Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-31 2024-12-31 2024-12-31 false 0 2024-06-12 false 0 false false 15774399 2024-06-11 15774399 2024-06-12 2024-12-31 15774399 2023-06-12 2024-06-11 15774399 2024-12-31 15774399 c:Director1 2024-06-12 2024-12-31 15774399 c:Director1 2024-12-31 15774399 c:Director2 2024-06-12 2024-12-31 15774399 c:Director2 2024-12-31 15774399 c:Director3 2024-06-12 2024-12-31 15774399 c:Director3 2024-12-31 15774399 c:Director4 2024-06-12 2024-12-31 15774399 c:Director4 2024-12-31 15774399 c:Director5 2024-06-12 2024-12-31 15774399 c:Director5 2024-12-31 15774399 c:Director6 2024-06-12 2024-12-31 15774399 c:Director6 2024-12-31 15774399 c:RegisteredOffice 2024-06-12 2024-12-31 15774399 d:Buildings 2024-06-12 2024-12-31 15774399 d:Buildings d:LongLeaseholdAssets 2024-06-12 2024-12-31 15774399 d:PlantMachinery 2024-06-12 2024-12-31 15774399 d:MotorVehicles 2024-06-12 2024-12-31 15774399 d:OfficeEquipment 2024-06-12 2024-12-31 15774399 d:Goodwill 2024-06-12 2024-12-31 15774399 d:CurrentFinancialInstruments 2024-12-31 15774399 d:Non-currentFinancialInstruments 2024-12-31 15774399 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 15774399 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 15774399 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-12-31 15774399 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-12-31 15774399 d:ShareCapital 2024-06-12 2024-12-31 15774399 d:ShareCapital 2024-12-31 15774399 d:RetainedEarningsAccumulatedLosses 2024-06-12 2024-12-31 15774399 d:RetainedEarningsAccumulatedLosses 2024-12-31 15774399 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 15774399 d:RetirementBenefitObligationsDeferredTax 2024-12-31 15774399 c:OrdinaryShareClass1 2024-06-12 2024-12-31 15774399 c:OrdinaryShareClass1 2024-12-31 15774399 c:OrdinaryShareClass2 2024-06-12 2024-12-31 15774399 c:OrdinaryShareClass2 2024-12-31 15774399 c:FRS102 2024-06-12 2024-12-31 15774399 c:Audited 2024-06-12 2024-12-31 15774399 c:FullAccounts 2024-06-12 2024-12-31 15774399 c:PrivateLimitedCompanyLtd 2024-06-12 2024-12-31 15774399 d:Subsidiary1 2024-12-31 15774399 d:Subsidiary1 2024-06-12 2024-12-31 15774399 d:Subsidiary1 1 2024-06-12 2024-12-31 15774399 d:WithinOneYear 2024-12-31 15774399 d:BetweenOneFiveYears 2024-12-31 15774399 d:MoreThanFiveYears 2024-12-31 15774399 c:Consolidated 2024-12-31 15774399 c:ConsolidatedGroupCompanyAccounts 2024-06-12 2024-12-31 15774399 2 2024-06-12 2024-12-31 15774399 6 2024-06-12 2024-12-31 15774399 d:SpecificBusinessCombination1 2024-06-12 2024-12-31 15774399 d:SpecificBusinessCombination1 2024-12-31 15774399 d:SpecificBusinessCombination1 1 2024-12-31 15774399 d:SpecificBusinessCombination1 2 2024-12-31 15774399 d:SpecificBusinessCombination1 d:CurrentFinancialInstruments 2024-12-31 15774399 f:PoundSterling 2024-06-12 2024-12-31 15774399 c:PrincipalPlaceBusiness 2024-06-12 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 15774399 G. WEBB HOLDINGS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
G. WEBB HOLDINGS LIMITED COMPANY INFORMATION
Directors | D Allison (appointed 28 October 2024)
| P Broker (appointed 28 October 2024)
| N McMurdo (appointed 28 October 2024)
| A Payton (appointed 28 October 2024)
| A Webb (appointed 28 October 2024)
| G R Webb (appointed 12 June 2024)
Registered number | 15774399
Registered office | Tennyson House
| Cambridge Business Park
| Cowley Road
| Cambridge
| CB4 0WZ
Trading Address | Mulberry Farm
| 5 Station Road
| Longstanton
| Cambridgeshire
| CB24 3DS
Independent auditors | Price Bailey LLP
| Chartered Accountants & Statutory Auditors
| Tennyson House
| Cambridge Business Park
| Cambridge
| CB4 0WZ
G. WEBB HOLDINGS LIMITED CONTENTS
| Page
Group Strategic Report | 1
Directors' Report | 2 - 3
Independent Auditors' Report | 4 - 7
Consolidated Statement of Comprehensive Income | 8
Consolidated Balance Sheet | 9
Company Balance Sheet | 10
Consolidated Statement of Changes in Equity | 11
Company Statement of Changes in Equity | 12
Consolidated Statement of Cash Flows | 13
Notes to the Financial Statements | 14 - 36
G. WEBB HOLDINGS LIMITED GROUP STRATEGIC REPORT FOR THE PERIOD ENDED 31 DECEMBER 2024
Introduction
The Group's principal activity is the provision of haulage services, along with the recycling and supply of construction material.
