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COMPANY REGISTRATION NUMBER: 4775213
Workforce Bank Limited
Filleted Unaudited Financial Statements
31 May 2024
Workforce Bank Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
902
1,203
Current assets
Debtors
7
34,311
29,196
Cash at bank and in hand
7,480
11,105
--------
--------
41,791
40,301
Creditors: amounts falling due within one year
8
30,382
20,925
--------
--------
Net current assets
11,409
19,376
--------
--------
Total assets less current liabilities
12,311
20,579
Creditors: amounts falling due after more than one year
9
7,001
14,400
Provisions
10
225
228
--------
--------
Net assets
5,085
5,951
--------
--------
Capital and reserves
Called up share capital
11
1,000
1,000
Profit and loss account
12
4,085
4,951
-------
-------
Shareholders funds
5,085
5,951
-------
-------
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.
For the year ending 31 May 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Workforce Bank Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 28 May 2025 , and are signed on behalf of the board by:
R Dubov
Director
Company registration number: 4775213
Workforce Bank Limited
Notes to the Financial Statements
Year ended 31 May 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 2nd floor, 159a Chase Side, Enfield, Middlesex, EN2 0PW, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Accounting convention
The accounts have been prepared under the historical cost convention and in compliance with the provisions of the Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008 (SI2008/409) and Financial Reporting Standard 102 Section 1A.
(b) Turnover
Turnover represents the invoiced value, excluding Value Added Tax, of services supplied during the year.
(c) Tangible fixed assets and depreciation
Fixed assets are stated at cost less a provision for accumulated depreciation. Depreciation is provided at the following annual rates in order to write each asset down to its residual value over its estimated useful life: Fixtures and fittings – 25% on reducing balance Office equipment – 25% on reducing balance
(d) Deferred taxation
Deferred tax is recognised by making provision, at current rates, for all timing differences that have originated but not reversed by the balance sheet date. Timing differences arise where tax relief is obtained for expenditure in a different period to which the expenditure is charged in the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 6 ).
5. Tax on profit
2024
2023
£
£
Charge to corporation tax on the profit for the year @ 22.6% (2023 – 19%)
7,363
8,725
Deferred tax (credit) for the year
(3)
(81)
-------
-------
7,360
8,644
-------
-------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 June 2023 and 31 May 2024
1,312
22,364
23,676
-------
--------
--------
Depreciation
At 1 June 2023
1,312
21,161
22,473
Charge for the year
301
301
-------
--------
--------
At 31 May 2024
1,312
21,462
22,774
-------
--------
--------
Carrying amount
At 31 May 2024
902
902
-------
--------
--------
At 31 May 2023
1,203
1,203
-------
--------
--------
7. Debtors
2024
2023
£
£
Other debtors
34,311
29,196
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
6,999
7,200
Corporation tax
17,476
8,725
Other creditors
5,907
5,000
--------
--------
30,382
20,925
--------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,001
14,400
-------
--------
10. Provisions
2024
2023
£
£
Deferred tax provision brought forward
228
309
(Credit) for the year
(3)
(81)
----
----
Deferred tax provision carried forward
225
228
----
----
The provision for deferred taxation represents full provision for the corporation tax that would arise at current rates on the reversal of accelerated capital allowances.
11. Called up share capital
2024
2023
£
£
Authorised:
1,000 ordinary £1 shares
1,000
1,000
1,000 'A' £1 shares
1,000
1,000
Allotted, called up and fully paid:
801 ordinary £1 shares
801
801
199 'A' £1 shares
199
199
12. Profit and loss account
2024 2023
£ £
Accumulated profits brought forward 4,951 3,975
Profit for the financial year 19,134 30,976
Dividends paid in the year (20,000) (30,000)
-------- --------
Accumulated profits carried forward 4,085 4,951
-------- --------