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Registered number: 10777356 WEBB TRADERS UK LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
WEBB TRADERS UK LTD COMPANY INFORMATION
Directors | G A Spiro (resigned 7 February 2024)
| M Van Den Berg
Registered number | 10777356
Registered office | 35 Ballards Lane
| London
| N3 1XW
Independent auditors | BKL Audit LLP
| Chartered Accountants & Registered Auditors
| 35 Ballards Lane
| London
| N3 1XW
WEBB TRADERS UK LTD CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditors' Report | 5 - 8
Statement of Comprehensive Income | 9
Statement of Financial Position | 10
Statement of Changes in Equity | 11
Statement of Cash Flows | 12
Notes to the Financial Statements | 13 - 21
WEBB TRADERS UK LTD STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
WEBB Traders UK Ltd. {“the Company”} was formed on 18 May 2017 as market makers and liquidity providers to electronic futures exchanges. With the introduction of MIFID II at the beginning of 2018, the company needed to be a regulated entity in order to continue to have full access to European-based exchanges. The Company became regulated by the Financial Conduct Authority {"FCA"} on 21 December 2017 and commenced trading on 3 January 2018. On 6 February 2019, the Company was acquired by WEBB Traders B.V., a Dutch based trading firm. The aim of the acquisition was to broaden the European presence and to prepare for any Brexit scenario.
Business review
During the 2024 financial year, the Company underwent significant changes to its operations and structure. At the beginning of Q3 2023, the Board resolved to terminate the activities of the commodity trading desk following underperformance against expectations. Subsequently, on 7 February 2024, the Company ceased to be authorised by the Financial Conduct Authority and therefore no longer provides regulated activities or products. In June 2024, the Company completed a reduction of its share capital through the cancellation of 2,500,000 issued ordinary shares. With trading activities having ceased, the Company’s financial performance for the year reflects only residual items. The Company reported a profit of £13,505, which arose solely from favourable currency fluctuations on balances held in the ABN and Marex trading accounts. No trading revenue was generated during the year.
Principal risks and uncertainties
The principal risk facing the Company arises from the fact that it ceased trading in November 2023 and, as at the date of this report, has not yet recommenced operations. While the directors are actively seeking suitable opportunities for the Company to re-enter trading activities, the timing and likelihood of such resumption remain uncertain.
Financial key performance indicators
The directors are actively seeking future trading opportunities that the Company could undertake successfully. The directors have no current plans to liquidate the Company or close its bank account, and intend to retain the Company as a legal entity with the option to recommence trading in the future.
Other key performance indicators
In addition to the financial KPI’s, the main other KPI is the contract with exchanges and the clearing membership. This drives the possibility of trading. Other factors are of no importance. Page 1
WEBB TRADERS UK LTD STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Directors' statement of compliance with duty to promote the success of the Company
The Directors of the Company are aware of their requirement to act in the best interests of the following related stakeholders: Shareholders The Directors have regular contact with the shareholders in order to maximise the Company's long-term growth prospects and the opportunity for a dividend stream. Customers The Company's customer base is purely institutional clients. The Directors prioritise compliance with the FCA whilst ensuring each client’s best interests are served. Suppliers The Company has various key supplier relationships which it maintains to ensure the smooth running of the business. Community and the environment The Company actively seeks to reduce its carbon footprint by virtue of its entirely online and paperless business. This report was approved by the board and signed on its behalf.
M Van Den Berg Director
Date: 5 September 2025
Page 2
WEBB TRADERS UK LTD DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activity
The Company ceased trading in 2023 and is seeking other opportunties for trade.
Results and dividends
The profit for the year, after taxation, amounted to £13,505 (2023 - loss £30,692). The directors do not recommend payment of a dividend.
Directors
The directors who served during the year were:
G A Spiro (resigned 7 February 2024)
M Van Den Berg
Future developments
The directors are actively seeking future trading opportunities that the Company could undertake successfully. The directors have no current plans to liquidate the Company or close its bank accounts, and intend to retain the Company as a legal entity with the option to recommence trading in the future. Page 3
WEBB TRADERS UK LTD DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
Under section 487(2) of the Companies Act 2006, BKL Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board and signed on its behalf.
