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Reports Dated : 26/09/2024 Registered Number: 13825677
England and Wales

 

 

 

WEBVET LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 February 2023

End date: 31 January 2024
Directors Michael John Samuel DUGGAN
Steven James GIBBS
Registered Number 13825677
Registered Office 26 Hellyar-Brook Road
Alsager
Stoke-On-Trent
ST7 2YL
1
 
 
Notes
 
2024
£
  2023
£
Current assets      
Stocks 3 194    1,484 
Debtors 4 466   
Cash at bank and in hand 12,686    4,485 
13,346    5,969 
Creditors: amount falling due within one year 5 (9,511)   (5,306)
Net current assets 3,835    663 
 
Total assets less current liabilities 3,835    663 
Net assets 3,835    663 
 

Capital and reserves
     
Called up share capital 6 (2)   2 
General Reserves 7 664   
Profit and loss account 3,173    661 
Shareholders' funds 3,835    663 
 


For the year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 23 September 2024 and were signed on its behalf by:


-------------------------------
Michael John Samuel DUGGAN
Director
-------------------------------
Steven James GIBBS
Director
2
  Equity share capital   Retained Earnings   Total
£ £ £
At 04 January 2022 2 
Profit for the year 661  661 
Total comprehensive income for the year 661  661 
Total investments by and distributions to owners
At 31 January 2023 2  661  663 
At 01 February 2023 (2) (2)
Profit for the year 3,173  3,173 
Total comprehensive income for the year 3,173  3,173 
Total investments by and distributions to owners
At 31 January 2024 (2) 3,173  3,171 
3
General Information
Webvet Ltd is a private company, limited by shares, registered in England and Wales, registration number 13825677, registration address 26 Hellyar-Brook Road, Alsager, Stoke-On-Trent, ST7 2YL.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 accounts have been prepared under the historical cost convention.
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 £.
Going concern basis
The Company made a profit during the year ended 31 January 2024 and, at that date, the Company's assets exceeded its liabilities.
After making enquires the Company's Directors consider there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and accordingly have prepared the financial statements on the going concern basis.

Judgements and key sources of uncertainty
Judgements and key sources of estimation uncertainty are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
There were no critical judgements used in the application of accounting policies, and the
preparation of the financial statements. There were no critical accounting estimates or assumptions used in the application of accounting policies and the preparation of the financial statements.
Statement of cash flows
The company has taken advantage of the exemption from the requirements of FRS 102 to present a Statement of Cash Flows on the grounds that it is a small sized company.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax.
Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The companys liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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.
2.

Average number of employees


Average number of employees during the year was 2 (2023 : 2).
3.

Stocks

2024
£
  2023
£
Stocks 194    1,484 
194    1,484 

4.

Debtors: amounts falling due within one year

2024
£
  2023
£
VAT 466   
466   

5.

Creditors: amount falling due within one year

2024
£
  2023
£
Corporation Tax 745    156 
Accrued Expenses 1,000    700 
Directors' Current Accounts 7,766    3,786 
VAT   664 
9,511    5,306 

6.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
2 Class A shares of £1.00 each  
 

7.

General Reserves

2024
£
  2023
£
General Reserve b/fwd 664   
664   

8.

Ultimate Controlling Party

The Ultimate Controlling Party is the directors who jointly control the equity share capital in Webvet Ltd.
4