Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31falsetruetruetrueNo description of principal activity2023-04-01false64truetrue 04905501 2023-04-01 2024-03-31 04905501 2022-04-01 2023-03-31 04905501 2024-03-31 04905501 2023-03-31 04905501 2022-04-01 04905501 2 2023-04-01 2024-03-31 04905501 2 2022-04-01 2023-03-31 04905501 d:Director8 2023-04-01 2024-03-31 04905501 e:PlantMachinery 2023-04-01 2024-03-31 04905501 e:PlantMachinery 2024-03-31 04905501 e:PlantMachinery 2023-03-31 04905501 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04905501 e:FreeholdInvestmentProperty 2023-04-01 2024-03-31 04905501 e:FreeholdInvestmentProperty 2024-03-31 04905501 e:FreeholdInvestmentProperty 2023-03-31 04905501 e:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 04905501 e:CurrentFinancialInstruments 2024-03-31 04905501 e:CurrentFinancialInstruments 2023-03-31 04905501 e:Non-currentFinancialInstruments 2024-03-31 04905501 e:Non-currentFinancialInstruments 2023-03-31 04905501 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 04905501 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 04905501 e:Non-currentFinancialInstruments e:AfterOneYear 2024-03-31 04905501 e:Non-currentFinancialInstruments e:AfterOneYear 2023-03-31 04905501 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-03-31 04905501 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-03-31 04905501 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-03-31 04905501 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-03-31 04905501 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2024-03-31 04905501 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2023-03-31 04905501 e:ShareCapital 2023-04-01 2024-03-31 04905501 e:ShareCapital 2024-03-31 04905501 e:ShareCapital 2022-04-01 2023-03-31 04905501 e:ShareCapital 2023-03-31 04905501 e:ShareCapital 2022-04-01 04905501 e:InvestmentPropertiesRevaluationReserve 2023-04-01 2024-03-31 04905501 e:InvestmentPropertiesRevaluationReserve 2024-03-31 04905501 e:InvestmentPropertiesRevaluationReserve 2 2023-04-01 2024-03-31 04905501 e:InvestmentPropertiesRevaluationReserve 2022-04-01 2023-03-31 04905501 e:InvestmentPropertiesRevaluationReserve 2023-03-31 04905501 e:InvestmentPropertiesRevaluationReserve 2022-04-01 04905501 e:InvestmentPropertiesRevaluationReserve 2 2022-04-01 2023-03-31 04905501 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 04905501 e:RetainedEarningsAccumulatedLosses 2024-03-31 04905501 e:RetainedEarningsAccumulatedLosses 2 2023-04-01 2024-03-31 04905501 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 04905501 e:RetainedEarningsAccumulatedLosses 2023-03-31 04905501 e:RetainedEarningsAccumulatedLosses 2022-04-01 04905501 e:RetainedEarningsAccumulatedLosses 2 2022-04-01 2023-03-31 04905501 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 04905501 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 04905501 e:AcceleratedTaxDepreciationDeferredTax 2024-03-31 04905501 e:AcceleratedTaxDepreciationDeferredTax 2023-03-31 04905501 e:OtherDeferredTax 2024-03-31 04905501 e:OtherDeferredTax 2023-03-31 04905501 d:FRS102 2023-04-01 2024-03-31 04905501 d:Audited 2023-04-01 2024-03-31 04905501 d:FullAccounts 2023-04-01 2024-03-31 04905501 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04905501 d:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04905501 2 2023-04-01 2024-03-31 04905501 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 04905501









WORKOUT LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
WORKOUT LIMITED
REGISTERED NUMBER: 04905501

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
421,691
361,260

Investment property
 6 
26,499,167
24,000,000

  
26,920,858
24,361,260

Current assets
  

Debtors: amounts falling due within one year
 7 
175,482
341,434

Cash at bank and in hand
 8 
135,444
33,477

  
310,926
374,911

Creditors: amounts falling due within one year
 9 
(10,644,491)
(7,758,856)

Net current liabilities
  
 
 
(10,333,565)
 
 
(7,383,945)

Total assets less current liabilities
  
16,587,293
16,977,315

Creditors: amounts falling due after more than one year
 10 
(9,769,583)
(10,000,000)

Provisions for liabilities
  

Deferred tax
 13 
(912,563)
(833,891)

  
 
 
(912,563)
 
 
(833,891)

Net assets
  
5,905,147
6,143,424


Capital and reserves
  

Called up share capital 
  
2
2

Investment property reserve
  
7,064,176
6,883,322

Profit and loss account
  
(1,159,031)
(739,900)

  
5,905,147
6,143,424


Page 1

 
WORKOUT LIMITED
REGISTERED NUMBER: 04905501
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 August 2024.

