Working Transitions Limited 05421754 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is planning, implementation and evaluation of transitional arrangements in the work environment. Digita Accounts Production Advanced 6.30.9574.0 true 05421754 2023-07-01 2024-06-30 05421754 2024-06-30 05421754 bus:Consolidated 2024-06-30 05421754 core:CurrentFinancialInstruments 2024-06-30 05421754 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 05421754 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-06-30 05421754 core:WithinOneYear 2024-06-30 05421754 core:FurnitureFittingsToolsEquipment 2024-06-30 05421754 bus:SmallEntities 2023-07-01 2024-06-30 05421754 bus:Audited 2023-07-01 2024-06-30 05421754 bus:FilletedAccounts 2023-07-01 2024-06-30 05421754 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 05421754 bus:RegisteredOffice 2023-07-01 2024-06-30 05421754 bus:Director1 2023-07-01 2024-06-30 05421754 bus:Director2 2023-07-01 2024-06-30 05421754 bus:Director3 2023-07-01 2024-06-30 05421754 bus:Director4 2023-07-01 2024-06-30 05421754 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 05421754 bus:Agent1 2023-07-01 2024-06-30 05421754 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-01 2024-06-30 05421754 core:FurnitureFittings 2023-07-01 2024-06-30 05421754 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 05421754 core:OfficeEquipment 2023-07-01 2024-06-30 05421754 countries:EnglandWales 2023-07-01 2024-06-30 05421754 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 05421754 core:FurnitureFittingsToolsEquipment 2023-06-30 05421754 2022-07-01 2023-06-30 05421754 2023-06-30 05421754 core:CurrentFinancialInstruments 2023-06-30 05421754 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 05421754 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 05421754 core:WithinOneYear 2023-06-30 05421754 core:FurnitureFittingsToolsEquipment 2023-06-30 iso4217:GBP xbrli:pure

Registration number: 05421754

Prepared for the registrar

Working Transitions Limited

Annual Report and Financial Statements

for the Year Ended 30 June 2024

 

Working Transitions Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Working Transitions Limited

Company Information

Directors

S R Fowler

J E Harley

S Hinchliff

C Moore

Registered office

Pioneer House
Pioneer Business Park
North Road
Ellesmere Port
CH65 1AD

Bankers

National Westminster Bank PLC
41 The Drapery
Northampton
NN1 2EY

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Working Transitions Limited

(Registration number: 05421754)
Balance Sheet as at 30 June 2024

Note

2024
£

(As restated)
2023
£

Fixed assets

 

Intangible assets

4

14,100

11,052

Tangible assets

5

4,082

1,635

 

18,182

12,687

Current assets

 

Debtors: amounts falling due within one year

6

2,585,164

1,444,401

Cash at bank and in hand

 

9,813

136,429

 

2,594,977

1,580,830

Creditors: Amounts falling due within one year

7

(1,238,911)

(1,126,073)

Net current assets

 

1,356,066

454,757

Total assets less current liabilities

 

1,374,248

467,444

Net assets

 

1,374,248

467,444

Capital and reserves

 

Called up share capital

212

212

Share premium account

11,899

11,899

Profit and loss account

1,362,137

455,333

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 Board on 5 March 2025 and signed on its behalf by:
 


S Hinchliff
Director

 

Working Transitions Limited

Notes to the Financial Statements for the Year Ended 30 June 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 is:
Pioneer House
Pioneer Business Park
North Road
Ellesmere Port
CH65 1AD

 

2

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
£

Decrease in sales

185,770

100,845

Increase in liabilities

185,770

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

Functional and presentation currency

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:

In preparing these financial statements, the directors have made the following judgements:

• Tax: Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.

• Revenue recognition: Management are required to determine whether the following criteria has been met to be able to recognise and measure revenue:
- The amount of revenue can be measured reliably;
- The revenue can be recognised in accordance with the terms of the business and length of contract as defined by the Company's revenue recognition policy.

 

3

Staff numbers

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

 

Working Transitions Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

4

Intangible assets

Development costs
 £

Cost

At 1 July 2023

156,020

Additions

10,800

At 30 June 2024

166,820

Amortisation

At 1 July 2023

144,968

Amortisation charge

7,752

At 30 June 2024

152,720

Carrying amount

At 30 June 2024

14,100

At 30 June 2023

11,052

 

5

Tangible assets

Office equipment
 £

Cost

At 1 July 2023

38,638

Additions

5,327

Disposals

(834)

At 30 June 2024

43,131

Depreciation

At 1 July 2023

37,003

Charge for the year

2,093

Eliminated on disposal

(47)

At 30 June 2024

39,049

Carrying amount

At 30 June 2024

4,082

At 30 June 2023

1,635

 

Working Transitions Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

6

Debtors

2024
£

2023
£

Trade debtors

484,173

366,589

Amounts owed by group undertakings

2,063,352

1,021,491

Other debtors

1,030

1,219

Prepayments and accrued income

26,686

45,093

Deferred tax assets

9,923

10,009

2,585,164

1,444,401

Amounts owed by group undertakings are interest free and repayable on demand.

 

7

Creditors

2024
£

(As restated)
2023
£

Due within one year

Trade creditors

80,388

77,796

Amounts due to group undertakings

3,826

6,032

Social security and other taxes

135,418

132,147

Other payables

8,920

4,672

Accruals and deferred income

1,010,359

905,426

1,238,911

1,126,073

Amounts owed by group undertakings are interest free and repayable on demand.

 

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

3,117

2,912

 

9

Parent and ultimate parent undertaking

The company's immediate parent is APlus Bidco Limited, incorporated in England and Wales.

 The ultimate parent is APlus Topco Limited, incorporated in England and Wales.

 The ultimate controlling party is Limerston Capital Partners I GP LLP.

 

10

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. Accordingly, the Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 6 March 2025 was James Morter, who signed for and on behalf of Hazlewoods LLP.