Company registration number 14975811 (England and Wales)
EWORKFLOW LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
EWORKFLOW LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
EWORKFLOW LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
265,466
60,456
Tangible assets
4
11,216
276,682
60,456
Current assets
Debtors
5
47,646
10,931
Cash at bank and in hand
8,954
6,929
56,600
17,860
Creditors: amounts falling due within one year
6
(435,764)
(93,284)
Net current liabilities
(379,164)
(75,424)
Total assets less current liabilities
(102,482)
(14,968)
Provisions for liabilities
(2,804)
Net liabilities
(105,286)
(14,968)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(105,386)
(15,068)
Total equity
(105,286)
(14,968)
EWORKFLOW LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -
For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 31 July 2025 and are signed on its behalf by:
R Agha
Director
Company registration number 14975811 (England and Wales)
EWORKFLOW LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information
Eworkflow Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 85 Great Portland Street, London, WIW 7LT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2025 are the first financial statements of Eworkflow Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 3 July 2023. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 7.
1.2
Turnover
Revenue comprises sales of goods or services provided to customers net of value added tax. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets other than goodwill
Internally-generated product development assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Development costs are capitalised by the company where these are identifiable as being distinct from preliminary research costs, measurable and attributable to a specific project, and where that project is technically feasible and expected to reach completion and where on completion it is expected to be put into use or sold to a third party.
Expenditure not meeting the criteria above is expensed as incurred.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents & licences
10 years straight-line
Development costs
10 years straight-line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
EWORKFLOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33.3% straight-line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement.
EWORKFLOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
3
Intangible fixed assets
Patents & licences
Development costs
Total
£
£
£
Cost
At 1 April 2024
1,160
66,013
67,173
Additions
15,070
220,183
235,253
At 31 March 2025
16,230
286,196
302,426
Amortisation and impairment
At 1 April 2024
116
6,601
6,717
Amortisation charged for the year
1,623
28,620
30,243
At 31 March 2025
1,739
35,221
36,960
Carrying amount
At 31 March 2025
14,491
250,975
265,466
At 31 March 2024
1,044
59,412
60,456
EWORKFLOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024
Additions
16,824
At 31 March 2025
16,824
Depreciation and impairment
At 1 April 2024
Depreciation charged in the year
5,608
At 31 March 2025
5,608
Carrying amount
At 31 March 2025
11,216
At 31 March 2024
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
9,714
5,909
2025
2024
Amounts falling due after more than one year:
£
£
Deferred tax asset
37,932
5,022
Total debtors
47,646
10,931
6
Creditors: amounts falling due within one year
2025
2024
£
£
Other creditors
435,764
93,284
7
Reconciliations on adoption of FRS 102
The company has transitioned to FRS102, thus enabling the capitalisation of development expenditure incurred in building the company's product offering. This necessitates a transitional adjustment to the previous year's figures presented under FRS105 where such capitalisation was not permitted.
Likewise on adopting FRS102, deferred tax is recognised and provided for.
EWORKFLOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
7
Reconciliations on adoption of FRS 102
(Continued)
- 7 -
Reconciliation of equity
3 July
31 March
2023
2024
Notes
£
£
Equity as reported under previous UK GAAP
-
(80,446)
Adjustments arising from transition to FRS 102:
Capitalisation of development costs
a
-
59,412
Capitalisation of trademarks acquired
b
-
1,044
Recognition of deferred tax asset
c
-
5,022
Equity reported under FRS 102
-
(14,968)
Reconciliation of loss for the financial period
2024
Notes
£
Loss as reported under previous UK GAAP
(80,546)
Adjustments arising from transition to FRS 102:
Capitalisation of development costs
a
59,412
Capitalisation of trademarks acquired
b
1,044
Recognition of deferred tax asset
c
5,022
Loss reported under FRS 102
(15,068)
Notes to reconciliations on adoption of FRS 102
a) Capitalised development costs
The transitional adjustment represents the transfer of qualifying development expenditure incurred in the period-ending 31 March 2024 from the Income Statement to the Statement of Financial Position, along with the requisite amortisation charge against its carrying value.
b) Capitalised trademark costs
The transitional adjustment represents the transfer of qualifying trademark expenditure incurred in the period-ending 31 March 2024 from the Income Statement to the Statement of Financial Position, along with the requisite amortisation charge against its carrying value.
c) Deferred tax asset
The transitional adjustment represents the recognition of a deferred taxation asset arising on the company's unused tax losses arising in the period-ending 31 March 2024. The deferred tax asset is recognised in the expectation that such losses will be recovered against future taxable profits and that such future profits are deemed probable to occur.