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Registration number: 09572460

WEBUYSTAMPS LTD

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 May 2024

 

WEBUYSTAMPS LTD

Contents

Company Information

1

Accountants' Report

2

Abridged Balance Sheet

3

Notes to the Unaudited Abridged Financial Statements

4 to 6

 

WEBUYSTAMPS LTD

Company Information

Director

Mr Keith Anthony Krober

Registered office

Suite 2A
Blackthorn House
St Pauls Square
Birmingham
B3 1RL

Accountants

DAVID J EVANS LTD
Radcliffe House
Blenheim Court
Warwick Road
Solihull
B91 2AA

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
WEBUYSTAMPS LTD
for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of WEBUYSTAMPS LTD for the year ended 31 May 2024 as set out on pages 3 to 6 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of WEBUYSTAMPS LTD, as a body, in accordance with the terms of our engagement letter dated 8 June 2023. Our work has been undertaken solely to prepare for your approval the accounts of WEBUYSTAMPS LTD and state those matters that we have agreed to state to the Board of Directors of WEBUYSTAMPS LTD, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than WEBUYSTAMPS LTD and its Board of Directors as a body for our work or for this report.

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

We have not been instructed to carry out an audit or a review of the accounts of WEBUYSTAMPS LTD. 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 accounts.

......................................

DAVID J EVANS LTD
Radcliffe House
Blenheim Court
Warwick Road
Solihull
B91 2AA

2 October 2024

 

WEBUYSTAMPS LTD

(Registration number: 09572460)
Abridged Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

88,000

96,000

Debtors

5

94

-

Cash at bank and in hand

 

102,092

51,923

 

190,186

147,923

Creditors: Amounts falling due within one year

(184,223)

(144,367)

Total assets less current liabilities

 

5,963

3,556

Accruals and deferred income

 

(144)

(131)

Net assets

 

5,819

3,425

Capital and reserves

 

Called up share capital

6

2

2

Retained earnings

5,817

3,423

Shareholders' funds

 

5,819

3,425

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 2 October 2024
 

.........................................
Mr Keith Anthony Krober
Director

 

WEBUYSTAMPS LTD

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
Suite 2A
Blackthorn House
St Pauls Square
Birmingham
B3 1RL
United Kingdom

These financial statements were authorised for issue by the director on 2 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Profit and loss transactions in foreign currencies are translated into sterling at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the closing rates at the balance sheet date and the exchange differences are included in the profit and loss account.

 

WEBUYSTAMPS LTD

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

WEBUYSTAMPS LTD

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Stocks

2024
£

2023
£

Other inventories

88,000

96,000

5

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2