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Registered Number: 11054683
England and Wales

 

 

 

WORKFORCE SUCCESS LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 July 2022

End date: 30 June 2023
 
 
Notes
 
2023
£
  2022
£
Current assets      
Debtors: amounts falling due within one year 4 212,203    201,598 
Cash at bank and in hand 63,657    43,766 
275,860    245,364 
Creditors: amount falling due within one year 5 (200,364)   (174,777)
Net current assets 75,496    70,587 
 
Total assets less current liabilities 75,496    70,587 
Net assets 75,496    70,587 
 

Capital and reserves
     
Called up share capital 6 1    1 
Profit and loss account 75,495    70,586 
Shareholder's funds 75,496    70,587 
 


For the year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 14 March 2024 and were signed on its behalf by:


-------------------------------
Jake Phillpot
Director
1
General Information
Workforce Success Ltd is a private company, limited by shares, registered in England and Wales, registration number 11054683, registration address 1 Mark Square, C/o Wework, London, EC2A 4EG.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Research and development expenditure
Research and development expenditure is charged to the income statement in the period in which it is incurred.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
2.

Average number of employees


Average number of employees during the year was 4 (2022 : 7).
3.

Financial Instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions if the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 13,485   
Amount Owed by Participating Interests 194,775    194,775 
Prepayments & Accrued Income 467    415 
Corporation Tax   3,176 
VAT 3,476    3,232 
212,203    201,598 

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 197,699    165,442 
Amounts Owed to Group Undertakings 2,665    9,335 
Other Creditors  
200,364    174,777 

6.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
1 Class A share of £1.00 each  
 

7.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2023
£
 2022
£
 2023
£
 2022
£
EPI Capital Pty Ltd(273)(273)
Tanda International Holdings Pte. Ltd
Workforce.com Inc.(3,823)194,775 194,775 
Tanda Workforce Solutions Inc.19,410 
Workforce HCM Ltd(97,440)(192,916)(199,142)(174,538)
Workforce IP Ltd
Workforce Enterprises Ltd

EPI Capital Pty Ltd is a related party to the company, by virtue of common control of the entities at group level, in that they are both part of the Tanda group of companies. Included within the company's turnover for the period was £0 which was invoiced to EPI Capital Pty Ltd for services provided by the company (£2022: £0). In addition, EPI Capital Pty Ltd invoiced the company £272 in respect of services provided to the company (2022 £0). As at 30 June 2023, the company owed £272 to EPI Capital Pty Ltd in respect of these services (2022 £0).
Tanda International Holdings Pte. Ltd is a related party to the company, by virtue of common control of the entities at group level, in that they are both part of the Tanda group of companies. As at 30 June 2023, the company was owed £0 in respect of a loan made to Tanda International Holdings Pte. Ltd (2022: £0).
Workforce.com Inc. Tanda Inc. is a related party to the company, by virtue of common control of the entities at Group level, in that they are both part of the Tanda Group of companies. As at 30 June 2023, the company was owed £194,774.81 in respect of a loan made to Tanda Inc. (2022: £194,774.81).
Tanda Workforce Solutions Inc. is a related party to the company, by virtue of common control of the entities at group level, in that they are both part of the Tanda group of companies. As at 30 June 2023, the company was owed £0 ,(£2022: 0) in respect of a loan made to Tanda Workforce Solutions Inc.
Workforce HCM Ltd is a related party to the company, by virtue of common control of the entities at group level, in that they are both part of the Tanda group of companies. As at 30 June 2023 the company owes £2,664.77 in respect of expenses the company paid on its behalf. (2022: £9,335). Workforce Success Limited had invoiced Workforce HCM Ltd £6,865 in the year for services rendered and Workforce HCM had paid all of this amount by 30 June 2023. Workforce HCM Ltd had invoiced Workforce Success Limited £104,306 in the year for services rendered and Workforce Success Limited had a liability owing of £196,477 (2022: £165,442) at 30 June 2023.
Workforce IP Ltd is a related party to the company, by virtue of common control of the entities at group level, in that they are both part of the Tanda group of companies.
Workforce Enterprises Ltd is a related party to the company, by virtue of common control of the entities at group level, in that they are both part of the Tanda group of companies.
2