Registered number
05000948
Pay less for Work Space Limited
Filleted Accounts
31 December 2023
Pay less for Work Space Limited
Registered number: 05000948
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,207,448 1,055,900
Current assets
Debtors 4 866,630 858,920
Cash at bank and in hand 43,046 150,068
909,676 1,008,988
Creditors: amounts falling due within one year 5 (153,739) (126,972)
Net current assets 755,937 882,016
Total assets less current liabilities 1,963,385 1,937,916
Provisions for liabilities (33,449) (33,449)
Net assets 1,929,936 1,904,467
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,929,836 1,904,367
Shareholders' funds 1,929,936 1,904,467
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M J Wallace
Director
Approved by the board on 24 September 2024
Pay less for Work Space Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery over 15 years
Fixtures, fittings, tools and equipment 33% straight line basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Related Party
Included within debtors due within one year is an amount of £748,754 (2022: £749,754) owed by Pay Less for Hire Ltd, a company under common control. The balance due is in respect of the sale of land and buildings on 14 June 2016, as well as loans for other development projects.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 1,082,679 1,526,419 67,054 2,676,152
Additions - 188,314 - 188,314
At 31 December 2023 1,082,679 1,714,733 67,054 2,864,466
Depreciation
At 1 January 2023 215,251 1,338,280 66,721 1,620,252
Charge for the year 16,680 19,948 138 36,766
At 31 December 2023 231,931 1,358,228 66,859 1,657,018
Net book value
At 31 December 2023 850,748 356,505 195 1,207,448
At 31 December 2022 867,428 188,139 333 1,055,900
4 Debtors 2023 2022
£ £
Trade debtors 72,728 65,980
Other debtors 793,902 792,940
866,630 858,920
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,972 10,235
Taxation and social security costs 75,136 47,149
Other creditors 76,631 69,588
153,739 126,972
6 Other information
Pay less for Work Space Limited is a private company limited by shares and incorporated in England. Its registered office is:
20 Arrow Close
George Stephenson Close
Killingworth
Newcastle Upon Tyne
NE12 6QN
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