................................................ M Van Den Berg Director
Date: 5 September 2025
Page 4
WEBB TRADERS UK LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEBB TRADERS UK LTD
Opinion
We have audited the financial statements of Webb Traders UK Ltd (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 5
WEBB TRADERS UK LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEBB TRADERS UK LTD (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 6
WEBB TRADERS UK LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEBB TRADERS UK LTD (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. ∙Enquiring of management and those charged with governance around actual and potential litigation and claims, ∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations, ∙Performing audit work over the risks of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: ∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control. ∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. ∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern. Page 7
WEBB TRADERS UK LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEBB TRADERS UK LTD (CONTINUED) ∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Catalina Feier FCA (Senior Statutory Auditor) for and on behalf of BKL Audit LLP Chartered Accountants & Registered Auditors 35 Ballards Lane London N3 1XW 5 September 2025 Page 8
WEBB TRADERS UK LTD STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| Discontinued operations 2024 | Discontinued operations 2023
Note | £ | £
Turnover |  | - | 84,766
Cost of sales |  | (12,921) | (73,777)
Gross (loss)/profit |  | (12,921) | 10,989
Administrative expenses |  | 33,855 | (820,441)
Other operating income |  | - | 813,354
Operating profit | 4 | 20,934 | 3,902
Interest payable and similar expenses | 7 | (7,429) | (34,594)
Profit/(loss) before tax |  | 13,505 | (30,692)
Profit/(loss) for the financial year |  | 13,505 | (30,692)
There was no other comprehensive income for 2024 (2023:£NIL).
The notes on pages 13 to 21 form part of these financial statements.
Page 9
WEBB TRADERS UK LTD REGISTERED NUMBER: 10777356 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 9 |  | - |  | 7,171
|  |  | - |  | 7,171
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 10 | 4,726 |  | 6,315 |
Cash at bank and in hand | 11 | 99,932 |  | 3,865,521 |
|  | 104,658 |  | 3,871,836 |
Creditors: amounts falling due within one year | 12 | (75,879) |  | (1,363,733) |
Net current assets |  |  | 28,779 |  | 2,508,103
Total assets less current liabilities |  |  | 28,779 |  | 2,515,274
Net assets |  |  | 28,779 |  | 2,515,274
Capital and reserves |  |  |  |  |
Called up share capital | 13 |  | 950,000 |  | 3,450,000
Profit and loss account |  |  | (921,221) |  | (934,726)
Total equity |  |  | 28,779 |  | 2,515,274
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
M Van Den Berg
Director
Date: 5 September 2025
The notes on pages 13 to 21 form part of these financial statements. Page 10
WEBB TRADERS UK LTD STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2023 | 3,450,000 | (904,034) | 2,545,966
Loss for the year | - | (30,692) | (30,692)
At 1 January 2024 | 3,450,000 | (934,726) | 2,515,274
Profit for the year | - | 13,505 | 13,505
Shares redeemed during the year | (2,500,000) | - | (2,500,000)
At 31 December 2024 | 950,000 | (921,221) | 28,779
| The notes on pages 13 to 21 form part of these financial statements.
Page 11
WEBB TRADERS UK LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
|  |  | 2024 | 2023
|  |  | £ | £
Cash flows from operating activities |  |
Profit/(loss) for the financial year | 13,505 | (30,692)
Adjustments for: |  |
Depreciation of tangible assets | 1,320 | 1,585
Loss on disposal of tangible assets | 3,359 | -
Interest payable | 7,429 | 34,594
Decrease in debtors | 1,589 | 20,519
(Decrease) in creditors | (7,503) | (4,145)
Net cash generated from operating activities | 19,699 | 21,861
Cash flows from investing activities |  |
Purchase of tangible fixed assets | - | (5,170)
Sale of tangible fixed assets | 2,492 | -
Net cash from investing activities | 2,492 | (5,170)
Cash flows from financing activities |  |
Cancellation of ordinary shares | (2,500,000) | -
New loans from group companies | - | 7,010
Loans from group companies repaid | (1,280,351) | -
Interest paid | (7,429) | (34,594)
Net cash used in financing activities | (3,787,780) | (27,584)
Net (decrease) in cash and cash equivalents | (3,765,589) | (10,893)
Cash and cash equivalents at beginning of year | 3,865,521 | 3,876,414
Cash and cash equivalents at the end of year | 99,932 | 3,865,521
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 99,932 | 3,865,521
| 99,932 | 3,865,521
The notes on pages 13 to 21 form part of these financial statements.
