REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 December 2023 |
for |
Worksome Ltd |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 December 2023 |
for |
Worksome Ltd |
Worksome Ltd (Registered number: 11615731) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Notes to the Financial Statements | 13 |
Worksome Ltd |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
823 Salisbury House |
29 Finsbury Circus |
London |
EC2M 5QQ |
Worksome Ltd (Registered number: 11615731) |
Strategic Report |
for the Year Ended 31 December 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
2023 was a year of continued growth for Worksome UK, despite more challenging macroeconomic conditions. We saw an increase in both business activity and revenue, supported by strong demand from both existing and new clients. |
Revenue increased to GBP 87 million, a growth of 4% compared to 2022. The primary driver of this growth was our expansion within the UK advertising segment, which continues to be a key revenue contributor. We made progress in diversifying our client portfolio, successfully entering new sectors such as pharmaceuticals, chemicals, and technology, which contributed positively to revenue growth. |
While economic conditions in 2023 remained volatile, our strategic position and growth prospects remain robust and on a group level we continue to make considerable investments in people, brand, product, and systems to enhance our foundation and infrastructure. This strategy positions us well for sustained growth in the coming years. |
Additionally, group-level investments in our product platform throughout the year have further bolstered our competitive edge. The new features and enhancements introduced to the platform have enhanced our ability to attract and retain clients. Our continued focus on delivering best-in-class software solutions for the end-to-end management of external contractor and freelance workforces is a testament to our commitment to innovation and customer satisfaction. |
The net result for 2023 was GBP 109K, which management considers to be satisfactory. |
PRINCIPAL RISKS AND UNCERTAINTIES |
A. Market and Industry Risks: |
Description: The HR software industry is highly dynamic, with rapid changes in economic and market conditions that can affect our ability to attract and retain clients. |
Mitigation: We actively monitor market trends and conduct ongoing industry analyses. Our flexible business strategy allows us to adjust to changing market conditions. In 2023, we continued to diversify our client base across various industries, reducing dependency on any single market segment. |
B. Financial Risks: |
Description: Economic volatility, exchange rate fluctuations, and shifting macroeconomic conditions can impact financial performance and our ability to secure working capital under favorable terms. |
Mitigation: We maintain a proactive financial strategy, using dynamic forecasting and closely monitoring economic conditions. We continue to pursue diverse funding sources to ensure liquidity and mitigate exposure to financial market fluctuations. Our financial reserves remain robust, supporting both day-to-day operations and long-term growth initiatives. |
C. Operational Risks: |
Description: Operational risks include potential IT infrastructure disruptions and cybersecurity threats, which could adversely impact business operations. |
Mitigation: Our business continuity plans are continuously refined, with significant steps taken toward achieving SOC II certification in 2024 to further safeguard operations. Regular cybersecurity audits, combined with ongoing investments in IT infrastructure, help protect our data and ensure operational resilience. |
Worksome Ltd (Registered number: 11615731) |
Strategic Report |
for the Year Ended 31 December 2023 |
KEY PERFORMANCE INDICATORS |
Revenue Growth: |
Revenue for the UK subsidiary grew by 4%, from GBP 84 million in 2022 to GBP 87 million in 2023. This was primarily driven by continued client demand in the advertising sector and successful expansion into new industries. |
Client Acquisition and Retention: |
In 2023, Worksome UK continued to diversify its client base while maintaining retention rates of existing clients at over 90%. |
ON BEHALF OF THE BOARD: |
Worksome Ltd (Registered number: 11615731) |
Report of the Directors |
for the Year Ended 31 December 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
Worksome is a cloud-based software company operating in the HR space. The company offers a digital software solution designed to streamline the hiring process for businesses and independent contractors. Worksome provides a flexible and efficient end-to-end platform that allows companies to manage the compliance and contracting of their external talent. |
Companies use Worksome to build elite internal talent pools, automate compliant contracts and payroll, manage third-party recruiters and suppliers, and gain a comprehensive overview and control over their entire contingent workforce. |
