REGISTERED NUMBER: 04551319 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 January 2025

for

Workplace Creations Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

8

Report of the Independent Auditors

10

Statement of Comprehensive Income

14

Balance Sheet

15

Statement of Changes in Equity

16

Cash Flow Statement

17

Notes to the Cash Flow Statement

18

Notes to the Financial Statements

19

DIRECTORS:

C T Bryan

R C Wilkinson

REGISTERED OFFICE:

Vintage Yard

61 Bermondsey Street

London

SE1 3XF

REGISTERED NUMBER:

04551319 (England and Wales)

INDEPENDENT AUDITORS:

Nortons Assurance Limited

Statutory Auditors

Second Floor, Now Building

Thames Valley Park

Reading

Berkshire

RG6 1RB

The directors present their strategic report for the year ended 31 January 2025.

REVIEW OF BUSINESS

Principal Activities

The principal activity of Workplace Creations ("the Company") is the design and refurbishment of offices and workplaces, along with the provision of office services. These activities form the foundation of the company's operations, with a focus on delivering high-quality office services tailored to our client's needs.

Business Performance Review

The directors are pleased to report another strong financial and operational performance during the period. The growth has been driven by the investment in the team across all departments and the new marketing strategy of building and reinforcing the Workplace Creation's brand and reputation across all social media channels.

The Key Performance Indicators (KPIs) used to measure the Company's success:

The table below highlights the results for the year and the KPIs that we are using to track and measure the success of the company over 3 years:

31 Jan 2025

31 Jan 2024

31 Jan 2023

£m

£m

£m

Revenue

£28.9

£26.6

£20.6

Gross Profit

£7.3

£6.4

£5.2

Gross Margin %

25.3%

24.1%

25.2%

Operating Profit

£1.3

£2.1

£1.8

Net Assets

£4.1

£3.9

£3.4

Cash

£3.0

£3.2

£1.0

Forward Orders

£8.1

£6.3

£5.7

Revenue Growth:

Total turnover increased by 8.6% to £28.9m, reflecting steady year-on-year growth and a transition towards larger projects with longer lead times resulting in a stronger forward order book at the end of the financial year.

Gross Profit and Margin:

Gross profit increased to £7.3m on the higher turnover and the margin improved to 25.3% in the current year, compared to 24.1% last year, demonstrating consistent profitability whilst growing the business.

Operating Profit:

The operating profit for the year dropped to £1.3m to reflect the additional £2m invested in building out the core delivery teams and improving the project delivery process. All projects are now managed in accordance with ISO 9001 (Quality Management Systems), 14001 (Environment management Systems) and 45001(occupational Health and Safety Management Systems) certifications, and we also maintain the project records in accordance with the new "golden thread" safety requirements.

Net Assets & Cash:

The company ended the period with Net Assets of £4.1m with a strong cash balance of £3.0m, providing a strong base for the on-going business and an ability to continue to invest in future growth.

Forward Orders:

The year ended with a 29% Year on Year increase in Forward Order value of £8.1m. This demonstrates the strong finish for the year and an excellent start for 2025/26 as we look to maintain our on-going growth plans.

Future Outlook and Strategic Investments

The directors are confident that the company is well-positioned for continued growth and success. Strategic investments are being made to strengthen the management team, ensuring the company can maintain its growth as well as continue to build upon its reputation in the industry. It has enhanced its marketing resources to further promote brand awareness and support this continued expansion.

These initiatives with staff, software and clients aim to strengthen the company's market position and capitalize on opportunities for further growth.

Customer Relationships and Satisfaction

Customer satisfaction remains at the core of the company's success, with significant projects being completed with long term clients. Positive feedback and ongoing work from existing client relationships highlight the trust and value placed in the company's services. The focus on client retention has been a key driver of repeat business and sustained performance.

The directors are pleased with the company's achievements during the financial period and remain optimistic about the future. With a clear strategy, strong financial position, and a focus on customer satisfaction, the directors believe that the company is well-placed to continue delivering growth and value with existing and new customers in the years ahead.

