Silverfin false false 31/03/2024 01/04/2023 31/03/2024 C J M Webster E E Webster 24 September 2024 no description of principal activity 05976380 2024-03-31 05976380 2023-03-31 05976380 core:CurrentFinancialInstruments 2024-03-31 05976380 core:CurrentFinancialInstruments 2023-03-31 05976380 core:Non-currentFinancialInstruments 2024-03-31 05976380 core:Non-currentFinancialInstruments 2023-03-31 05976380 core:ShareCapital 2024-03-31 05976380 core:ShareCapital 2023-03-31 05976380 core:FurtherSpecificReserve1ComponentTotalEquity 2024-03-31 05976380 core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 05976380 core:RetainedEarningsAccumulatedLosses 2024-03-31 05976380 core:RetainedEarningsAccumulatedLosses 2023-03-31 05976380 core:Goodwill 2023-03-31 05976380 core:Goodwill 2024-03-31 05976380 core:PlantMachinery 2023-03-31 05976380 core:OfficeEquipment 2023-03-31 05976380 core:PlantMachinery 2024-03-31 05976380 core:OfficeEquipment 2024-03-31 05976380 core:CurrentFinancialInstruments 9 2024-03-31 05976380 core:CurrentFinancialInstruments 9 2023-03-31 05976380 core:CurrentFinancialInstruments core:Secured 2024-03-31 05976380 2022-03-31 05976380 core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 05976380 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 05976380 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax 2024-03-31 05976380 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax 2023-03-31 05976380 2023-04-01 2024-03-31 05976380 bus:FilletedAccounts 2023-04-01 2024-03-31 05976380 bus:SmallEntities 2023-04-01 2024-03-31 05976380 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05976380 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05976380 bus:Director1 2023-04-01 2024-03-31 05976380 bus:Director2 2023-04-01 2024-03-31 05976380 core:Goodwill core:TopRangeValue 2023-04-01 2024-03-31 05976380 core:PlantMachinery core:TopRangeValue 2023-04-01 2024-03-31 05976380 core:OfficeEquipment core:TopRangeValue 2023-04-01 2024-03-31 05976380 2022-04-01 2023-03-31 05976380 core:Goodwill 2023-04-01 2024-03-31 05976380 core:PlantMachinery 2023-04-01 2024-03-31 05976380 core:OfficeEquipment 2023-04-01 2024-03-31 05976380 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 05976380 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 05976380 (England and Wales)

WEBSTERS OF NORWICH LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

WEBSTERS OF NORWICH LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

WEBSTERS OF NORWICH LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
WEBSTERS OF NORWICH LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 312,094 357,519
Tangible assets 4 19,837 10,898
331,931 368,417
Current assets
Debtors 5 19,397 55,892
Cash at bank and in hand 6 121,506 103,989
140,903 159,881
Creditors: amounts falling due within one year 7 ( 173,325) ( 162,278)
Net current liabilities (32,422) (2,397)
Total assets less current liabilities 299,509 366,020
Creditors: amounts falling due after more than one year 8 ( 161,591) ( 250,792)
Provision for liabilities 9 ( 4,141) ( 1,923)
Net assets 133,777 113,305
Capital and reserves
Called-up share capital 1,000 1,000
Fair value reserve 4,561 4,561
Profit and loss account 128,216 107,744
Total shareholder's funds 133,777 113,305

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Websters of Norwich Ltd (registered number: 05976380) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

C J M Webster
Director

24 September 2024

WEBSTERS OF NORWICH LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
WEBSTERS OF NORWICH LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Websters of Norwich Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 141 Unthank Road, Norwich, NR2 2PE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Office equipment 4 years straight line
Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 11 11

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 454,248 454,248
At 31 March 2024 454,248 454,248
Accumulated amortisation
At 01 April 2023 96,729 96,729
Charge for the financial year 45,425 45,425
At 31 March 2024 142,154 142,154
Net book value
At 31 March 2024 312,094 312,094
At 31 March 2023 357,519 357,519

4. Tangible assets

Plant and machinery Office equipment Total
£ £ £
Cost
At 01 April 2023 112,228 28,189 140,417
Additions 0 15,759 15,759
At 31 March 2024 112,228 43,948 156,176
Accumulated depreciation
At 01 April 2023 112,228 17,291 129,519
Charge for the financial year 0 6,820 6,820
At 31 March 2024 112,228 24,111 136,339
Net book value
At 31 March 2024 0 19,837 19,837
At 31 March 2023 0 10,898 10,898

5. Debtors

2024 2023
£ £
Prepayments 3,196 3,582
S455 4,637 26,897
Other debtors 11,564 25,413
19,397 55,892

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 121,506 103,989

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 108,211 103,063
Trade creditors 7,599 2,268
Amounts owed to Group undertakings 639 2,723
Accruals 970 4,626
Corporation tax 24,625 14,884
Other taxation and social security 29,797 33,295
Other creditors 1,484 1,419
173,325 162,278

Fixed and floating charge over all the property or undertaking of the company.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 161,591 250,792

Fixed and floating charge over all the property or undertaking of the company.

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 1,923) ( 4,017)
(Charged)/credited to the Income Statement ( 2,218) 2,094
At the end of financial year ( 4,141) ( 1,923)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 4,512) ( 2,277)
Pension surplus 371 354
( 4,141) ( 1,923)

10. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,484 1,419
Company pension costs 7,312 6,549
8,796 7,968

11. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
N R Homes (Norfolk) Limited - Owed to / (from) (10,076) (11,148)
Webster Holdings (Norfolk) Limited - Owed to / (from) 639 2,723

Transactions with the entity's directors

2024 2023
£ £
Director's Loan Account 1,361 14,265

12. Ultimate controlling party

Parent Company:

Webster Holdings (Norfolk) Limited
C/O Larking Gowen 1st Floor Prospect House
Rouen Road
Norwich
Norfolk
United Kingdom
NR1 1RE