Registration number:
Prepared for the registrar
for the
Year Ended 30 June 2024
Working Transitions Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Working Transitions Limited
Company Information
Directors |
S R Fowler J E Harley S Hinchliff C Moore |
Registered office |
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Bankers |
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Auditors |
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Working Transitions Limited
(Registration number: 05421754)
Balance Sheet as at 30 June 2024
Note |
2024 |
(As restated)
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors: amounts falling due within one year |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
212 |
212 |
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Share premium account |
11,899 |
11,899 |
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Profit and loss account |
1,362,137 |
455,333 |
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Shareholders' funds |
1,374,248 |
467,444 |
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 directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Director
Working Transitions Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Basis of preparation
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Company's financial statements are presented in Sterling and all values are rounded to the nearest pound (£) except when otherwise stated.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
The following principal accounting policies have been applied:
Changes in accounting policies resulting in adjustments to prior periods
As described in the revenue recognition policy note, the directors reviewed and changed the revenue recognition policy in respect of contracts containing combinations of different types of performance obligations, allowing a more accurate presentation of revenue recognition and deferred income. The prior period adjustments are summarised below
2023 |
Relating to periods before the prior period disclosed in these financial statements
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Decrease in sales |
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100,845 |
Increase in liabilities |
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100,845 |
Revenue
Revenue 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. Revenue is measures as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Working Transitions Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• The amount of revenue can be measured reliably;
• It is probable that the Company will receive the consideration due under the contract;
• The stage of completion of the contract at the end of the reporting period can be measured reliably; and
• The costs incurred and the costs to complete the contract can be measured reliably.
Contracts which contain combinations of performance obligations which are satisfied over time and performance obligations which are satisfied at a point in time are assessed on average, with estimates of transaction values apportioned against the respective performance obligations. The transaction value apportioned to performance obligations satisfied over a period of time are spread evenly over the period that the obligation covers. Transaction values attributed to performance obligations recognised at a point in time are recognised as those performance obligations are satisfied, or are recognised at the date of expiry if they remain unsatisfied at that date.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Development expenditure |
33% straight line |
Development costs are directly attributable to the upgrade of CRM software to tailor the software to the specific operating requirements of the Company.
Tangible fixed assets
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 brining 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 as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:
Asset class |
Depreciation method and rate |
Office equipment |
33% straight-line |
Fixtures and fittings |
25% straight-line |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
Debtors
Short-term debtors are measured at transaction price, less any impairment.
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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Working Transitions Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
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.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Statement of financial position when the Company become party to the contractual provisions 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 set off 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 within the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in the relation to the events surrounding the impairment loss then the impairment can be reviewed for the possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. the impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets 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 measure 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.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Working Transitions Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company contractual obligations expire or are discharged or cancelled.
Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Foreign currency translation
The Company's functional and presentational currency is GBP. Values are rounded to the nearest pound.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income.
Pensions
Defined contribution pension obligation
The Company operates a defined contribution plan. 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 Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position, The assets of the plan are held separately from the Company in independently administered funds.
Interest income
Interest income is recognised in the Statement of comprehensive income using the effective interest method.
Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income 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 income.
Working Transitions Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:
•The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
•Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assess for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Judgements and estimation uncertainty
Preparation of the financial statements requires management to make sufficient judgements and estimates. Management have determined that the following are considered to be an area where significant judgement has been applied: |
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was as follows:
2024 |
2023 |
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Average number of employees |
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Working Transitions Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Intangible assets |
Development costs |
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Cost |
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At 1 July 2023 |
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Additions |
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At 30 June 2024 |
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Amortisation |
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At 1 July 2023 |
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Amortisation charge |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Tangible assets |
Office equipment |
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Cost |
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At 1 July 2023 |
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Additions |
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Disposals |
( |
At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
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Eliminated on disposal |
( |
At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Working Transitions Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Debtors |
2024 |
2023 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Prepayments and accrued income |
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Deferred tax assets |
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Amounts owed by group undertakings are interest free and repayable on demand.
Creditors |
2024 |
(As restated)
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Due within one year |
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Trade creditors |
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Amounts due to group undertakings |
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Social security and other taxes |
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Other payables |
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Accruals and deferred income |
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Amounts owed by group undertakings are interest free and repayable on demand.
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
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Not later than one year |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The ultimate controlling party is
Disclosure under Section 444(5B) CA 2006 relating to the Independent auditor's report |
As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company’s Profit and Loss account or a copy of the Directors’ Report.