Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 11089609 O C Watts C Enstone-Watts C Mouskoundi C Enstone-Watts true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11089609 2022-12-31 11089609 2023-12-31 11089609 2023-01-01 2023-12-31 11089609 frs-core:CurrentFinancialInstruments 2023-12-31 11089609 frs-core:Non-currentFinancialInstruments 2023-12-31 11089609 frs-core:BetweenOneFiveYears 2023-12-31 11089609 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 11089609 frs-core:LandBuildings 2023-12-31 11089609 frs-core:LandBuildings 2023-01-01 2023-12-31 11089609 frs-core:LandBuildings 2022-12-31 11089609 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 11089609 frs-core:OtherResidualIntangibleAssets 2023-12-31 11089609 frs-core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 11089609 frs-core:OtherResidualIntangibleAssets 2022-12-31 11089609 frs-core:PlantMachinery 2023-12-31 11089609 frs-core:PlantMachinery 2023-01-01 2023-12-31 11089609 frs-core:PlantMachinery 2022-12-31 11089609 frs-core:WithinOneYear 2023-12-31 11089609 frs-core:SharePremium 2023-12-31 11089609 frs-core:ShareCapital 2023-12-31 11089609 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 11089609 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11089609 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 11089609 frs-bus:SmallEntities 2023-01-01 2023-12-31 11089609 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11089609 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11089609 1 2023-01-01 2023-12-31 11089609 frs-core:UnlistedNon-exchangeTraded 2023-12-31 11089609 frs-core:UnlistedNon-exchangeTraded 2022-12-31 11089609 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2022-12-31 11089609 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-12-31 11089609 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2022-12-31 11089609 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 11089609 frs-bus:Director1 2023-01-01 2023-12-31 11089609 frs-bus:Director2 2023-01-01 2023-12-31 11089609 frs-bus:Director3 2023-01-01 2023-12-31 11089609 frs-countries:EnglandWales 2023-01-01 2023-12-31 11089609 2021-12-31 11089609 2022-12-31 11089609 2022-01-01 2022-12-31 11089609 frs-core:CurrentFinancialInstruments 2022-12-31 11089609 frs-core:Non-currentFinancialInstruments 2022-12-31 11089609 frs-core:BetweenOneFiveYears 2022-12-31 11089609 frs-core:WithinOneYear 2022-12-31 11089609 frs-core:SharePremium 2022-12-31 11089609 frs-core:ShareCapital 2022-12-31 11089609 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 11089609
Work It Group Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
A K E Tax & Accountancy Ltd
Chartered Certified Accountants
Hoddesdon Enterprise Centre
Pindar Road
Hoddesdon
Hertfordshire
EN11 0FJ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11089609
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 84,369 71,567
Tangible Assets 5 102,030 112,063
Investments 6 200 200
186,599 183,830
CURRENT ASSETS
Stocks 7 1,580 3,648
Debtors 8 47,675 20,965
Cash at bank and in hand 40,088 21,010
89,343 45,623
Creditors: Amounts Falling Due Within One Year 9 (420,892 ) (354,796 )
NET CURRENT ASSETS (LIABILITIES) (331,549 ) (309,173 )
TOTAL ASSETS LESS CURRENT LIABILITIES (144,950 ) (125,343 )
Creditors: Amounts Falling Due After More Than One Year 10 (375,400 ) (293,618 )
NET LIABILITIES (520,350 ) (418,961 )
CAPITAL AND RESERVES
Called up share capital 11 100 100
Share premium account 118,139 118,139
Profit and Loss Account (638,589 ) (537,200 )
SHAREHOLDERS' FUNDS (520,350) (418,961)
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
C Enstone-Watts
Director
26 September 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Work It Group Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11089609 . The registered office is Hoddesdon Enterprise Centre, Pindar Road, Hoddesdon, Hertfordshire, EN11 0FJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is sale of memberships and personal training services. Turnover is recognised in the period the membership covers and the personal training is provided.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets is website development. It is amortised to profit and loss account over its estimated economic life of 10 & 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10 year straight line
Plant & Machinery 25% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.7. 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.
2.8. 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.
2.9. Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2022: 8)
8 8
4. Intangible Assets
Other Intangible Assets
£
Cost
As at 1 January 2023 105,727
Additions 25,500
As at 31 December 2023 131,227
Amortisation
As at 1 January 2023 34,160
Provided during the period 12,698
As at 31 December 2023 46,858
Net Book Value
As at 31 December 2023 84,369
As at 1 January 2023 71,567
5. Tangible Assets
Land & Buildings Plant & Machinery etc. Total
£ £ £
Cost
As at 1 January 2023 90,706 100,257 190,963
Additions 562 11,177 11,739
As at 31 December 2023 91,268 111,434 202,702
Depreciation
As at 1 January 2023 26,384 52,516 78,900
Provided during the period 9,089 12,683 21,772
As at 31 December 2023 35,473 65,199 100,672
Net Book Value
As at 31 December 2023 55,795 46,235 102,030
As at 1 January 2023 64,322 47,741 112,063
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6. Investments
Unlisted
£
Cost
As at 1 January 2023 200
As at 31 December 2023 200
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 200
As at 1 January 2023 200
Investments comprise of 100% of the issued share capital in Work It Events Limited and Work It Studios Limited.
7. Stocks
2023 2022
£ £
Finished goods 1,580 3,648
8. Debtors
2023 2022
£ £
Due within one year
Trade debtors 21,238 15,449
Amounts owed by group undertakings 10,142 2,411
Other debtors 16,295 3,105
47,675 20,965
9. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 47,755 90,519
Bank loans and overdrafts 6,204 8,929
Amounts owed to participating interests 3,215 5,205
Other creditors 278,815 129,071
Taxation and social security 84,903 121,072
420,892 354,796
10. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 33,606 33,452
Other creditors 341,794 260,166
375,400 293,618
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11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 106,000 106,000
Later than one year and not later than five years 424,000 530,000
530,000 636,000
13. Related Party Transactions
The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK", not to disclose related party transactions with wholly owned subsidiaries within the group.'
C MouskoundiThe above is a related party by virtue of being a director.During the year, the related party received repayments in relation to an amount loaned to the company. At the balance sheet date the director was owed £5,000 (2022: £42,867) by the company. Interest has been charged on this loan at a market rate.

