Workspace & Storage Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07798528 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

FOR

WORKSPACE & STORAGE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J McGregor

S Connelly

REGISTERED OFFICE:

Unit 5c Strand House

Locomotion Way

Camperdown Industrial Estate

Newcastle upon Tyne

NE12 5US

REGISTERED NUMBER:

07798528 (England and Wales)

ACCOUNTANTS:

Robson Laidler (Durham) Limited

Accountants

Hadrian House

Front Street

Chester le Street

County Durham

DH3 3DB

FIXED ASSETS

Tangible assets

4

357,824

360,546

Investment property

5

4,231,205

4,200,000

4,589,029

4,560,546

CURRENT ASSETS

Debtors

6

133,199

106,731

Cash at bank and in hand

1,023,386

613,983

1,156,585

720,714

CREDITORS

Amounts falling due within one year

7

2,202,130

2,055,926

NET CURRENT LIABILITIES

(1,045,545

)

(1,335,212

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,543,484

3,225,334

PROVISIONS FOR LIABILITIES

535,529

536,368

NET ASSETS

3,007,955

2,688,966

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

3,007,954

2,688,965

3,007,955

2,688,966

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 May 2021 and were signed on its behalf by:

S Connelly - Director

1.	STATUTORY INFORMATION

Workspace & Storage 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.

The presentation currency of the financial statements is the Pound Sterling (£).

Rounding is 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" 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.

Turnover

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

Tangible fixed assets

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

Land

-

not depreciated

Plant and machinery

-

20% on cost and 10% - 25% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Investment property

Investment properties are valued at their fair value. Any aggregate surplus or deficit arising from changes in fair value us recognised in the statement of income. No depreciation is provided on freehold investment properties.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

Land

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 October 2019

39,000

479,006

16,500

20,763

555,269

Additions

-

10,750

28,100

-

38,850

Disposals

-

-

(16,500

)

-

(16,500

)

At 30 September 2020

39,000

489,756

28,100

20,763

577,619

DEPRECIATION

At 1 October 2019

-

164,058

12,583

18,082

194,723

Charge for year

-

28,579

7,025

2,052

37,656

Eliminated on disposal

-

-

(12,584

)

-

(12,584

)

At 30 September 2020

-

192,637

7,024

20,134

219,795

NET BOOK VALUE

At 30 September 2020

39,000

297,119

21,076

629

357,824

At 30 September 2019

39,000

314,948

3,917

2,681

360,546

Land is not depreciated.

5.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 October 2019

4,200,000

Additions

31,205

At 30 September 2020

4,231,205

NET BOOK VALUE

At 30 September 2020

4,231,205

At 30 September 2019

4,200,000

Investment property, which is held to earn rentals and/or capital appreciation, is measured using the fair value model at the period date. The surplus or deficit on revaluation is recognised in the statement of income.

The director considers that the valuation of the investment properties represents their fair value at the year end.

Cost or valuation at 30 September 2020 is represented by:

£

Valuation in 2015

1,332,846

Valuation in 2019

946,246

Cost

1,952,113

4,231,205

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

70,496

70,409

Other debtors

62,703

36,322

133,199

106,731

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

5

-

Taxation and social security

136,404

107,945

Other creditors

2,065,721

1,947,981

2,202,130

2,055,926

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2020 and 30 September 2019:

2020

2019

£

£

J McGregor

Balance outstanding at start of year

759

569

Amounts advanced

3,569

190

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

4,328

759