Business review
On 28 October 2024, the Group acquired G. Webb Haulage Limited and its subsidiaries G. Webb Aggregates Limited and G. Webb Services Limited. Consequently, the consolidated trading activity recognised in these financial statements is from that date to 31 December 2024. For the period ended 31 December 2024, the Group recognised turnover of £5,317,252 and a loss of £238,469, which is expected given the nature of trading in that relatively short period. Given this the directors are satisfied with the overall performance and financial position as at 31 December 2024.
Principal risks and uncertainties
The Group views its principal risks and uncertainties as being: Credit risk The Group's principal current financial assets are bank balances and trade receivables. Bank balances are placed with substantial banks to minimise credit risk. Trade receivables are with a significant number of unrelated customers, who are credit checked and trade referenced on an ongoing basis to reduce risk as far as possible. Operational risk The Group must maintain core operational activities at all times. The Group's management team continuously review and develop the existing business continuity plan. Compliance Significant emphasis is placed by the company on ensuring it meets and exceeds any regulations applicable to its operations, with systems and procedures being continuously reviewed and improved. The Group maintained compliance to ISO9001:2015, ISO14001:2015 and ISO 45001:2018, amongst other accreditations. Information technology The Group continues to utilise new technology across its operations, enabling efficiencies and improved service for customers. Resilient and effective procedures have been established in regard to Disaster Recovery which are reviewed regularly and tested with amendments being made as required.
Financial key performance indicators
Key performance indicators monitored by the board are EBITDA, revenue per employee and gross profit margin. EBITDA for the period was £336,862, revenue per employee per day £81,804 and gross profit margin of 16.5%. These results are in line with the directors expectations. This report was approved by the board on 24 March 2026 and signed on its behalf.
G R Webb Director
Page 1
G. WEBB HOLDINGS LIMITED DIRECTORS' REPORT FOR THE PERIOD ENDED 31 DECEMBER 2024 The directors present their report and the financial statements for the period ended 31 December 2024.
Principal activity
The nature of the Company's activities relate to those of a holding company. The nature of the Group's activities relate to road haulage. The Company was incorporated on 12 June 2024 under the name Redcroft Investments Limited. On 13 June 2024, the Company changed its name to G. Webb Holdings Limited.
Directors
The directors who served during the period were:
D Allison (appointed 28 October 2024)
P Broker (appointed 28 October 2024)
N McMurdo (appointed 28 October 2024)
A Payton (appointed 28 October 2024)
A Webb (appointed 28 October 2024)
G R Webb (appointed 12 June 2024)
Results and dividends
The loss for the period, after taxation, amounted to £238,469. No dividend was declared or paid in the year.
Directors' responsibilities statement
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 2
G. WEBB HOLDINGS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD 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 and the Group'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 and the Group's auditors are aware of that information.
Auditors
Under section 487(2) of the Companies Act 2006, Price Bailey 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 on 24 March 2026 and signed on its behalf.
