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Registered Number: 10777312
England and Wales

 

 

 

WORKSPACE IT LIMITED



Abridged Accounts
 


Period of accounts

Start date: 01 October 2023

End date: 30 September 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 12,529    7,904 
Investments 4 228,151    191,917 
240,680    199,821 
Current assets      
Debtors 227,257    296,225 
Cash at bank and in hand 271,864    202,241 
499,121    498,466 
Creditors: amount falling due within one year (226,187)   (258,475)
Net current assets 272,934    239,991 
 
Total assets less current liabilities 513,614    439,812 
Provisions for liabilities (3,132)   (1,502)
Net assets 510,482    438,310 
 

Capital and reserves
     
Called up share capital 10    10 
Profit and loss account 510,472    438,300 
Shareholders' funds 510,482    438,310 
 


For the year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 16 June 2025 and were signed on its behalf by:


-------------------------------
D A Ogilvie
Director
1
General Information
Workspace IT Limited is a private company, limited by shares, registered in England and Wales, registration number 10777312, registration address Merlin House, Brunel Road, Theale, Reading, Berkshire, RG7 4AB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern
The accounts are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Hire purchase and leasing agreements
Assets held under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year and and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures and Fittings - 25% Straight line method
Computer Equipment - 25% Straight line method
Plant and Machinery - 33% Straight line method
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Investments
Listed investments are disclosed at fair value. Any surplus or deficit arising on valuation is reported in the profit and loss account.
Debtors
Short term debtors are measured at transaction price less any impairment. Loans receivable are measured at initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method.
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 subsequently measured at amortised costs using the effective interest method.
2.

Average number of employees

Average number of employees during the year was 10 (2023 : 10).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 October 2023   1,745    25,369    27,114 
Additions 2,845    410    6,047    9,302 
Disposals      
At 30 September 2024 2,845    2,155    31,416    36,416 
Depreciation
At 01 October 2023   1,311    17,899    19,210 
Charge for year 218    295    4,164    4,677 
On disposals      
At 30 September 2024 218    1,606    22,063    23,887 
Net book values
Closing balance as at 30 September 2024 2,627    549    9,353    12,529 
Opening balance as at 01 October 2023   434    7,470    7,904 


4.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 October 2023 191,917    191,917 
Additions  
Transfer to/from tangible fixed assets  
Disposals  
Revaluations 36,234    36,234 
At 30 September 2024 228,151    228,151 

5.

Advances and Credits



Directors' advances, credits and guarantees
The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023: Mr Colin Eales. The loan is interest free with no fixed date for repayment.

Current year (2024)
Brought Forward
£
Amount
£
Interest
£
Repaid
£
Written Off
£
Waived
£
Carry Forward
£
Directors' advances, credits and guarantees60,000 60,000 
060000000060000
Previous year (2023)
Brought Forward
£
Amount
£
Interest
£
Repaid
£
Written Off
£
Waived
£
Carry Forward
£
Directors' advances, credits and guarantees
0000000
6.

Debtors: amounts falling due within one year

.   2024
£
  2023
£
Trade Debtors 156,031  295,440 
Prepayments & Accrued Income 1,101  785 
Other Debtors 10,125 
Directors' Current Accounts 60,000 
227,257  296,225 

7.

Creditors: amounts falling due within one year

.   2024
£
  2023
£
Trade Creditors 82,959  99,505 
Corporation Tax 85,517  61,681 
PAYE & Social Security 9,622  10,574 
Deferred Income 19,342  18,421 
Other Creditors 3,225  2,552 
VAT 25,522  65,742 
226,187  258,475 

8.

Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
.   2024
£
  2023
£
Within one year 19,366  27,665 
Between one and five years 6,179  14,252 
25,545  41,917 

2