IRIS Accounts Production v24.3.0.553 04551319 Board of Directors 1.2.23 31.1.24 31.1.24 Medium entities refurbishment and design of offices, together with the provision of storage. true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary A 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh045513192023-01-31045513192024-01-31045513192023-02-012024-01-31045513192022-01-31045513192022-02-012023-01-31045513192023-01-3104551319ns15:EnglandWales2023-02-012024-01-3104551319ns14:PoundSterling2023-02-012024-01-3104551319ns10:Director12023-02-012024-01-3104551319ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3104551319ns10:MediumEntities2023-02-012024-01-3104551319ns10:Audited2023-02-012024-01-3104551319ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-02-012024-01-3104551319ns10:Medium-sizedCompaniesRegimeForAccounts2023-02-012024-01-3104551319ns10:FullAccounts2023-02-012024-01-3104551319ns10:OrdinaryShareClass12023-02-012024-01-3104551319ns10:Director22023-02-012024-01-3104551319ns10:RegisteredOffice2023-02-012024-01-3104551319ns5:CurrentFinancialInstruments2024-01-3104551319ns5:CurrentFinancialInstruments2023-01-3104551319ns5:ShareCapital2024-01-3104551319ns5:ShareCapital2023-01-3104551319ns5:CapitalRedemptionReserve2024-01-3104551319ns5:CapitalRedemptionReserve2023-01-3104551319ns5:RetainedEarningsAccumulatedLosses2024-01-3104551319ns5:RetainedEarningsAccumulatedLosses2023-01-3104551319ns5:ShareCapital2022-01-3104551319ns5:RetainedEarningsAccumulatedLosses2022-01-3104551319ns5:CapitalRedemptionReserve2022-01-3104551319ns5:RetainedEarningsAccumulatedLosses2022-02-012023-01-3104551319ns5:CapitalRedemptionReserve2022-02-012023-01-3104551319ns5:RetainedEarningsAccumulatedLosses2023-02-012024-01-3104551319ns5:CapitalRedemptionReserve2023-02-012024-01-3104551319ns5:PlantMachinery2023-02-012024-01-3104551319ns5:FurnitureFittings2023-02-012024-01-3104551319ns5:MotorVehicles2023-02-012024-01-3104551319ns5:ComputerEquipment2023-02-012024-01-310455131912023-02-012024-01-3104551319ns15:UnitedKingdom2023-02-012024-01-3104551319ns15:UnitedKingdom2022-02-012023-01-3104551319ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-02-012024-01-3104551319ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-02-012023-01-3104551319ns5:OwnedAssets2023-02-012024-01-3104551319ns5:OwnedAssets2022-02-012023-01-310455131912023-02-012024-01-310455131912022-02-012023-01-3104551319ns10:OrdinaryShareClass12022-02-012023-01-3104551319ns5:PlantMachinery2023-01-3104551319ns5:FurnitureFittings2023-01-3104551319ns5:MotorVehicles2023-01-3104551319ns5:ComputerEquipment2023-01-3104551319ns5:PlantMachinery2024-01-3104551319ns5:FurnitureFittings2024-01-3104551319ns5:MotorVehicles2024-01-3104551319ns5:ComputerEquipment2024-01-3104551319ns5:PlantMachinery2023-01-3104551319ns5:FurnitureFittings2023-01-3104551319ns5:MotorVehicles2023-01-3104551319ns5:ComputerEquipment2023-01-3104551319ns5:WithinOneYearns5:CurrentFinancialInstruments2024-01-3104551319ns5:WithinOneYearns5:CurrentFinancialInstruments2023-01-3104551319ns5:DeferredTaxation2023-01-3104551319ns5:DeferredTaxation2023-02-012024-01-3104551319ns5:DeferredTaxation2024-01-3104551319ns10:OrdinaryShareClass12024-01-310455131912023-02-012024-01-31
REGISTERED NUMBER: 04551319 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 January 2024

for

Workplace Creations Limited

Workplace Creations Limited (Registered number: 04551319)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Statement of Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


Workplace Creations Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: C T Bryan
R C Wilkinson





REGISTERED OFFICE: Chiltlee Manor
50 Chiltlee Manor Estate
Liphook
Hampshire
GU30 7AZ





REGISTERED NUMBER: 04551319 (England and Wales)





INDEPENDENT AUDITORS: Nortons Assurance Limited
Second Floor
Now Building
Thames Valley Park
Reading
Berkshire
RG6 1RB

Workplace Creations Limited (Registered number: 04551319)

Strategic Report
for the Year Ended 31 January 2024

The directors present their strategic report for the year ended 31 January 2024.

