Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31truetrue2022-04-01falseNo description of principal activity44truetrue 04905501 2022-04-01 2023-03-31 04905501 2023-03-31 04905501 2022-03-31 04905501 c:Director8 2022-04-01 2023-03-31 04905501 d:PlantMachinery 2022-04-01 2023-03-31 04905501 d:PlantMachinery 2023-03-31 04905501 d:PlantMachinery 2022-03-31 04905501 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04905501 d:FreeholdInvestmentProperty 2022-04-01 2023-03-31 04905501 d:FreeholdInvestmentProperty 2023-03-31 04905501 d:FreeholdInvestmentProperty 2022-03-31 04905501 d:FreeholdInvestmentProperty 2 2022-04-01 2023-03-31 04905501 d:CurrentFinancialInstruments 2023-03-31 04905501 d:CurrentFinancialInstruments 2022-03-31 04905501 d:Non-currentFinancialInstruments 2023-03-31 04905501 d:Non-currentFinancialInstruments 2022-03-31 04905501 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04905501 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 04905501 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 04905501 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 04905501 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 04905501 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 04905501 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 04905501 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 04905501 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 04905501 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-03-31 04905501 d:ShareCapital 2023-03-31 04905501 d:ShareCapital 2022-03-31 04905501 d:InvestmentPropertiesRevaluationReserve 2023-03-31 04905501 d:InvestmentPropertiesRevaluationReserve 2022-03-31 04905501 d:RetainedEarningsAccumulatedLosses 2023-03-31 04905501 d:RetainedEarningsAccumulatedLosses 2022-03-31 04905501 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 04905501 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-03-31 04905501 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 04905501 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 04905501 d:OtherDeferredTax 2023-03-31 04905501 d:OtherDeferredTax 2022-03-31 04905501 c:FRS102 2022-04-01 2023-03-31 04905501 c:Audited 2022-04-01 2023-03-31 04905501 c:FullAccounts 2022-04-01 2023-03-31 04905501 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04905501 c:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 04905501 2 2022-04-01 2023-03-31 04905501 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 04905501









WORKOUT LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
WORKOUT LIMITED
REGISTERED NUMBER: 04905501

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
361,260
187,318

Investment property
 5 
24,000,000
23,500,000

  
24,361,260
23,687,318

Current assets
  

Debtors: amounts falling due within one year
 6 
341,434
285,837

Cash at bank and in hand
 7 
33,477
704,267

  
374,911
990,104

Creditors: amounts falling due within one year
 8 
(7,758,856)
(9,647,501)

Net current liabilities
  
 
 
(7,383,945)
 
 
(8,657,397)

Total assets less current liabilities
  
16,977,315
15,029,921

Creditors: amounts falling due after more than one year
 9 
(10,000,000)
(5,593,750)

Provisions for liabilities
  

Deferred tax
 12 
(833,891)
(1,353,465)

  
 
 
(833,891)
 
 
(1,353,465)

Net assets
  
6,143,424
8,082,706


Capital and reserves
  

Called up share capital 
  
2
2

Investment property reserve
  
6,883,322
6,825,108

Profit and loss account
  
(739,900)
1,257,596

  
6,143,424
8,082,706


Page 1

 
WORKOUT LIMITED
REGISTERED NUMBER: 04905501
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 comprehensive income 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 on 16 October 2023.




E J Lopes-Dias
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
WORKOUT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Workout Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 04905501. The address of the registered office is 3rd Floor Sterling House, Langston Road, Loughton, Essex, IG10 3TS. The nature of the company's operations and principal activity is property investment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Galliard Group Limited as at 31 March 2023 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

These accounts have been prepared on the going concern basis, on the understanding that Galliard Group Limited will continue to financially support the company and there is no reason to believe this support will be withdrawn. The accounts do not take into account any adjustments which would be necessary if the going concern basis were not appropriate.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue comprises rent and service charges receivable for the year. These are recognised for the period in which the rent and service charges cover.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
WORKOUT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year 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 income 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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 4

 
WORKOUT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance

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.

 
2.11

Investment property

Investment property is carried at fair value determined annually by the Directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.12

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.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

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.

Page 5

 
WORKOUT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.16

Financial instruments

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.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administration
4
4

Page 6

 
WORKOUT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 April 2022
599,762


Additions
234,611



At 31 March 2023

834,373



Depreciation


At 1 April 2022
412,443


Charge for the year on owned assets
60,670



At 31 March 2023

473,113



Net book value



At 31 March 2023
361,260



At 31 March 2022
187,319

Page 7

 
WORKOUT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
23,500,000


Additions at cost
2,766,382


Surplus on revaluation
(2,266,382)



At 31 March 2023
24,000,000

The 2023 valuations were made by the Directors, on an open market value for existing use basis.

The property valuation includes owner occupied property which is valued at £3,489,445 (2022: £3,686,000).


2023
2022
£
£


Historic cost
16,321,683
13,481,885

16,321,683
13,481,885


6.


Debtors

2023
2022
£
£


Trade debtors
62,345
8,001

Other debtors
103,440
82,510

Prepayments and accrued income
151,335
195,326

Tax recoverable
24,314
-

341,434
285,837


Page 8

 
WORKOUT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
33,477
704,267

33,477
704,267



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
125,000

Trade creditors
485,589
321,025

Amounts owed to group undertakings
6,964,848
8,964,087

Corporation tax
-
24,021

Other creditors
119,729
120,941

Accruals and deferred income
188,690
92,427

7,758,856
9,647,501



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
10,000,000
5,593,750

10,000,000
5,593,750


The above loan is secured on the property Sterling House.

Page 9

 
WORKOUT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
-
125,000

Amounts falling due 1-2 years

Bank loans
-
125,000

Amounts falling due 2-5 years

Bank loans
1,580,000
5,468,750

Amounts falling due after more than 5 years

Bank loans
8,420,000
-

10,000,000
5,718,750



11.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
33,477
704,267




Financial assets measured at fair value through profit or loss comprise of cash and cash equivalents.
Page 10

 
WORKOUT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Deferred taxation




2023


£






At beginning of year
(1,353,465)


Charged to profit or loss
519,574



At end of year
(833,891)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fair value movements
(794,995)
(1,361,590)

Accelerated capital allowances
(38,896)
8,125

(833,891)
(1,353,465)


13.


Pension commitments

The company has a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amount to £Nil (2022: £45). Contributions totalling £Nil (2022: £Nil) were payable to the fund at balance sheet date.


14.


Related party transactions

Information about the related party transactions and outstanding balances is outlined below:


Income received 2023
Net expenses paid 2023
Balance at year end 2023
2022
£
£
£
£

Entities with control over the company
357,759
132,199
(6,971,990)
(8,967,247)
Connected companies
-
-
(324,477)
(123,777)
357,759
132,199
(7,296,467)
(9,091,024)

Page 11

 
WORKOUT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

15.


Controlling party

Galliard Homes Limited is the immediate parent company and Galliard Group Limited is the ultimate parent company. Both companies are incorporated in England and Wales. The ultimate controlling party is S S S Conway. These accounts are included in the consolidated accounts of Galliard Group Limited, Company Number 07947946 and can be found on Companies House.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 16 October 2023 by Christina Georgiou (Senior Statutory Auditor) on behalf of Haslers.

 
Page 12