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Company Registration No. 08423829 (England and Wales)
Webb Street Limited Unaudited accounts for the year ended 29 February 2024
Webb Street Limited Unaudited accounts Contents
Page
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Webb Street Limited Company Information for the year ended 29 February 2024
Directors
Elizabeth Davies Julian Davies Nathan Davies
Company Number
08423829 (England and Wales)
Registered Office
2 Webb Street Fowey Cornwall PL23 1AP United Kingdom
Accountants
Swift Accounting Lower Barton Lamerton Tavistock Devon PL19 8RR
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Webb Street Limited Statement of financial position as at 29 February 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,653 
384 
Current assets
Inventories
91,500 
80,000 
Debtors
1,900 
1,346 
Cash at bank and in hand
131 
214 
93,531 
81,560 
Creditors: amounts falling due within one year
(75,689)
(70,429)
Net current assets
17,842 
11,131 
Total assets less current liabilities
19,495 
11,515 
Creditors: amounts falling due after more than one year
(29,000)
(35,278)
Net liabilities
(9,505)
(23,763)
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
(9,507)
(23,765)
Shareholders' funds
(9,505)
(23,763)
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 4 October 2024 and were signed on its behalf by
Elizabeth Davies Director Company Registration No. 08423829
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Webb Street Limited Notes to the Accounts for the year ended 29 February 2024
1
Statutory information
Webb Street Limited is a private company, limited by shares, registered in England and Wales, registration number 08423829. The registered office is 2 Webb Street, Fowey, Cornwall, PL23 1AP, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% straight line
Fixtures & fittings
15% straight line
Computer equipment
33% straight line
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Inventories
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred taxation
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 accounts. 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.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
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Webb Street Limited Notes to the Accounts for the year ended 29 February 2024
Financial instruments
Classification The company holds the following financial instruments: - Short term trade and other debtors and creditors - Cash and bank balances All financial instruments are classified as basic. Recognition and measurement The company has chosen to apply the recognition and measurement principles in FRS102. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled. Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
4
Tangible fixed assets
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 March 2023
1,500 
20,410 
1,151 
23,061 
Additions
- 
1,945 
- 
1,945 
Disposals
(1,500)
- 
- 
(1,500)
At 29 February 2024
- 
22,355 
1,151 
23,506 
Depreciation
At 1 March 2023
1,500 
20,410 
767 
22,677 
Charge for the year
- 
292 
384 
676 
On disposals
(1,500)
- 
- 
(1,500)
At 29 February 2024
- 
20,702 
1,151 
21,853 
Net book value
At 29 February 2024
- 
1,653 
- 
1,653 
At 28 February 2023
- 
- 
384 
384 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
- 
1,346 
Deferred tax asset
1,900 
1,900 
1,346 
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Webb Street Limited Notes to the Accounts for the year ended 29 February 2024
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
5,722 
5,000 
VAT
996 
- 
Taxes and social security
644 
545 
Loans from directors
67,458 
61,854 
Accruals
869 
3,030 
75,689 
70,429 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
29,000 
35,278 
8
Operating lease commitments
2024 
2023 
£ 
£ 
At 29 February 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
23,000 
23,000 
9
Transactions with related parties
The company owed the directors £67,458 (2023 - £61,854) at the year end. There are no set repayment terms. Interest of £0 (£2023 - £5,344) was paid by the company during the year on the balances.
10
Average number of employees
During the year the average number of employees was 3 (2023: 3).
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