IRIS Accounts Production v25.2.0.378 12407609 director 1.1.24 31.12.24 31.12.24 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh124076092023-12-31124076092024-12-31124076092024-01-012024-12-31124076092022-12-31124076092023-01-012023-12-31124076092023-12-3112407609ns15:EnglandWales2024-01-012024-12-3112407609ns14:PoundSterling2024-01-012024-12-3112407609ns10:Director12024-01-012024-12-3112407609ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3112407609ns10:SmallEntities2024-01-012024-12-3112407609ns10:AuditExempt-NoAccountantsReport2024-01-012024-12-3112407609ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-3112407609ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-3112407609ns10:FullAccounts2024-01-012024-12-3112407609ns10:RegisteredOffice2024-01-012024-12-3112407609ns5:CurrentFinancialInstruments2024-12-3112407609ns5:CurrentFinancialInstruments2023-12-3112407609ns5:ShareCapital2024-12-3112407609ns5:ShareCapital2023-12-3112407609ns5:RevaluationReserve2024-12-3112407609ns5:RevaluationReserve2023-12-3112407609ns5:RetainedEarningsAccumulatedLosses2024-12-3112407609ns5:RetainedEarningsAccumulatedLosses2023-12-3112407609ns5:FurnitureFittings2024-01-012024-12-3112407609ns5:MotorVehicles2024-01-012024-12-3112407609ns5:FurnitureFittings2023-12-3112407609ns5:MotorVehicles2023-12-3112407609ns5:FurnitureFittings2024-12-3112407609ns5:MotorVehicles2024-12-3112407609ns5:FurnitureFittings2023-12-3112407609ns5:MotorVehicles2023-12-3112407609ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3112407609ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-31
REGISTERED NUMBER: 12407609 (England and Wales)







UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

THE WORX GROUP LTD

THE WORX GROUP LTD (REGISTERED NUMBER: 12407609)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THE WORX GROUP LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTOR: Mr R D Urquhart





REGISTERED OFFICE: Wycombe House
Rothwell Rd
Desborough
NN14 2NT





REGISTERED NUMBER: 12407609 (England and Wales)





ACCOUNTANTS: Cube Partners Limited
Chartered Accountants
5 Giffard Court
Millbrook Close
Northampton
Northamptonshire
NN5 5JF

THE WORX GROUP LTD (REGISTERED NUMBER: 12407609)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8,901 7,621
Investment property 5 500,000 254,606
508,901 262,227

CURRENT ASSETS
Stocks 164,953 164,953
Debtors 6 1,324 821
Cash at bank 9,060 58,707
175,337 224,481
CREDITORS
Amounts falling due within one year 7 652,178 488,729
NET CURRENT LIABILITIES (476,841 ) (264,248 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

32,060

(2,021

)

PROVISIONS FOR LIABILITIES 6,653 1,053
NET ASSETS/(LIABILITIES) 25,407 (3,074 )

CAPITAL AND RESERVES
Called up, fully paid share capital 100 100
Fair Value Reserve 8 18,416 -
Retained earnings 6,891 (3,174 )
25,407 (3,074 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the director and authorised for issue on 29 August 2025 and were signed by:





Mr R D Urquhart - Director


THE WORX GROUP LTD (REGISTERED NUMBER: 12407609)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

The Worx Group Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis, despite a negative balance sheet position at the year end. The director has confirmed his continued financial support to the company.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of value added tax and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. For sales of goods, the turnover is shown net of distribution and carriage charges.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on reducing balance

Tangible fixed assets are stated at historical cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

THE WORX GROUP LTD (REGISTERED NUMBER: 12407609)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors.

Financial assets that are 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 profit or loss.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
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.

Basic financial liabilities
Basic financial liabilities, including 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. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are present as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 end 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 1 ) .

THE WORX GROUP LTD (REGISTERED NUMBER: 12407609)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2024 - 7,750 7,750
Additions 3,300 - 3,300
At 31 December 2024 3,300 7,750 11,050
DEPRECIATION
At 1 January 2024 - 129 129
Charge for year 496 1,524 2,020
At 31 December 2024 496 1,653 2,149
NET BOOK VALUE
At 31 December 2024 2,804 6,097 8,901
At 31 December 2023 - 7,621 7,621

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2024 254,606
Additions 220,840
Revaluations 24,554
At 31 December 2024 500,000
NET BOOK VALUE
At 31 December 2024 500,000
At 31 December 2023 254,606

Fair value at 31 December 2024 is represented by:
£   
Valuation in 2024 24,554
Cost 475,446
500,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 1,324 821

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - 30
Taxation and social security 765 -
Other creditors 651,413 488,699
652,178 488,729

THE WORX GROUP LTD (REGISTERED NUMBER: 12407609)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

8. RESERVES
Fair
Value
Reserve
£   
Revaluation 18,416

At 31 December 2024 18,416