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WEBB TECHNOLOGY LIMITED

(formerly PIXEL EX LIMITED)

Registered Number
11663507
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

WEBB TECHNOLOGY LIMITED
Company Information
for the year from 1 November 2022 to 31 October 2023

Director

WEBB, Thomas William

Company Secretary

WEBB, Billy

Registered Address

71 Queen Victoria Street
London
EC4V 4BE

Registered Number

11663507 (England and Wales)
WEBB TECHNOLOGY LIMITED
Balance Sheet as at
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets31,544,3222,411,495
Tangible assets4219,618228,391
Investments60,33560,335
1,824,2752,700,221
Current assets
Debtors5361,951457,691
Cash at bank and on hand6,289,130204,455
6,651,081662,146
Creditors amounts falling due within one year6(1,790,793)(744,519)
Net current assets (liabilities)4,860,288(82,373)
Total assets less current liabilities6,684,5632,617,848
Net assets6,684,5632,617,848
Capital and reserves
Called up share capital11
Share premium8,077,577-
Revaluation reserve-407,304
Profit and loss account(1,393,015)2,210,543
Shareholders' funds86,684,5632,617,848
The financial statements were approved and authorised for issue by the Director on 8 February 2025, and are signed on its behalf by:
WEBB, Thomas William
Director
Registered Company No. 11663507
WEBB TECHNOLOGY LIMITED
Notes to the Financial Statements
for the year ended 31 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied, except where additional disclosure is required to show a true and fair view. The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Functional and presentation currency
The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any accrued holiday entitlement is recognised as an expense in the period in which the employee's services are received. The cost of any unused holiday entitlement is recognized in the period in which the employee’s services are received. Termination benefits are recognized immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets acquired separately from a business are recognized at cost and are subsequently measured at cost less accumulated amortization and accumulated impairment losses. Intangible assets acquired on business combinations are recognized separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity. Amortization is recognized so as to write off the cost or valuation of assets less their residual values over their useful lives.
Cryptocurrency assets
Cryptocurrencies are recognized as intangible assets and initially measured at cost. Where an active market exists, they are subsequently measured using the revaluation model at fair value. Increases in value are recognized in other comprehensive income and accumulated in equity as a revaluation surplus, except to the extent they reverse a revaluation decrease previously recognized in profit or loss, in which case the increase is recognized in profit or loss. Decreases in value are recognized first against any revaluation surplus in equity relating to that asset, with any excess recognized in profit or loss.
Research and development
All research costs are expensed. Costs related to the development of products are capitalised when they meet the criteria stated in FRS 102, Section 18 Intangible assets other than Goodwill. All other development expenditure is recognised as an expense in the period in which it is incurred.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Plant and machinery20-
Fixtures and fittings33-
Vehicles-5
Impairment of non-financial assets policy
Assets which are not carried at fair value are reviewed for evidence of impairment at each reporting date. Where the asset is showing indicators of impairment, the recoverable amount of the asset, is estimated and then compared to the carrying value in the financial statements. Where the carrying amount is in excess of recoverable amount, an impairment loss is recognised in profit or loss.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Lease incentives
Incentives received to enter into a finance lease reduce the fair value of the asset and are included in the calculation of present value of minimum lease payments. Incentives received to enter into an operating lease are credited to the profit and loss account, to reduce the lease expense, on a straight-line basis over the period of the lease.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Share capital
Ordinary and preference shares are classified as equity. The share premium account includes any premium received on the issuance of preference shares, net of related issue costs.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20232022
Average number of employees during the year61
3.Intangible assets
Intangible assets at 31 October 2023 include £1,489,111 in cryptocurrencies (USDC, ETH, WETH, BLUR) and £55,211 in NFTs, totaling £1,544,322.

Total

£
Cost or valuation
At 01 November 222,411,495
Additions170,701
Revaluations(509,745)
Disposals(528,129)
At 31 October 231,544,322
Net book value
At 31 October 231,544,322
At 31 October 222,411,495
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 November 22257,831
Additions48,736
At 31 October 23306,568
Depreciation and impairment
At 01 November 2229,440
Charge for year57,509
At 31 October 2386,949
Net book value
At 31 October 23219,618
At 31 October 22228,391
5.Debtors: amounts due within one year

2023

2022

££
Other debtors361,951457,691
Total361,951457,691
Debtors include tax recoverable of £359,690. In 2022, debtors consisted of amounts due from other debtors totaling £457,691.
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables154,26343,185
Taxation and social security596,059557,297
Other creditors1,040,471144,037
Total1,790,793744,519
7.Share capital
During the year, the Company issued 83,282 preferred shares to an investor for £8,171,868 with a total nominal value of £0.07. The share premium generated from the investment, net of issue costs, amounted to £8,077,577.
8.Revaluation reserve
The revaluation reserve changed from £407,304 on 1 November 2022 to £0 on 31 October 2023, reflecting a revaluation deficit of £509,745 for the year. Of this deficit, £407,304 was charged against the revaluation surplus in the equity account, while the remaining £102,441, which exceeded the surplus, was charged to the profit and loss account.

£
Reserve at 01 November 22407,304
Revaluations of other assets(407,304)
9.Related party transactions
At the year-end, the director’s loan account had a credit balance of £1,030,114 (2022: debit balance of £457,689). During the year, the director repaid £195,273 to the Company. A dividend of £1,405,000 was declared, of which only £112,470 was paid during the year, with the remainder retained as part of the credit balance.