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Registered number: 04905501 WORKOUT LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 MARCH 2025
WORKOUT LIMITED REGISTERED NUMBER: 04905501 BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 449,131 |  | 421,691
Investment property | 6 |  | 25,161,419 |  | 26,499,167
|  |  | 25,610,550 |  | 26,920,858
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 336,276 |  | 175,482 |
Cash at bank and in hand | 8 | 47,450 |  | 135,444 |
|  | 383,726 |  | 310,926 |
Creditors: amounts falling due within one year | 9 | (12,307,239) |  | (10,644,491) |
Net current liabilities |  |  | (11,923,513) |  | (10,333,565)
Total assets less current liabilities |  |  | 13,687,037 |  | 16,587,293
Creditors: amounts falling due after more than one year | 10 |  | (9,727,159) |  | (9,769,583)
Provisions for liabilities |  |  |  |  |
Deferred tax | 12 | (218,896) |  | (912,563) |
|  |  | (218,896) |  | (912,563)
Net assets |  |  | 3,740,982 |  | 5,905,147
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 2 |  | 2
Investment property reserve |  |  | 4,270,051 |  | 7,064,176
Profit and loss account |  |  | (529,071) |  | (1,159,031)
|  |  | 3,740,982 |  | 5,905,147
Page 1
WORKOUT LIMITED REGISTERED NUMBER: 04905501 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 October 2025.
E J Lopes-Dias
Director
The notes on pages 3 to 10 form part of these financial statements. Page 2
WORKOUT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Workout Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 04905501. The address of the registered office is 3rd Floor Sterling House, Langston Road, Loughton, Essex, IG10 3TS. The nature of the company's operations and principal activity is property investment. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Galliard Group Limited as at 31 March 2025 and these financial statements may be obtained from Companies House.
| 2.3 | Going concern
These accounts have been prepared on the going concern basis, on the understanding that Galliard Group Limited will continue to financially support the company and there is no reason to believe this support will be withdrawn. The accounts do not take into account any adjustments which would be necessary if the going concern basis were not appropriate.
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Revenue comprises rent and service charges receivable for the year. These are recognised for the period in which the rent and service charges cover. Page 3
WORKOUT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.7 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 4
WORKOUT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 25% | reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Investment property
Investment property is carried at fair value determined annually by the Directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.12 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.13 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.14 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 5
WORKOUT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. 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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. Investment properties are valued annually at fair value. Fair value is ascertained from either an independent third party valuation or a directors' valuation based on a review of a number of factors and information flows, including market knowledge, recent market movements, recent sales of similar properties, historical experience, rent levels and flows of cash for the respective investment property. There is an inevitable degree of judgement involved and value can be only be reliably tested ultimately in the market itself.
4. | Employees
| The average monthly number of employees, including directors, during the year was 6 (2024 - 6).
Page 6
WORKOUT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Tangible fixed assets
|  | Plant and machinery
|  | £
| Cost or valuation |
| At 1 April 2024 | 1,019,489
| Additions | 163,100
| At 31 March 2025 | 1,182,589
| Depreciation |
| At 1 April 2024 | 597,799
| Charge for the year on owned assets | 135,659
| At 31 March 2025 | 733,458
| Net book value |
| At 31 March 2025 | 449,131
| At 31 March 2024 | 421,691
6. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 April 2024 | 26,499,167
| Additions at cost | 1,456,376
| Surplus on revaluation | (2,794,124)
| At 31 March 2025 | 25,161,419
The 2025 valuations were made by the Directors, on an open market value for existing use basis. The property valuation includes owner occupied property which is valued at £3,279,420 (2024: £3,518,119).
Page 7
WORKOUT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 241,801 | 24,121
| Other debtors | - | 30,360
| Prepayments and accrued income | 94,475 | 121,001
|  | 336,276 | 175,482
8. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 47,450 | 135,444
|  | 47,450 | 135,444
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 180,000 | 230,417
| Trade creditors | 175,955 | 324,237
| Amounts owed to group undertakings | 11,519,010 | 9,631,131
| Other taxation and social security | 10,497 | -
| Other creditors | 309,327 | 244,465
| Accruals and deferred income | 112,450 | 214,241
|  | 12,307,239 | 10,644,491
10. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 9,727,159 | 9,769,583
|  | 9,727,159 | 9,769,583
| The above loan is secured on the property Sterling House.
Page 8
WORKOUT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 180,000 | 230,417
| Amounts falling due 1-2 years |  |
| Bank loans | 180,000 | 395,000
| Amounts falling due 2-5 years |  |
| Bank loans | 9,547,159 | 954,583
| Amounts falling due after more than 5 years |  |
| Bank loans | - | 8,420,000
|  | 9,907,159 | 10,000,000
12. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (912,563)
| Charged to profit or loss | 693,667
| At end of year | (218,896)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fair value movements | (156,749) | (855,280)
| Accelerated capital allowances | (62,147) | (57,283)
|  | (218,896) | (912,563)
13. | Related party transactions
| The Company has taken advantage of the exemptions conferred in FRS 102 Section 33 not to disclose transactions with other group companies where 100% of the voting rights are controlled within the group.
Page 9
WORKOUT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
14. | Controlling party
Galliard Homes Limited is the immediate parent company and Galliard Group Limited is the ultimate parent company. Both companies are incorporated in England and Wales. The ultimate controlling party is S S S Conway. These accounts are included in the consolidated accounts of Galliard Group Limited, Company Number 07947946 and can be found on Companies House.
15. | Auditors' information
The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified. The audit report was signed on 1 October 2025 by Matthew Wells ACA (Senior Statutory Auditor) on behalf of Haslers.
Page 10