REGISTERED NUMBER: 05608868 (England and Wales)

WEB ANNOUNCEMENTS LTD

Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

Kirk Bonniwell

REGISTERED OFFICE:

12 New Fetter Lane

City of London

London

EC4A 1JP

REGISTERED NUMBER:

05608868 (England and Wales)

INDEPENDENT AUDITORS:

Cooper Parry Audit (Ireland) Limited

Statutory Auditor

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

NON-CURRENT ASSETS

Intangible assets

5

-

-

Tangible assets

6

325

679

325

679

CURRENT ASSETS

Receivables: amounts falling due within one year

7

11,740

16,838

Cash at bank

18,123

4,245

29,863

21,083

PAYABLES

Amounts falling due within one year

8

(30,188

)

(737,151

)

NET CURRENT LIABILITIES

(325

)

(716,068

)

TOTAL ASSETS LESS CURRENT LIABILITIES

-

(715,389

)

CAPITAL AND RESERVES

Called up share capital

1,300

1,300

Share premium

152,924

152,924

Retained earnings

(154,224

)

(869,613

)

-

(715,389

)

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 director and authorised for issue on 16 December 2025 and were signed by:

Kirk Bonniwell - Director

1.	STATUTORY INFORMATION

Web Announcements Ltd 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.

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

Given that the company is in the process of ceasing its operations, the financial statements have been

prepared on a basis other than going concern and in accordance with the historical cost

convention.The financial reporting framework that has been applied in their preparation is the Companies Act 2006 (the Act) and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland issued by the Financial Reporting Council. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going Concern

These financial statements have prepared on a basis other than going concern. The entity is a wholly owned subsidiary of L.Com Holdings Inc., a US-based parent company, and historically served as the UK footprint of the wider group.

Following the reporting period, the group has made a strategic decision to wind down the UK entity, with all business operations—including invoicing, service delivery, and related commercial activities—being transitioned to the US parent. As a result, the entity is expected to cease trading and be formally wound up in due course.

Accordingly, the financial statements have been prepared on a basis other than going concern. Assets and liabilities have been measured at their recoverable amounts and settlement values, respectively, rather than on a continuing operations basis.

Revenue

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT. Revenue from services is recognised as the service is supplied.

Intangible assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost over their useful lives on the following basis:

Software

over 3 years

Trademarks

over 10 years

Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation. 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.

The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Computer equipment

20% Straight Line

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' FRS 102 to all of its financial instruments.

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:

-

at fair value with changes recognised in the Income Statement if the shares are publicly traded or their fair value can otherwise be measured reliably; and

-

at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the Statement of Financial Position date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.

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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies

Transactions in currencies other than pounds sterling are recorded at the rate of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising are included in the profit and loss account for the period.

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.

Cash flow statement

The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 2 ).

5.	INTANGIBLE FIXED ASSETS

Patents and

licences

£

COST

At 1 January 2024

89,708

Disposals

(89,708

)

At 31 December 2024

-

AMORTISATION

At 1 January 2024

89,708

Eliminated on disposal

(89,708

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

6.	PROPERTY, PLANT AND EQUIPMENT

Computer

equipment

£

COST

At 1 January 2024

1,789

Disposals

(1,228

)

At 31 December 2024

561

DEPRECIATION

At 1 January 2024

1,110

Charge for year

354

Eliminated on disposal

(1,228

)

At 31 December 2024

236

NET BOOK VALUE

At 31 December 2024

325

At 31 December 2023

679

7.

RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,226

9,600

Other debtors

10,514

7,238

11,740

16,838

8.

PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade payables

875

8,662

Amounts owed to group undertakings

12,312

707,329

Taxation and social security

5,860

5,846

Other payables

11,141

15,314

30,188

737,151

Amount owed to group undertaking is unsecured, interest free and repayable on demand.

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

The Auditors' Report was unqualified.

We draw attention to note 1 of the financial statements which explains that the company is in the process

of ceasing to trade and therefore it is not considered appropriate to adopt the going concern basis of

accounting in preparing the financial statements. Accordingly the financial statements have been

prepared on a basis other than going concern, as described in Note 3 to the financial statements. Our

opinion is not modified in this respect.

Mr. Ryan Falls (F.C.A) (Senior Statutory Auditor)

for and on behalf of Cooper Parry Audit (Ireland) Limited

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption not to disclose any transactions with its parent undertaking on the grounds that it is a 100% owned subsidiary and included in the consolidated accounts of L.COM Holding Inc.

No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 paragraph 33.

11.	ULTIMATE CONTROLLING PARTY

As at the balance sheet date, the company's immediate parent undertaking is Legacy.com Inc, a company incorporated in the United States of America and its ultimate parent undertaking was L.COM Holding Inc, a company incorporated in the United States of America.

The smallest group for which consolidated accounts are prepared including the results of this company is L.COM Holding Inc. These financial statements can be obtained from 230 West Monroe, Suite 400, Chicago, IL 60606.

There is deemed to be no ultimate controlling party on basis of ownership being split between several parent companies.