Company registration number 11695606 (England and Wales)
RURAL WORK SPACE LIMITED
Unaudited Financial Statements
For The Year Ended 30 November 2023
Pages For Filing With Registrar
Rural Work Space Limited
RURAL WORK SPACE LIMITED
Contents
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
Rural Work Space Limited
RURAL WORK SPACE LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Rural Work Space Limited For The Year Ended 30 November 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rural Work Space Limited for the year ended 30 November 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 https://www.icaew.com/regulation.
This report is made solely to the board of directors of Rural Work Space Limited, as a body, in accordance with the terms of our engagement letter dated 25 April 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Rural Work Space Limited and state those matters that we have agreed to state to the board of directors of Rural Work Space Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rural Work Space Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Rural Work Space 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 loss of Rural Work Space Limited. You consider that Rural Work Space 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 Rural Work Space 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.
Chavereys Limited
30 August 2024
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Rural Work Space Limited
RURAL WORK SPACE LIMITED
Balance Sheet
As At 30 November 2023
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2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
120,093
120,559
Cash at bank and in hand
4,107
6,101
124,200
126,660
Creditors: amounts falling due within one year
4
(9,340)
(7,789)
Net current assets
114,860
118,871
Creditors: amounts falling due after more than one year
5
(658,008)
(647,997)
Net liabilities
(543,148)
(529,126)
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
(543,158)
(529,136)
Total equity
(543,148)
(529,126)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
Mr WR Bax
Director
Company registration number 11695606 (England and Wales)
Rural Work Space Limited
RURAL WORK SPACE LIMITED
Notes To The Financial Statements
For The Year Ended 30 November 2023
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1
Accounting policies
Company information
Rural Work Space Limited is a private company limited by shares incorporated in England and Wales. The registered office is Preston Farmhouse, Shoreham Road, Shoreham, Sevenoaks, Kent, England, TN14 7UD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
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.
1.3
Financial instruments
Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Rural Work Space Limited
RURAL WORK SPACE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 November 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
2
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
120,030
120,517
Prepayments and accrued income
63
42
120,093
120,559
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,190
3,600
Taxation and social security
1,051
Accruals and deferred income
7,150
3,138
9,340
7,789
Rural Work Space Limited
RURAL WORK SPACE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 November 2023
- 5 -
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
658,008
647,997
6
Related party transactions
During the year Preston Farm Shoreham Limited, a company under common control, loaned the company a further £45,500, and £489 was repaid. At the year end £125,701 was owed to Preston Farm Shoreham Limited (2022: £80,690). During the year the company made sales to Preston Farm Shoreham Limited of £407 (2022: £425).