G R Webb Director
Page 3
G. WEBB HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G. WEBB HOLDINGS LIMITED
Opinion
We have audited the financial statements of G. Webb Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the period ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the Parent Company's affairs as at 31 December 2024 and of the Group's loss for the period 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 Group 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 Group's or the Parent 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 4
G. WEBB HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G. WEBB HOLDINGS LIMITED (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 Group Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and ∙the Group 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the Parent Company 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 2, 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 Group's and the Parent 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 Group or the Parent Company or to cease operations, or have no realistic alternative but to do so. Page 5
G. WEBB HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G. WEBB HOLDINGS LIMITED (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 Group 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: We gained an understanding of the legal and regulatory framework applicable to the Group and Company and the industry in which it operates and considered the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. This included regulations directly related to the financial statements, including financial reporting, tax legislation and industry regulations including GDPR, employment law and health and safety. We communicated the identified laws and regulations with the audit team and remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following: - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; - reading meeting minutes provided; - gathering an understanding of transactions included within designated legal and professional account codes; - enquiring with management, those charged with governance, including those responsible for key regulations. 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. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. Page 6
G. WEBB HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G. WEBB HOLDINGS LIMITED (CONTINUED)
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. Andrew Booth (Senior Statutory Auditor) for and on behalf of Price Bailey LLP Chartered Accountants Statutory Auditors Tennyson House Cambridge Business Park Cambridge CB4 0WZ 25 March 2026 Page 7
G. WEBB HOLDINGS LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 DECEMBER 2024
| 31 December
| 2024
Note | £
Turnover | 4 | 5,317,252
Cost of sales |  | (4,436,444)
Gross profit |  | 880,808
Administrative expenses |  | (1,105,077)
Operating (loss) | 5 | (224,269)
Interest receivable and similar income | 9 | 19,955
Interest payable and similar expenses | 10 | (133,184)
(Loss) before tax |  | (337,498)
Tax on (loss) | 11 | 99,029
(Loss) for the financial period |  | (238,469)
Loss for the year attributable to: |  |
Owners of the Parent Company |  | 238,469
|  | 238,469
There was no other comprehensive income for 2024.
The notes on pages 14 to 36 form part of these financial statements.
Page 8
G. WEBB HOLDINGS LIMITED REGISTERED NUMBER: 15774399 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024
Note |  | £
Fixed assets |  |  |
Intangible assets | 12 |  | 2,260,958
Tangible assets | 13 |  | 8,445,215
|  |  | 10,706,173
Current assets |  |  |
Stocks |  | 1,233,804 |
Debtors: amounts falling due within one year | 16 | 7,430,941 |
Cash at bank and in hand | 17 | 404,944 |
|  | 9,069,689 |
Creditors: amounts falling due within one year |  | (8,403,456) |
Net current assets |  |  | 666,233
Total assets less current liabilities |  |  | 11,372,406
Creditors: amounts falling due after more than one year |  |  | (9,746,927)
Provisions for liabilities |  |  |
Deferred tax | 24 | (1,670,900) |
Other provisions | 25 | (93,048) |
|  |  | (1,763,948)
Net (liabilities) |  |  | (138,469)
Capital and reserves |  |  |
Called up share capital | 26 |  | 100,000
Profit and loss account | 27 |  | (238,469)
|  |  | (138,469)
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 March 2026.
G R Webb
Director
The notes on pages 14 to 36 form part of these financial statements. Page 9
G. WEBB HOLDINGS LIMITED REGISTERED NUMBER: 15774399 COMPANY BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024
Note |  | £
Fixed assets |  |  |
Investments | 14 |  | 12,914,260
|  |  | 12,914,260
Current assets |  |  |
Debtors: amounts falling due within one year | 16 | 200,740 |
|  | 200,740 |
Creditors: amounts falling due within one year |  | (509,300) |
Net current (liabilities) |  |  | (308,560)
Total assets less current liabilities |  |  | 12,605,700
Creditors: amounts falling due after more than one year |  |  | (4,204,139)
Net assets |  |  | 8,401,561
Capital and reserves |  |  |
Called up share capital | 26 |  | 100,000
Profit for the period |  | 8,301,561 |
Profit and loss account carried forward |  |  | 8,301,561
|  |  | 8,401,561
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 March 2026.
