Company registration number 02019623 (England and Wales)
WORKFIELD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
WORKFIELD LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WORKFIELD LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
11,250
15,000
Tangible assets
4
652,593
558,953
663,843
573,953
Current assets
Stocks
384,000
463,000
Debtors
5
289,572
286,028
Cash at bank and in hand
1,202,087
1,022,316
1,875,659
1,771,344
Creditors: amounts falling due within one year
6
(633,050)
(623,731)
Net current assets
1,242,609
1,147,613
Total assets less current liabilities
1,906,452
1,721,566
Provisions for liabilities
(61,143)
(28,243)
Net assets
1,845,309
1,693,323
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,845,209
1,693,223
Total equity
1,845,309
1,693,323
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 4 December 2024 and are signed on its behalf by:
M Wood
S Wood
Director
Director
Company Registration No. 02019623
WORKFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 20 years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
No depreciation
Leasehold land and buildings
2% Straight line
Plant and machinery
15% Reducing balance
Fixtures, fittings & equipment
15% Reducing balance
Computer equipment
Enter depreciation rate via StatDB - cd198
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
WORKFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Company information
Workfield Limited is a private company limited by shares incorporated in England and Wales. The registered office is Staybright Works, Peel Street, Stalybridge, Cheshire, SK15 1PT.
WORKFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
34
33
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
75,000
Amortisation and impairment
At 1 October 2023
60,000
Amortisation charged for the year
3,750
At 30 September 2024
63,750
Carrying amount
At 30 September 2024
11,250
At 30 September 2023
15,000
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2023
453,785
995,528
1,449,313
Additions
164,989
164,989
At 30 September 2024
453,785
1,160,517
1,614,302
Depreciation and impairment
At 1 October 2023
43,843
846,519
890,362
Depreciation charged in the year
2,781
68,566
71,347
At 30 September 2024
46,624
915,085
961,709
Carrying amount
At 30 September 2024
407,161
245,432
652,593
At 30 September 2023
409,942
149,011
558,953
WORKFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
4
Tangible fixed assets
(Continued)
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
213,433
210,922
Other debtors
76,139
75,106
289,572
286,028
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
260,471
261,984
Taxation and social security
158,899
192,227
Other creditors
213,680
169,520
633,050
623,731