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COMPANY REGISTRATION NUMBER: 03083823
The Workshop Projects Limited
Filleted Unaudited Financial Statements
31 August 2023
The Workshop Projects Limited
Financial Statements
Year ended 31 August 2023
Contents
Pages
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
1
Balance sheet
2 to 3
Notes to the financial statements
4 to 6
The Workshop Projects Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of The Workshop Projects Limited
Year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Workshop Projects Limited for the year ended 31 August 2023, which comprise the balance sheet and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of The Workshop Projects Limited in accordance with the terms of our engagement letter dated 7 March 2024. Our work has been undertaken solely to prepare for your approval the financial statements of The Workshop Projects Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Workshop Projects Limited and its director for our work or for this report.
It is your duty to ensure that The Workshop Projects Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Workshop Projects Limited. You consider that The Workshop Projects Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of The Workshop Projects Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MILLER DAVIES LLP Chartered accountants
A3 Broomsleigh Business Park Worsley Bridge Road London SE26 5BN
8 April 2024
The Workshop Projects Limited
Balance Sheet
31 August 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
7,800
Current assets
Debtors
6
168,992
71,455
Cash at bank and in hand
147,372
176,222
---------
---------
316,364
247,677
Creditors: amounts falling due within one year
7
164,892
113,956
---------
---------
Net current assets
151,472
133,721
---------
---------
Total assets less current liabilities
151,472
141,521
Creditors: amounts falling due after more than one year
8
32,592
37,744
---------
---------
Net assets
118,880
103,777
---------
---------
Capital and reserves
Called up share capital
200
200
Profit and loss account
118,680
103,577
---------
---------
Shareholders funds
118,880
103,777
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Workshop Projects Limited
Balance Sheet (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 8 April 2024 , and are signed on behalf of the board by:
Mr D W Crittall
Director
Company registration number: 03083823
The Workshop Projects Limited
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is A3 Broomsleigh Business Park, Worsley Bridge Road, London, SE26 5BN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
20% straight line
Furniture and office equipment
-
20% - 33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 3 ).
5. Tangible assets
Motor vehicles
Furniture and office equipment
Total
£
£
£
Cost
At 1 September 2022 and 31 August 2023
39,000
9,698
48,698
--------
-------
--------
Depreciation
At 1 September 2022
31,200
9,698
40,898
Charge for the year
7,800
7,800
--------
-------
--------
At 31 August 2023
39,000
9,698
48,698
--------
-------
--------
Carrying amount
At 31 August 2023
--------
-------
--------
At 31 August 2022
7,800
7,800
--------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
134,958
56,963
Other debtors
34,034
14,492
---------
--------
168,992
71,455
---------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,210
6,210
Trade creditors
7,966
8,418
Corporation tax
10,081
7,363
Other creditors
140,635
91,965
---------
---------
164,892
113,956
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
32,592
37,744
--------
--------
9. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023
2022
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
282,330
233,185
---------
---------
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
187,603
144,537
---------
---------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr D W Crittall
( 4,044)
3,983
( 61)
-------
-------
----
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr D W Crittall
( 307)
( 3,737)
( 4,044)
----
-------
-------