Workshop Cheltenham Limited 11527295 false 2023-01-01 2024-03-31 2024-03-31 The principal activity of the company is that of the design and build of real estate. Digita Accounts Production Advanced 6.30.9574.0 true true 11527295 2023-01-01 2024-03-31 11527295 2024-03-31 11527295 bus:Consolidated 2024-03-31 11527295 core:CurrentFinancialInstruments 2024-03-31 11527295 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 11527295 bus:SmallEntities 2023-01-01 2024-03-31 11527295 bus:Audited 2023-01-01 2024-03-31 11527295 bus:FilletedAccounts 2023-01-01 2024-03-31 11527295 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2024-03-31 11527295 bus:RegisteredOffice 2023-01-01 2024-03-31 11527295 bus:Director1 2023-01-01 2024-03-31 11527295 bus:PrivateLimitedCompanyLtd 2023-01-01 2024-03-31 11527295 countries:EnglandWales 2023-01-01 2024-03-31 11527295 2022-01-01 2022-12-31 11527295 2022-12-31 11527295 core:CurrentFinancialInstruments 2022-12-31 11527295 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 11527295

Prepared for the registrar

Workshop Cheltenham Limited

Annual Report and Financial Statements

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
2024
£

31 December
2022
£

Current assets

 

Debtors

4

134,447

379,231

Cash at bank and in hand

 

99,392

3,315

 

233,839

382,546

Creditors: Amounts falling due within one year

5

(384,889)

(467,268)

Net liabilities

 

(151,050)

(84,722)

Capital and reserves

 

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 on 6 March 2025
 


B R Gregory
Director

 

Workshop Cheltenham Limited

Notes to the Financial Statements for the Period from 1 January 2023 to 31 March 2024

 

1

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:
7 Royal Well Place
Cheltenham
GL50 3DN
United Kingdom

 

2

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
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

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
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was as follows:

 

Workshop Cheltenham Limited

Notes to the Financial Statements for the Period from 1 January 2023 to 31 March 2024

 

5

Creditors

Note

31 March
2024
£

31 December
2022
£

Due within one year

 

Loans and borrowings

6

80,000

150,387

Trade creditors

 

119,700

298,945

Amounts due to related parties

 

152,377

-

Taxation and social security

 

-

4,262

Accruals and deferred income

 

14,950

12,019

Other creditors

 

17,862

1,655

 

384,889

467,268

 

6

Loans and borrowings

Current loans and borrowings

31 March
2024
£

31 December
2022
£

Other borrowings

80,000

150,387

 

7

Related party transactions

Transactions with directors

Included in other borrowings is £80,000 (31 December 2022 - £80,000) due to director of the company. This loan is interest free and repayable on demand.

 

8

Parent and ultimate parent undertaking

The parent of the smallest group in which these financial statements are consolidated is Workshop Group Limited, incorporated in England and Wales.

The address of Workshop Group Limited is:
2 Fitzroy Place, 8 Mortimer Street, London, England, W1T 3JJ

 

9

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 7 March 2025 was Felicity Sang, who signed for and on behalf of Hazlewoods LLP.