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Company registration number: 04916148
Workfloat Limited
Unaudited filleted financial statements
30 June 2024
Workfloat Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Workfloat Limited
Directors and other information
Director Mr Mayur Patel
Secretary Mrs Maya Patel
Company number 04916148
Registered office 7 High Street South
Dunstable
Bedfordshire
LU6 3RZ
Accountants Leftley Rowe & Company
Second Floor
87 Kenton Road
Harrow
Middlesex
HA3 0AH
Bankers HSBC Bank Plc
584 High Road
Wembley
Middlesex
HA0 2DB
Workfloat Limited
Statement of financial position
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 1 1
Tangible assets 6 2,404 3,206
Investments 7 2,001 2,001
_______ _______
4,406 5,208
Current assets
Stocks 49,880 63,105
Debtors 8 223,701 122,002
Cash at bank and in hand 7,366 5,473
_______ _______
280,947 190,580
Creditors: amounts falling due
within one year 9 ( 149,042) ( 150,974)
_______ _______
Net current assets 131,905 39,606
_______ _______
Total assets less current liabilities 136,311 44,814
Creditors: amounts falling due
after more than one year 10 ( 140,280) ( 21,822)
_______ _______
Net (liabilities)/assets ( 3,969) 22,992
_______ _______
Capital and reserves
Called up share capital 11 1,429 1,429
Profit and loss account ( 5,398) 21,563
_______ _______
Shareholders (deficit)/funds ( 3,969) 22,992
_______ _______
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 March 2025 , and are signed on behalf of the board by:
Mr Mayur Patel
Director
Company registration number: 04916148
Workfloat Limited
Notes to the financial statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Workfloat Limited, 7 High Street South, Dunstable, Bedfordshire, LU6 3RZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 10 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 July 2023 and 30 June 2024 910,415 910,415
_______ _______
Amortisation
At 1 July 2023 and 30 June 2024 910,414 910,414
_______ _______
Carrying amount
At 30 June 2024 1 1
_______ _______
At 30 June 2023 1 1
_______ _______
The Company's policy upon acquisition of a subsidiary is to transfer the trade and net assets of the newly-acquired subsidiary to the Company at book value. The initial cost of the Company's investment in the subsidiary undertaking reflects the underlying fair value of its net assets and goodwill at the time of its acquisition. As a result of the transfer, the value of the Company's investment in the subsidiary undertaking falls below the amount at which it is stated in the Company's accounting records. Section 396 of the Companies Act 2006 requires that the investment be written down accordingly and that the amount be charged as a loss in the Company's income statement. However, the director considers that, as there has been no overall loss to the Company, it would fail to give a true and fair view to charge the diminution to the Company's income statement and it should instead be re-allocated to goodwill and the identifiable net assets transferred, so as to recognise, in the Company's individual statement of financial position, the effective cost to the Company of those net assets and goodwill. The effect on the Company's statement of financial postion of this departure is to recognise goodwill at cost of £910,415 (2023: £910,415), less accumulated amortisation of £910,414 (2023: £910,414).Given that the business concerned operates in a generally stable market, the director has concluded that the estimated economic life of the resulting intangible asset is ten years at the date that the transfer took place.The asset is reviewed annually for impairment. The review at 30 June 2024 indicated that no impairment had arisen.
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 July 2023 and 30 June 2024 121,468 121,468
_______ _______
Depreciation
At 1 July 2023 118,262 118,262
Charge for the year 802 802
_______ _______
At 30 June 2024 119,064 119,064
_______ _______
Carrying amount
At 30 June 2024 2,404 2,404
_______ _______
At 30 June 2023 3,206 3,206
_______ _______
7. Investments
Shares in group undertakings and participating interests Other loans Total
£ £ £
Cost
At 1 July 2023 and 30 June 2024 2,000 1 2,001
_______ _______ _______
Impairment
At 1 July 2023 and 30 June 2024 - - -
_______ _______ _______
Carrying amount
At 30 June 2024 2,000 1 2,001
_______ _______ _______
At 30 June 2023 2,000 1 2,001
_______ _______ _______
8. Debtors
2024 2023
£ £
Trade debtors 71,772 82,263
Other debtors 151,929 39,739
_______ _______
223,701 122,002
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 27,421 9,748
Trade creditors 114,930 130,088
Amounts owed to group undertakings and undertakings in which the company has a participating interest 2,000 2,000
Corporation tax - 664
Social security and other taxes 443 2,020
Other creditors 4,248 6,454
_______ _______
149,042 150,974
_______ _______
10. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 11,501 21,822
Other loans 128,779 -
_______ _______
140,280 21,822
_______ _______
11. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 1,429 1,429 1,429 1,429
_______ _______ _______ _______
12. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 14,000 21,000
Later than 1 year and not later than 5 years - 14,000
_______ _______
14,000 35,000
_______ _______
13. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Mayur Patel 4,399 118,244 - 122,643
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Mayur Patel 18,278 - ( 13,879) 4,399
_______ _______ _______ _______