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REGISTERED NUMBER: 02268395 (England and Wales)







Audited Financial Statements

for the Year Ended 31 July 2024

for

WEBS Training Limited

WEBS Training Limited (Registered number: 02268395)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WEBS Training Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: J A Bazeley
N J H Crowther
L Jameson
C M Sowter
J A Woolley
A W Cooke
P J Bradbery
T N Alley
I Nelson
C H Collett
D A O'Neill


REGISTERED OFFICE: The Poplars
Wollaton Road
Beeston
Nottingham
Nottinghamshire
NG9 2PD


REGISTERED NUMBER: 02268395 (England and Wales)


AUDITORS: Mabe Allen LLP
Chartered Accountants
Statutory Auditors
50 Osmaston Road
Derby
DE1 2HU


BANKERS: Barclays Bank Plc
The Library
Foster Avenue
Beeston
Nottingham
NG9 1AE

WEBS Training Limited (Registered number: 02268395)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 5 1,368,416 1,400,113
Investment property 6 420,000 420,000
1,788,416 1,820,113

CURRENT ASSETS
Stocks 13,201 12,680
Debtors 7 168,086 151,253
Cash at bank and in hand 262,910 406,394
444,197 570,327
CREDITORS
Amounts falling due within one year 8 205,603 183,676
NET CURRENT ASSETS 238,594 386,651
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,027,010

2,206,764

CREDITORS
Amounts falling due after more than one
year

9

(982,233

)

(1,038,632

)

PROVISIONS FOR LIABILITIES (31,551 ) (29,678 )

ACCRUALS AND DEFERRED INCOME 12 (1,021,171 ) (1,046,099 )
NET (LIABILITIES)/ASSETS (7,945 ) 92,355

CAPITAL AND RESERVES
Called up share capital 13 600 600
Capital redemption reserve 100 100
Other reserves 180,046 180,046
Retained earnings (188,691 ) (88,391 )
SHAREHOLDERS' FUNDS (7,945 ) 92,355

WEBS Training Limited (Registered number: 02268395)

Balance Sheet - continued
31 July 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by:





L Jameson - Director


WEBS Training Limited (Registered number: 02268395)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

WEBS Training Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going concern
The Company made a loss after tax for the year of £100,300 (2023: £26,921) and had net liabilities at 31 July 2024 of £7,945 (2023: net assets of £92,355).

The level of net liabilities (2023: assets) reflects the existence of a liability for a deferred government grant which at 31 July 2024 stood at £1,021,171 (2023: £1,046,099) and which is only repayable under certain specific circumstances.

The Company still held net current assets at 31 July 2024 of £238,594 (2023: £386,651) and after making reasonable enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimated.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The following judgements have had the most significant effect on amounts recognised in the financial statements.

Revaluation of freehold properties and investment properties
The company carries its freehold properties and investment properties at fair value, with changes in fair value being recognised in profit or loss. In accordance with FRS 102, the fair value of investment properties is reassessed annually by the directors in periods where not independently valued. The professional valuer used a valuation technique which took account of the traditional capitalisation of notional and capital values. In arriving at notional rates associated with the properties, the valuer considered actual rates of comparable properties.

WEBS Training Limited (Registered number: 02268395)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

3. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 25% and 10% on cost
Motor vehicles - 20% on cost

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Small items of computer equipment are written off fully in the year of acquisition.

The freehold property is carried in the financial statements at revalued cost using a professional valuation of freehold property which took place in 2022, less subsequent accumulated depreciation and subsequent accumulated losses.

Investment property
Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

The investment property fair value of £420,000 (2023: £420,000) was reassessed by the directors in the period, after being determined by an independent qualified valuer who sought to identify current market value during 2022.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


WEBS Training Limited (Registered number: 02268395)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment is a revaluation decrease.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Hire purchase and leasing commitments
At inception the company assesses agreements that transfer the right to use assets.
The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

WEBS Training Limited (Registered number: 02268395)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

3. ACCOUNTING POLICIES - continued

Government grants
Grant income receivable relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

A capital project grant was received in the year ended 31 July 2012 to assist with the costs associated with the development of the WEBS Academy training centre. The grant is not repayable (subject to the conditions outlined below) and is being released from deferred income to the profit and loss on a systematic basis over the estimated useful life of the assets acquired.