Safety Initiatives

As part of the new "golden thread" building safety regulations, the company has implemented a new software tool where we maintain a comprehensive, digital record of a building's safety information, encompassing all aspects of its lifecycle from design, construction to maintenance and then occupation during our projects. This ensures that the crucial safety data is readily available to those that need it, fostering accountability and transparency towards building safety throughout our project lifecycle.

Employee Engagement

Our employees are the foundation of our business. We seek to recruit and retain people that have a passion for our work and believe that it is only as a team that we can make a difference and achieve success. We encourage all our employees to demonstrate our core values at all times:

- Enthusiasm

- Integrity

- Persistence

- Passion

- Sustainability

We work hard to create a fair, transparent, respectful and safe environment for all our staff to work in. We monitor their health and wellbeing and have introduced a new personal development and career progression programme whilst offering elements of flexible working and an open culture that promotes everyone's diversity and inclusion. All our employee policies are designed to support these goals.

We include and update all the team on our business goals, market conditions, business performance, health and wellbeing support and career advancement opportunities. All new employees have a comprehensive induction covering our core values.

We hold quarterly Town Halls and an annual conference where senior team members share all our key messages, and the whole team has the opportunity to engage via the Q&As.

We conduct regular surveys from the team, ensuring we have got up to date feedback and share these results together with planned business actions.

It is intended to introduce a new staff Enterprise Management Incentive for all staff, giving the opportunity for all staff to purchase shares in WPC in the future at an agreed discounted value related to the business now.

Diversity & Inclusion

We recognise that diversity is an asset to all businesses and ensure that we promote a diverse and inclusive working environment.

We are encouraging continued inclusion across the business, focusing on recruitment and retention processes, ensuring that we can continue to recruit, retain and develop a fully diverse and inclusive team.

Engagement with Suppliers, Customers & Communities

Suppliers/Partners

Our suppliers and subcontractors are critical to the Company. We work with them as Partners and we seek to develop long term collaborative approach to our partnerships. We set clear performance criteria for all our partners and share regular 360 feedback on the partnership.

We are working on the Prompt Payment Code and have the target of paying all suppliers within 60 days and will be tracking this as a measure in 2025.

Customers

To achieve growth, we believe that this is best achieved by working with Customers on a long-term open and transparent basis, listening to and understanding their needs and working collaboratively. We maintain a strong relationship with our Customers throughout any project and ensure that we build upon this relationship post project completion and on all future project opportunities.

Communities

We recognise that construction takes place within communities, and they can be disruptive so we seek to engage with communities at a site level via public noticeboards, local community groups and social media.

We will be developing the reporting in 2025 on our relationships with suppliers, customers and local communities which will include feedback and satisfaction metrics.

Sustainability

We seek to balance profit and purpose, and we put our employees and customers first and grow our business to create a virtuous life-cycle of doing more good for the planet and society whilst we grow. This manifests itself in have a full sustainability plan for all projects, using our sustainability partner Alphacello, as we try to ensure we prioritise sustainable options whilst meeting the clients' objectives of world class end product with the highest levels of environmental, social and governance possible.

PRINCIPAL RISKS AND UNCERTAINTIES

The company operates in an environment where certain risks and uncertainties could impact its performance and financial position. The directors actively monitor and manage these risks to ensure the company remains resilient and well-prepared to address potential challenges.

An important risk is the loss of key staff. The client projects are led by multiple key staff and the business seeks to ensure that all key staff are kept informed of the business and well managed. We have a strategy to encourage all key staff to stay with the company for the long term. We monitor the remuneration of comparable roles to ensure that we pay competitive rates and have commissions, performance bonuses in place to ensure that they are fairly remunerated and we are introducing a share incentive plan to further encourage key staff to remain with the company.

A significant risk for the company is the potential for unpaid balances due from customers. To mitigate this risk, the company implements strict credit control processes to monitor and manage amounts receivable. A dedicated customer relations team works closely with clients to ensure timely payments and resolve any issues proactively as well as pre-agreeing a clear project cashflow on all major projects which highlights any cash issues at an early stage.

Additionally, a significant reserve cash balance is maintained as a contingency to cover potential delays in the receipt of client funds. These measures ensure that the company remains financially strong and can mitigate the impact of delayed or unpaid customer balances.

