REGISTERED NUMBER: SC687820 (Scotland)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2024

for

Workspace Design Global Limited

Page

Strategic Report

1

Report of the Directors

2

Report of the Independent Auditors

3

Statement of Comprehensive Income

6

Balance Sheet

7

Statement of Changes in Equity

8

Notes to the Financial Statements

9

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The directors are pleased to report a successful year for the company.

The company has generated £12,856,058 (2023: £13,754,273) of turnover with profits before tax of £773,287 (2023: £1,117,920).

At the period end the company had shareholders funds of £606,975 (2023: £620,981) including distributable profits of £606,875 (2023: £620,881). The directors therefore believe the company's position to be satisfactory, with liquidity improving in conjunction with revenue and profits.

The directors believe that there is a strong foundation to build the business further and improve on the current year's results.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors have assessed the main risks facing the company as being increased competition from other national companies, where these companies are able to sell alternative products to those offered by the company at competitive prices, which could lead to decreasing margins.

The directors believe that the quality and development of our products and ongoing contingent arrangements will help mitigate these risks and are committed to see satisfactory trading results in the coming year.

ON BEHALF OF THE BOARD:

Mr M Flett - Director

5 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the supply and installation of fitted furniture.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £592,133.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr T Flett

Mr M Flett

Mr R Thomas

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

Drummond Laurie CA are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

Mr M Flett - Director

5 September 2025

Opinion

We have audited the financial statements of Workspace Design Global Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities outlined above to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to fraudulent manipulation of the financial statements, including the risk of override of controls, to reduce profits and tax liabilities. We determined that the most likely method of manipulation would be the posting of inappropriate journal entries. Audit procedures performed by the audit engagement team consisted of a review of large and unusual journal entries, challenging assumptions and judgements made by management in significant accounting estimates, discussions with management related to known or suspected instances of non-compliance with laws and regulations, review of Board minutes where available, and an evaluation of management controls designed to prevent and detect irregularities.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Craig Clinton (Senior Statutory Auditor)

for and on behalf of Drummond Laurie CA

Statutory Auditor

Unit 5

Gateway Business Park

Beancross Road

Grangemouth

FK3 8WX

10 September 2025

TURNOVER

3

12,856,058

13,754,273

Cost of sales

(9,019,575

)

(9,473,799

)

GROSS PROFIT

3,836,483

4,280,474

Administrative expenses

(3,137,165

)

(3,109,931

)

699,318

1,170,543

Other operating income

128,793

-

OPERATING PROFIT

5

828,111

1,170,543

Interest payable and similar expenses

6

(54,824

)

(52,623

)

PROFIT BEFORE TAXATION

773,287

1,117,920

Tax on profit

7

(195,160

)

(267,914

)

PROFIT FOR THE FINANCIAL YEAR

578,127

850,006

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

578,127

850,006

FIXED ASSETS

Intangible assets

9

1,057,153

1,226,151

Tangible assets

10

367,850

233,349

1,425,003

1,459,500

CURRENT ASSETS

Stocks

11

33,292

108,453

Debtors

12

3,396,752

3,299,202

Cash at bank

9,406

493,295

3,439,450

3,900,950

CREDITORS

Amounts falling due within one year

13

(2,718,312

)

(3,642,818

)

NET CURRENT ASSETS

721,138

258,132

TOTAL ASSETS LESS CURRENT LIABILITIES

2,146,141

1,717,632

CREDITORS

Amounts falling due after more than one year

14

(1,473,226

)

(1,047,732

)

PROVISIONS FOR LIABILITIES

18

(65,940

)

(48,919

)

NET ASSETS

606,975

620,981

CAPITAL AND RESERVES

Called up share capital

19

100

100

Retained earnings

20

606,875

620,881

SHAREHOLDERS' FUNDS

606,975

620,981

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2025 and were signed on its behalf by:

Mr M Flett - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

581,297

581,397

Changes in equity

Dividends

-

(810,422

)

(810,422

)

Total comprehensive income

-

850,006

850,006

Balance at 31 December 2023

100

620,881

620,981

Changes in equity

Dividends

-

(592,133

)

(592,133

)

Total comprehensive income

-

578,127

578,127

Balance at 31 December 2024

100

606,875

606,975

1.	STATUTORY INFORMATION

Workspace Design Global Limited is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and registered in Scotland. The address of the Company's registered office is 1 Bertha Park View, Inveralmond Industrial Estate, Perth, PH1 3JE, Scotland, United Kingdom.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred.

Where it is probable that contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Where the amount recognised as turnover exceeds the payments on account received and receivable in respect of that contract, the balance is included in debtors as amounts recoverable on contracts. Retentions and payments on account receivable are also included in amounts recoverable on contracts. Payments on account received in excess of the value of work done are included in creditors.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost or valuation. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Trademarks, patents and licences are being amortised over their estimated useful life of ten years.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

20% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

33% on cost

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive 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 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.

Hire purchase and leasing commitments

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts, are capitalised in the balance sheet at their fair value and are depreciated over their useful lives. The capital elements of future obligations under the leases and hire purchase contracts are included as liabilities in the balance sheet.

