Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01false11falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11851848 2023-04-01 2024-03-31 11851848 2022-04-01 2023-03-31 11851848 2024-03-31 11851848 2023-03-31 11851848 c:Director1 2023-04-01 2024-03-31 11851848 d:OfficeEquipment 2023-04-01 2024-03-31 11851848 d:OfficeEquipment 2024-03-31 11851848 d:OfficeEquipment 2023-03-31 11851848 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 11851848 d:ComputerEquipment 2023-04-01 2024-03-31 11851848 d:ComputerEquipment 2024-03-31 11851848 d:ComputerEquipment 2023-03-31 11851848 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 11851848 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 11851848 d:LeaseholdInvestmentProperty 2023-04-01 2024-03-31 11851848 d:LeaseholdInvestmentProperty 2024-03-31 11851848 d:LeaseholdInvestmentProperty 2023-03-31 11851848 d:CurrentFinancialInstruments 2024-03-31 11851848 d:CurrentFinancialInstruments 2023-03-31 11851848 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 11851848 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 11851848 d:ShareCapital 2024-03-31 11851848 d:ShareCapital 2023-03-31 11851848 d:RetainedEarningsAccumulatedLosses 2024-03-31 11851848 d:RetainedEarningsAccumulatedLosses 2023-03-31 11851848 c:FRS102 2023-04-01 2024-03-31 11851848 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 11851848 c:FullAccounts 2023-04-01 2024-03-31 11851848 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11851848 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 11851848










MAKER WORKS LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
MAKER WORKS LTD
REGISTERED NUMBER: 11851848

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,369
3,347

Investment property
 5 
77,851
61,051

  
81,220
64,398

Current assets
  

Debtors: amounts falling due within one year
 6 
16,591
35,949

Cash at bank and in hand
 7 
21,737
56,040

  
38,328
91,989

Creditors: amounts falling due within one year
 8 
(260,892)
(319,408)

Net current liabilities
  
 
 
(222,564)
 
 
(227,419)

Total assets less current liabilities
  
(141,344)
(163,021)

  

Net liabilities
  
(141,344)
(163,021)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(141,345)
(163,022)

  
(141,344)
(163,021)


Page 1

 
MAKER WORKS LTD
REGISTERED NUMBER: 11851848
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



P Mahoney
Director

Date: 28 March 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
MAKER WORKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Maker Works Ltd is a private company, limited by shares, and incorporated in England and Wales. The company registration number is 11851848 and the registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in pounds sterling, the functional currency, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

The director has assessed the use of going concern and has considered possible events or conditions that might cast significant doubt on the ability of the company to continue as a going concern for a period of at least one year from the date of the approval of these financial statements. The director has concluded that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the company's ability to continue as a going concern. The director has, therefore, adopted the going concern basis in preparing these financial statements.

 
2.3

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 measured 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:

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.

Page 3

 
MAKER WORKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

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 bringing 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, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
over 3 years
Computer equipment
-
over 5 years

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers or the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

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.

 
2.8

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.

 
2.9

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.

Page 4

 
MAKER WORKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Financial instruments are recognised in the Company's Balance sheet when the Company becomes 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 with 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 relation to the events surrounding the impairment loss then the impairment can be reviewed for 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 instruments 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 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.

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
Page 5

 
MAKER WORKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

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.

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's contractual obligations expire or are discharged or cancelled.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 6

 
MAKER WORKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
4,571
-
4,571


Additions
-
792
792



At 31 March 2024

4,571
792
5,363



Depreciation


At 1 April 2023
1,224
-
1,224


Charge for the year on owned assets
612
158
770



At 31 March 2024

1,836
158
1,994



Net book value



At 31 March 2024
2,735
634
3,369



At 31 March 2023
3,347
-
3,347


5.


Investment property


Long term leasehold investment property

£



Valuation


At 1 April 2023
61,051


Additions at cost
16,800



At 31 March 2024
77,851

The 2024 valuations were made by the director, on an open market value for existing use basis.






Page 7

 
MAKER WORKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
16,591
35,949

16,591
35,949



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
21,737
56,040

21,737
56,040



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
4,830

Other creditors
258,932
312,618

Accruals and deferred income
1,960
1,960

260,892
319,408



9.


Related party transactions

Included within Other creditors at the balance sheet date is an amount due to Willesden Holdings Limited of £246,940 (2023: £300,360). The amount is interest free and repayable on demand. The director of Maker Works Ltd is also a director of Willesden Holdings Limited.

 
Page 8