Registration number:
Prepared for the registrar
for the
Period from 1 January 2023 to 31 March 2024
Workshop Cheltenham Limited
(Registration number: 11527295)
Balance Sheet as at 31 March 2024
Note |
31 March |
31 December |
|
Current assets |
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Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
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Called up share capital |
1 |
1 |
|
Retained earnings |
(151,051) |
(84,723) |
|
Shareholders' deficit |
(151,050) |
(84,722) |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Director
Workshop Cheltenham Limited
Notes to the Financial Statements for the Period from 1 January 2023 to 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office and principal place of business is:
United Kingdom
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Going concern
After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Despite the deficit in reserves the company has the financial support of related parties and if required, further operational funds will be made available to the company, although there is no written agreement to this effect. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
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.
Workshop Cheltenham Limited
Notes to the Financial Statements for the Period from 1 January 2023 to 31 March 2024
Financial instruments
Classification
Recognition and measurement
Impairment
Trade debtors
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Workshop Cheltenham Limited
Notes to the Financial Statements for the Period from 1 January 2023 to 31 March 2024
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
Impairment
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was as follows:
1 January 2023 to 31 March 2024 |
Year ended 31 December 2022 |
|
Average number of employees |
|
|
Debtors |
31 March |
31 December |
|
Trade debtors |
- |
|
Receivables from related parties |
1 |
47,904 |
Prepayments |
|
|
Other debtors |
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Workshop Cheltenham Limited
Notes to the Financial Statements for the Period from 1 January 2023 to 31 March 2024
Creditors |
Note |
31 March |
31 December |
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Due within one year |
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Loans and borrowings |
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|
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Trade creditors |
|
|
|
Amounts due to related parties |
152,377 |
- |
|
Taxation and social security |
- |
|
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Accruals and deferred income |
|
|
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Other creditors |
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|
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|
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Loans and borrowings |
Current loans and borrowings
31 March |
31 December |
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Other borrowings |
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Related party transactions |
Transactions with directors |
Parent and ultimate parent undertaking |
The parent of the smallest group in which these financial statements are consolidated is
The address of Workshop Group Limited is:
Audit report |