G R Webb
Director
The notes on pages 14 to 36 form part of these financial statements. Page 10
G. WEBB HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Equity attributable to owners of Parent Company | Total equity
| £ | £ | £ | £
Comprehensive income for the period |  |  |  |
(Loss) for the period | - | (238,469) | (238,469) | (238,469)
Contributions by and distributions to owners |  |  |  |
Shares issued during the period | 100,000 | - | 100,000 | 100,000
At 31 December 2024 | 100,000 | (238,469) | (138,469) | (138,469)
| The notes on pages 14 to 36 form part of these financial statements.
Page 11
G. WEBB HOLDINGS LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
Comprehensive income for the period |  |  |
Profit for the period | - | 8,301,561 | 8,301,561
Contributions by and distributions to owners |  |  |
Shares issued during the period | 100,000 | - | 100,000
At 31 December 2024 | 100,000 | 8,301,561 | 8,401,561
| The notes on pages 14 to 36 form part of these financial statements.
Page 12
G. WEBB HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2024
|  |  | 2024
|  |  | £
Cash flows from operating activities |
(Loss) for the financial period | (238,469)
Adjustments for: |
Amortisation of intangible assets | 40,414
Depreciation of tangible assets | 520,717
Loss on disposal of tangible assets | (848)
Interest paid | 133,184
Interest received | (19,955)
Taxation charge | (99,029)
Decrease in stocks | 61,590
(Increase) in debtors | (263,285)
Increase in creditors | 575,294
Increase in provisions | 3,841
Net cash generated from operating activities | 713,454
Cash flows from investing activities |
Cash inflow on acquisition of subsidiary | 792,297
Interest received | 19,955
Net cash from investing activities | 812,252
Cash flows from financing activities |
Issue of ordinary shares | 50,000
Repayment of other loans and invoice discounting facility | (885,629)
Repayment of/new finance leases | (151,949)
Interest paid | (133,184)
Net cash used in financing activities | (1,120,762)
Net increase in cash and cash equivalents | 404,944
Cash and cash equivalents at the end of period | 404,944
Cash and cash equivalents at the end of period comprise: |
Cash at bank and in hand | 404,944
| 404,944
Page 13
G. WEBB HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
1. | General information
G. Webb Holdings Limited is a private company limited by shares, incorporated in England and Wales, United Kingdom. The Company was incorporated on 12 June 2024 under the name Redcroft Investments Limited. On 13 June 2024, the Company changed its name to G. Webb Holdings Limited. The address of the registered office is Tennyson House, Cambridge Business Park, Cambridge, CB4 0WZ. The trading address is Mulberry Farm, 5 Station Road, Longstanton, CB24 3DS. 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 Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
| 2.3 | Going concern
The Group made a loss of £238,469 in the period ended 31 December 2024 and had net liabilities of £138,469. Current forecasts show that the Group will have sufficient funds to continue to meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements. The directors have prepared cash flow forecasts which demonstrate that the cash reserves and banking facilities in place will continue to enable the Group to meet its liabilities as they fall due. The financial statements have been prepared on a going concern basis, which assumes the Group will continue in operational existence for the foreseeable future. Page 14
G. WEBB HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of turnover can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Leased assets: the Group as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 15
G. WEBB HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.8 | 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.
| 2.9 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
| 2.10 | Current and deferred taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 16
G. WEBB HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life. The estimated useful lives range as follows:
|  |  |  | Goodwill | - | 10 | years
| 2.12 | 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 provided on the following basis:
|  |  |  | Freehold property | - | 2% | straight line
|  |  |  | Leasehold property | - |  | over the term of the lease
|  |  |  | Plant and machinery | - | 30% | reducing balance & 10% & 3.33% straight line
|  |  |  | Motor vehicles | - | 20% | & 25% reducing balance & 25% straight line
|  |  |  | Office equipment | - | 25% | & 50% reducing balance & 20% straight line
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
| 2.13 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.14 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.15 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 17
G. WEBB HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.16 | 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. In the Consolidated 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 Group's cash management.
