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Registration number: 13371651

Workspace Penarth Limited

Filleted Annual Report and Unaudited Abridged Financial Statements

for the Period from 1 June 2022 to 30 April 2023

 

Workspace Penarth Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 6

 

Workspace Penarth Limited

Company Information

Directors

Mr SM Baston

Mr ASW Baston

Registered office

Office 4
Workspace Penarth
Albert Road
Penarth
CF64 1FD

Accountants

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Workspace Penarth Limited

(Registration number: 13371651)
Abridged Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,100,000

1,193,777

Current assets

 

Debtors

227,345

499,502

Cash at bank and in hand

 

526

32,495

 

227,871

531,997

Prepayments and accrued income

 

5,378

260

Creditors: Amounts falling due within one year

(108,905)

(121,438)

Net current assets

 

124,344

410,819

Total assets less current liabilities

 

2,224,344

1,604,596

Creditors: Amounts falling due after more than one year

5

(1,685,481)

(1,623,625)

Accruals and deferred income

 

(6,139)

(1,200)

Net assets/(liabilities)

 

532,724

(20,229)

Capital and reserves

 

Called up share capital

7

1

1

Revaluation reserve

711,131

-

Retained earnings

(178,408)

(20,230)

Shareholders' funds/(deficit)

 

532,724

(20,229)

 

Workspace Penarth Limited

(Registration number: 13371651)
Abridged Balance Sheet as at 30 April 2023

For the financial period ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 October 2023 and signed on its behalf by:
 

.........................................

Mr SM Baston
Director

 

Workspace Penarth Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 1 June 2022 to 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Office 4
Workspace Penarth
Albert Road
Penarth
CF64 1FD

These financial statements were authorised for issue by the Board on 26 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Tangible assets

Tangible assets are stated in the balance sheet at market value, as valued by the directors.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

No depreciation has been charged on the Land and Buildings.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Workspace Penarth Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 1 June 2022 to 30 April 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 1 (2022 - 1).

 

Workspace Penarth Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 1 June 2022 to 30 April 2023

4

Tangible assets

Properties under construction
 £

Total
£

Cost or valuation

At 1 June 2022

1,193,777

1,193,777

Revaluations

711,131

711,131

Additions

195,092

195,092

At 30 April 2023

2,100,000

2,100,000

Depreciation

Carrying amount

At 30 April 2023

2,100,000

2,100,000

At 31 May 2022

1,193,777

1,193,777

5

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts which are secured of £1,376,658 (2022 - £1,314,803).

Included in this balance, the company issued 300,000 redeemable preference shares which have been treated as a liability.

6

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current period were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

711,131

711,131

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1