Company Registration No. 10336876 (England and Wales)
Web Buys Ltd
Unaudited accounts
for the year ended 31 December 2024
Web Buys Ltd
Unaudited accounts
Contents
Web Buys Ltd
Company Information
for the year ended 31 December 2024
Directors
Mohammed Jabir
Mohammed A Jabir
Company Number
10336876 (England and Wales)
Registered Office
20-22 WENLOCK ROAD
LONDON
N1 7GU
ENGLAND
Web Buys Ltd
Statement of financial position
as at 31 December 2024
Intangible assets
1,561
1,894
Tangible assets
211,240
103,020
Inventories
199,887
121,322
Cash at bank and in hand
720,758
443,126
Creditors: amounts falling due within one year
(753,599)
(542,846)
Net current assets
405,901
241,927
Total assets less current liabilities
618,702
346,841
Creditors: amounts falling due after more than one year
(23,329)
(60,385)
Net assets
595,373
286,456
Called up share capital
24,200
24,200
Profit and loss account
571,173
262,256
Shareholders' funds
595,373
286,456
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2025 and were signed on its behalf by
Mohammed Jabir
Director
Company Registration No. 10336876
Web Buys Ltd
Notes to the Accounts
for the year ended 31 December 2024
Web Buys Ltd is a private company, limited by shares, registered in England and Wales, registration number 10336876. The registered office is 20-22 WENLOCK ROAD, LONDON, N1 7GU, ENGLAND.
2
Compliance with accounting standards
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 other than where additional disclosure is required to show a true and fair view.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
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 £.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Intangible fixed assets are included at cost less accumulated amortisation.
Amortisation has been provided at 10% on cost per annum in order to write off the assets over their estimated economic lives.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% Straight Line
Fixtures & fittings
15% Straight Line
Computer equipment
15% Straight Line
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Web Buys Ltd
Notes to the Accounts
for the year ended 31 December 2024
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Any bank overdrafts are shown within borrowings in current liabilities.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Equity instruments issued by the company are recorded at the amount of the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liability once they are no longer at the discretion of the company.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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Intangible fixed assets
Other
Web Buys Ltd
Notes to the Accounts
for the year ended 31 December 2024
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Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2024
132,285
7,112
7,329
146,726
Additions
159,477
-
3,544
163,021
Disposals
(28,930)
-
-
(28,930)
At 31 December 2024
262,832
7,112
10,873
280,817
At 1 January 2024
38,674
3,354
1,678
43,706
Charge for the year
23,319
1,067
1,485
25,871
At 31 December 2024
61,993
4,421
3,163
69,577
At 31 December 2024
200,839
2,691
7,710
211,240
At 31 December 2023
93,611
3,758
5,651
103,020
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
22,986
33,040
Amounts falling due within one year
Trade debtors
226,877
212,197
Other debtors
11,978
8,128
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Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
327,310
34,941
Trade creditors
116,697
104,170
Taxes and social security
184,401
221,969
Other creditors
125,191
181,766
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Creditors: amounts falling due after more than one year
2024
2023
Web Buys Ltd
Notes to the Accounts
for the year ended 31 December 2024
Allotted, called up and fully paid:
100 Ordinary A shares of £1 each
100
100
24,000 Ordinary B shares of £1 each
24,000
24,000
100 Ordinary C shares of £1 each
100
100
10
Operating lease commitments
2024
2023
At 31 December 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
18,428
-
Later than one year and not later than five years
6,143
-
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Average number of employees
During the year the average number of employees was 10 (2023: 9).