REVIEW OF BUSINESS
Principal Activities
During the financial period under review, the principal activity of the company was the refurbishment and design of offices, along with the provision of storage services to UK customers. These activities form the foundation of the company’s operations, with a focus on delivering high-quality services tailored to client needs.

Business Performance and Growth
The directors are pleased to report a strong financial and operational performance during the period. Growth has been driven by strengthening existing client relationships and the success of a new marketing strategy that has enhanced the company’s reputation within the industry.

Key Performance Indicators (KPIs) used to measure the Company’s success include:
Revenue Growth: Total turnover increased by 28.7% to £26,583,626, reflecting significant year-on-year growth.
Gross Profit Margin: Gross profit margin remained stable at 24% in the current year, compared to 25% in the previous year, demonstrating consistent profitability despite the rapid growth.
Cash Position: The company ended the period with a strong cash balance of £3,156,803, providing flexibility for future investments.

Future Outlook and Strategic Investments
The directors are confident that the company is well-positioned for continued growth and success. Strategic investments are being made to expand the experienced team, ensuring the company remains at the forefront of the industry as well as, enhance marketing resources to further promote brand awareness and support continued expansion.

These initiatives aim to solidify the company’s market position and capitalize on opportunities for further growth.

Customer Relationships and Satisfaction
Customer satisfaction remains at the core of the company’s success. Positive feedback and ongoing work from existing client relationships highlight the trust and value placed in the company’s services. The focus on client retention has been a key driver of repeat business and sustained performance.

The directors are pleased with the company’s achievements during the financial period and remain optimistic about the future. With a clear strategy, strong financial position, and a focus on customer satisfaction, the company is well-placed to continue delivering growth and value in the coming years.


Workplace Creations Limited (Registered number: 04551319)

Strategic Report
for the Year Ended 31 January 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The company operates in an environment where certain risks and uncertainties could impact its performance and financial position. The directors actively monitor and manage these risks to ensure the company remains resilient and well-prepared to address potential challenges.

A significant risk for the company is the potential for unpaid balances due from customers. To mitigate this risk, the company has implemented strict credit control processes to monitor and manage amounts receivable. A dedicated customer relations team works closely with clients to ensure timely payments and resolve any issues proactively.

Additionally, a reserve balance is maintained as a contingency to cover potential delays in the receipt of funds. These measures ensure that the company remains financially stable and can mitigate the impact of delayed or unpaid customer balances.

Another key risk is the potential loss of a major supplier, which could pose challenges to the company’s operations. The directors have conducted a comprehensive review of the products used and supplier dependencies. The company maintains relationships with multiple suppliers to ensure continuity of supply, and alternative suppliers are identified and ready to replace any loss, minimising disruption to operations. These actions ensure the company’s supply chain remains robust and capable of supporting business activities.

The directors remain confident that the measures in place to manage these risks are effective and proportionate, supporting the long-term stability and growth of the business.

GOING CONCERN
The considered view of the directors is that, the directors have a reasonable expectation that the company has adequate resources to continue operations for the foreseeable future.

The directors are not aware of any events likely to occur in the foreseeable future that may impact on the company's ability to continue as a going concern. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements for the year ended 31 January 2024.

The directors have reached this conclusion having regard to circumstances which they consider may occur during a period of at least twelve months from the date of approval of the financial statements.

RESEARCH AND DEVELOPMENT
During the year, the company continued to invest in research and development activities aimed at enhancing its product and service offerings.

The company recognises the importance of staying at the forefront of technological advancements and remains committed to fostering innovation to address the evolving needs of its customers. Expenditure on R&D has been carefully allocated to projects that align with the company’s strategic goals and long-term value creation.

Looking ahead, the company will continue to spend on R&D to gain a competitive advantage, ensuring that resources are effectively used to maximise returns and maintain a strong market position.


Workplace Creations Limited (Registered number: 04551319)

Strategic Report
for the Year Ended 31 January 2024

DUTY TO PROMOTE THE SUCCESS OF THE COMPANY
The directors have carried out their duty to promote the success of the company under section 172(1) of the Companies Act 2006. In doing so, they have considered the long-term consequences of their decisions, the interests of the company’s employees, and the need to foster relationships with suppliers, customers, and other stakeholders.

