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Company No: 03364358 (England and Wales)

WORKSCAPE LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

WORKSCAPE LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

WORKSCAPE LIMITED

BALANCE SHEET

As at 31 May 2024
WORKSCAPE LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 82,502 61,663
82,502 61,663
Current assets
Stocks 4 41,751 33,017
Debtors 5 165,242 151,725
Cash at bank and in hand 2,028,703 2,116,770
2,235,696 2,301,512
Creditors: amounts falling due within one year 6 ( 899,195) ( 948,256)
Net current assets 1,336,501 1,353,256
Total assets less current liabilities 1,419,003 1,414,919
Net assets 1,419,003 1,414,919
Capital and reserves
Called-up share capital 7 880 880
Profit and loss account 1,418,123 1,414,039
Total shareholder's funds 1,419,003 1,414,919

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Workscape Limited (registered number: 03364358) were approved and authorised for issue by the Board of Directors on 07 January 2025. They were signed on its behalf by:

J V Sadler
Director
WORKSCAPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
WORKSCAPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Workscape Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 90 Victoria Street, Bristol, BS1 6DP, United Kingdom. The principal place of business is Unit 2 Westpoint Business Park, Bumpers Farm, Chippenham, SN14 6RB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company's activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the Company.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

In respect of long—term contracts and contracts for on—going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for ongoing services is recognised by reference to the stage of completion.

Taxation

Current tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income

Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Plant and machinery 5 years straight line
Vehicles 4 years straight line
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are valued at lower of cost and net realisable value, after making due allowance for obsolete and slow-moving stocks.

Work in progress is valued on basis of direct costs plus attributable overheads based on normal level of activities. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. lf contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 12

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 June 2023 59,948 13,008 190,971 181,386 445,313
Additions 1,122 0 46,077 8,821 56,020
At 31 May 2024 61,070 13,008 237,048 190,207 501,333
Accumulated depreciation
At 01 June 2023 59,948 13,008 129,308 181,386 383,650
Charge for the financial year 218 0 32,513 2,450 35,181
At 31 May 2024 60,166 13,008 161,821 183,836 418,831
Net book value
At 31 May 2024 904 0 75,227 6,371 82,502
At 31 May 2023 0 0 61,663 0 61,663

4. Stocks

2024 2023
£ £
Work in progress 27,038 20,011
Finished goods 14,713 13,006
41,751 33,017

5. Debtors

2024 2023
£ £
Trade debtors 143,886 122,968
Prepayments 21,356 28,757
165,242 151,725

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 283,041 136,784
Amounts owed to directors 251,666 423,376
Accruals and deferred income 215,371 257,842
Taxation and social security 132,021 91,063
Other creditors 17,096 39,191
899,195 948,256

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
880 Ordinary shares of £ 1.00 each 880 880

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 24,083 0
between one and five years 6,021 0
30,104 0