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XYZ Work Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 09832818
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 856,623 1,104,391
856,623 1,104,391
CURRENT ASSETS
Stocks 5 6,740 3,500
Debtors 6 917,622 444,701
Cash at bank and in hand 277,171 239,848
1,201,533 688,049
Creditors: Amounts Falling Due Within One Year 7 (9,146,969 ) (8,966,774 )
NET CURRENT ASSETS (LIABILITIES) (7,945,436 ) (8,278,725 )
TOTAL ASSETS LESS CURRENT LIABILITIES (7,088,813 ) (7,174,334 )
NET LIABILITIES (7,088,813 ) (7,174,334 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Income Statement (7,088,913 ) (7,174,434 )
SHAREHOLDERS' FUNDS (7,088,813) (7,174,334)
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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 Income Statement.
On behalf of the board
Mr Suresh Gorasia
Director
20 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
XYZ Work Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09832818 . The registered office is C/O Allied London, Suite 1, Bonded Warehouse, 18 Lower Byrom Street, Manchester, Greater Manchester, M3 4AP.
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 the provisions of Financial Reporting Standard 102 section 1A small entities, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
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 pound. 
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 2.8).
2.2. Going Concern Disclosure
The directors have assessed the financial performance and note that as at 31 December 2023 the company had net liabilities of £7,088,813 (2022: £7,174,334) and made a profit after taxation for the financial year of £85,521 (2022: £970,853).
Management has undertaken a thorough group going concern review which has included forecasts from 12 months from signing date of the financial statements to ensure the company will continue to be able to meet its liabilities for the next year from the signing date of the accounts. The forecasts included some sensitivity on the income obtained.
Whilst there is some uncertainty within any assumption, these financial statements have been prepared on a going concern basis as the board considers that the company will be able to continue to trade as a going concern and meet its liabilities as they fall due.
2.3. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation.
The value of the leasehold improvements are being depreciated over the term of the lease, using the straight line method. The assets are assessed for impairment on an annual basis.
Leasehold Term of the lease
Plant & Machinery 3 - 5 years
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. Financial Instruments
Financial assets
Financial assets, other than investments and derivatives, are initially measured at transaction price (including transaction costs) and subsequently held at cost, less any impairment.
Financial liabilities and equity
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial liabilities, excluding convertible debt and derivatives, are initially measured at transaction price (including transaction costs) and subsequently held at amortised cost.
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2.7. Taxation
Deferred Taxation
Deferred balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except: 
• The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; 
• Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and 
• Where timing differences relate to interests in subsidiaries, associates, branches and joint ventures and the group can control their reversal and such reversal is not considered probable in the foreseeable future. 
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. 
Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
2.8. Judgements in applying accounting policies and key sources of estimation uncertainty
In preparing these financial statements, the directors consider that there are no significant judgements in applying the accounting policies. Nor are there any key sources of uncertainty.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Directors 4 4
4 4
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Total
£ £ £
Cost
As at 1 January 2023 1,967,714 13,598 1,981,312
Additions (89,308 ) 17,489 (71,819 )
As at 31 December 2023 1,878,406 31,087 1,909,493
Depreciation
As at 1 January 2023 876,432 489 876,921
Provided during the period 167,667 8,282 175,949
As at 31 December 2023 1,044,099 8,771 1,052,870
Net Book Value
As at 31 December 2023 834,307 22,316 856,623
As at 1 January 2023 1,091,282 13,109 1,104,391
5. Stocks
2023 2022
£ £
Stock - consumables 6,740 3,500
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6. Debtors
2023 2022
£ £
Due within one year
Trade debtors - 86,868
Prepayments and accrued income 330,148 327,045
Other debtors 8,843 22,659
Amounts owed by group undertakings 578,631 -
Amounts owed by related parties - 8,129
917,622 444,701
Amounts owed by group undertakings and related parties are repayable upon demand and are not interest bearing.
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 458,013 552,856
Other creditors 88,622 100,452
Accruals and deferred income 1,956,145 3,584,162
Amounts owed to group undertakings 6,644,189 4,729,304
9,146,969 8,966,774
Amounts owed to group undertakings are repayable upon demand and are not interest bearing.
8. Share Capital
2023 2022
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.000 each 100 100
9. Financial Instruments
The company considers that the fair value of cash and cash equivalents, trade and other receivables, and trade and other payables are not materially different to their carrying value. There are no financial instruments at fair value through profit and loss.
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 856,205 856,205
Later than one year and not later than five years 3,363,643 3,538,603
Later than five years - 695,906
4,219,848 5,090,714
11. Related Party Transactions
The company has taken advantage of the exemption allowed by Financial Reporting Standard 102, "Related party disclosures" Section 33.1A not to disclose details of related party transactions with entities that are 100% owned members of the Allied London Properties Limited group.
Allied London Quay Street Two Limited
The directors of Allied London Quay Street Two Limited are also directors of XYZ Work Limited. The company is owed £nil from Allied London Quay Street Two Limited (2022: £8,129).
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12. Ultimate Controlling Party
The company's immediate parent company is Allied London Properties Limited . The ultimate parent company is Capital Holdco Limited, a holding company registered in the British Virgin Islands.
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