REGISTERED NUMBER: 02815352 (England and Wales)

WORKSECOND LIMITED

Unaudited Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

K G Pountney

SECRETARY:

K G Pountney

REGISTERED OFFICE:

382 Aston Lane

Witton

Birmingham

West Midlands

B6 6QN

REGISTERED NUMBER:

02815352 (England and Wales)

ACCOUNTANTS:

Michael Dufty Partnership Limited

59-61 Charlotte Street

St Pauls Square

Birmingham

West Midlands

B3 1PX

FIXED ASSETS

Tangible assets

4

1,973

3,514

Investment property

5

5,790,000

5,790,000

5,791,973

5,793,514

CURRENT ASSETS

Debtors

6

662,021

664,907

Cash at bank

60,849

21,521

722,870

686,428

CREDITORS

Amounts falling due within one year

7

287,145

286,278

NET CURRENT ASSETS

435,725

400,150

TOTAL ASSETS LESS CURRENT LIABILITIES

6,227,698

6,193,664

CREDITORS

Amounts falling due after more than one year

8

(1,800,000

)

(1,800,000

)

PROVISIONS FOR LIABILITIES

(778,043

)

(778,428

)

NET ASSETS

3,649,655

3,615,236

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

10

2,754,929

2,754,929

Retained earnings

894,626

860,207

SHAREHOLDERS' FUNDS

3,649,655

3,615,236

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 25 September 2025 and were signed by:

K G Pountney - Director

1.	STATUTORY INFORMATION

Worksecond Limited 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.

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.

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.

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

-

25% on cost

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2024

and 31 December 2024

78,779

DEPRECIATION

At 1 January 2024

75,265

Charge for year

1,541

At 31 December 2024

76,806

NET BOOK VALUE

At 31 December 2024

1,973

At 31 December 2023

3,514

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

5,790,000

NET BOOK VALUE

At 31 December 2024

5,790,000

At 31 December 2023

5,790,000

Included in fair value of investment property is freehold land of £ 622,500 (2023 - £ 622,500 ) which is not depreciated.

Fair value at 31 December 2024 is represented by:

£

Valuation in 2020

4,213,925

Valuation in 2023

(681,447

)

Cost

2,257,522

5,790,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

49,787

52,772

Amounts owed by group undertakings

600,218

600,218

VAT

-

661

Prepayments

12,016

11,256

662,021

664,907

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

16,062

12,570

Social security and other taxes

24,680

11,201

Other creditors

177,089

151,742

Accrued expenses

69,314

110,765

287,145

286,278

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 2-5 years

1,800,000

1,800,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

1,800,000

1,800,000

The bank loan is secured by a first charge on the company's freehold property investments.

10.

RESERVES

Revaluation

reserve

£

At 1 January 2024

and 31 December 2024

2,754,929

11.	RELATED PARTY DISCLOSURES

At the balance sheet date £115,336 (2023 - £120,846) was owed to Vyse Developments Limited, a company with a director in common.