| 2.17 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.18 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.19 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with 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. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for Page 18
G. WEBB HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.19 | Financial instruments (continued)
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 profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
| 2.20 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 19
G. WEBB HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
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. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives. The useful economic lives are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic ultilisation and the physical condition of the assets. Restoration provision The company has a small number of leases which require it to restore certain areas of sites to a specified condition on the completion of utilitisation of these areas. These provisions are re-assessed annually and amended where necessary to reflect current estimates, based on future timing and costs.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 31 December
|  |  |  |  | 2024
|  |  |  |  | £
| Vehicle sales | 2,549,621
| Subcontractor sales | 1,778,924
| Materials sales | 639,755
| Other income | 348,952
|  | 5,317,252
Analysis of turnover by country of destination:
|  |  |  |  | 31 December
|  |  |  |  | 2024
|  |  |  |  | £
| United Kingdom | 5,317,252
Page 20
G. WEBB HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
5. | Operating (loss)/profit
| The operating (loss)/profit is stated after charging:
|  |  |  |  | 31 December
|  |  |  |  | 2024
|  |  |  |  | £
| Depreciation of tangible fixed assets | 520,717
| Operating lease costs | 5,850
| Amortisation of intangible assets | 40,414
| Defined contribution pension cost | 89,326
6. | Auditors' remuneration
| During the period, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 31 December
|  |  |  |  | 2024
|  |  |  |  | £
| Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements | 9,300
| Fees payable to the Company's auditors in respect of: |
| The auditing of accounts of subsidiaries of the Company | 28,500
| Taxation compliance services | 2,500
| All other services | 3,810
Page 21
G. WEBB HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group
|  | 2024
|  | £
| Wages and salaries | 1,319,188
| Social security costs | 138,183
| Cost of defined contribution scheme | 89,326
|  | 1,546,697
| The average monthly number of employees, including the directors, during the period was as follows:
|  |  | 31 December
|  |  | 2024
|  |  | No.
|  | Direct | 75
|  | Administration | 6
|  | Management | 10
|  |  | 91
| The Company has no employees other than the directors, who did not receive any remuneration.
Page 22
G. WEBB HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
8. | Directors' remuneration
|  |  |  |  | 31 December
|  |  |  |  | 2024
|  |  |  |  | £
| Directors' emoluments | 410,474
| Group contributions to defined contribution pension schemes | 30,360
|  | 440,834
| During the period retirement benefits were accruing to 5 directors in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £81,689.
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £11,865.
| The total accrued pension provision of the highest paid director at 31 December 2024 amounted to £NIL.
| It is considered that the directors are also key management.
9. | Interest receivable
|  |  |  |  | 31 December
|  |  |  |  | 2024
|  |  |  |  | £
| Other interest receivable | 19,955
10. | Interest payable and similar expenses
|  |  |  |  | 31 December
|  |  |  |  | 2024
|  |  |  |  | £
| Bank interest payable | 24,431
| Other loan interest payable | 70,812
| Finance leases and hire purchase contracts | 37,941
|  | 133,184
Page 23
G. WEBB HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
11. | Taxation
|  |  |  |  | 31 December
|  |  |  |  | 2024
|  |  |  |  | £
| Corporation tax |
| Current tax on profits for the year | 4,869
| Total current tax | 4,869
| Deferred tax |
| Origination and reversal of timing differences | (103,898)
| Total deferred tax | (103,898)
| Tax on (loss) | (99,029)
| Factors affecting tax charge for the period
| The tax assessed for the period is lower than the standard rate of corporation tax in the UK of 25%.
