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Registered Number: 12482727
England and Wales

 

 

 

WERKS COLLABORATIONS LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Werks Collaborations Limited for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and related notes from the companys accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://icaew.com/regulations.

This report is made solely to the Board of Directors of Werks Collaborations Limited, as a body, in accordance with the terms of our engagement letter dated 21 November 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Werks Collaborations Limited and state those matters that we have agreed to state to the Board of Directors of Werks Collaborations Limited, as a body, in this report in accordance with AAF 2/10 as detailed at http://icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Werks Collaborations Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Werks Collaborations Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Werks Collaborations Limited. You consider that Werks Collaborations Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Werks Collaborations Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.



Acorn Financial Solutions Limited

99 Brentwood Road
Brighton
BN1 7ET
21 November 2024
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 50,958    62,026 
50,958    62,026 
Current assets      
Debtors 49,547    58,409 
Cash at bank and in hand 6,708    5,732 
56,255    64,141 
Creditors: amount falling due within one year (50,348)   (91,851)
Net current assets 5,907    (27,710)
 
Total assets less current liabilities 56,865    34,316 
Creditors: amount falling due after more than one year (65,059)   (74,655)
Net assets (8,194)   (40,339)
 

Capital and reserves
     
Called up share capital 4 20    20 
Profit and loss account (8,214)   (40,359)
Shareholders' funds (8,194)   (40,339)
 


For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 21 November 2024 and were signed on its behalf by:


-------------------------------
Martin Bouette
Director
2
General Information
Werks Collaborations Limited is a private company, limited by shares, registered in England and Wales, registration number 12482727, registration address Werks Central, 15-17 Middle Street, Brighton, East Sussex, BN1 1AL.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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).
Going concern basis
During 2022-23, there was high inflation, high utility bills and a cost of living crisis which meant previously agreed cost allocations with Lewes District Council were reviewed and changed.  Since the year end, the Lewes District Council has requested the electricity utility account be managed by the company.  Solar panels have been installed on the building to mitigate against the impact of high utility cost surges.  

During 2021-22 and continuing through 2022-23, the Valuation Office objected to the split of the rooms between clients.  The company has submitted many applications in an attempt to rectify the Non-Domestic Rates issue for the building.  That, as the company's business model is based on passing the benefit of small business rate relief (SBRR) on to its clients, securing the validation of the spilt was vital to profitability, and this will be proved when the VOA has cleared its backlog.  Half way through 2023-24, there was acceptance from the Valuation officer of the changes within the building and with the support of Lewes District Council Rates officers, there is movement towards a conclusion on the cost of Rates for the building for the communal spaces.
Since the above, utility contracts have been taken on by the company in the current calendar year which has been possible under contracted rates making the costs more easily controlled.  The Valuation Office finally accepted the split of the rooms and a Non-Domestic Rates rebate was received before, and a further rebate after, the year end restoring profitability in the company's operations.
The directors believe that the company is experiencing good levels of sales growth and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of trade discounts.  The company is not registered for Value Added Tax.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 10 years Straight Line
Fixtures and Fittings 4 years Straight Line
Computer Equipment 4 years Straight Line
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
2.

Average number of employees

Average number of employees during the year was 3 (2023 : 4).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Plant and Machinery   Total
  £   £   £   £
At 01 April 2023 2,444    17,550    60,690    80,684 
Additions      
Disposals      
At 31 March 2024 2,444    17,550    60,690    80,684 
Depreciation
At 01 April 2023 1,027    6,504    17,196    24,727 
Charge for year 611    4,388      4,999 
On disposals      
At 31 March 2024 1,638    10,892    17,196    29,726 
Net book values
Closing balance as at 31 March 2024 806    6,658    43,494    50,958 
Opening balance as at 01 April 2023 1,417    11,046    49,563    62,026 

The net book value of Plant and Machinery includes £ 43,494 (2023 £43,494) in respect of assets leased under finance leases or hire purchase contracts.

4.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
20 Class A shares of £1.00 each 20    20 
20    20 

5.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2024
£
 2023
£
 2024
£
 2023
£
Cafewerks Limited11,002 11,002 11,002 
Werk Hubs Limited2,045 2,106 (4,542)(6,587)
Rates SOS Ltd1,280 1,280 2,560 1,280 

Loans made to Cafewerks Ltd were used to finance the fit out of the cafe within the building, and to support the recruitment of staff whilst the cafe set up its operations.
Loans from Werk Hubs Limited related to staff time, maintenance and management in setting up the business ready for renting the office space, sorting snaps and repairs and generally maintaining the operations of the building for all property safety and maintenance, administration and finance.
Rates SOS Ltd has provided support in managing utility contracts and service contracts for the company. This balance represents payments paid towards these services in the year.
3