Page 12
WEBB TRADERS UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
The principal activity of Webb Traders UK Ltd ('the Company') was that of a proprietary trading company and market maker active in electronic trading on leading international financial markets. The Company ceased trading in November 2023 and is seeking other opportunities for trade. The Company is a private limited company incorporated in England and Wales. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
The Company generated a profit during the year of £13,505 (2023: loss £30,692) and has net assets of £28,779 (2023: £2,515,274) at 31 December 2024. The Company ceased trading in November 2023 and the directors are actively seeking future trading opportunities that the Company could undertake successfully. The directors have no current plans to liquidate the company or close its bank accounts, and intend to retain the company as a legal entity with the option to recommence trading in the future, although the timing and likelihood of such resumption is currently uncertain. The directors therefore believe that the Company is a going concern. The financial statements have therefore been prepared on the going concern basis. Page 13
WEBB TRADERS UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The Company ceased trading in November 2023. Up to this date, revenue comprised of trading profits and losses, which were recognised on a mark to market basis, and income from market making activities. From November 2023 onwards, the Company has not engaged in any trading activities, and no revenue has been generated.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. Page 14
WEBB TRADERS UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.7 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The estimated useful lives range as follows:
|  |  |  | Fixtures and fittings | - | 5 | Years
|  |  |  | Office equipment | - | 5 | Years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.8 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.9 | Financial instruments
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and loans to and from related parties. (i) Financial assets Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Page 15
WEBB TRADERS UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.9 | Financial instruments (continued)
Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. (ii) Financial liabilities Basic financial liabilities, including trade and other creditors, accruals, and amounts owed to related companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. (iii) Offsetting Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
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 estimates. There were no judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in the financial statements. Page 16
WEBB TRADERS UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Exchange differences | (115,273) | 31,607
| Depreciation | 1,320 | 1,585
| Loss on dipsosal | 3,359 | -
5. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 8,750 | 9,900
| Fees payable to the Company's auditors and their associates in respect of: |  |
| Non audit services | 1,250 | 1,750
6. | Employees
| Staff costs were as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Wages and salaries | - | 474,308
| Social security costs | - | 51,723
| Cost of defined contribution scheme | - | 3,170
|  | - | 529,201
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Staff (incl directors) | 1 | 4
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WEBB TRADERS UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Loans from group undertakings | 7,429 | 34,594
8. | Taxation
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit/(loss) on ordinary activities before tax | 13,505 | (30,692)
| Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%) | 3,376 | (7,213)
| Effects of: |  |
| Expenses not deductible for tax purposes | 341 | -
| Movement in deferred tax not recognised | (3,717) | 7,213
| Total tax charge for the year | - | -
| Factors that may affect future tax charges
There are approximately £925,848 of taxable losses available to be carried forward and offset against future taxable profits. However, no deferred tax has been provided on these losses due to the uncertainty of future profits. Page 18
WEBB TRADERS UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Tangible fixed assets
|  | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £
| At 1 January 2024 | 4,322 | 4,477 | 8,799
| Disposals | (4,322) | (4,477) | (8,799)
| At 31 December 2024 | - | - | -
| At 1 January 2024 | 807 | 821 | 1,628
| Charge for the year on owned assets | 648 | 672 | 1,320
| Disposals | (1,455) | (1,493) | (2,948)
| At 31 December 2024 | - | - | -
| Net book value |  |  |
| At 31 December 2024 | - | - | -
| At 31 December 2023 | 3,515 | 3,656 | 7,171
10. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other debtors | 4,726 | 6,315
11. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 31,572 | 52,425
| Cash equivalents held with the clearers | 68,360 | 3,813,096
|  | 99,932 | 3,865,521
Page 19
WEBB TRADERS UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | - | 4,549
| Amounts owed to group undertakings | 58,070 | 1,338,421
| Other taxation and social security | - | 9,740
| Other creditors | - | 463
| Accruals and deferred income | 17,809 | 10,560
|  | 75,879 | 1,363,733
13. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 950,000 (2023 - 3,450,000) Ordinary shares of £1.00 each | 950,000 | 3,450,000
| On 26 June 2024 the Company reduced its share capital from £3,450,000 to £950,000 by way of a special resolution supported by a directors’ solvency statement in accordance with sections 642–644 of the Companies Act 2006. The reduction resulted in a return of capital to shareholders amounting to £2,500,000 which was paid in June 2024. The reduction did not result in the creation of a capital redemption reserve.
14. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | - | 21,267
15. | Related party transactions
| Included within creditors due within one year is a loan from the parent company of £58,070 (2023: £1,338,421). The loan is denominated in Euros and is unsecured, repayable on demand and carries interest at a commercial rate. Interest of £7,429 (2023: £ 14,498) was charged during the period and is included in the above balance.
Page 20
WEBB TRADERS UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
16. | Controlling party
The immediate parent company is Webb Invest B.V., a company incorporated in The Netherlands. There is no overall ultimate controlling party.
Page 21