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Registered number: 15216890












PARTISAN WORK ONC LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

 

PARTISAN WORK ONC LIMITED

CONTENTS



Page
Company Information
 
1
Balance Sheet
 
2
Notes to the Financial Statements
 
3 - 9


 

PARTISAN WORK ONC LIMITED
 
COMPANY INFORMATION


Directors
P A Campbell 
R S Hilton 
A M Myers 




Registered number
15216890



Registered office
30 Churchill Place
WeWork (4th Floor)

London

E14 5RE




Independent auditors
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:15216890
PARTISAN WORK ONC LIMITED

BALANCE SHEET
AS AT 30 MARCH 2025

2025
Note
£

Fixed assets
  

Intangible assets
 4 
7,131

Tangible assets
 5 
3,200,343

  
3,207,474

Current assets
  

Debtors: amounts falling due within one year
 6 
306,485

Cash at bank and in hand
  
15,255

  
321,740

Creditors: amounts falling due within one year
 7 
(3,664,639)

Net current (liabilities)/assets
  
 
 
(3,342,899)

Total assets less current liabilities
  
(135,425)

  

Net (liabilities)/assets
  
(135,425)


Capital and reserves
  

Called up share capital 
 8 
1

Profit and loss account
  
(135,426)

Total equity
  
(135,425)


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 A Campbell
Director

Date: 17 July 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 

PARTISAN WORK ONC LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

1.


General information

Partisan Work ONC Limited is a private company limited by shares incorporated in England and Wales with registered office at 30 Churchill Place, (WeWork, 4th Floor), London, E14 5RE. 
These financial statements have been prepared for an 18 month period from the company's incorporation on 17 October 2023 to 31 March 2025.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. 

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 following principal accounting policies have been applied:

 
2.2

Going concern

The directors acknowledge that the company had net liabilities at the reporting date. However, after making appropriate enquiries, and having received a letter of support from the parent company and its fellow subsidiary regarding the outstanding amounts owed to group entities, they have a reasonable expectation that the company can meet its obligations as they fall due. Accordingly, the financial statements have been prepared on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 

PARTISAN WORK ONC LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.6

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:

Short-term leasehold property
-
Straight line over the lease term
Plant and machinery
-
20%

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.

 
2.7

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

Share capital

Ordinary shares are classified as equity.

Page 4

 

PARTISAN WORK ONC LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

2.Accounting policies (continued)


2.9

Financial instruments

The Company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the Company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. 
 
The Company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Page 5

 

PARTISAN WORK ONC LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

2.Accounting policies (continued)




Financial instruments (continued)

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the Company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.


3.


Employees

The average monthly number of employees, including directors, during the period was 3.

Page 6

 

PARTISAN WORK ONC LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

4.


Intangible assets



Computer software

£



Cost


Additions
7,131



At 30 March 2025

7,131






Net book value



At 30 March 2025
7,131

Intangible fixed assets shown above relate to computer software for a new site which at the balance sheet date was not yet in operation, accordingly no depreciation has been charged in these financial statements.




5.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Total

£
£
£



Cost


Additions
2,065,919
1,134,424
3,200,343



At 30 March 2025

2,065,919
1,134,424
3,200,343






Net book value



At 30 March 2025
2,065,919
1,134,424
3,200,343

Tangible fixed assets shown above relate to the fit-out of a new site which at the balance sheet date was not yet in operation, accordingly no depreciation has been charged in these financial statements.


6.


Debtors

2025
£


Other debtors
306,485


Page 7

 

PARTISAN WORK ONC LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

7.


Creditors: Amounts falling due within one year

2025
£

Trade creditors
722,055

Amounts owed to group undertakings
2,800,587

Other creditors
15,000

Accruals and deferred income
126,997

3,664,639


Amounts owed to group undertakings are interest free, have no fixed repayment date and are repayable on demand.


8.


Share capital

2025
£
Allotted, called up and fully paid


1 Ordinary share of £1.00
1


On incorporation on 17 October 2023 the company issued 1 Ordinary £1 share at par.
This is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.


9.


Reserves

Profit and loss account

The profit and loss account includes all current period retained profits and losses.


10.


Capital commitments

At 30 March 2025 the Company was committed to capital expenditure totalling £3,060,841 which is not provided for in these financial statements.

Page 8

 

PARTISAN WORK ONC LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

11.


Commitments under operating leases

At 30 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2025
£


Not later than 1 year
226,834

Later than 1 year and not later than 5 years
2,331,753

Later than 5 years
7,107,458

9,666,045


12.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.


13.


Post balance sheet events

There have been no significant events affecting the Company since the year end.


14.


Controlling party

The immediate parent undertaking is Partisan Work Limited.
The parent undertaking of the smallest group of undertakings for which group financial statements are drawn up and of which the company is a member is Partisan Work Limited, whose registered office is at 30 Churchill Place, (We Work, 4th Floor), London, E14 5RE. Copies of these group financial statements are available to the public from its registered office.
In the opinion of the directors, there is no ultimate controlling party.


15.


Auditors' information

The auditors' report on the financial statements for the period ended 30 March 2025 was unqualified.

The audit report was signed on 17 July 2025 by Thomas Dickinson (Senior Statutory Auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 9