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Registration number: 8258024

Worklife Consulting Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Worklife Consulting Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Worklife Consulting Ltd

Company Information

Directors

Dr Almuth McDowall

Mr Ian McDowall

Registered office

52 Vesta Road
London
SE4 2NH

Accountants

Neil Wilson & Co Chartered Accountants
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

 

Worklife Consulting Ltd

(Registration number: 8258024)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

170,400

170,976

Current assets

 

Debtors

6

13,700

13,292

Cash at bank and in hand

 

456

154

 

14,156

13,446

Creditors: Amounts falling due within one year

7

(73,938)

(82,643)

Net current liabilities

 

(59,782)

(69,197)

Total assets less current liabilities

 

110,618

101,779

Provisions for liabilities

(423)

(423)

Net assets

 

110,195

101,356

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

110,193

101,354

Shareholders' funds

 

110,195

101,356

For the financial year ending 31 October 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 year 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.

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 28 March 2024 and signed on its behalf by:
 

.........................................
Dr Almuth McDowall
Director

 

Worklife Consulting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
52 Vesta Road
London
SE4 2NH
England

These financial statements were authorised for issue by the Board on 28 March 2024.

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 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 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the 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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Worklife Consulting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, other than the rsidential property that the company has a share in whiich is maintained to sufficiently to ensure that its' value doesn't decline, is as follows:

Asset class

Depreciation method and rate

Office equipment

25% Reducing balance

Plant and machinery

25% Reducing balance

Freehold property

0%

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

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.

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.

 

Worklife Consulting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Worklife Consulting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

10,000

10,000

At 31 October 2023

10,000

10,000

Amortisation

At 1 November 2022

10,000

10,000

At 31 October 2023

10,000

10,000

Carrying amount

At 31 October 2023

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

168,000

10,122

1,210

179,332

Additions

-

225

-

225

At 31 October 2023

168,000

10,347

1,210

179,557

Depreciation

At 1 November 2022

-

7,237

1,119

8,356

Charge for the year

-

778

23

801

At 31 October 2023

-

8,015

1,142

9,157

Carrying amount

At 31 October 2023

168,000

2,332

68

170,400

At 31 October 2022

168,000

2,885

91

170,976

Included within the net book value of land and buildings above is £168,000 (2022 - £168,000) in respect of freehold land and buildings.
 

6

Debtors

 

Worklife Consulting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Current

2023
£

2022
£

Trade debtors

11,700

11,292

Other debtors

2,000

2,000

 

13,700

13,292

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

7,179

2,836

Accruals and deferred income

1,200

1,250

Other creditors

65,559

78,557

73,938

82,643

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Prdinary of £1 each

2

2

2

2

         

9

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £2,000.00 (2022 - £2,000.00) per ordinary share

 

4,000

 

4,000

         

10

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

Advances to director
£

At 31 October 2023
£

Dr Almuth McDowall

Directors loan acc

(78,557)

12,998

(65,559)

       
     

 

 

Worklife Consulting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

2022

At 1 November 2021
£

Repayments by director
£

At 31 October 2022
£

Dr Almuth McDowall

Directors loan acc

(68,128)

(10,429)

(78,557)

       
     

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

3,000

-

Dividends paid to directors

   

2023
£

 

2022
£

Dr Almuth McDowall

       

Interim dividends

 

2,000

 

2,000

         

Mr Ian McDowall

       

Interim dividends

 

2,000

 

2,000