Another key risk is the potential loss of a major supplier, which could pose challenges to the company's operations. The directors have conducted a comprehensive review of the suppliers used and the product dependencies. The company maintains relationships with multiple suppliers in all key areas to ensure continuity of supply, and alternative suppliers are identified and ready to replace any loss, minimising potential disruption to operations.

The directors remain confident that the measures in place to manage these risks are effective and proportionate, supporting the long-term stability and growth of the business.

GOING CONCERN

The considered view of the directors is that the directors have a reasonable expectation that the company has adequate resources to continue operations for the foreseeable future.

The directors are not aware of any events likely to occur in the foreseeable future that may impact on the company's ability to continue as a going concern. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements for the year ended 31 January 2025.

The directors have reached this conclusion having regard to circumstances which they consider may occur during a period of at least twelve months from the date of approval of the financial statements.

RESEARCH AND DEVELOPMENT

During the year, the company continued to invest in research and development (R&D) activities aimed at enhancing its product and service offerings.

The company recognises the importance of staying at the forefront of technological advancements and remains committed to fostering innovation to address the evolving needs of its customers. Expenditure on R&D has been carefully allocated to projects that align with the company's strategic goals and long-term value creation.

Looking ahead, the company will continue to spend on R&D to gain a competitive advantage, ensuring that resources are effectively used to maximise returns and maintain a strong market position.

DUTY TO PROMOTE THE SUCCESS OF THE COMPANY

The directors have carried out their duty to promote the success of the company under section 172(1) of the Companies Act 2006. In doing so, they have considered the long-term consequences of their decisions, the interests of the company's employees, and the need to foster relationships with suppliers, customers, and other stakeholders.

Key considerations and actions undertaken during the year include:

- Long-term Strategy: The directors have prioritised sustainable growth by investing in key areas such as employees, employee development, new software systems, safety systems and sales and marketing

- Employee Engagement: Initiatives to support staff well-being and professional development were implemented, reflecting the company's commitment to its workforce.

- Stakeholder Relationships: Strong relationships with customers, suppliers, partners and the wider community were actively maintained.

- Environmental and Social Impact: Efforts were made to minimise the company's environmental footprint whilst encouraging clients to refurbish sustainably and contribute positively to society, in line with the company's values and stakeholder expectations.

The directors remain committed to balancing the interests of all stakeholders while ensuring the company operates in a responsible and sustainable manner, thereby delivering long-term value for all stakeholders.

ON BEHALF OF THE BOARD:

R C Wilkinson - Director

30 October 2025

The directors present their report with the financial statements of the company for the year ended 31 January 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of refurbishment and design of offices, together with the provision of storage.

DIVIDENDS

The profit for the year after taxation, amounted to £1,017,815 (2024: £1,894,972).

Dividends for the financial year amounted to £811,636 (2024: £1,466,948).

Interim dividends of £134,157 (2024: £176,971) were declared and paid to shareholders post year-end.

FUTURE DEVELOPMENTS

The company intends to build on its current activities by enhancing growth and strengthening its market position.

This will be achieved through continued investment in research and development, improving operational efficiency, and exploring opportunities to expand into new markets and segments. The company is committed to adopting sustainable practices, reducing its environmental impact, and fostering strong relationships with stakeholders.

Additionally, it will continue to prioritise the professional development and well-being of its employees, recognising their critical role in achieving long-term success and delivering value to shareholders and the wider community.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the company since the year end.

DIRECTORS

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

C T Bryan

R C Wilkinson

POLITICAL DONATIONS AND EXPENDITURE

The company did not make any disclosable political donations in the current financial period.

MATTERS COVERED IN THE STRATEGIC REPORT

As permitted by Section 414c(11) of the Companies Act 2006, the directors have elected to disclose information required to be in the Directors' report by Schedule 7 of the 'Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008', in the Strategic Report.

