Company registration number 04018115 (England and Wales)
WORKING VOICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WORKING VOICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
WORKING VOICES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
310
277,895
Tangible assets
5
3,570
7,240
Investments
6
155,651
78,901
159,531
364,036
Current assets
Debtors
7
3,666,457
3,510,519
Cash at bank and in hand
59,986
163,054
3,726,443
3,673,573
Creditors: amounts falling due within one year
8
(1,472,879)
(1,197,685)
Net current assets
2,253,564
2,475,888
Total assets less current liabilities
2,413,095
2,839,924
Creditors: amounts falling due after more than one year
9
(564,832)
(773,429)
Provisions for liabilities
(892)
(1,810)
Net assets
1,847,371
2,064,685
Capital and reserves
Called up share capital
1
1
Other reserves
21,271
20,303
Profit and loss reserves
1,826,099
2,044,381
Total equity
1,847,371
2,064,685
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
WORKING VOICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
S K Furner
N J Smallman
Director
Director
Company Registration No. 04018115
WORKING VOICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Working Voices Limited is a private limited company limited by shares incorporated in England and Wales. The registered office is Berkeley Square House, Berkeley Square, London, W1J 6BD.
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
Going concern
During the year the directors have maintained good cost control and during the second half of the financial year the company experienced a significant uplift in business from its existing and new clients. Since the balance sheet date, the company has continued to benefit from excellent client retention, significant year-on-year increase in turnover, increase in the number of active clients and an improvement in the sales pipeline. Based on the recent improvement in financial performance and all other information available to them, the directors have concluded that it is appropriate to prepare the financial statements on a going concern basis.true
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover from the rendering of services is matched to the period in which it relates and the service was provided.
1.4
Intangible fixed assets - goodwill
Goodwill, which arose on the incorporation of the company, is being amortised over its estimated useful economic life of 20 years.
1.5
Intangible fixed assets other than goodwill
Intangible assets are measured at costs less accumulated amortisation and any accumulated impairment losses.
Development expenditure is recognised as an intangible asset when all of the following criteria are met:
It is technically feasible to complete the intangible asset so that it will be available for use or sale;
Management intends to complete the intangible asset and use or sell it;
There is an ability to use or sell the intangible asset;
It can be demonstrated how the intangible asset will generate probable future economic benefits;
Adequate technical, financial and other resources to complete the development and to use or sell the intangible asset are available; and
The expenditure attributable to the intangible asset during its development can be reliably measured.
All other research and development expenditure is written off as incurred.
Amortisation is charged to write off the costs of the intangible assets less their residual values over their estimated useful lives on a straight line basis. The intangible assets are written off over the following useful economic lives:
Computer software
Over 3 years straight line
WORKING VOICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
If there are indicators of a significant movement in the useful life or residual value of the asset, amortisation is revised prospectively to reflect this.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.8
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of 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.
Trade and other receivables
Trade and other receivables are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest. Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment.
Trade and other payables
Trade and other payables are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at the prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.
WORKING VOICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using tax rates that have been enacted or substantively enacted by the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that they will be recovered against future taxable profits or against the reversal of deferred tax liabilities.
Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
1.12
Employee benefits
Short term employee benefits, including holiday entitlement and other non-monetary benefits, and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.
The company recognises and accrues for accumulated annual leave accrued by employees as a result of services rendered in the current period for which employees can carry forward and use within the next year. The accrual is measured at the salary cost of the respective employee in relation to the period of absence.
1.13
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
WORKING VOICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Revenue recognition - please refer to Turnover policy for further detail
Impairment and amortisation - please refer to Intangible fixed assets policy for further detail
Depreciation - please refer to Property, plant and equipment policy for further detail
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
25
26
WORKING VOICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 January 2023
500,000
1,499,497
1,999,497
Additions
88,957
88,957
Transfers
(76,750)
(76,750)
At 31 December 2023
500,000
1,511,704
2,011,704
Amortisation and impairment
At 1 January 2023
487,473
1,234,129
1,721,602
Amortisation charged for the year
12,527
277,265
289,792
At 31 December 2023
500,000
1,511,394
2,011,394
Carrying amount
At 31 December 2023
310
310
At 31 December 2022
12,527
265,368
277,895
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
92,469
Additions
3,838
At 31 December 2023
96,307
Depreciation and impairment
At 1 January 2023
85,229
Depreciation charged in the year
7,508
At 31 December 2023
92,737
Carrying amount
At 31 December 2023
3,570
At 31 December 2022
7,240
WORKING VOICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
Other investments other than loans
155,650
78,900
155,651
78,901
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
1
78,900
78,901
Transfers from intangible assets
-
76,750
76,750
At 31 December 2023
1
155,650
155,651
Carrying amount
At 31 December 2023
1
155,650
155,651
At 31 December 2022
1
78,900
78,901
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
250,080
265,846
Other debtors
3,416,377
3,244,673
3,666,457
3,510,519
8
Creditors: amounts falling due within one year
2023
2022
£
£
Other borrowings
10
402,623
360,900
Trade creditors
46,866
59,010
Amounts owed to group undertakings
148,700
26,178
Corporation tax
69,310
44,079
Other taxation and social security
346,453
248,855
Other creditors
172,106
12,783
Accruals and deferred income
286,821
445,880
1,472,879
1,197,685
WORKING VOICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
564,832
773,429
10
Loans and overdrafts
2023
2022
£
£
Preference shares
150,000
150,000
Other loans
817,455
984,329
967,455
1,134,329
Payable within one year
402,623
360,900
Payable after one year
564,832
773,429
The loans listed here, are unsecured.
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
WORKING VOICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
12
Related party transactions
During the year the company paid £Nil (2022: £605) to Roger Smallman & Co for accountancy services. Roger Smallman & Co is a firm of Chartered Accountants run by the father of N J Smallman.
During the year the company incurred fees of £85,812 (2022: £93,103) to Viridian Corporate Finance. Viridian Corporate Finance is controlled by S Furner. At the year end, the company owed £83,367 (2022: £44,018) to Viridian Corporate Finance.
The company received income in the year from Working Voices Inc of £493,370 (2022: £495,096) in respect of management fees. The balance owed to Working Voices Inc at the year end was £148,700 (2022: £26,178).
13
Directors' transactions
During the year the company paid rent of £49,974 (2022: £51,744) on behalf of N J Smallman, a director and the sole ordinary shareholder, and advanced £97,850 (2022: £87,900) to him. At the year end, £2,603,594 (2022: £2,455,770) was owed to the company by N J Smallman.
During the year, the company advanced R Pilkington £Nil (2022: £Nil). At the year end, R Pilkington owed the company £98,890 (2022: £98,890).