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Company registration number: 06129481
M S Webb & Company Limited
Unaudited filleted financial statements
31 August 2024
M S Webb & Company Limited
Contents
Directors report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
M S Webb & Company Limited
Directors report
Period ended 31 August 2024
The directors present their report and the unaudited financial statements of the company for the period ended 31 August 2024.
Directors
The directors who served the company during the period were as follows:
Mr J F Webb
Mr G M Webb
Principal Activities
M S Webb is a family-run business founded by Malcolm Webb in 2007. Since then, it has grown to provide a comprehensive range of enforcement, security, and property management services. Now that Malcolm has stepped back, Greg and Joe continue to lead the business, delivering solutions to an expanding portfolio of clients across the UK, including managing agents like Savills and CBRE, local authorities, legal firms, and independent businesses.
Our enforcement services are delivered by a team of certified and highly experienced agents who work closely with the legal sector to ensure swift and effective outcomes. This includes services such as processing, serving, asset tracing, surveillance, and tracing of individuals. Other services in this area include squatter eviction, traveller management, commercial rent recovery, and lease forfeiture.
Our security teams are dedicated to protecting clients' business assets, including their commercial property, by installing a comprehensive range of state-of-the-art security solutions. Our most requested items are wireless intruder alarms, fire alarms, and portable CCTV towers, which can be deployed via a rental scheme for as little as a month at a time.
We also specialise in managing vacant properties, offering services such as drain-downs, temporary security solutions, grounds maintenance, and weekly inspections to provide our clients with peace of mind. Our commitment to client satisfaction is at the core of everything we do
Review of Business
The directors are very satisfied with this year's results, which reflect our positive business performance. The accounts cover an 18-month accounting period due to the restructuring of the accounts department and the implementation of new software. As a result, the Directors decided to extend the end of the accounting period from February 2024 to August 2024 to ensure the full integration of the new system. The growth in sales is a clear indication of our positive business performance, which should instil optimism and confidence in our future growth potential
Strategy
The company is dedicated to providing customized solutions for our clients' enforcement, security, and property needs, ensuring their peace of mind 24/7. Our primary strategic objectives revolve around finance, internal operations, customer-centricity, and regulatory compliance. The company's vision is to expand regionally and pursue opportunities to increase turnover by providing current services to new clients and introducing new services to existing clients.
Business Performance
The company has had another strong year with substantial growth attributed to several key factors, in particular, our commitment to innovation and the latest technology. We have been pioneering new wireless alarm equipment to protect vacant properties, resulting in exponential growth in this sector over the last 18 months. The turnover from security guarding has remained strong, supported by the provision of technology to offer clients a complete solution. The company expects this sector to continue growing over the next year as it actively targets new clients. Enforcement and legal services have also seen growth by fostering relationships with service partners, including a national enforcement contract for one of the UK's largest supermarket chains.
MS Webb has maintained a focus on delivering quality service, evident in the accreditation to SSAIB BS:8584, which recognizes excellence in top-tier security for vacant property protection. The company is one of only 12 in the UK accredited to this standard.
The operating margin dropped in 2024, mainly due to a large increase in overheads. This reduction was a result of significant investment in key personnel, as the company made the strategic decision to self-deliver in excess of 90% of all services, to support future growth and maintain the high quality of service. As a result, the number of employees has quadrupled, leading to increased wage costs, training, and welfare expenses. In May 2024, the company relocated to larger offices to accommodate the growing number of staff and to have future capacity for additional appointments.
Due to strong cash generation, net current assets increased from £582,173 at the end of February 2023 to £1,120,004 at the end of August 2024, and shareholders funds increased from £621,140 to £1,334,717 at the end of the accounting period. These reserves demonstrate the company's strong financial position and will be used to create a six-month reserve to cover operating expenditure, offering reassurance to clients and stakeholders.
Our People
Our top priority is our people. We strongly believe in creating an inclusive and progressive environment that actively supports the health and well-being of our team, enabling them to reach their full potential, which is essential for sustainable growth. Our initiatives include an Employee Assistance Programme, flexible working options, a Health Cash Plan, and clear career progression opportunities. In 2024, we increased our investment in training by 65% and this level of commitment will continue into 2025.
ESG
We are committed to our Environmental, Social, and governance (ESG) policy and recognise the benefits to all stakeholders of investing in greener products and services. By ensuring inclusivity for all, we will attract and retain the best people and clients.
Our long-term objective is to achieve net zero by significantly reducing carbon emissions to the greatest extent possible. We are committed to our Corporate Social Responsibility and actively support a number of local charities, schools, and communities.
