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Registered Number: 07969451
England and Wales

 

 

 

WERK HUBS LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 4 207,734    259,241 
207,734    259,241 
Current assets      
Debtors: amounts falling due within one year 121,348    129,114 
Debtors: amounts falling due after one year 119,594    80,598 
Cash at bank and in hand 7,942    9,988 
248,884    219,700 
Creditors: amount falling due within one year (176,339)   (143,343)
Net current assets 72,545    76,357 
 
Total assets less current liabilities 280,279    335,598 
Creditors: amount falling due after more than one year (229,018)   (288,325)
Provisions for liabilities (484)   (962)
Net assets 50,777    46,311 
 

Capital and reserves
     
Called up share capital 5 100    100 
Profit and loss account 50,677    46,211 
Shareholders' funds 50,777    46,311 
 


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:


-------------------------------
Ian Elwick
Director
1
General Information
Werk Hubs Limited is a private company, limited by shares, registered in England and Wales, registration number 07969451, registration address 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
The directors believe that the company is experiencing sustained levels of sales, and it reinvests its profits into maintaining and enhancing the properties it services.  The company 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 Value Added Tax and trade discounts.  
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.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
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
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
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 Straight Line
Computer Equipment 25 Reducing Balance
Fixtures and Fittings 25 Reducing Balance
Land and Buildings 10 Straight Line
Motor Vehicles 25 Reducing Balance
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 more than one year, gross of the finance charge.  The related finance cost is valued in prepayments, within Debtors of the company.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Capitalisation of borrowing costs
Interest accruing on a loan arrangement is capitalised at the outset of the loan within prepayments and accrued income, and released evenly across the duration of the loan repayment period.
2.

Average number of employees

Average number of employees during the year was 6 (2023 : 9).
3.

Financial Commitments, guarantees and contingencies

The Directors have given personal guarantees to Metrobank regarding the bank loan outstanding with a participating interest company for a five year loan arranged in the summer of 2018 which repays in full in May 2024.
The Directors applied for a new Metrobank loan in this company which will be supported by personal guarantees by both Directors for its full repayment in June 2025.
The Directors have 20% guarantees in place for a coronavirus business interruption loan with a participating interest company valued at £25,000 which repays in May 2026.
The Directors have a Bounceback Loan taken out in November 2020 for £50,000 which it will be repaying on a pay as you grow basis until November 2030.
The Directors have a Bounceback Loan taken out in November 2020 with a participating interest company valued at £18,000.  This will be repaid on a pay as you grow basis until November 2030.
The Directors have personal guarantees for a new Funding Circle loan taken out after the balance sheet date.  The value of this loan is £100,000 and it is due to be fully repaid October 2027.

4.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £   £
At 01 April 2023 43,410    482,494    1,800    14,109    40,256    582,069 
Additions          
Disposals     (1,800)       (1,800)
At 31 March 2024 43,410    482,494      14,109    40,256    580,269 
Depreciation
At 01 April 2023 21,864    263,119    1,565    11,288    34,905    332,741 
Charge for year 3,242    36,074      705    1,338    41,359 
On disposals     (1,565)       (1,565)
At 31 March 2024 25,106    299,193      11,993    36,243    372,535 
Net book values
Closing balance as at 31 March 2024 18,304    183,301      2,116    4,013    207,734 
Opening balance as at 01 April 2023 27,862    222,972    235    2,821    5,351    259,241 

The net book value of Plant and Machinery includes £ 9,891 (2023 £15,040) in respect of assets leased under finance leases or hire purchase contracts.

5.

Share Capital

Authorised
100 Class A shares of £1.00 each
Allotted, called up and fully paid
2024
£
  2023
£
100 Class A shares of £1.00 each 100    100 
100    100 

6.

Guarantees



Metrobank loan
A new Metrobank loan was made in December 2019 for the renewal of the Lease on one serviced property. This is a five year loan. When the Coronavirus pandemic swept through the UK and the country was placed into a three month lockdown, the Directors accepted an offer by Metrobank to have a loan repayment holiday. As a result the loan will be fully repaid in June 2025. The Directors have guaranteed this loan.
Maximum Liability Incurred Amount Paid
2024
£
 2023
£
 2024
£
 2023
£
Metrobank loan16,777 23,005 7,545 7,545 
167772300575457545
7.

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 Limited28,666 44,733 95,393 66,727 
Creative Werkplaces Limited9,419 24,769 19,658 10,239 
Werks Collaborations Limited2,044 2,106 4,543 6,587 
Rates SOS Limited3,019 (2,956)(2,956)

At April 2019, the cafe's within two serviced offices were transferred into Cafewerks Ltd, an associated company. This also manages the events and meeting room spaces along with the catering including licensed events. Monies owed at the year end relate to transactions for the maintenance and payroll, which is shared by both companies.
Creative Werkplaces Ltd shares maintenance and payroll costs.
Werks Collaborations Ltd shares maintenance and payroll costs.
Rates SOS Ltd is owed for operations shared in running both companies.
2