Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-31true2021-04-01falseNo description of principal activity22falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09541627 2021-04-01 2022-03-31 09541627 2020-04-01 2021-03-31 09541627 2022-03-31 09541627 2021-03-31 09541627 c:Director1 2021-04-01 2022-03-31 09541627 c:Director2 2021-04-01 2022-03-31 09541627 c:RegisteredOffice 2021-04-01 2022-03-31 09541627 d:FurnitureFittings 2021-04-01 2022-03-31 09541627 d:FurnitureFittings 2022-03-31 09541627 d:FurnitureFittings 2021-03-31 09541627 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 09541627 d:ComputerEquipment 2021-04-01 2022-03-31 09541627 d:ComputerEquipment 2022-03-31 09541627 d:ComputerEquipment 2021-03-31 09541627 d:ComputerEquipment d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 09541627 d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 09541627 d:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 09541627 d:PatentsTrademarksLicencesConcessionsSimilar 2021-03-31 09541627 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 09541627 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-03-31 09541627 d:CurrentFinancialInstruments 2022-03-31 09541627 d:CurrentFinancialInstruments 2021-03-31 09541627 d:Non-currentFinancialInstruments 2022-03-31 09541627 d:Non-currentFinancialInstruments 2021-03-31 09541627 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 09541627 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 09541627 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 09541627 d:Non-currentFinancialInstruments d:AfterOneYear 2021-03-31 09541627 d:ShareCapital 2022-03-31 09541627 d:ShareCapital 2021-03-31 09541627 d:SharePremium 2022-03-31 09541627 d:SharePremium 2021-03-31 09541627 d:RetainedEarningsAccumulatedLosses 2022-03-31 09541627 d:RetainedEarningsAccumulatedLosses 2021-03-31 09541627 c:FRS102 2021-04-01 2022-03-31 09541627 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 09541627 c:FullAccounts 2021-04-01 2022-03-31 09541627 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 09541627 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2021-04-01 2022-03-31 09541627 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2021-04-01 2022-03-31 09541627 6 2021-04-01 2022-03-31 09541627 d:ExternallyAcquiredIntangibleAssets 2021-04-01 2022-03-31 09541627 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2021-04-01 2022-03-31 09541627 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure
Company registration number: 09541627







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2022


WORK.LIFE HOLDINGS LIMITED






































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WORK.LIFE HOLDINGS LIMITED
 


 
COMPANY INFORMATION


Directors
E. E. Gold 
D. J. Kosky 




Registered number
09541627



Registered office
Waverley House
9 Noel Street

London

W1F 8GQ




Accountants
Menzies LLP
Chartered Accountants

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


WORK.LIFE HOLDINGS LIMITED
 



CONTENTS



Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9


 


WORK.LIFE HOLDINGS LIMITED
REGISTERED NUMBER:09541627



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022

As restated
2022
2021
Note
£
£

Fixed assets
  

Intangible assets
  
214,220
270,694

Tangible assets
 5 
41,696
12,281

Investments
  
39
39

  
255,955
283,014

Current assets
  

Debtors: amounts falling due within one year
 7 
4,646,160
4,384,337

Cash at bank and in hand
  
191,748
1,005,491

  
4,837,908
5,389,828

Creditors: amounts falling due within one year
 8 
(6,052,171)
(4,044,391)

Net current (liabilities)/assets
  
 
 
(1,214,263)
 
 
1,345,437

Total assets less current liabilities
  
(958,308)
1,628,451

Creditors: amounts falling due after more than one year
 9 
(3,848,333)
(4,208,617)

  

Net liabilities
  
(4,806,641)
(2,580,166)

Page 1

 


WORK.LIFE HOLDINGS LIMITED
REGISTERED NUMBER:09541627


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2022

As restated
2022
2021
£
£

Capital and reserves
  

Allotted, called up and fully paid share capital
  
11
11

Share premium account
  
819,999
819,999

Profit and loss account
  
(5,626,651)
(3,400,176)

  
(4,806,641)
(2,580,166)


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




E. E. Gold
Director

Date: 26 August 2022

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 


WORK.LIFE HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1.


General information

Work.Life Holdings Limited is a private company, limited by shares and registered in England and Wales. The company's registered number and office address can be found on the company information page.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

In assessing the ability of the company to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the company. Potential sources of uncertainty noted by the directors include the COVID-19 pandemic. However at the date of this report it is not possible to reliably determine the effects that this will have on the company.
The directors and shareholders have indicated their present intention to provide adequate finance to enable the company to continue in operational existence, and on this basis the directors consider it appropriate to prepare the financial statements on the going concern basis.

