Company registration number 04358898 (England and Wales)
WORKSTONE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
PAGES FOR FILING WITH REGISTRAR
WORKSTONE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
WORKSTONE LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2025
30 November 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
-
0
-
0
Investment property
4
13,000,000
13,300,000
Investments
5
2
2
13,000,002
13,300,002
Current assets
Debtors
6
582,846
466,885
Creditors: amounts falling due within one year
7
(10,738,255)
(11,246,970)
Net current liabilities
(10,155,409)
(10,780,085)
Net assets
2,844,593
2,519,917
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
2,844,592
2,519,916
Total equity
2,844,593
2,519,917

For the financial year ended 30 November 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 6 August 2026 and are signed on its behalf by:
Mr M V Sternberg OBE KC KCFO
Director
Company registration number 04358898 (England and Wales)
WORKSTONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -
1
Accounting policies
Company information

Workstone Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, 31 Kentish Town Road, London, NW1 8NL. The principal place of business is Unit 3, Delta Court, Manor Way, Borehamwood, Herts., WD6 1FJ.

The principal activity of the company is that of property investment.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investment properties measured at fair value. The changes in fair values are recognised in the statement of income and retained earnings.

The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue recognition

The turnover consists of the company's gross property income comprising rental income, service charges and insurances recoverable from tenants of investment property exclusive of value added tax.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

1.4
Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

WORKSTONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 3 -

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 the contractual provisions 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 set off 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

WORKSTONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10

Related party transactions

The company has taken advantage of the exemption from disclosing transactions with members of the group as they are wholly owned.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
6
6

The employees comprise only the directors who are also the directors of the other active companies within the group.

The group's payroll is operated by a fellow subsidiary and apportioned to group companies as appropriate.

WORKSTONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 5 -
4
Investment property
2025
£
Fair value
At 1 December 2024
13,300,000
Revaluations
(300,000)
At 30 November 2025
13,000,000

The company's investment properties were valued at 30 November 2025 by Marc Robson B.Sc. (Estate Management) and a member of NAEA Propertymark. The valuations were carried out on an open market value basis. An appropriate all risk yield was applied to the rental income stream of each property to derive the capital value. The all risk yield factors in the following considerations; recent private treaty and auction investment sales; length of lease remaining and the risk of the tenant not renewing; quality of the town and how much supply/voids are in the location, whether rents are increasing/decreasing and then factoring this into the rental income stream; size of the unit and the condition of the unit.

5
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
2
2

The company owns 100% of the issued share capital comprising two Ordinary Shares of £1 each in Botchergate Management Limited, a company registered in England and Wales. This company acts as a nominee company for disbursement of expenses and has no profit motive.

6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
278,152
218,230
Amounts owed by group undertakings
16,100
16,697
Other debtors
288,594
231,958
582,846
466,885

Amounts owed by group undertakings are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.

WORKSTONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 6 -
7
Creditors: amounts falling due within one year
2025
2024
£
£
Amounts owed to group undertakings
10,135,994
10,706,022
Corporation tax
210,000
198,000
Other taxation and social security
60,103
49,116
Other creditors
332,158
293,832
10,738,255
11,246,970

Amounts owed to group undertakings are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.

8
Operating lease commitments
2025
2024
Future amounts receivable under operating leases:
£
£
Total due over the lease term
3,626,252
4,353,225

Contingent rents included in turnover for the year amounted to £153,102 (2024 - £135,012).

9
Related party transactions

The ultimate parent company (note 10) is not controlled by any single party.

No transactions with related parties were undertaken that require disclosure other than balances with group undertakings as disclosed in notes 6 and 7.

10
Parent company

The company's ultimate parent company is Starmount (Securities) Limited, a company incorporated in England and Wales.

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