Key considerations and actions undertaken during the year include:

- Long-term Strategy: The directors have prioritised sustainable growth by investing in key areas such as R&D, employee development and marketing

- Employee Engagement: Initiatives to support staff well-being and professional development were implemented, reflecting the company’s commitment to its workforce.

- Stakeholder Relationships: Strong relationships with suppliers, customers, and the wider community were actively maintained.

- Environmental and Social Impact: Efforts were made to minimise the company’s environmental footprint and contribute positively to society, in line with the company’s values and stakeholder expectations.

The directors remain committed to balancing the interests of all stakeholders while ensuring the company operates in a responsible and sustainable manner, thereby delivering long-term value for shareholders and other stakeholders alike.

ON BEHALF OF THE BOARD:





C T Bryan - Director


30 January 2025

Workplace Creations Limited (Registered number: 04551319)

Report of the Directors
for the Year Ended 31 January 2024

The directors present their report with the financial statements of the company for the year ended 31 January 2024.

DIVIDENDS
The profit for the year after taxation, amounted to £1,894,972 (2023: £1,473,253).

Dividends for the financial year amounted to £1,466,948 (2023: £1,147,469).

Interim dividends of £176,971 were declared and paid to shareholders post year-end.

FUTURE DEVELOPMENTS
The company intends to build on its current activities by enhancing growth and strengthening its market position.

This will be achieved through continued investment in research and development, improving operational efficiency, and exploring opportunities to expand into new markets and segments. The company is committed to adopting sustainable practices, reducing its environmental impact, and fostering strong relationships with stakeholders.

Additionally, it will continue to prioritise the professional development and well-being of its employees, recognising their critical role in achieving long-term success and delivering value to shareholders and the wider community.

POST BALANCE SHEET EVENTS
There have been no significant events affecting the company since the year end.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

C T Bryan
R C Wilkinson

POLITICAL DONATIONS AND EXPENDITURE
The company did not make any disclosable political donations in the current financial period.

MATTERS COVERED IN THE STRATEGIC REPORT
As permitted by Section 414c(11) of the Companies Act 2006, the directors have elected to disclose information required to be in the Directors' report by Schedule 7 of the 'Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008', in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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.


Workplace Creations Limited (Registered number: 04551319)

Report of the Directors
for the Year Ended 31 January 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Nortons Assurance Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C T Bryan - Director


30 January 2025

Report of the Independent Auditors to the Members of
Workplace Creations Limited

Opinion
We have audited the financial statements of Workplace Creations Limited (the 'company') for the year ended 31 January 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 31 January 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.

Basis for opinion
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 Auditors' 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Workplace Creations Limited


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 directors' 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 Statement of Directors' Responsibilities set out on pages five and six, 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 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.

Report of the Independent Auditors to the Members of
Workplace Creations Limited


Auditors' 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 a Report of the Auditors 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 out responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which out procedures are capable of detecting irregularities, including fraud is below:

The objectives of our audit, in respect to fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

o We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework including the Companies Act 2006 and the relevant tax compliance regulations in the UK.

o We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures.

o We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur by discussing with management to understand where it considered there was a susceptibility to fraud. We also considered performance targets and their propensity to influence efforts made by management to manage the results. We considered the controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud and error.

o Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved journal entry testing, with a focus on journals indicating large or unusual transactions based on our understanding of the business, enquiries of company management and focused testing. In addition, we completed procedures to conclude on the compliance of the disclosures in the Annual Report and Accounts with the requirements of the relevant accounting standards and UK legislation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

OTHER MATTERS
The financial statements for the year ended 31 January 2023 were unaudited.

Report of the Independent Auditors to the Members of
Workplace Creations Limited


Use of our 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 a Report of the Auditors 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.




