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Registration number: 08650970

THE WORKSTATION HOLDINGS LTD

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 August 2024

 

THE WORKSTATION HOLDINGS LTD

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

THE WORKSTATION HOLDINGS LTD

Company Information

Directors

Mr D Palmer

Mr R Palmer

Mr J Palmer

Registered office

Arquen House
4-6 Spicer Street
St. Albans
Hertfordshire
AL3 4PQ

Accountants

Mawson Breskal & Co
Chartered Accountants
6 Parkgate Avenue
Barnet
Herts
EN4 0NR

 

THE WORKSTATION HOLDINGS LTD

(Registration number: 08650970)
Abridged Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

94,305

114,914

Investments

5

308

307

 

94,613

115,221

Current assets

 

Debtors

6

250,770

358,723

Cash at bank and in hand

 

184,325

9,768

 

435,095

368,491

Prepayments and accrued income

 

(39)

-

Creditors: Amounts falling due within one year

(430,192)

(360,649)

Net current assets

 

4,864

7,842

Total assets less current liabilities

 

99,477

123,063

Creditors: Amounts falling due after more than one year

(7,904)

(18,214)

Accruals and deferred income

 

(9,065)

(2,475)

Net assets

 

82,508

102,374

Capital and reserves

 

Called up share capital

7

30

30

Retained earnings

82,478

102,344

Shareholders' funds

 

82,508

102,374

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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.

 

THE WORKSTATION HOLDINGS LTD

(Registration number: 08650970)
Abridged Balance Sheet as at 31 August 2024

Approved and authorised by the Board on 23 May 2025 and signed on its behalf by:
 

.........................................
Mr R Palmer
Director

 

THE WORKSTATION HOLDINGS LTD

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 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:
Arquen House
4-6 Spicer Street
St. Albans
Hertfordshire
AL3 4PQ

These financial statements were authorised for issue by the Board on 23 May 2025.

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 abridged 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 abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

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.

Government grants

Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the period in which the entity recognises the related costs for which the grant is intended to compensate.
Grants that are received in respect of expenses or losses already incurred by the entity recognised in the profit and loss account when the grant becomes receivable.

 

THE WORKSTATION HOLDINGS LTD

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fittings

25% written down value

Short leasehold improvements

10 years straight line

Boat

10 years straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

 

THE WORKSTATION HOLDINGS LTD

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

THE WORKSTATION HOLDINGS LTD

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

60,672

76,949

57,912

195,533

Additions

-

5,106

-

5,106

At 31 August 2024

60,672

82,055

57,912

200,639

Depreciation

At 1 September 2023

15,278

47,967

17,374

80,619

Charge for the year

6,068

9,513

10,134

25,715

At 31 August 2024

21,346

57,480

27,508

106,334

Carrying amount

At 31 August 2024

39,326

24,575

30,404

94,305

At 31 August 2023

45,394

28,982

40,538

114,914

Included within the net book value of land and buildings above is £39,326 (2023 - £45,393) in respect of short leasehold land and buildings.
 

5

Investments

Total
£

Cost or valuation

At 1 September 2023

307

Additions

1

At 31 August 2024

308

Provision

Carrying amount

At 31 August 2024

308

At 31 August 2023

307

 

THE WORKSTATION HOLDINGS LTD

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

2024
£

2023
£

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

30

30

30

30

       

8

Dividends

2024

2023

£

£

Interim dividend of £7,238.24 (2023 - £9,000.00) per ordinary share

137,000

180,000

 

 

9

Related party transactions

 

THE WORKSTATION HOLDINGS LTD

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Contributions paid to money purchase schemes

-

17,520