E J Lopes-Dias
Director

The notes on pages 4 to 12 form part of these financial statements.
Page 2

 
WORKOUT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 April 2023
2
6,883,322
(739,900)
6,143,424


Comprehensive income for the year

Loss for the year
-
-
(238,277)
(238,277)
Total comprehensive income for the year
-
-
(238,277)
(238,277)

Fair value movements
-
180,854
(180,854)
-


At 31 March 2024
2
7,064,176
(1,159,031)
5,905,147



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 April 2022
2
6,825,108
1,257,596
8,082,706


Comprehensive income for the year

Loss for the year
-
-
(1,939,282)
(1,939,282)
Total comprehensive income for the year
-
-
(1,939,282)
(1,939,282)

Fair value movements
-
58,214
(58,214)
-


At 31 March 2023
2
6,883,322
(739,900)
6,143,424


The notes on pages 4 to 12 form part of these financial statements.
Page 3

 
WORKOUT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Workout Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 04905501. The address of the registered office is 3rd Floor Sterling House, Langston Road, Loughton, Essex, IG10 3TS. The nature of the company's operations and principal activity is property investment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Galliard Group Limited as at 31 March 2024 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

These accounts have been prepared on the going concern basis, on the understanding that Galliard Group Limited will continue to financially support the company and there is no reason to believe this support will be withdrawn. The accounts do not take into account any adjustments which would be necessary if the going concern basis were not appropriate.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue comprises rent and service charges receivable for the year. These are recognised for the period in which the rent and service charges cover.

Page 4

 
WORKOUT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
WORKOUT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Investment property

Investment property is carried at fair value determined annually by the Directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
WORKOUT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


Page 7

 
WORKOUT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
The directors do not believe that there have been judgements (apart from those involving estimates) made in the process of applying the above accounting policies that have had a significant effect on the amounts recognised in the financial statements.


4.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 4).

Page 8

 
WORKOUT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 April 2023
834,373


Additions
185,116



At 31 March 2024

1,019,489



Depreciation


At 1 April 2023
473,113


Charge for the year on owned assets
124,685



At 31 March 2024

597,798



Net book value



At 31 March 2024
421,691



At 31 March 2023
361,260


6.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
24,000,000


Additions at cost
2,258,028


Surplus on revaluation
241,139



At 31 March 2024
26,499,167

The 2024 valuations were made by the Directors, on an open market value for existing use basis.

The property valuation includes owner occupied property which is valued at £3,518,119 (2023: £3,489,445).




Page 9

 
WORKOUT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Trade debtors
24,121
62,345

Other debtors
30,360
103,440

Prepayments and accrued income
121,001
151,335

Tax recoverable
-
24,314

175,482
341,434



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
135,444
33,477

135,444
33,477



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
230,417
-

Trade creditors
324,237
485,589

Amounts owed to group undertakings
9,631,131
6,964,848

Other creditors
244,465
119,729

Accruals and deferred income
214,241
188,690

10,644,491
7,758,856



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
9,769,583
10,000,000

9,769,583
10,000,000


The above loan is secured on the property Sterling House.

Page 10

 
WORKOUT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
230,417
-

Amounts falling due 1-2 years

Bank loans
395,000
-

Amounts falling due 2-5 years

Bank loans
954,583
1,580,000

Amounts falling due after more than 5 years

Bank loans
8,420,000
8,420,000

10,000,000
10,000,000



12.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
135,444
33,477




Financial assets measured at fair value through profit or loss comprise of cash and cash equivalents.

13.


Deferred taxation




2024


£






At beginning of year
(833,891)


Charged to profit or loss
(78,672)



At end of year
(912,563)

Page 11

 
WORKOUT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
13.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fair value movements
(855,280)
(794,995)

Accelerated capital allowances
(57,283)
(38,896)

(912,563)
(833,891)


14.


Related party transactions

The Company has taken advantage of the exemptions conferred in FRS 102 Section 33 not to disclose transactions with other group companies where 100% of the voting rights are controlled within the group.


15.


Controlling party

Galliard Homes Limited is the immediate parent company and Galliard Group Limited is the ultimate parent company. Both companies are incorporated in England and Wales. The ultimate controlling party is S S S Conway. These accounts are included in the consolidated accounts of Galliard Group Limited, Company Number 07947946 and can be found on Companies House.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 27 August 2024 by Matthew Wells ACA (Senior Statutory Auditor) on behalf of Haslers.

 
Page 12