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

The auditors, Nortons Assurance Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C T Bryan - Director

30 October 2025

Opinion

We have audited the financial statements of Workplace Creations Limited (the 'company') for the year ended 31 January 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 January 2025 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 nine, 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with out responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which out procedures are capable of detecting irregularities, including fraud is below:

The objectives of our audit, in respect to fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

o We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework including the Companies Act 2006 and the relevant tax compliance regulations in the UK.

o We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures.

o We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur by discussing with management to understand where it considered there was a susceptibility to fraud. We also considered performance targets and their propensity to influence efforts made by management to manage the results. We considered the controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud and error.

o Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved journal entry testing, with a focus on journals indicating large or unusual transactions based on our understanding of the business, enquiries of company management and focused testing. In addition, we completed procedures to conclude on the compliance of the disclosures in the Annual Report and Accounts with the requirements of the relevant accounting standards and UK legislation.

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.

Anthony Campbell (Senior Statutory Auditor)

for and on behalf of Nortons Assurance Limited

Statutory Auditors

Second Floor, Now Building

Thames Valley Park

Reading

Berkshire

RG6 1RB

30 October 2025

TURNOVER

4

28,872,082

26,583,626

Cost of sales

21,566,626

20,145,691

GROSS PROFIT

7,305,456

6,437,935

Administrative expenses

5,914,277

4,309,599

1,391,179

2,128,336

Other operating income

-

32,420

OPERATING PROFIT

6

1,391,179

2,160,756

Interest receivable and similar income

8

2,008

8,125

PROFIT BEFORE TAXATION

1,393,187

2,168,881

Tax on profit

9

375,372

273,909

PROFIT FOR THE FINANCIAL YEAR

1,017,815

1,894,972

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,017,815

1,894,972

FIXED ASSETS

Tangible assets

11

664,500

73,199

CURRENT ASSETS

Stocks

12

1,821,410

1,919,620

Debtors

13

6,948,407

5,915,137

Cash at bank

2,981,483

3,156,803

11,751,300

10,991,560

CREDITORS

Amounts falling due within one year

14

8,283,739

7,185,270

NET CURRENT ASSETS

3,467,561

3,806,290

TOTAL ASSETS LESS CURRENT LIABILITIES

4,132,061

3,879,489

PROVISIONS FOR LIABILITIES

16

59,931

13,538

NET ASSETS

4,072,130

3,865,951

CAPITAL AND RESERVES

Called up share capital

17

7,143

7,143

Capital redemption reserve

18

5,000

5,000

Retained earnings

18

4,059,987

3,853,808

SHAREHOLDERS' FUNDS

4,072,130

3,865,951

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2025 and were signed on its behalf by:

C T Bryan - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 February 2023

7,143

3,425,784

5,000

3,437,927

Changes in equity

Profit for the year

-

1,894,972

-

1,894,972

Total comprehensive income

-

1,894,972

-

1,894,972

Dividends

-

(1,466,948

)

-

(1,466,948

)

Balance at 31 January 2024

7,143

3,853,808

5,000

3,865,951

Changes in equity

Profit for the year

-

1,017,815

-

1,017,815

Total comprehensive income

-

1,017,815

-

1,017,815

Dividends

-

(811,636

)

-

(811,636

)

Balance at 31 January 2025

7,143

4,059,987

5,000

4,072,130

Cash flows from operating activities

Cash generated from operations

1

1,827,815

3,488,248

Tax paid

275,356

(355,939

)

Net cash from operating activities

2,103,171

3,132,309

Cash flows from investing activities

Purchase of tangible fixed assets

(612,062

)

(40,354

)

Sale of tangible fixed assets

-

9,166

Interest received

2,008

8,125

Net cash from investing activities

(610,054

)

(23,063

)

Cash flows from financing activities

Amount introduced by directors

-

535,273

Amount withdrawn by directors

(856,801

)

-

Equity dividends paid

(811,636

)

(1,466,948

)

Net cash from financing activities

(1,668,437

)

(931,675

)

(Decrease)/increase in cash and cash equivalents

(175,320

)

2,177,571

Cash and cash equivalents at beginning of year

2

3,156,803

979,232

Cash and cash equivalents at end of year

2

2,981,483

3,156,803

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.1.25

31.1.24

£

£

Profit before taxation

1,393,187

2,168,881

Depreciation charges

20,761

16,599

Loss on disposal of fixed assets

-

449

Finance income

(2,008

)