In conclusion, the Directors expect the growth and profitability of the business to increase in the forthcoming year
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 15 November 2024 and signed on behalf of the board by:
Mr J F Webb Mr G M Webb
Director Director
M S Webb & Company Limited
Statement of financial position
31 August 2024
31/08/24 28/02/23
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 376,381 80,783
_______ _______
376,381 80,783
Current assets
Debtors 7 1,699,703 921,387
Cash at bank and in hand 779,202 349,460
_______ _______
2,478,905 1,270,847
Creditors: amounts falling due
within one year 8 ( 1,358,901) ( 688,674)
_______ _______
Net current assets 1,120,004 582,173
_______ _______
Total assets less current liabilities 1,496,385 662,956
Creditors: amounts falling due
after more than one year 9 ( 67,573) ( 26,467)
Provisions for liabilities ( 94,095) ( 15,349)
_______ _______
Net assets 1,334,717 621,140
_______ _______
Capital and reserves
Called up share capital 100 99
Share premium account 11,869 -
Profit and loss account 1,322,748 621,041
_______ _______
Shareholders funds 1,334,717 621,140
_______ _______
For the period ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 November 2024 , and are signed on behalf of the board by:
Mr J F Webb Mr G M Webb
Director Director
Company registration number: 06129481
M S Webb & Company Limited
Statement of changes in equity
Period ended 31 August 2024
Called up share capital Share premium account Profit and loss account Total
£ £ £ £
At 1 March 2022 99 - 260,534 260,633
Profit for the period 567,170 567,170
_______ _______ _______ _______
Total comprehensive income for the period - - 567,170 567,170
Dividends paid and payable ( 206,663) ( 206,663)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 206,663) ( 206,663)
_______ _______ _______ _______
At 28 February 2023 and 1 March 2023 99 - 621,041 621,140
Profit for the period 1,146,848 1,146,848
_______ _______ _______ _______
Total comprehensive income for the period - - 1,146,848 1,146,848
Issue of shares 1 11,869 11,870
Dividends paid and payable ( 445,141) ( 445,141)
_______ _______ _______ _______
Total investments by and distributions to owners 1 11,869 ( 445,141) ( 433,271)
_______ _______ _______ _______
At 31 August 2024 100 11,869 1,322,748 1,334,717
_______ _______ _______ _______
M S Webb & Company Limited
Notes to the financial statements
Period ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Maddison House, 226 High Street, Croydon, CR9 1DF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % straight line
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fittings, fixtures and equipment 20% and 33% straight line
Motor vehicles 20% and 25% straight line
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 14 (2023: 8 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 March 2023 and 31 August 2024 350,000 350,000
_______ _______
Amortisation
At 1 March 2023 and 31 August 2024 350,000 350,000
_______ _______
Carrying amount
At 31 August 2024 - -
_______ _______
At 28 February 2023 - -
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 38,364 11,318 45,023 94,705
Additions 208,656 46,624 136,601 391,881
Disposals ( 4,217) ( 3,144) - ( 7,361)
_______ _______ _______ _______
At 31 August 2024 242,803 54,798 181,624 479,225
_______ _______ _______ _______
Depreciation
At 1 March 2023 5,677 2,192 6,053 13,922
Charge for the year 47,627 15,270 27,941 90,838
Disposals ( 671) ( 1,245) - ( 1,916)
_______ _______ _______ _______
At 31 August 2024 52,633 16,217 33,994 102,844
_______ _______ _______ _______
Carrying amount
At 31 August 2024 190,170 38,581 147,630 376,381
_______ _______ _______ _______
At 28 February 2023 32,687 9,126 38,970 80,783
_______ _______ _______ _______
7. Debtors
31/08/24 28/02/23
£ £
Trade debtors 1,358,268 736,621
Other debtors 341,435 184,766
_______ _______
1,699,703 921,387
_______ _______
8. Creditors: amounts falling due within one year
31/08/24 28/02/23
£ £
Bank loans and overdrafts - 10,000
Trade creditors 679,017 407,993
Corporation tax 311,082 120,063
Social security and other taxes 134,481 67,631
Other creditors 234,321 82,987
_______ _______
1,358,901 688,674
_______ _______
9. Creditors: amounts falling due after more than one year
31/08/24 28/02/23
£ £
Bank loans and overdrafts - 26,467
Other creditors 67,573 -
_______ _______
67,573 26,467
_______ _______
10. Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
Period ended 31/08/24
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr J F Webb ( 22,021) 22,021 -
Mr G M Webb ( 10,233) 10,233 -
_______ _______ _______
( 32,254) 32,254 -
_______ _______ _______
Year ended 28/02/23
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr M S Webb ( 3,561) 3,561 -
Mr J F Webb ( 18,536) ( 3,485) ( 22,021)
Mr G M Webb ( 3,844) ( 6,389) ( 10,233)
_______ _______ _______
( 25,941) ( 6,313) ( 32,254)
_______ _______ _______