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REGISTERED NUMBER: 03259699 (England and Wales)











Financial Statements

for the Period

1 April 2023 to 30 March 2024

for

WORKING ASSETS LIMITED

WORKING ASSETS LIMITED (REGISTERED NUMBER: 03259699)






Contents of the Financial Statements
for the Period 1 April 2023 to 30 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WORKING ASSETS LIMITED

Company Information
for the Period 1 April 2023 to 30 March 2024







DIRECTOR: Mr R L F Hamilton





REGISTERED OFFICE: Suite HT1
Wheatley Business Centre
Old London Road
Wheatley
Oxfordshire
OX33 1XW





REGISTERED NUMBER: 03259699 (England and Wales)





ACCOUNTANTS: Jeff Lermer & Associates
Chartered Accountants
42 Lytton Road
Barnet
Hertfordshire
EN5 5BY

WORKING ASSETS LIMITED (REGISTERED NUMBER: 03259699)

Balance Sheet
30 March 2024

30.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 22,171 24,590
Investment property 6 9,350,000 9,350,000
9,372,171 9,374,590

CURRENT ASSETS
Debtors 7 5,776,871 5,344,940
Cash at bank and in hand 103,311 634,446
5,880,182 5,979,386
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

8

1,495,187

1,202,079
NET CURRENT ASSETS 4,384,995 4,777,307
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,757,166

14,151,897

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

9

(6,785,898

)

(7,020,564

)

PROVISIONS FOR LIABILITIES 12 (1,157,686 ) (1,157,808 )
NET ASSETS 5,813,582 5,973,525

CAPITAL AND RESERVES
Called up share capital 13 14,128 14,128
Non distributable reserves 3,479,035 3,479,035
Retained earnings 2,320,419 2,480,362
SHAREHOLDERS' FUNDS 5,813,582 5,973,525

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 March 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

WORKING ASSETS LIMITED (REGISTERED NUMBER: 03259699)

Balance Sheet - continued
30 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 February 2025 and were signed by:





Mr R L F Hamilton - Director


WORKING ASSETS LIMITED (REGISTERED NUMBER: 03259699)

Notes to the Financial Statements
for the Period 1 April 2023 to 30 March 2024

1. STATUTORY INFORMATION

Working Assets Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents amounts invoiced to third parties, net of vat and trade discounts. Rental income is recognised evenly over the term of the lease. Services are recognised as they are provided.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of four years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 Cost
Computer equipment - 20% on Cost

Freehold properties are valued at open market value at the year end. Any aggregate surplus or deficit arising from changes in the market value is transferred to the revaluation reserve or if the market value has fallen below the original cost the profit and loss reserve.

The properties are not held for consumption but for the purpose of trade, and the directors consider that to depreciate them would not give a true and fair view. This is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2008), but is a departure from the requirement of the Companies Act 2006, which requires all tangible fixed assets to be depreciated.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


WORKING ASSETS LIMITED (REGISTERED NUMBER: 03259699)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 30 March 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 period 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Fixed asset investments are stated at cost unless, in the opinion of the directors, their recoverable amount is lower, in which case an appropriate adjustment is made.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 30 March 2024 400,000
AMORTISATION
At 1 April 2023
and 30 March 2024 400,000
NET BOOK VALUE
At 30 March 2024 -
At 31 March 2023 -

WORKING ASSETS LIMITED (REGISTERED NUMBER: 03259699)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 30 March 2024

5. TANGIBLE FIXED ASSETS
Long Plant and Computer
leasehold machinery equipment Totals
£    £    £    £   
COST
At 1 April 2023
and 30 March 2024 15,000 659,218 2,508 676,726
DEPRECIATION
At 1 April 2023 - 651,649 487 652,136
Charge for period - 2,018 401 2,419
At 30 March 2024 - 653,667 888 654,555
NET BOOK VALUE
At 30 March 2024 15,000 5,551 1,620 22,171
At 31 March 2023 15,000 7,569 2,021 24,590

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 30 March 2024 9,350,000
NET BOOK VALUE
At 30 March 2024 9,350,000
At 31 March 2023 9,350,000

Fair value at 30 March 2024 is represented by:
£   
Valuation in 2019 3,538,714
Valuation in 2022 1,100,000
Cost 4,711,286
9,350,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.3.24 31.3.23
£    £   
Trade debtors 7,580 4,360
Amounts owed by group undertakings 5,628,446 5,252,477
Other debtors 139,202 86,952
Prepayments 1,643 1,151
5,776,871 5,344,940

WORKING ASSETS LIMITED (REGISTERED NUMBER: 03259699)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 30 March 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.3.24 31.3.23
£    £   
Bank loans and overdrafts (see note 10) 10,648 10,648
Trade creditors 19,507 45,940
Tax 185,208 202,536
Social security and other taxes 2,254 1,687
VAT 49,221 44,871
Other creditors 172,194 170,510
Directors' current accounts 1,056,155 725,887
1,495,187 1,202,079

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.3.24 31.3.23
£    £   
Bank loans (see note 10) 5,736,753 5,921,614
Other loans (see note 10) 1,049,145 1,098,950
6,785,898 7,020,564

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years by instalments 5,725,000 5,899,915

10. LOANS

An analysis of the maturity of loans is given below:

30.3.24 31.3.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,648 10,648

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,648 10,648

Amounts falling due between two and five years:
Bank loans - 2-5 years 1,105 11,051
Other loans - 2-5 years 1,049,145 1,098,950
1,050,250 1,110,001

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years by instalments 5,725,000 5,899,915

WORKING ASSETS LIMITED (REGISTERED NUMBER: 03259699)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 30 March 2024

11. SECURED DEBTS

The following secured debts are included within creditors:

30.3.24 31.3.23
£    £   
Bank loans 5,747,401 5,932,262

The bank loan is secured by a fixed charge on the company's land and buildings and it's rental income.

Finance leases and hire purchase contracts are secured on the assets concerned.

12. PROVISIONS FOR LIABILITIES
30.3.24 31.3.23
£    £   
Deferred tax 1,157,686 1,157,808

Deferred
tax
£   
Balance at 1 April 2023 1,157,808
Provided during period (122 )
Balance at 30 March 2024 1,157,686

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.3.24 31.3.23
value: £    £   
14,124 Ordinary £1 14,124 14,124
1 A Class Ordinary £1 1 1
1 B Class Ordinary £1 1 1
1 C Class Ordinary £1 1 1
1 D Class Ordinary £1 1 1
14,128 14,128

14. RELATED PARTY DISCLOSURES

As at the balance sheet date, included in debtors due within one year is £5,628,446 (2023: £5,255,477) due from MEH Holdings Limited, a company under common control by the director.

As at the balance sheet date, included in creditors due within one year is £1,056,155 (2023: £725,887l), due and payable to the director. The amount is interest free and repayable on demand.

15. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr R L F Hamilton.