Anthony Campbell (Senior Statutory Auditor)
for and on behalf of Nortons Assurance Limited
Second Floor
Now Building
Thames Valley Park
Reading
Berkshire
RG6 1RB

30 January 2025

Workplace Creations Limited (Registered number: 04551319)

Statement of Comprehensive
Income
for the Year Ended 31 January 2024

31.1.24 31.1.23
(Unaudited)
Notes £    £   

TURNOVER 4 26,583,626 20,645,879

Cost of sales 20,145,691 15,480,684
GROSS PROFIT 6,437,935 5,165,195

Administrative expenses 4,309,599 3,340,889
2,128,336 1,824,306

Other operating income 32,420 -
OPERATING PROFIT 6 2,160,756 1,824,306

Interest receivable and similar income 8 8,125 -
PROFIT BEFORE TAXATION 2,168,881 1,824,306

Tax on profit 9 273,909 351,053
PROFIT FOR THE FINANCIAL YEAR 1,894,972 1,473,253

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,894,972

1,473,253

Workplace Creations Limited (Registered number: 04551319)

Balance Sheet
31 January 2024

31.1.24 31.1.23
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 73,199 59,060

CURRENT ASSETS
Stocks 12 1,919,620 1,840,900
Debtors 13 5,915,137 5,208,017
Cash at bank 3,156,803 979,232
10,991,560 8,028,149
CREDITORS
Amounts falling due within one year 14 7,185,270 4,638,690
NET CURRENT ASSETS 3,806,290 3,389,459
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,879,489

3,448,519

PROVISIONS FOR LIABILITIES 16 13,538 10,592
NET ASSETS 3,865,951 3,437,927

CAPITAL AND RESERVES
Called up share capital 17 7,143 7,143
Capital redemption reserve 18 5,000 5,000
Retained earnings 18 3,853,808 3,425,784
SHAREHOLDERS' FUNDS 3,865,951 3,437,927

The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2025 and were signed on its behalf by:





C T Bryan - Director


Workplace Creations Limited (Registered number: 04551319)

Statement of Changes in Equity
for the Year Ended 31 January 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 February 2022 7,143 3,100,000 5,000 3,112,143

Changes in equity
Profit for the year - 1,473,253 - 1,473,253
Total comprehensive income - 1,473,253 - 1,473,253
Dividends - (1,147,469 ) - (1,147,469 )
Balance at 31 January 2023 7,143 3,425,784 5,000 3,437,927

Changes in equity
Profit for the year - 1,894,972 - 1,894,972
Total comprehensive income - 1,894,972 - 1,894,972
Dividends - (1,466,948 ) - (1,466,948 )
Balance at 31 January 2024 7,143 3,853,808 5,000 3,865,951

Workplace Creations Limited (Registered number: 04551319)

Cash Flow Statement
for the Year Ended 31 January 2024

31.1.24 31.1.23
(Unaudited)
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,488,248 (517,088 )
Tax paid (355,939 ) (959,511 )
Net cash from operating activities 3,132,309 (1,476,599 )

Cash flows from investing activities
Purchase of tangible fixed assets (40,354 ) (9,951 )
Sale of tangible fixed assets 9,166 -
Interest received 8,125 -
Net cash from investing activities (23,063 ) (9,951 )

Cash flows from financing activities
Amount introduced by directors 535,273 1,761,657
Amount withdrawn by directors - 243,450
Equity dividends paid (1,466,948 ) (1,147,469 )
Net cash from financing activities (931,675 ) 857,638

Increase/(decrease) in cash and cash equivalents 2,177,571 (628,912 )
Cash and cash equivalents at
beginning of year

2

979,232

1,608,144

Cash and cash equivalents at end of
year

2

3,156,803

979,232

Workplace Creations Limited (Registered number: 04551319)

Notes to the Cash Flow Statement
for the Year Ended 31 January 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.1.24 31.1.23
(Unaudited)
£    £   
Profit before taxation 2,168,881 1,824,306
Depreciation charges 16,599 19,415
Loss on disposal of fixed assets 449 -
Finance income (8,125 ) -
2,177,804 1,843,721
(Increase)/decrease in stocks (78,720 ) 1,455,068
Increase in trade and other debtors (707,120 ) (853,693 )
Increase/(decrease) in trade and other creditors 2,096,284 (2,962,184 )
Cash generated from operations 3,488,248 (517,088 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2024
31.1.24 1.2.23
£    £   
Cash and cash equivalents 3,156,803 979,232
Year ended 31 January 2023
31.1.23 1.2.22
(Unaudited)
£    £   
Cash and cash equivalents 979,232 1,608,144


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.23 Cash flow At 31.1.24
£    £    £   
Net cash
Cash at bank 979,232 2,177,571 3,156,803
979,232 2,177,571 3,156,803
Total 979,232 2,177,571 3,156,803

Workplace Creations Limited (Registered number: 04551319)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Workplace Creations Limited is a private company (the 'company'), limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The company was incorporated in the United Kingdom under the Companies Act.

