Company registration number 06598369 (England and Wales)
WORKPLATFORM LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
WORKPLATFORM LIMITED
COMPANY INFORMATION
Directors
J S Hull
J Hull
A L Smith
P B Harbey
D Brooks
Company number
06598369
Registered office
Redgate House Warke Flatt
Willow Farm Business Park
Castle Donington
Derbyshire
DE74 2UD
Auditor
DJH Audit Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
WORKPLATFORM LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Balance sheet
8
Notes to the financial statements
9 - 20
Non-statutory pages
WORKPLATFORM LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The directors present the strategic report for the year ended 30 June 2024.
Review of the business
The company has had a satisfactory year of financial performance, accepting that the prior year was always known to be exceptional due to a number of factors that combined specifically during that time. The Directors see the year to June 2024 as a more normal trading pattern for the business. Stock levels are still high at June 2024 as a result of the prior year activity levels, and there are plans to reducing this during the coming year.
The directors are satisfied with the financial performance and have retained reserves within the Company to continue building on the financial security of the business. The development of the senior management team continues to be successful, bringing broader skills and reducing the reliance on any one individual.
Economic conditions remain uncertain with a new government, and the potential for increased costs of employing staff and increased tax costs for businesses. The expectations at this early stage are that 2025 may be a similar year to 2024 for the business, with more focus on working capital, cash flow and controlling stock levels.
Key performance indicators
Unit
2024
2023
Turnover
£
17,075,056
22,103,141
Gross profit
%
23
22
Profit before tax
£
624,393
1,776,874
Principal risks and uncertainties
The company faces a range of risks and uncertainties in the same way as any other business from day to day trading activities. Key risks include relationships with key suppliers, general trading conditions, the UK economic climate, and exchange rates fluctuations. From a financial point of view, stock is a key asset to the business, as is recoverability of trade debtors.
These risks are managed by maintaining close relationships with our key suppliers and ensuring the business has a secure foundation with profits being reinvested into the business. Specifically, being the only full line Genie dealer in the UK means that the business focusses significant risk management on the relationship with this key supplier. Working capital facilities are under regular review and are kept flexible in order for the business to make changes quickly to take opportunities as they appear in the market.
The Holding company owns the business premises that the company trades from, which also provides security and financial stability to protect against financial risks to the business.
J S Hull
Director
9 January 2025
WORKPLATFORM LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
The directors present their annual report and financial statements for the year ended 30 June 2024.
Principal activities
The principal activity of the company continued to be that of sale and repair of access platforms.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £350,000. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J S Hull
J Hull
A L Smith
P B Harbey
D Brooks
Financial instruments
Financial risk management policies
As part of the yearly budgetary reviews by the company the Directors and senior management team assess business risks:-
Asset management – Considerable attention is given to the selection and maintenance of the plant and stock held by the group.
Credit risk – Stringent credit control procedures are maintained to manage credit risks. The Company maintains close working relationships with its customers and resolves overdue payments promptly.
Liquidity risk – The company closely monitors the cash position of the company however the company has adequate cash resources, with more than adequate lines of credit with key suppliers to meet its requirements.
Quarterly, the Directors assess and manage any risks to the business.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
J S Hull
Director
9 January 2025
WORKPLATFORM LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
WORKPLATFORM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WORKPLATFORM LIMITED
- 4 -
Opinion
We have audited the financial statements of Workplatform Limited (the 'company') for the year ended 30 June 2024 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
WORKPLATFORM LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WORKPLATFORM LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
We are not responsible for preventing irregularities. Our approach to detecting irregularities included, but was not limited to, the following:
- Obtaining an understanding of the entity's policies and procedures and how the entity has complied with these, through discussions.
- Obtaining an understanding of the entity's risk assessment process, including the risk of fraud.
- Enquiring of management as to actual and potential fraud, litigation and claims.
- Performing analytical procedures to identify any large, unusual or unexpected relationships.
Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
WORKPLATFORM LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WORKPLATFORM LIMITED
- 6 -
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
David Newborough (Senior Statutory Auditor)
For and on behalf of DJH Audit Limited, Statutory Auditor
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
WORKPLATFORM LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
17,075,056
22,103,141
Cost of sales
(13,131,911)
(17,159,166)
Gross profit
3,943,145
4,943,975
Administrative expenses
(3,028,122)
(2,988,761)
Operating profit
4
915,023
1,955,214
Interest receivable and similar income
8
9,476
4,689
Interest payable and similar expenses
9
(300,106)
(183,029)
Profit before taxation
624,393
1,776,874
Tax on profit
10
(160,359)
(366,510)
Profit for the financial year
464,034
1,410,364
Retained earnings brought forward
2,995,561
2,285,197
Dividends
(350,000)
(700,000)
Retained earnings carried forward
3,109,595
2,995,561
WORKPLATFORM LIMITED
BALANCE SHEET
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
293,943
309,705
Current assets
Stocks
12
6,308,529
6,179,182
Debtors
13
2,049,053
2,126,716
Cash at bank and in hand
1,830,764
2,944,088
10,188,346
11,249,986
Creditors: amounts falling due within one year
14
(7,245,558)
(8,374,104)
Net current assets
2,942,788
2,875,882
Total assets less current liabilities
3,236,731
3,185,587
Creditors: amounts falling due after more than one year
15
(62,608)
(122,093)
Provisions for liabilities
Deferred tax liability
18
64,428
67,833
(64,428)
(67,833)
Net assets
3,109,695
2,995,661
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
21
3,109,595
2,995,561
Total equity
3,109,695
2,995,661
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 9 January 2025 and are signed on its behalf by:
J S Hull
Director
Company registration number 06598369 (England and Wales)
WORKPLATFORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
1
Accounting policies
Company information
Workplatform Limited is a private company limited by shares incorporated in England and Wales. The registered office is Redgate House Warke Flatt, Willow Farm Business Park, Castle Donington, Derbyshire, DE74 2UD.
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.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Workplatform Holdings Limited. These consolidated financial statements are available from its registered office, Redgate House, Warke Flatt , Willow Farm Business park, Castle Donington, Derbyshire, DE74 2UD.
1.2
Going concern
Atruet 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.
WORKPLATFORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 10 -
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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.
Specifically the company recognises revenue on machines sales and spare parts when the goods are despatched. Repairs and services revenue is recognised over the duration of the agreement when the amount of revenue can be measured reliably or on completion of the work for one off jobs. Rental income is recognised based on the period of hire.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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:
Plant and equipment
20% straight line basis
Fixtures, fittings and equipment
10%, 25% & 33% straight line basis
Motor vehicles
25% reducing balance basis
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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. Cost is determined using the first-in, first-out (FIFO) method.
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.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
WORKPLATFORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 11 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
WORKPLATFORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 12 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.8
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 tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
WORKPLATFORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating 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.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
14,597,564
19,784,565
Repairs and servicing
2,223,725
2,018,356
Other revenue
253,767
300,220
17,075,056
22,103,141
2024
2023
£
£
Turnover analysed by geographical market
UK
16,625,853
20,450,601
Europe
350,243
1,504,415
Rest of world
98,960
148,125
17,075,056
22,103,141
WORKPLATFORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
80,317
82,342
Profit on disposal of tangible fixed assets
-
(12,063)
Operating lease charges
85,334
96,357
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
8,921
8,496
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Administration and support
12
11
Sales and distribution
3
3
Engineers and servicing
12
12
Total
27
26
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
1,266,597
1,247,528
Social security costs
146,172
140,802
Pension costs
39,875
38,905
1,452,644
1,427,235
7
Directors' remuneration
2024
2023
£
£
Remuneration
349,906
396,301
Company pension contributions to defined contribution schemes
10,561
12,333
360,467
408,634
WORKPLATFORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
7
Directors' remuneration
(Continued)
- 15 -
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 4).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration
132,086
187,267
Company pension contributions to defined contribution schemes
2,962
2,834
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
9,476
4,689
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
10,453
15,889
Interest on finance leases and hire purchase contracts
2,082
1,192
12,535
17,081
Other finance costs:
Other interest on financial liabilities
274,102
165,948
Interest on overdue taxation
13,469
Total finance costs
300,106
183,029
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
163,764
317,947
Adjustments in respect of prior periods
17
Total current tax
163,764
317,964
Deferred tax
Origination and reversal of timing differences
(3,405)
48,546
Total tax charge
160,359
366,510
WORKPLATFORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Taxation
(Continued)
- 16 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
624,393
1,776,874
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
156,098
364,259
Tax effect of expenses that are not deductible in determining taxable profit
4,339
3,327
Under/(over) provided in prior years
17
Deferred tax expense
(3,405)
48,546
Effect of capital allowances and depreciation
3,365
(49,737)
Changes in pension fund prepayment
(38)
98
Taxation charge for the year
160,359
366,510
The standard rate of corporation tax has changed in the current year due to a change in UK tax rates part way through the year.
