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Registration number: 05420649

Engage Works Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Engage Works Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Engage Works Limited

Company Information

Directors

Mr Steve Blyth

Mr Simon Williams

Alexander McCuaig

Registered office

Building B2, Unit 1
First Floor, 1 Bartons Yard
Somes Walk
London
SE10 0BN

Accountants

Delphi Accounting Ltd
Chartered Tax Advisers
Unit M6
Frome Business Park
Manor Road
Frome
Somerset
BA11 4FN

 

Engage Works Limited

(Registration number: 05420649)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

272,253

324,444

Tangible assets

5

175,583

5,283

Investments

6

800,388

800,388

 

1,248,224

1,130,115

Current assets

 

Debtors

7

2,102,412

1,800,760

Cash at bank and in hand

 

295,768

7,634

 

2,398,180

1,808,394

Creditors: Amounts falling due within one year

8

(2,034,312)

(1,353,455)

Net current assets

 

363,868

454,939

Total assets less current liabilities

 

1,612,092

1,585,054

Creditors: Amounts falling due after more than one year

8

(381,771)

(614,445)

Net assets

 

1,230,321

970,609

Capital and reserves

 

Called up share capital

9

4,109

4,109

Share premium reserve

63,688

63,688

Revaluation reserve

360,297

360,297

Retained earnings

802,227

542,515

Shareholders' funds

 

1,230,321

970,609

For the financial year ending 31 December 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 April 2024 and signed on its behalf by:
 

 

Engage Works Limited

(Registration number: 05420649)
Balance Sheet as at 31 December 2023

.........................................
Mr Steve Blyth
Director

 

Engage Works Limited

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

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Building B2, Unit 1
First Floor, 1 Bartons Yard
Somes Walk
London
SE10 0BN
United Kingdom

These financial statements were authorised for issue by the Board on 17 April 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

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Engage Works Limited

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

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.

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, as follows:

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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:

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Engage Works Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 11).

 

Engage Works Limited

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

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2023

824,439

824,439

Additions internally developed

75,001

75,001

At 31 December 2023

899,440

899,440

Amortisation

At 1 January 2023

499,995

499,995

Amortisation charge

127,192

127,192

At 31 December 2023

627,187

627,187

Carrying amount

At 31 December 2023

272,253

272,253

At 31 December 2022

324,444

324,444

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

57,140

-

174,141

231,281

Additions

180,268

5,928

22,641

208,837

At 31 December 2023

237,408

5,928

196,782

440,118

Depreciation

At 1 January 2023

57,140

-

168,858

225,998

Charge for the year

32,866

568

5,103

38,537

At 31 December 2023

90,006

568

173,961

264,535

Carrying amount

At 31 December 2023

147,402

5,360

22,821

175,583

At 31 December 2022

-

-

5,283

5,283

 

Engage Works Limited

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

Included within the net book value of land and buildings above is £147,402 (2022 - £Nil) in respect of short leasehold land and buildings.
 

6

Investments

2023
£

2022
£

Investments in associates

800,388

800,388

Associates

£

Cost

At 1 January 2023

800,388

Provision

Carrying amount

At 31 December 2023

800,388

At 31 December 2022

800,388

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

475,572

73,677

Amounts owed by related parties

11

26,220

-

Prepayments

 

70,799

14,057

Other debtors

 

1,529,821

1,713,026

   

2,102,412

1,800,760

 

Engage Works Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

289,006

270,699

Trade creditors

 

635,076

345,938

Taxation and social security

 

179,240

109,561

Accruals and deferred income

 

886,652

557,132

Other creditors

 

44,338

70,125

 

2,034,312

1,353,455

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

381,771

614,445

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

A Ordinary of £0.10 each

16,003

1,600

16,003

1,600

B Ordinary of £0.10 each

21,837

2,184

21,837

2,184

C Ordinary of £0.10 each

3,250

325

3,250

325

41,090

4,109

41,090

4,109

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

91,667

175,000

Other borrowings

290,104

439,445

381,771

614,445

 

Engage Works Limited

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

Current loans and borrowings

2023
£

2022
£

Bank borrowings

60,000

41,667

Other borrowings

229,006

229,032

289,006

270,699

Bank borrowings

Secured Debt is denominated in GBP with a nominal interest rate of NatWest rate%, and the final instalment is due on 30 June 2025. The carrying amount at year end is £151,667 (2022 - £216,667).

11

Related party transactions

 

Engage Works Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

133,169

133,169