274


Comprehensive income for the year

Profit for the year
-
-
669,015
669,015

-
-
-
-


At 31 December 2023
22,621
602,641
977,027
1,602,289


The notes on pages 5 to 10 form part of these financial statements.

Page 4

 
Webpac Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

Webpac Limited is a private company limited by share capital incorporated in England & Wales. The Company registered number is 03379184.
The address of its registered office is:
C/O Tmf Group 13th Floor
One Angel Court 
London
EC2R 7HJ 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

  
2.2

Group accounts not prepared

The Company is part of a small group. The company has taken advantage of the exemption provided by Section 399 of the Companies Act 2006 and has not prepared group accounts.

 
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 5

 
Webpac Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 6

 
Webpac Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Intellectual property rights
-
5
years straight line
Trademarks
-
20
years straight line

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

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.

 
2.11

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.

Page 7

 
Webpac Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.12

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Intangible assets




Intellectual property rights
Trademarks
Total

£
£
£



Cost


At 1 January 2023
23,494
12,361
35,855



At 31 December 2023

23,494
12,361
35,855



Amortisation


At 1 January 2023
23,494
4,924
28,418


Charge for the year on owned assets
-
442
442



At 31 December 2023

23,494
5,366
28,860



Net book value



At 31 December 2023
-
6,995
6,995



At 31 December 2022
-
7,437
7,437



Page 8

 
Webpac Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
36,235



At 31 December 2023
36,235





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Compania de Technologies e Internet Webpac SA
Spain
The manufacturing, sale and development of data-processing equipment and web pages.
Ordinary
100%


6.


Debtors

2023
2022
£
£


Trade debtors
386,198
343,133

Amounts owed by group undertakings
394,063
-

Other debtors
-
138

Deferred taxation
148,783
62,391

929,044
405,662


Page 9

 
Webpac Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
1,800

Amounts owed to group undertakings
-
370,270

Other taxation and social security
50,035
56,227

Accruals and deferred income
159,671
655,744

209,706
1,084,041



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Accruals and deferred income
10,402
44,307



9.


Deferred taxation




2023


£






At beginning of year
62,391


Charged to profit or loss
86,392



At end of year
148,783

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(110)
(110)

Tax losses carried forward
148,893
62,501

148,783
62,391


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



226,212 (2022 - 226,212) Ordinary shares of £0.10 each
22,621
22,621



Page 10