(8,125

)

1,411,940

2,177,804

Decrease/(increase) in stocks

98,210

(78,720

)

Increase in trade and other debtors

(1,033,270

)

(707,120

)

Increase in trade and other creditors

1,350,935

2,096,284

Cash generated from operations

1,827,815

3,488,248

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2025

31.1.25

1.2.24

£

£

Cash and cash equivalents

2,981,483

3,156,803

Year ended 31 January 2024

31.1.24

1.2.23

£

£

Cash and cash equivalents

3,156,803

979,232

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.24

Cash flow

At 31.1.25

£

£

£

Net cash

Cash at bank

3,156,803

(175,320

)

2,981,483

3,156,803

(175,320

)

2,981,483

Total

3,156,803

(175,320

)

2,981,483

1.	STATUTORY INFORMATION

Workplace Creations Limited is a private company (the 'company'), limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The company was incorporated in the United Kingdom under the Companies Act.

The principal activity of the company in the year under review was that of refurbishment and design of offices, together with the provision of storage.

The presentation currency of the financial statements is the Pound Sterling (£), rounded to the nearest whole pound.

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.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future thus they continue to adopt the going concern basis in preparing the annual financial statements.

Turnover

Turnover 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. Turnover is measured as the fair value of consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company generates revenues in the form of orders for refurbishment and design of offices to the UK and assesses recoverability and payment terms on a contract by contract basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

25% on cost

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.

Depreciation is charged so to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount.

Work in progress

The company treats its contracts as complete at the point the final account is agreed with its client. This establishes the gross profit margin attributable to each job. This percentage is then applied to the sales made during the accounting period to arrive at the attributable cost of sale and any excess is treated as work in progress. Costs associated with the contracts are assumed to accrue evenly in proportion to the stage invoices raised during the course of the contract term.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance Sheet when the company becomes party to a contractual provision of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to offset 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument that evidences a residual interest in the asset of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the profit or loss when they fall due. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company independently administered funds.

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.

Operating leases

Rentals paid under operating leases are charged to the profit or loss on a straight-line basis over the lease term.

Dividend policy

The company aims to provide a consistent return to its shareholders through the payment of regular interim dividends during the year, complemented by a final dividend based on the company’s annual financial performance. The directors will determine the level of dividends with consideration to the company’s profitability, cash flow requirements, and future investment needs, ensuring a balance between rewarding shareholders and supporting the company’s long-term growth.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies the directors are required to make judgments, estimates and assumptions about the carrying value 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 the 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 the current and future periods.

Work In Progress

The company treats its contracts as complete at the point the final account is agreed with its client. This establishes the gross profit margin attributable to each job. This percentage is then applied to the sales made during the accounting period to arrive at the attributable cost of sale and any excess is treated as work in progress. Costs associated with the contracts are assumed to accrue evenly in proportion to the stage invoices raised during the course of the contract term.

4.

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:

31.1.25

31.1.24

£

£

United Kingdom

28,872,082

26,583,626

28,872,082

26,583,626

5.	EMPLOYEES AND DIRECTORS

31.1.25

31.1.24

£

£

Wages and salaries

4,116,088

2,803,051

Social security costs

498,344

322,395

Other pension costs

83,086

72,889

4,697,518

3,198,335

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

31.1.25

31.1.24

Sales

12

12

Design

16

17

Procurement

4

2

Pre-construction

6

7

Marketing

2

1

Project management

6

4

Administration and HR

12

9

Directors

2

2

60

54

31.1.25

31.1.24

£

£

Directors' remuneration

39,464

37,765

During the year contributions to defined benefit schemes totalled £4,800 (2024: £20,140). The number of directors to whom directors benefits were accruing was 2 (2024: 2).

6.	OPERATING PROFIT

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

31.1.25

31.1.24

£

£

Other operating leases

343,255

209,982

Depreciation - owned assets

20,761

16,600

Loss on disposal of fixed assets

-

449

Foreign exchange differences

(123

)

-

During the year, R&D claims were processed resulting in R&D income of £nil (2024: £262,145) which has been recognised in the year.