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Registered number: 13321426
Workroom South West Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13321426
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 3,307 5,014
Tangible Assets 5 166,240 99,022
169,547 104,036
CURRENT ASSETS
Stocks 6 221,084 77,033
Debtors 7 100,702 91,737
Cash at bank and in hand 153,996 28,500
475,782 197,270
Creditors: Amounts Falling Due Within One Year 8 (373,044 ) (295,579 )
NET CURRENT ASSETS (LIABILITIES) 102,738 (98,309 )
TOTAL ASSETS LESS CURRENT LIABILITIES 272,285 5,727
Creditors: Amounts Falling Due After More Than One Year 9 (74,585 ) (28,988 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (20,204 ) (19,768 )
NET ASSETS/(LIABILITIES) 177,496 (43,029 )
CAPITAL AND RESERVES
Called up share capital 11 400 400
Share premium account 52,405 52,405
Profit and Loss Account 124,691 (95,834 )
SHAREHOLDERS' FUNDS 177,496 (43,029)
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For the year ending 31 July 2024 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
Mr W J Shaw
Director
01/10/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Workroom South West Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13321426 . The registered office is Unit 4a/B Little Green Rooms, Merton Road, Bristol, BS7 8TL.
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets include wesbite development cost. It is amortised to profit and loss account over its estimated economic life of 4 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% Straight line
Plant & Machinery 20% Straight line
Motor Vehicles 20% Reducing balance
Fixtures & Fittings 20% Straight line
Computer Equipment 25% Straight line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. 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.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2023: 9)
11 9
4. Intangible Assets
Other
£
Cost
As at 1 August 2023 6,825
As at 31 July 2024 6,825
Amortisation
As at 1 August 2023 1,811
Provided during the period 1,707
As at 31 July 2024 3,518
Net Book Value
As at 31 July 2024 3,307
As at 1 August 2023 5,014
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 August 2023 10,808 7,850 82,503 12,769
Additions - 12,233 73,830 534
As at 31 July 2024 10,808 20,083 156,333 13,303
...CONTINUED
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Page 5
Depreciation
As at 1 August 2023 2,396 2,037 7,893 3,532
Provided during the period 1,081 2,679 20,519 2,616
As at 31 July 2024 3,477 4,716 28,412 6,148
Net Book Value
As at 31 July 2024 7,331 15,367 127,921 7,155
As at 1 August 2023 8,412 5,813 74,610 9,237
Computer Equipment Total
£ £
Cost
As at 1 August 2023 1,439 115,369
Additions 9,146 95,743
As at 31 July 2024 10,585 211,112
Depreciation
As at 1 August 2023 489 16,347
Provided during the period 1,630 28,525
As at 31 July 2024 2,119 44,872
Net Book Value
As at 31 July 2024 8,466 166,240
As at 1 August 2023 950 99,022
6. Stocks
2024 2023
£ £
Stock 221,084 77,033
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 22,100 56,962
Other debtors 78,602 34,775
100,702 91,737
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 17,503 2,593
Trade creditors 93,970 94,803
Bank loans and overdrafts - 26,125
Other creditors 201,435 143,618
Taxation and social security 60,136 28,440
373,044 295,579
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9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 74,585 28,988
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 17,503 2,593
Later than one year and not later than five years 74,585 28,988
92,088 31,581
92,088 31,581
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 400 400
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