|  |  |  |  | 31 December
|  |  |  |  | 2024
|  |  |  |  | £
| (Loss) on ordinary activities before tax | (337,498)
| (Loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% | (75,618)
| Effects of: |
| Non-tax deductible amortisation of goodwill and impairment | 10,104
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 4,057
| Capital allowances for period in excess of depreciation | (37,572)
| Total tax charge for the period | (99,029)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 24
G. WEBB HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
12. | Intangible assets
| Group
|  | Goodwill
|  | £
| Cost |
| Additions | 2,301,372
| At 31 December 2024 | 2,301,372
| Amortisation |
| Charge for the period on owned assets | 40,414
| At 31 December 2024 | 40,414
| Net book value |
| At 31 December 2024 | 2,260,958
Page 25
G. WEBB HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
13. | Tangible fixed assets
| Group
|  | Freehold property | Long-term leasehold property | Plant and machinery | Motor vehicles | Office equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost |  |  |  |  |  |
| Additions | - | - | - | 349,616 | 1,130 | 350,746
| Acquisition of subsidiary | 719,434 | 540,000 | 5,034,951 | 9,697,209 | 219,072 | 16,210,666
| At 31 December 2024 | 719,434 | 540,000 | 5,034,951 | 10,046,825 | 220,202 | 16,561,412
| Depreciation |  |  |  |  |  |
| Charge for the period on owned assets | 1,976 | 18,381 | 166,340 | 329,205 | 4,815 | 520,717
| Transfers intra group | 154,431 | 460,883 | 2,803,449 | 3,985,373 | 191,344 | 7,595,480
| At 31 December 2024 | 156,407 | 479,264 | 2,969,789 | 4,314,578 | 196,159 | 8,116,197
| Net book value |  |  |  |  |  |
| At 31 December 2024 | 563,027 | 60,736 | 2,065,162 | 5,732,247 | 24,043 | 8,445,215
| Included in land and buildings is freehold land at cost of £324,253, which is not depreciated.
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2024
|  |  |  |  | £
| Motor vehicles | 5,568,860
Page 26
G. WEBB HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
14. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost |
| Additions | 12,914,260
| At 31 December 2024 | 12,914,260
| Direct subsidiary undertaking
| The following was a direct subsidiary undertaking of the Company:
| Name | Registered office | Principal activity | Class of shares | Holding
| G. Webb Haulage Limited | Tennyson House Cambridge Business Park, Cowley Road, Cambridge, United Kingdom, CB4 0WZ | Activities related to road haulage | Ordinary A shares | 100%
| The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the period ended on that date for the subsidiary undertaking were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
| G. Webb Haulage Limited | 2,112,121 | 966,286
| Indirect subsidiary undertakings
| The following were indirect subsidiary undertakings of the Company:
| Name | Registered office | Principal activity | Class of shares | Holding
| G. Webb Aggregates Limited | Tennyson House Cambridge Business Park, Cowley Road, Cambridge, United Kingdom, CB4 0WZ | Dormant company | Ordinary A shares | 100%
| G. Webb Services Limited | Tennyson House Cambridge Business Park, Cowley Road, Cambridge, United Kingdom, CB4 0WZ | Dormant company | Ordinary A shares | 100%
Page 27
G. WEBB HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 Indirect subsidiary undertakings (continued)
| The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the period ended on that date for the subsidiary undertakings was as follows:
| Name | Aggregate of share capital and reserves
|  | £
| G. Webb Aggregates Limited | 1,000
| G. Webb Services Limited | 2,250
15. | Stocks
|  | Group
|  | 2024
|  | £
| Finished goods and goods for resale | 1,233,804
| The difference between purchase price or production cost of stocks and their replacement cost is not material.
16. | Debtors
|  | Group | Company
|  | 2024 | 2024
|  | £ | £
| Trade debtors | 4,731,236 | -
| Amounts owed by group undertakings | - | 200,738
| Other debtors | 2,183,993 | 2
| Prepayments and accrued income | 408,267 | -
| Tax recoverable | 107,445 | -
|  | 7,430,941 | 200,740
| Trade debtors are subject to a customer invoice discounting facility, under which receivables are pledged as security for borrowings.
