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Registration number: 05084552

Webcast IT Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Webcast IT Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Webcast IT Ltd

(Registration number: 05084552)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

263,372

364,892

Current assets

 

Debtors

5

107,559

142,621

Cash at bank and in hand

 

53,253

126,725

 

160,812

269,346

Creditors: Amounts falling due within one year

6

(122,838)

(205,492)

Net current assets

 

37,974

63,854

Total assets less current liabilities

 

301,346

428,746

Creditors: Amounts falling due after more than one year

6

(9,512)

(61,053)

Provisions for liabilities

(65,842)

(91,223)

Net assets

 

225,992

276,470

Capital and reserves

 

Called up share capital

100

100

Retained earnings

225,892

276,370

Shareholders' funds

 

225,992

276,470

 

Webcast IT Ltd

(Registration number: 05084552)
Balance Sheet as at 31 March 2024

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.
 

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.

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 14 November 2024
 

Mr ND McLachlan
Director

   
     
 

Webcast IT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 2 Kingfisher Park
Collingwood Road
West Moors
Wimborne
Dorset
BH21 6US

These financial statements were authorised for issue by the director on 14 November 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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These 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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale or hire of goods to the broadcast industry. Turnover is shown net of 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.

 

Webcast IT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets is 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.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% reducing balance

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

Debtors

Trade debtors are amounts due from customers for merchandise sold or hired 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.

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.

 

Webcast IT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

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

 

Webcast IT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 2 (2023 - 3).

4

Tangible assets

Fixtures, fittings and equipment
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

1,100,525

8,385

12,849

1,121,759

Additions

7,244

-

-

7,244

Disposals

(24,438)

-

-

(24,438)

At 31 March 2024

1,083,331

8,385

12,849

1,104,565

Depreciation

At 1 April 2023

738,981

6,320

11,566

756,867

Charge for the year

91,362

516

321

92,199

Eliminated on disposal

(7,873)

-

-

(7,873)

At 31 March 2024

822,470

6,836

11,887

841,193

Carrying amount

At 31 March 2024

260,861

1,549

962

263,372

At 31 March 2023

361,544

2,065

1,283

364,892

5

Debtors

2024
£

2023
£

Trade debtors

18,709

-

Other debtors

85,912

138,621

Prepayments

2,938

4,000

107,559

142,621

 

Webcast IT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

7

50,233

105,128

Trade creditors

 

10,551

28,465

Social security and other taxes

 

34,386

62,401

Other creditors

 

21,668

3,163

Accruals

 

6,000

6,335

 

122,838

205,492

Due after one year

 

Loans and borrowings

7

9,512

61,053

Creditors due within one year include net obligations under finance lease and hire purchase contracts which are secured of £50,233 (2023 - £105,128).

Creditors due in more than one year include net obligations under finance lease and hire purchase contracts which are secured of £9,512 (2023 - £61,053).

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

9,512

61,053

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

50,233

105,128

 

Webcast IT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Related party transactions

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Transactions during the year

104,592

91,974

(117,435)

79,131

 

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Transactions during the year

38

105,959

(1,405)

104,592

 

During the year, the company continued to provide the director with a loan. This loan is interest free and repayable on demand.