11
Tangible fixed assets
Plant and equipment
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
98,274
316,832
297,899
713,005
Additions
5,368
59,187
64,555
Disposals
(10,421)
(43,714)
(54,135)
At 30 June 2024
87,853
278,486
357,086
723,425
Depreciation and impairment
At 1 July 2023
90,424
222,425
90,451
403,300
Depreciation charged in the year
5,342
20,648
54,327
80,317
Eliminated in respect of disposals
(10,421)
(43,714)
(54,135)
At 30 June 2024
85,345
199,359
144,778
429,482
Carrying amount
At 30 June 2024
2,508
79,127
212,308
293,943
At 30 June 2023
7,850
94,407
207,448
309,705
WORKPLATFORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
11
Tangible fixed assets
(Continued)
- 17 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Motor vehicles
134,418
103,596
12
Stocks
2024
2023
£
£
Finished goods
6,308,529
6,179,182
The carrying amount of stocks includes £2,148,974 (2023 - £2,702,006) pledged as security for liabilities.
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,895,968
1,978,093
Prepayments and accrued income
153,085
148,623
2,049,053
2,126,716
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Loans and borrowings
16
2,264,154
2,809,314
Trade creditors
4,220,975
4,217,889
Amounts owed to group undertakings
148,750
631,382
Corporation tax
53,764
317,947
Other taxation and social security
387,682
172,112
Other creditors
12,154
11,456
Accruals and deferred income
158,079
214,004
7,245,558
8,374,104
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Loans and borrowings
16
62,608
122,093
WORKPLATFORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
16
Loans and borrowings
2024
2023
£
£
Bank loans
82,281
146,341
Hire purchase and finance lease liabilities
95,507
83,060
Stock Financing
2,148,974
2,702,006
2,326,762
2,931,407
Payable within one year
2,264,154
2,809,314
Payable after one year
62,608
122,093
Hire purchase liabilities are secured on the vehicles on which the leases are held. The aggregate liabilities are £95,507 (2023 - £83,060).
In addition to the above, creditors includes liabilities totalling £2,148,974 (2023 - £2,702,006) which are secured against stock of the company.
Also included in loans and borrowings above is an amount of £82,281 received previously under the Coronavirus Business Interruption Loan Scheme (CBILS) (2023 - £146,341). Under the terms of this loan, the repayment period is 60 months ending August 2025 and the company has provided security over the loan by way of a debenture over all assets of the company. The interest rate on this loan is 8.9%.
17
Hire purchase obligations
2024
2023
Future minimum lease payments due under hire purchase:
£
£
Within one year
45,181
43,248
In two to five years
50,326
39,812
95,507
83,060
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Balance bfwd
67,833
19,288
Charge / (credit) to profit & loss
(3,405)
48,545
64,428
67,833
WORKPLATFORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
18
Deferred taxation
(Continued)
- 19 -
2024
Movements in the year:
£
Liability at 1 July 2023
67,833
Credit to profit or loss
(3,405)
Liability at 30 June 2024
64,428
The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £17,743 (2023 - £21,507).
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
39,875
38,905
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Contributions totalling £7,563 (2023 - £6,927) were payable to the scheme at the end of the year and are included in other creditors.
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
90
90
90
90
Ordinary B shares of £1 each
10
10
10
10
100
100
100
100
Rights, preferences and restrictions
Ordinary A and Ordinary B have the following rights, preferences and restrictions:
Each share has full rights in the company with the respect to voting, dividends and distributions.
21
Profit and loss reserves
Profit and loss account
The profit and loss account represents cumulative profits net of dividends and other adjustments.
WORKPLATFORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
22
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
57,337
77,393
Between two and five years
34,071
58,824
91,408
136,217
The amount of non-cancellable operating lease payments recognised as an expense during the year was £80,937 (2023 - £96,357).
23
Events after the reporting date
After the balance sheet date, £100,000 of dividends were voted and paid.
24
Related party transactions
The company has taken advantage of the exemption in FRS102 Section 33 'Related Party Disclosures' from disclosing transactions with other members of the group.
25
Ultimate controlling party
The company's immediate parent is Workplatform Holdings Limited, incorporated in England & Wales.
The parent of the smallest and largest group in which these financial statements are consolidated is is Workplatform Holdings Limited, incorporated in England & Wales.
The address of Workplatform Holdings Limited is:
Redgate House Warke Flatt, Willow Farm Business Park, Castle Donington, Derbyshire, United Kingdom, DE74 2UD.
These financial statements are available upon request from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
The ultimate controlling party is J S Hull.
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