The principal activity of the company in the year under review was that of refurbishment and design of offices, together with the provision of storage.

The presentation currency of the financial statements is the Pound Sterling (£), rounded to the nearest whole pound.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors 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 in preparing the annual financial statements.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company generates revenues in the form of orders for refurbishment and design of offices to the UK and assesses recoverability and payment terms on a contract by contract basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount.

Workplace Creations Limited (Registered number: 04551319)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Work in progress
The company treats its contracts as complete at the point the final account is agreed with its client. This establishes the gross profit margin attributable to each job. This percentage is then applied to the sales made during the accounting period to arrive at the attributable cost of sale and any excess is treated as work in progress. Costs associated with the contracts are assumed to accrue evenly in proportion to the stage invoices raised during the course of the contract term.

Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" 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 a contractual provision 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 offset 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument that evidences a residual interest in the asset of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Workplace Creations Limited (Registered number: 04551319)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the profit or loss when they fall due. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company independently administered funds.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Operating leases
Rentals paid under operating leases are charged to the profit or loss on a straight-line basis over the lease term.

Dividend policy
The company aims to provide a consistent return to its shareholders through the payment of regular interim dividends during the year, complemented by a final dividend based on the company’s annual financial performance. The directors will determine the level of dividends with consideration to the company’s profitability, cash flow requirements, and future investment needs, ensuring a balance between rewarding shareholders and supporting the company’s long-term growth.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies the directors are required to make judgments, estimates and assumptions about the carrying value 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 the accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both the current and future periods.

Workplace Creations Limited (Registered number: 04551319)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.1.24 31.1.23
(Unaudited)
£    £   
United Kingdom 26,583,626 20,645,879
26,583,626 20,645,879

5. EMPLOYEES AND DIRECTORS
31.1.24 31.1.23
(Unaudited)
£    £   
Wages and salaries 2,803,051 2,266,807
Social security costs 322,395 268,727
Other pension costs 72,889 46,801
3,198,335 2,582,335

The average number of employees during the year was as follows:
31.1.24 31.1.23
(Unaudited)

Sales 12 8
Design 17 12
Procurement 2 2
Pre-construction 7 7
Marketing 1 1
Project management 4 3
Administration and HR 9 4
Directors 2 2
54 39

31.1.24 31.1.23
(Unaudited)
£    £   
Directors' remuneration 37,765 35,627

During the year contributions to defined benefit schemes totalled £20,140 (2023: £4,800). The number of directors to whom directors benefits were accruing was 2 (2023: 2).

Workplace Creations Limited (Registered number: 04551319)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

6. OPERATING PROFIT

The operating profit is stated after charging:

31.1.24 31.1.23
(Unaudited)
£    £   
Other operating leases 209,982 166,391
Depreciation - owned assets 16,600 19,414
Loss on disposal of fixed assets 449 -

During the year, R&D claims were processed resulting in R&D income of £262,145 which has been recognised in the year.

7. AUDITORS' REMUNERATION
31.1.24 31.1.23
(Unaudited)
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

30,000

-

8. INTEREST RECEIVABLE AND SIMILAR INCOME
31.1.24 31.1.23
(Unaudited)
£    £   
Bank interest receivable 1,075 -
Other interest receivable 7,050 -
8,125 -

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.1.24 31.1.23
(Unaudited)
£    £   
Current tax:
UK corporation tax 533,109 352,694
Under/(over) provision (262,147 ) -
Total current tax 270,962 352,694

Deferred tax 2,947 (1,641 )
Tax on profit 273,909 351,053

Workplace Creations Limited (Registered number: 04551319)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

9. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.1.24 31.1.23
(Unaudited)
£    £   
Profit before tax 2,168,881 1,824,306
Profit multiplied by the standard rate of corporation tax in the UK of
24.030% (2023 - 19%)

521,182

346,618

Effects of:
Expenses not deductible for tax purposes 15,325 4,845
Capital allowances in excess of depreciation (3,398 ) -
Depreciation in excess of capital allowances - 1,231
Adjustments to tax charge in respect of previous periods (262,147 ) -
Corporation tax rate change for deferred tax 2,947 (1,641 )
Total tax charge 273,909 351,053

Factors that may affect future tax changes
In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% from the 19% previously enacted. This new law was enacted on 24 May 2021.

