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Company No: 04434073 (England and Wales)

WORLDWORK LIMITED

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

WORLDWORK LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

WORLDWORK LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 May 2024
WORLDWORK LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 4 4,529 5,500
Tangible assets 5 321 410
4,850 5,910
Current assets
Debtors 6 1,399 4,261
Cash at bank and in hand 7 102,042 89,429
103,441 93,690
Creditors: amounts falling due within one year 8 ( 161,015) ( 162,299)
Net current liabilities (57,574) (68,609)
Total assets less current liabilities (52,724) (62,699)
Net liabilities ( 52,724) ( 62,699)
Capital and reserves
Called-up share capital 9 39,325 37,825
Share premium account 4,716 4,716
Capital redemption reserve 6,957 6,957
Profit and loss account ( 103,722 ) ( 112,197 )
Total shareholders' deficit ( 52,724) ( 62,699)

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

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Worldwork Limited (registered number: 04434073) were approved and authorised for issue by the Director. They were signed on its behalf by:

Mr Richard Lowe
Director

06 February 2025

WORLDWORK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
WORLDWORK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

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

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

General information and basis of accounting

Worldwork Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 6 Porter Street, London, United Kingdom.

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

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

Going concern

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

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 15 % reducing balance
Tangible fixed assets

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

Plant and machinery etc. 15 % reducing balance

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

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the director has made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 1 1

4. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 June 2023 13,477 13,477
At 31 May 2024 13,477 13,477
Accumulated amortisation
At 01 June 2023 7,977 7,977
Charge for the financial year 971 971
At 31 May 2024 8,948 8,948
Net book value
At 31 May 2024 4,529 4,529
At 31 May 2023 5,500 5,500

5. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 June 2023 8,830 8,830
At 31 May 2024 8,830 8,830
Accumulated depreciation
At 01 June 2023 8,420 8,420
Charge for the financial year 89 89
At 31 May 2024 8,509 8,509
Net book value
At 31 May 2024 321 321
At 31 May 2023 410 410

6. Debtors

2024 2023
£ £
Trade debtors 1,378 3,584
Other debtors 21 677
1,399 4,261

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 102,042 89,429

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 ( 57)
Amounts owed to director 158,342 159,842
Accruals 2,490 2,363
Other creditors 183 151
161,015 162,299

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
39,325 A ordinary shares of £ 1.00 each (2023: 37,825 shares of £ 1.00 each) 39,325 37,825

10. Related party transactions

Mr Lowe is a director of Worldwork Limited and his son is the director and shareholder of Fox-Johnson Solutions Limited.

During the year the company made purchases from Fox-Johnson Solutions Limited totalling £7,686.23 (2023: 9,075). The amount due to Fox-Johnson Solutions Limited at the balance date is £Nil (2023: £Nil).

11. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the company since the financial year.