C Mouskoundi

The above is a related party by virtue of being a director.

During the year, the related party received repayments in relation to an amount loaned to the company. At the balance sheet date the director was owed £5,000 (2022: £42,867) by the company. Interest has been charged on this loan at a market rate.

O WattsThe above is a related party by virtue of being a director.During the year, the related party loaned money to the company. At the balance sheet date the director was owed £172,761 (2022: £130,000) by the company. No interest has been charged on this loan during the period.

O Watts

The above is a related party by virtue of being a director.

During the year, the related party loaned money to the company. At the balance sheet date the director was owed £172,761 (2022: £130,000) by the company. No interest has been charged on this loan during the period.

C Enstone-WattsThe above is a related party by virtue of being a director.During the year, the related party withdrew against his account, received repayments in relation to an amount loaned to the company, loaned funds to the company and incurred expenses on behalf of the company. At the balance sheet date the director was owed £174,323 (2022: £41,025) by the company. Interest has been accrued on this loan at a market rate.

C Enstone-Watts

The above is a related party by virtue of being a director.

During the year, the related party withdrew against his account, received repayments in relation to an amount loaned to the company, loaned funds to the company and incurred expenses on behalf of the company. At the balance sheet date the director was owed £174,323 (2022: £41,025) by the company. Interest has been accrued on this loan at a market rate.

Manor On Demand LtdThe above is a related party by virtue of common control.During the year, the company incurred expenditure on behalf of the related party. At the balance sheet date the related party was owed £3,215 (2022: £5,205) by the company. No interest has been charged on this loan during the period.

Manor On Demand Ltd

The above is a related party by virtue of common control.

During the year, the company incurred expenditure on behalf of the related party. At the balance sheet date the related party was owed £3,215 (2022: £5,205) by the company. No interest has been charged on this loan during the period.

14. Ultimate Controlling Party
The company's ultimate controlling party is C Enstone-Watts by virtue of his majority shareholding in the company.
15. Going concern
The company is considered a going concern as it has the full support of the shareholders and directors who are not seeking repayment of their loans in the foreseeable future.
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