Key elements of Worksome's business model include: |
1. Research and Development: The creation of the Worksome product, including designing, coding, testing, and debugging, is carried out entirely in-house and is centralized at the group's headquarters in Copenhagen, Denmark. |
2. Sales and Distribution: Worksome engages in direct sales to end-clients and distributes its services via cloud access. |
3. Maintenance and Support: Ongoing product maintenance and customer support are provided in-house. |
Worksome's client base is primarily composed of mid- to large-sized enterprises that depend on maintaining a highly efficient and adaptable network of external contractors. |
The company's suppliers and vendors include hardware manufacturers (e.g., computers and phones), cloud service and infrastructure providers, marketing vendors, and third-party software providers |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
FUTURE DEVELOPMENTS |
Looking ahead to 2024, we anticipate continued revenue growth at a rate comparable to 2023, with projected gross revenues of approximately GBP 90 million. We expect to maintain a stable gross margin of around 2.8% and foresee a net result for 2024 of approximately GBP 130K. |
We are increasing our focus on implementing initiatives that will allow us to grow the business in a more cost-efficient manner. As a result, we have already observed improvements to our cost base, which strengthens our confidence in achieving an improved net result in 2024. |
Although the broader macroeconomic environment remains challenging, causing extended sales cycles and affecting existing clients' spending patterns, we have successfully signed a number of new clients. Additionally, there is renewed optimism among our existing clients, with some of our largest clients beginning to cautiously increase their spending. Collectively, these factors provide us with increased confidence in reaching our financial projections for 2024. |
DIRECTORS |
Other changes in directors holding office are as follows: |
Worksome Ltd (Registered number: 11615731) |
Report of the Directors |
for the Year Ended 31 December 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Krogh & Partners Limited, (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Worksome Ltd (Registered number: 11615731) |
Opinion |
We have audited the financial statements of Worksome Ltd (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Worksome Ltd (Registered number: 11615731) |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- | we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge of the business; |
- | we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, and anti-bribery; |
- | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- | identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
Report of the Independent Auditors to the Members of |
Worksome Ltd (Registered number: 11615731) |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; |
- | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- | performed analytical procedures to identify any unusual or unexpected relationships; |
- | tested journal entries to identify unusual transactions; |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- | agreeing financial statement disclosures to underlying supporting documentation; |
- | enquiring of management as to actual and potential litigation and claims; |
- | reviewing correspondence with HMRC and relevant regulators |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
823 Salisbury House |
29 Finsbury Circus |
London |
EC2M 5QQ |
Worksome Ltd (Registered number: 11615731) |
Income Statement |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 6 |
Interest receivable and similar income | 7 |
956,864 | 816,548 |
Interest payable and similar expenses | 8 |
PROFIT BEFORE TAXATION |
Tax on profit | 9 |
PROFIT FOR THE FINANCIAL YEAR |
Worksome Ltd (Registered number: 11615731) |
Other Comprehensive Income |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Worksome Ltd (Registered number: 11615731) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Worksome Ltd (Registered number: 11615731) |
Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 December 2022 | ( |
) | ( |
) |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - | - |
Balance at 31 December 2023 | ( |
) |
Worksome Ltd (Registered number: 11615731) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Worksome Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
This information is included in the consolidated financial statements of Worksome ApS as at 31 December 2023 and these financial statements may be obtained from Worksome ApS, Toldbodgade 35, 1., 1253, Copenhagen K, Denmark. |
Turnover |
Turnover from the sale of services is recognised in the income statement when delivery is made and risk has passed to the buyer. Turnover is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. |
Cost of sales |
Cost of sales comprises goods consumed in the financial year measured at cost, adjusted for ordinary inventory writedowns. |