Conditions of the grant

- Should the company dispose of the training centre and the land on which it sits without the consent of the funding agency within the 20 years to April 2031 then the agency may require full or partial repayment of the grant.

- Should the company become subject to a change in ownership which impacts adversely and materially on the terms, goes into liquidation or is put into administration then a review of the impact will need to be undertaken and the agency reserves the right, at its discretion, to recover full or partial amount of the funding provided.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 18 ) .

5. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 August 2023 3,103,699 694,625 10,497 3,808,821
Additions - 11,070 - 11,070
At 31 July 2024 3,103,699 705,695 10,497 3,819,891
DEPRECIATION
At 1 August 2023 1,749,415 650,549 8,744 2,408,708
Charge for year 25,714 15,302 1,751 42,767
At 31 July 2024 1,775,129 665,851 10,495 2,451,475
NET BOOK VALUE
At 31 July 2024 1,328,570 39,844 2 1,368,416
At 31 July 2023 1,354,284 44,076 1,753 1,400,113

Included in cost of land and buildings is freehold land of £ 300,000 (2023 - £ 300,000 ) which is not depreciated.

WEBS Training Limited (Registered number: 02268395)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. TANGIBLE FIXED ASSETS - continued

In respect of freehold property stated at valuations, the comparable historical cost and depreciation values are as follows:

2024 2023
££
Net book value at end of year1,328,5701,354,284

Historical cost:
At 1 August 2023 and 31 July 2024 3,103,6993,103,699

Depreciation:
At 1 August 2023672,888616,814
Charge for Year56,07456,074
At 31 July 2024 728,962 672,888

Net historical cost value:
At 31 July 2024 2,374,7372,430,811

At 31 July 2023 2,430,8112,486,885

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023
and 31 July 2024 420,000
NET BOOK VALUE
At 31 July 2024 420,000
At 31 July 2023 420,000

Included in fair value of investment property is freehold land of £ 200,000 (2023 - £ 200,000 ) which is not depreciated.

Fair value at 31 July 2024 is represented by:
£   
Valuation in 2018 367,460
Valuation in 2022 (92,903 )
Cost 145,443
420,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 75,593 80,275
Corporation tax - 7,473
Prepayments 92,493 63,505
168,086 151,253

WEBS Training Limited (Registered number: 02268395)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 56,688 56,985
Trade creditors 83,649 54,197
Social security and other taxes 6,288 9,722
Accruals and deferred income 32,294 34,088
Other creditors 500 2,500
Deferred government grants 26,184 26,184
205,603 183,676

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 1-5 years 200,105 227,823
Bank loans payable in more than 5 years
by instalments

782,128

810,809
982,233 1,038,632

Amounts falling due in more than five years:

Repayable by instalments
Bank loans payable in more than 5 years
by instalments

782,128

810,809

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 7,414 10,833
Between one and five years 6,512 5,894
13,926 16,727

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank Loan 1,015,588 1,062,284

The bank loans are secured by way of a debenture giving a fixed and floating charge over all of the property and assets of the company.

WEBS Training Limited (Registered number: 02268395)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

12. ACCRUALS AND DEFERRED INCOME
2024 2023
£    £   
Deferred government grants 1,021,171 1,046,099

The grant is not repayable (subject to the conditions outlined in accounting policy note 3) and is being released from deferred income to the profit and loss on a systematic basis over the estimated useful life of the assets acquired.

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
600 Ordinary £1 600 600

14. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Neil Higgins FCCA (Senior Statutory Auditor)
for and on behalf of Mabe Allen LLP