MyWorkspot Limited - Filleted accounts

Registered number

10512814

MyWorkspot Limited

Accounts

31 December 2024

MyWorkspot Limited
Registered number:		10512814
Balance Sheet
as at 31 December 2024

Notes			2024			2023
£				£
Fixed assets
Tangible assets	3		674,251			567,317

Current assets
Debtors	4	290,293			276,730
Cash at bank and in hand		22,127			108,946
		312,420			385,676

Creditors: amounts falling due within one year	5	(1,311,126)			(761,777)

Net current liabilities			(998,706)			(376,101)

Total assets less current liabilities			(324,455)			191,216

Creditors: amounts falling due after more than one year	6		(137,281)			(215,820)



Net liabilities			(461,736)			(24,604)

Capital and reserves
Called up share capital			145			145
Share premium			499,955			499,955
Profit and loss account			(961,836)			(524,704)

Shareholders' funds			(461,736)			(24,604)

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




D Johnston
Director
Approved by the board on 29 September 2025

MyWorkspot Limited
Notes to the Accounts
for the year ended 31 December 2024


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Freehold buildings	over 50 years
	Leasehold land and buildings	over the lease term
	Plant and machinery	over 4 years
	Fixtures, fittings, tools and equipment	over 4 years

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Going Concern
	The directors have at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue operating for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees			2024		2023
Number					Number

	Average number of persons employed by the company			9		8


3	Tangible fixed assets
		Land and buildings		Plant and machinery etc		Total
£			£		£
	Cost
	At 1 January 2024	728,131		40,327		768,458
	Additions	134,207		16,142		150,349
	Disposals	(4,604)		(21,432)		(26,036)
	At 31 December 2024	857,734		35,037		892,771

	Depreciation
	At 1 January 2024	169,269		31,872		201,141
	Charge for the year	34,813		3,998		38,811
	On disposals	-		(21,432)		(21,432)
	At 31 December 2024	204,082		14,438		218,520

	Net book value
	At 31 December 2024	653,652		20,599		674,251
	At 31 December 2023	558,862		8,455		567,317


4	Debtors			2024		2023
£					£

	Trade debtors			26,103		4,122
	Other debtors			264,190		272,608
				290,293		276,730

	Amounts due after more than one year included above			135,783		235,783


5	Creditors: amounts falling due within one year			2024		2023
£					£

	Bank loans and overdrafts			78,032		73,518
	Trade creditors			495,622		88,629
	Taxation and social security costs			(15,352)		33,420
	Other creditors			752,824		566,210
				1,311,126		761,777


6	Creditors: amounts falling due after one year			2024		2023
£					£

	Bank loans			91,052		164,634
	Other creditors			46,229		51,186
				137,281		215,820


7	Related party transactions

	At the year end the company owed £31,689 (2023: £36,909) to the directors of the company in respect of interest free loans.


8	Other information

	MyWorkspot Limited is a private company limited by shares and incorporated in England. Its registered office is:
	York House
	18 York Road
	Maidenhead
	SL6 1SF