17. | Cash and cash equivalents
|  | Group | Company
|  | 2024 | 2024
|  | £ | £
| Cash at bank and in hand | 404,944 | -
Page 28
G. WEBB HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
18. | Creditors: Amounts falling due within one year
|  | Group | Company
|  | 2024 | 2024
|  | £ | £
| Invoice discounting facility | 2,090,673 | -
| Other loans | 219,315 | -
| Trade creditors | 2,646,585 | -
| Corporation tax | 300,288 | -
| Other taxation and social security | 596,197 | -
| Obligations under finance lease and hire purchase contracts | 1,745,016 | -
| Other creditors | 667,605 | 500,000
| Accruals and deferred income | 137,777 | 9,300
|  | 8,403,456 | 509,300
| Details of security provided: Invoice discounting facility of £2,090,673 are secured over the Group's trade debtors. Other loans of £219,315 are secured over the Group's assets.
19. | Creditors: Amounts falling due after more than one year
|  | Group | Company
|  | 2024 | 2024
|  | £ | £
| Other loans | 6,113,543 | 3,454,139
| Net obligations under finance leases and hire purchase contracts | 2,883,384 | -
| Deferred considerations | 750,000 | 750,000
|  | 9,746,927 | 4,204,139
On 28 October 2024, the Company entered into an agreement to issue unsecured convertible loan notes for £3,429,708. These loan notes mature in November 2029 with the option to convert the notes into equity at a variable share price. Interest is accrued on the notes at 4% per annum and is repayable on redemption. Details of security provided: Hire purchase obligations totalling £4,628,400 are secured against the assets to which they relate. Other loans of £2,659,404 are secured over the Group's assets. Page 29
G. WEBB HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
20. | Business combinations
The following business combinations took place during the period which have been accounted for using the acquisition method: On 28 October 2024 the Group acquired G. Webb Haulage Limited and its subsidiaries G. Webb Aggregates Limited and G. Webb Services Limited. The fair value of the net assets acquired was £10,612,888 with £2,301,372 recognised as goodwill. The acquired goodwill is being amortised over its estimated useful life of ten years. The profit since the date of acquisition has been disclosed below.
| Acquisition of G. Webb Haulage
| Recognised amounts of identifiable assets acquired and liabilities assumed
|  |  |  |  | Fair value
|  |  |  |  | £
| Fixed Assets |
| Tangible | 8,615,186
|  | 8,615,186
| Current Assets |
| Stocks | 1,295,394
| Debtors | 15,568,038
| Cash at bank and in hand | 792,297
| Total Assets | 26,270,915
| Creditors |
| Due within one year | (13,794,023)
| Provisions for liabilities | (89,207)
| Deferred taxation | (1,774,797)
| Total Identifiable net assets | 10,612,888
| Goodwill | 2,301,372
| Total purchase consideration | 12,914,260
Page 30
G. WEBB HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 20.Business combinations (continued)
| Consideration
|  |  |  |  | £
| Loan facility | 8,120,293
| Equity instruments | 49,999
| Debt instruments | 3,429,708
| Stamp duty | 64,260
| Deferred consideration | 1,250,000
| Total purchase consideration | 12,914,260
| Cash inflow on acquisition
|  |  |  |  | £
| Cash and cash equivalents acquired | (792,297)
| Net cash (inflow) on acquisition | (792,297)
| As the transaction did not involve any cash or cash-equivalent payments, there was no cash outflow associated with the purchase consideration and this is therefore not reflected within the cash flow statement. The subsidiary acquired entered into new a new loan facility to finance the purchase. This borrowing was drawn down by the subsidiary prior to completion, and on acquisition it became a liability of the Group, as disclosed within the net debt note. Accordingly, the loan forms part of the net assets acquired.
| The goodwill arising on acquisition is attributable to G. Webb Haulage Limited.
| The results of G. Webb Haulage Limited since acquisition are as follows:
|  |  |  | Current period since acquisition
|  |  |  | £
| Turnover | 5,317,252
| (Loss) for the period since acquisition | (164,324)
Page 31
G. WEBB HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
21. | Loans
| Analysis of the maturity of loans is given below:
|  | Group | Company
|  | 2024 | 2024
|  | £ | £
| Amounts falling due within one year |  |
| Other loans | 219,315 | -
| Invoice discounting facility | 2,090,673 | -
| Amounts falling due 1-2 years |  |
| Other loans | 2,659,404 | -
| Amounts falling due 2-5 years |  |
| Convertible loan note | 3,454,139 | 3,454,139
|  | 8,423,531 | 3,454,139
22. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group
|  | 2024
|  | £
| Within one year | 1,745,016
| Between 1-5 years | 2,883,384
|  | 4,628,400
Page 32
G. WEBB HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
23. | Financial instruments
|  | Group
|  | 2024
|  | £
| Financial assets |
| Financial assets measured at fair value through profit or loss | 404,944
| Financial assets measured at amortised cost | 6,915,229
|  | 7,320,173
| Financial liabilities |
| Financial liabilities measured at amortised cost | 17,116,121
| Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.