The interest elements of the rental obligations are charged in the profit and loss account over the periods of the leases and hire purchase contracts and represent a constant proportion of the balance of capital repayments outstanding.

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions

Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Significant estimates and judgements

The preparation of financial statements required management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and assumptions are reviewed on an ongoing basis and revisions to estimates are recognised in the period in which the estimate is revised and in any future periods affected. The following are key estimates and judgements:

a) Accounting for construction contracts

The company estimates the outcome of its construction contracts. This is normally measured by total costs incurred to date plus expected markup for that contract. Estimated markups are based on management's detailed budgets and projections.

Where management judge that the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable.

Contract costs are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.24

31.12.23

£

£

United Kingdom

12,066,827

12,595,137

Europe

789,231

1,159,136

12,856,058

13,754,273

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

2,245,222

2,242,799

Social security costs

228,687

218,398

Other pension costs

32,605

45,780

2,506,514

2,506,977

The average number of employees during the year was as follows:

31.12.24

31.12.23

Employees

49

55

31.12.24

31.12.23

£

£

Directors' remuneration

27,554

28,250

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.24

31.12.23

£

£

Hire of plant and machinery

7,588

9,718

Other operating leases

289,135

123,819

Depreciation - owned assets

64,087

46,100

Depreciation - assets on hire purchase contracts

19,481

27,063

Profit on disposal of fixed assets

(115,481

)

(4,428

)

Goodwill amortisation

13,530

13,529

Patents and licences amortisation

155,468

155,469

Auditors' remuneration

10,600

10,000

Bad debts

(67,872

)

36,200

Foreign exchange differences

34,623

(4,456

)

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

HP interest

4,316

10,456

Other loan interest

50,508

42,167

54,824

52,623

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

178,139

242,741

Deferred tax

17,021

25,173

Tax on profit

195,160

267,914

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24

31.12.23

£

£

Profit before tax

773,287

1,117,920

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%)

193,322

262,935

Effects of:

Expenses not deductible for tax purposes

5,099

360

Income not taxable for tax purposes

(28,870

)

(37,576

)

Depreciation in excess of capital allowances

8,588

17,022

Deferred tax movement

17,021

25,173

Total tax charge

195,160

267,914

8.

DIVIDENDS

31.12.24

31.12.23

£

£

Ordinary shares of £1 each

Final

592,133

810,422

9.	INTANGIBLE FIXED ASSETS

Patents

and

Goodwill

licences

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

135,300

1,554,681

1,689,981

AMORTISATION

At 1 January 2024

37,207

426,623

463,830

Amortisation for year

13,530

155,468

168,998

At 31 December 2024

50,737

582,091

632,828

NET BOOK VALUE

At 31 December 2024

84,563

972,590

1,057,153

At 31 December 2023

98,093

1,128,058

1,226,151

10.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2024

-

129,032

65,129

192,744

386,905

Additions

164,378

27,711

69,991

-

262,080

Disposals

-

(78,299

)

(9,674

)

-

(87,973

)

At 31 December 2024

164,378

78,444

125,446

192,744

561,012

DEPRECIATION

At 1 January 2024

-

77,235

25,693

50,628

153,556

Charge for year

5,426

18,734

23,878

35,530

83,568

Eliminated on disposal

-

(35,176

)

(8,786

)

-

(43,962

)

At 31 December 2024

5,426

60,793

40,785

86,158

193,162

NET BOOK VALUE

At 31 December 2024

158,952

17,651

84,661

106,586

367,850

At 31 December 2023

-

51,797

39,436

142,116

233,349

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Short

Motor

leasehold

vehicles

Totals

£

£

£

COST

At 1 January 2024

-

75,000

75,000

Additions

107,870

-

107,870

At 31 December 2024

107,870

75,000

182,870

DEPRECIATION

At 1 January 2024

-

11,459

11,459

Charge for year

3,595

15,886

19,481

At 31 December 2024

3,595

27,345

30,940

NET BOOK VALUE

At 31 December 2024

104,275

47,655

151,930

At 31 December 2023

-

63,541

63,541

11.

STOCKS

31.12.24

31.12.23

£

£

Finished goods

33,292

108,453

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

298,596

236,072

Amounts recoverable on contract

2,467,580

2,557,025

Other debtors

511,633

317,540

VAT

23,371

85,422

Prepayments and accrued income

95,572

103,143

3,396,752

3,299,202

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts (see note 15)

200,163

-

Hire purchase contracts (see note 16)

72,207

29,276

Trade creditors

1,112,729

1,774,643

Amounts owed to related parties

14,149

72,988

Tax

203,991

207,494

Social security and other taxes

107,634

115,367

Other creditors

194,640

162,470

Directors' current accounts

35,661

244,918

Accruals and deferred income

777,138

1,035,662

2,718,312

3,642,818

14.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts (see note 16)

66,952

30,724

Amounts owed to group undertakings

1,406,274

1,017,008

1,473,226

1,047,732

15.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

200,163

-