 
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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Turnover is in relation to income received from office workspace rentals and property management. 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.

Page 3

 


WORK.LIFE HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.5

Research and development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

  
2.6

Hire purchase and lease commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets and
depreciated over their useful lives. 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

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.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following basis:
            Patents                                                   -  Straight line over 4 years
            Development costs                                -   Straight line over 4 years

Page 4

 


WORK.LIFE HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.9

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.

Depreciation is provided on the following basis:

Fixtures and fittings
-
Straight line over 4 years
Computer equipment
-
Straight line over 4 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.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

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 are measured at fair value with changes in the fair value recognised in the Statement of Income and Retained Earnings.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).

Page 5

 


WORK.LIFE HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

4.


Intangible assets




Patents
Development costs
Total

£
£
£



Cost


At 1 April 2021
324,337
175,714
500,051


Additions
55,917
-
55,917



At 31 March 2022

380,254
175,714
555,968



Amortisation


At 1 April 2021
100,230
129,127
229,357


Charge for the year
71,561
40,830
112,391



At 31 March 2022

171,791
169,957
341,748



Net book value



At 31 March 2022
208,463
5,757
214,220



At 31 March 2021
224,107
46,587
270,694



Page 6

 


WORK.LIFE HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 April 2021
4,770
9,669
14,439


Additions
-
41,525
41,525



At 31 March 2022

4,770
51,194
55,964



Depreciation


At 1 April 2021
868
1,290
2,158


Charge for the year
1,192
10,918
12,110



At 31 March 2022

2,060
12,208
14,268



Net book value



At 31 March 2022
2,710
38,986
41,696



At 31 March 2021
3,902
8,379
12,281




6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2021
39



At 31 March 2022
39




Page 7

 


WORK.LIFE HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

7.


Debtors

As restated
2022
2021
£
£


Trade debtors
-
2,073

Amounts owed by group undertakings
4,564,875
4,323,204

Other debtors
81,285
59,060

4,646,160
4,384,337



8.


Creditors: Amounts falling due within one year

As restated
2022
2021
£
£

Trade creditors
98,665
152,930

Amounts owed to group undertakings
5,268,185
2,996,441

Other taxation and social security
144,263
368,504

Obligations under finance lease and hire purchase contracts
274,860
-

Other creditors
266,198
526,516

6,052,171
4,044,391



9.


Creditors: Amounts falling due after more than one year

As restated
2022
2021
£
£

Obligations under finance leases and hire purchase contracts
205,773
822,053

Other creditors
3,642,560
3,386,564

3,848,333
4,208,617


The liability component of the convertible loan notes included within other creditors totalled £nil (2021: £77,224).


10.


Financial commitments, guarantees and contingent liabilities

Work.Life Holdings Limited acts as a guarantor for Work.Life Hammersmith Limited on their property lease. The total outstanding rent commitment as at 31 March 2022 was £6,286,462 (2021: £6,771,511). This is based on a 10 year lease starting in November 2017.
Work.Life Holdings Limited acts as a guarantor for Work.Life Bermonsdey Limited on their property lease. The total outstanding rent commitment as at 31 March 2022 was £3,068,775 (2021: £3,462,103). This is based on a 13 year lease starting in May 2017.

Page 8

 


WORK.LIFE HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

11.


Convertible loan notes

The net proceeds received from the issue of the convertible loan notes have been split between the financial liability
element and an equity component, representing the fair value of the embedded option to convert the financial liability into equity.
The liability component is measured at amortised cost, and the difference between the carrying amount of the liability at the date of issue and the amount reported in the Balance Sheet represents the effective interest rate less interest paid to that date. The effective rate of interest on the convertible loan notes is 9.75%.
The equity component of the convertible loan notes has been credited to the equity reserve.


12.


Prior year adjustment

During the course of preparing these financial statements, the directors identified that creditors: amounts falling due within one year and creditors: amounts falling due after more than one year had been understated in the 2021 financial statements and the correction of this has resulted in a prior year adjustment.
This adjustment has reduced the profit and loss account by £143,504 and has not impacted tax payable.


13.


Parent Company

During the period, following a share exchange, WL Flex Solutions Limited became the parent entity of the company. WL Flex is a company incorporated on 19 May 2021, the registered office address is Waverley House, 9 Noel Street, London, WF1 8GQ.

 
Page 9