10. DIVIDENDS
31.1.24 31.1.23
(Unaudited)
£    £   
Ordinary A shares of £1 each
Final dividend 1,284,082 977,354
Interim dividends 182,866 170,115
1,466,948 1,147,469

Interim dividends of £176,971 were declared and paid to shareholders post year-end.

Workplace Creations Limited (Registered number: 04551319)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

11. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2023 114,968 41,776 - 97,858 254,602
Additions 3,795 - 9,820 26,739 40,354
Disposals - - (9,820 ) - (9,820 )
At 31 January 2024 118,763 41,776 - 124,597 285,136
DEPRECIATION
At 1 February 2023 78,058 24,664 - 92,820 195,542
Charge for year 6,984 3,423 205 5,988 16,600
Eliminated on disposal - - (205 ) - (205 )
At 31 January 2024 85,042 28,087 - 98,808 211,937
NET BOOK VALUE
At 31 January 2024 33,721 13,689 - 25,789 73,199
At 31 January 2023 36,910 17,112 - 5,038 59,060

12. STOCKS
31.1.24 31.1.23
(Unaudited)
£    £   
Work-in-progress 1,919,620 1,840,900

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
(Unaudited)
£    £   
Trade debtors 5,652,886 5,156,901
Other debtors 159,827 8,293
Prepayments and accrued income 102,424 42,823
5,915,137 5,208,017

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
(Unaudited)
£    £   
Trade creditors 2,830,734 1,513,015
Corporation tax 267,931 352,908
Other taxes and social security 1,338,981 352,632
Other creditors 37,864 76,751
Directors' loan accounts 2,540,380 2,005,107
Accruals and deferred income 169,380 338,277
7,185,270 4,638,690

Workplace Creations Limited (Registered number: 04551319)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

15. SECURED DEBTS

RBSI Custody Bank Limited/RBSI Trust Company Limited hold a fixed charge in respect of rent charges over the rental deposit held totalling £4,700.

BNP Paribas Securities Custody Bank Limited hold a fixed charge in respect of rent charges over the rental deposit held totalling £4,700.

HSBC Invoice Finance (UK) Ltd hold a fixed and floating charge covering all the property and undertakings of the company in respect of the balance factored.

HSBC UK Bank plc hold a fixed charge covering the legal assignment of contract monies of the company and a second fixed and floating charge over all property or undertaking of the company.

16. PROVISIONS FOR LIABILITIES
31.1.24 31.1.23
(Unaudited)
£    £   
Deferred tax 13,538 10,592

Deferred
tax
£   
Balance at 1 February 2023 10,592
Charge to Statement of Comprehensive Income during year 2,779
Adjustment for 2023 167
Balance at 31 January 2024 13,538

Deferred tax liabilities are recognised only to the extent that it is probable there will be sufficient taxable profits in the future against which the timing differences can be utilised.

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.24 31.1.23
value: £    £   
7,143 Ordinary A £1 7,143 7,143

Ordinary A shares have full voting and dividend rights with no restrictions on the distributions and repayment of capital.

18. RESERVES

Profit and loss account

The profit and loss reserve represents cumulative profits or losses, net of dividends paid.

Capital redemption reserve

Capital redemption reserve represents a non-distributable reserve following the purchase of the Company's own shares.

Workplace Creations Limited (Registered number: 04551319)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

19. COMMITMENTS, GUARANTEES AND CONTINGENCIES

Minimum lease payments under non-cancellable fall due as follows:

Year20242023
££
Amounts due within 1 year228,690209,982
Amounts due within 2-5 years906,823298,643
Amounts due over 5 years128,520-
Total1,264,032508,625

20. RELATED PARTY DISCLOSURES

During the year, total dividends of £1,466,948 (2023 - £1,147,468) were paid to the directors .

A director is owed £1,415,083 (2023: £1,126,611) at the end of the financial year. During the year the director loaned the company £898,857 (2023: £684,147) and drew down £610,385 (2023: £561,421).

A director is owed £1,125,297 (2023: £878,496) at the end of the financial year. During the year the director loaned the company £385,225 (2023: £293,206) and drew down £138,424 (2023: £172,483).

21. POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

22. ULTIMATE CONTROLLING PARTY

The controlling party is R C Wilkinson.

23. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost represents the contributions payable by the company to the fund and amounted to £93,032 (2023: £46,801). Contributions totalling £33,751 (2023: £22,843) were payable to the fund at the year end and are included in Creditors.