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Company registration number: 11251101







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2022


WORK.LIFE FITZROVIA LIMITED






































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WORK.LIFE FITZROVIA LIMITED
 


 
COMPANY INFORMATION


Directors
E. E. Gold 
D. J. Kosky 




Registered number
11251101



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 FITZROVIA LIMITED
 



CONTENTS



Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6

 


WORK.LIFE FITZROVIA LIMITED
REGISTERED NUMBER:11251101



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
164,456
227,860

  
164,456
227,860

Current assets
  

Debtors: amounts falling due within one year
 5 
6,103,882
3,599,081

Cash at bank and in hand
  
285,456
489,048

  
6,389,338
4,088,129

Creditors: amounts falling due within one year
 6 
(2,342,604)
(2,611,279)

Net current assets
  
 
 
4,046,734
 
 
1,476,850

Total assets less current liabilities
  
4,211,190
1,704,710

Creditors: amounts falling due after more than one year
 7 
(2,334,625)
(937,589)

  

Net assets
  
1,876,565
767,121

Page 1

 


WORK.LIFE FITZROVIA LIMITED
REGISTERED NUMBER:11251101


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

2022
2021
£
£

Capital and reserves
  

Allotted, called up and fully paid share capital
  
2
2

Profit and loss account
  
1,876,563
767,119

  
1,876,565
767,121


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 6 form part of these financial statements.
Page 2

 


WORK.LIFE FITZROVIA LIMITED
 


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

1.


General information

Work.Life Fitzrovia 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 existance, and on this basis the directors consider it appropriate to prepare the financial statements on the going concern basis.

 
2.3

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.

  
2.4

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.

 
2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
Page 3

 


WORK.LIFE FITZROVIA LIMITED
 


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

2.Accounting policies (continued)

 
2.6

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:

Leasehold improvements
-
Straight line over 10 years
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.

 
2.7

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.


3.


Employees

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

Page 4

 


WORK.LIFE FITZROVIA LIMITED
 


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

4.


Tangible fixed assets





Leasehold improvements
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2021
92,619
327,621
47,542
467,782


Additions
-
14,247
27,787
42,034



At 31 March 2022

92,619
341,868
75,329
509,816



Depreciation


At 1 April 2021
16,497
204,482
18,943
239,922


Charge for the year
9,438
83,253
12,747
105,438



At 31 March 2022

25,935
287,735
31,690
345,360



Net book value



At 31 March 2022
66,684
54,133
43,639
164,456



At 31 March 2021
76,122
123,139
28,599
227,860




5.


Debtors

2022
2021
£
£


Trade debtors
1,101,565
199,533

Amounts owed by group undertakings
4,173,580
2,787,977

Other debtors
828,737
611,571

6,103,882
3,599,081


Page 5

 


WORK.LIFE FITZROVIA LIMITED
 


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

6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
671,831
14,633

Amounts owed to group undertakings
521,233
506,238

Other taxation and social security
55,217
98,761

Obligations under finance lease and hire purchase contracts
82,622
-

Other creditors
1,011,701
1,991,647

2,342,604
2,611,279



7.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Obligations under finance leases and hire purchase contracts
148,169
-

Other creditors
2,186,456
937,589

2,334,625
937,589



8.


Leasing agreements

Minimum lease payments under non-cancellable operating leases at the reporting date were £5,034,866 (2021: £8,319,859).


9.


Parent company

The company's parent entity is Work.Life Holdings Limited, a company incorporated in the UK, it's registered address is Waverley House, 9 Noel Street, London, W1F 8GQ.
 
Page 6