| Financial assets measured at amortised cost comprise trade debtors and other debtors.
| Financial liabilities measured at amortised cost comprise invoice discounting facility, trade creditors, other loans, other creditors, obligations under finance lease and hire purchase contracts and deferred consideration.
24. | Deferred taxation
| Group
|  | 2024
|  | £
| Charged to profit or loss | 103,898
| Arising on business combinations | (1,774,798)
| At end of year | (1,670,900)
Page 33
G. WEBB HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 24.Deferred taxation (continued)
| Company
|  | 2024
| At end of year | -
| The deferred taxation balance is made up as follows:
|  | Group | Company
|  | 2024 | 2024
|  | £ | £
| Accelerated capital allowances | (1,685,249) | -
| Pension surplus | 14,349 | -
|  | (1,670,900) | -
25. | Provisions
| Group
|  | Restoration Provision
|  | £
| Charged to profit or loss | 3,841
| Arising on business combinations | 89,207
| At 31 December 2024 | 93,048
| Restoration provisions comprise an estimate of the amounts that the company will need to incur as a result of the obligations entered into for the extraction and waste disposal activities at its leasehold land interests taking into account the conditions at the period end.
Page 34
G. WEBB HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
26. | Share capital
|  |  |  |  | 2024
|  |  |  |  | £
|  | Allotted, called up and fully paid |
|  | 50,000 Ordinary A shares shares of £1.00 each | 50,000
|  | 50,000 Ordinary B shares shares of £1.00 each | 50,000
|  |  | 100,000
On 12 June 2024, the Company issued 1 ordinary A share with nominal value of £1 per share. The amount paid was £1 per share. On 28 October 2024, the Company issued 49,999 A shares with nominal value of £1 per share for total consideration of £49,999 and 50,000 B shares with nominal value of £1 per share for total cash consideration of £50,000.
27. | Reserves
Profit and loss account The profit and loss account represents accumulated comprehensive income of the period less any dividends paid.
28. | Capital commitments
| At 31 December 2024 the Group had capital commitments as follows:
|  |  | Group 2024
| Contracted for but not provided in these financial statements | 1,760,605
29. | Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £89,326. Contributions totalling £57,396 were payable to the fund at the balance sheet date and are included in creditors. Page 35
G. WEBB HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
30. | Commitments under operating leases
| At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Company
|  | 2024 | 2024
|  | £ | £
| Not later than 1 year | 97,476 | -
| Later than 1 year and not later than 5 years | 175,745 | -
| Later than 5 years | 155,588 | -
|  | 428,809 | -
31. | Related party transactions
| The balance due to G. Webb Haulage Limited from Redcroft Investments Limited (previously named G. Webb Group Limited), a business owned by G R Webb, at period end was £2,128,264. The Group has taken advantage of the exemption from the requirement to disclose transactions with wholly owned group companies.
32. | Controlling party
The ultimate controlling party is G R Webb.
33. | Analysis of net debt
|  | Cash flows | Acquisition of subsidiaries | New finance leases | Other non-cash changes | At 31 December 2024
|  | £ | £ | £ | £ | £
| Cash at bank and in hand | (387,353) | 792,297 | - | - | 404,944
| Debt due after 1 year | - | (6,089,112) | - | (24,431) | (6,113,543)
| Debt due within 1 year | 885,629 | (3,175,888) | - | (19,729) | (2,309,988)
| Finance leases | 418,686 | (4,690,430) | (356,656) | - | (4,628,400)
|  | 916,962 | (13,163,133) | (356,656) | (44,160) | (12,646,987)
Page 36