Administrative expenses |
Administrative expenses include expenses relating to the Entity's ordinary activities, including expenses for |
premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of debtors recognised in current assets. |
Staff costs |
Staff costs comprise wages and salaries, and social security contributions, pension contributions, etc. for entity staff. |
Pension cost and other post-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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. |
Financial instruments |
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors, are initially recognised at transaction value and subsequently measured at their settlement value. |
Worksome Ltd (Registered number: 11615731) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Debtors |
Debtors are valued individually and there are made provision according to this valuation. |
Creditors |
Creditors are carried at payment or settlement amounts. Where the time value of money is material, creditors are carried at amortized cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company and arose wholly in the United Kingdom. |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Sales & Marketing | 3 | 10 |
Customer support | 9 | 9 |
Back-office | 6 | 6 |
Worksome Ltd (Registered number: 11615731) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | DIRECTORS' EMOLUMENTS |
2023 | 2022 |
£ | £ |
Aggregate remuneration in respect of qualifying services | 105,000 | 0 |
Company contributions to money purchase pension schemes | 4,200 | 0 |
During the year retirement benefits were accruing to 1 director (2022: NIL) in respect of money purchase pension schemes. |
Only one director receives remuneration directly from the company. The other director receives remuneration from other non-UK companies within the Worksome group, and an element of his costs is recharged to the company. |
It is the opinion of the directors that the company has no key management personnel other than the directors. |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Auditors' remuneration - audit | 16,000 | 27,000 |
Operating lease payments | 327,713 | 270,419 |
7. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2023 | 2022 |
£ | £ |
Loans to group undertakings |
Bank loans and overdrafts |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Loans from group undertakings |
Other loans |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
Worksome Ltd (Registered number: 11615731) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Tax effect of utilisation of tax losses not previously recognised | (3,848 | ) | (18,786 | ) |
Other timing differences | 14,420 | - |
Deferred tax movement | (15,000 | ) | - |
Total tax charge | 35,900 | - |
Factors that may affect future tax charges |
An increase in the main rate of UK corporation tax from 19 % to 25 % (effective 1 April 2023) was substantively enacted on 24 May 2021. Tax has been calculated in compliance with aforementioned. |
10. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Deferred tax asset |
Other timing differences | 15,000 | - |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 12) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
Worksome Ltd (Registered number: 11615731) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
12. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans and overdrafts |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
ordinary | 1 | 100,000 | 1 |
99,999 ordinary shares of 1 each were allotted as fully paid |
14. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. |
During the year the charge to profit or loss in respect of defined contribution schemes was £136,117 (2022: £125,950). |
At the balance sheet date contributions of £61,307 (2022: £30,870) were due to the fund and are included in creditors. |
15. | OTHER FINANCIAL COMMITMENTS |
Future minimum rentals payable under non-cancellable operating leases are as follows: |
2023 | 2022 |
£ | £ |
Not later than one year | 57,150 | 45,400 |
57,150 | 45,400 |
16. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Worksome Ltd (Registered number: 11615731) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
17. | ULTIMATE CONTROLLING PARTY |
The immediate parent company is Worksome ApS, a company incorporated in Denmark. |
Worksome ApS is the largest and smallest group to consolidate these financial statements and copies can be obtained from: |
Worksome ApS |
Toldbodgade 35, 1. |
1253 Copenhagen K |
Denmark |
18. | GUARANTEES AND SECURITIES |
As part of a factoring agreement the company has issued Letter of Debenture in all fixed and floating assets belonging to the company as security for Worksome Ltd's debt with the factoring company. |
As at 31 December recognised assets in the balance sheet with the following book values were pledged as security for Worksome Ltd's net liability of £6,188k (2022: £4,885k) regarding the factoring agreement: |
2023 | 2022 |
£ | £ |
Debtors | 9,563,346 | 6,974,193 |
Cash at bank | 1,758,033 | 1,139,650 |
11,321,379 | 8,113,843 |