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Registration number: 08472167

Webflair.co.uk Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Webflair.co.uk Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 11

 

Webflair.co.uk Ltd

Company Information

Director

Mr J K Sharpe

Registered office

Optima House
1 Mill Court
Spindle Way
Crawley
West Sussex
RH10 1TT

Accountants

Andrews & O'Shea Ltd
Accountants
Optima House
1 Mill Court
Spindle Way
Crawley
West Sussex
RH10 1TT

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Webflair.co.uk Ltd
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Webflair.co.uk Ltd for the year ended 30 April 2024 as set out on pages 3 to 11 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 Webflair.co.uk Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Webflair.co.uk Ltd and state those matters that we have agreed to state to the Board of Directors of Webflair.co.uk Ltd, as a body, in this report and for no other reason. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Webflair.co.uk Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Webflair.co.uk 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 Webflair.co.uk Ltd. You consider that Webflair.co.uk 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 Webflair.co.uk 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.

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

Andrews & O'Shea Ltd
Accountants
Optima House
1 Mill Court
Spindle Way
Crawley
West Sussex
RH10 1TT

22 January 2025

 

Webflair.co.uk Ltd

(Registration number: 08472167)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

2,003

1,710

Current assets

 

Debtors

6

11,810

12,576

Cash at bank and in hand

 

5,025

4,748

 

16,835

17,324

Creditors: Amounts falling due within one year

7

(11,210)

(10,253)

Net current assets

 

5,625

7,071

Total assets less current liabilities

 

7,628

8,781

Creditors: Amounts falling due after more than one year

7

(6,955)

(8,100)

Provisions for liabilities

(381)

(325)

Net assets

 

292

356

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

192

256

Shareholders' funds

 

292

356

For the financial year ending 30 April 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.

 

Webflair.co.uk Ltd

(Registration number: 08472167)
Balance Sheet as at 30 April 2024

Approved and authorised by the director on 22 January 2025
 

.........................................
Mr J K Sharpe
Director

 

Webflair.co.uk Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
Optima House
1 Mill Court
Spindle Way
Crawley
West Sussex
RH10 1TT

The principal place of business is:
Optima House
1 Mill Court
Spindle Way
Crawley
West Sussex
RH10 1TT

These financial statements were authorised for issue by the director on 22 January 2025.

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 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 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.

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.

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.

 

Webflair.co.uk Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% per annum - Reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% per annum - Straight line basis

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.

 

Webflair.co.uk Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

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.

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.

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.

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

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).

 

Webflair.co.uk Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

5,000

5,000

At 30 April 2024

5,000

5,000

Amortisation

At 1 May 2023

5,000

5,000

At 30 April 2024

5,000

5,000

Carrying amount

At 30 April 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

4,093

4,093

Additions

795

795

At 30 April 2024

4,888

4,888

Depreciation

At 1 May 2023

2,383

2,383

Charge for the year

502

502

At 30 April 2024

2,885

2,885

Carrying amount

At 30 April 2024

2,003

2,003

At 30 April 2023

1,710

1,710

 

Webflair.co.uk Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

6

debtors

2024
£

2023
£

Other debtors

11,810

12,576

11,810

12,576

Details of non-current trade and other debtors
 

£2,826 (2023 -£2,826) of Section 455 Tax is classified as non current.
 

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

7,324

6,782

Accruals and deferred income

3,886

3,471

11,210

10,253

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

6,955

8,100

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

6,955

8,100

 

Webflair.co.uk Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

10

Dividends

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £155 per each ordinary share.

 

15,500

 

15,500

         

11

Related party transactions

Transactions with the director

2024

At 1 May 2023
£

Advances to director
£

Other payments made to company by director
£

At 30 April 2024
£

Mr J K Sharpe

Interest free loan

(9,748)

(43,529)

44,294

(8,984)

2023

At 1 May 2022
£

Advances to director
£

Other payments made to company by director
£

At 30 April 2023
£

Mr J K Sharpe

Interest free loan

(13,601)

(32,482)

36,334

(9,748)

 

Webflair.co.uk Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

Directors' remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,564

10,782

Dividends paid to the director

2024
£

2023
£

Mr J K Sharpe

Ordinary shares

15,500

15,500