XYZ Work Limited
XYZ Work Limited
Financial Statements
For The Year Ended
31 December 2020
XYZ Work Limited
Financial Statements
For The Year Ended
31 December 2020
Financial Statements
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| Page | |
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| Statement of Financial Position | 1—2 |
| Notes to the Financial Statements | 3—6 |
XYZ Work Limited
Statement of Financial Position
As at
31 December 2020
Statement of Financial Position
Registered number:
09832818
For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2020 | 2019 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 5 |
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| CURRENT ASSETS | |||||
| Stocks | 6 |
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| Debtors | 7 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 8 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET LIABILITIES |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 9 |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | (5,184,713) | (4,072,082) | |||
Page 1
XYZ Work Limited
Statement of Financial Position (continued)
As at
31 December 2020
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
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Director
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
XYZ Work Limited
Notes to the Financial Statements
For The Year Ended
31 December 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with the provisions of Financial Reporting Standard 102 section 1A small entities, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
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 1.8).
1.2.
Going Concern Disclosure
At the signing date of the statutory accounts the Covid-19 Pandemic is impacting the global economy. The directors have assessed the financial performance and note that as at
31 December 2020
the company had net liabilities of £5,184,713 (2019: £4,072,082) and made a loss after taxation for the financial year of £1,112,631 (2019: £1,056,725).
Management has undertaken a thorough group going concern review which has included forecasts from 12 months from signing date of the financial statements to ensure the company will continue to be able to meet its liabilities for the next year from the signing date of the accounts. The forecasts included some sensitivity on the income obtained.
Whilst there is some uncertainty within any assumption, these financial statements have been prepared on a going concern basis as the board considers that the company will be able to continue to trade as a going concern and meet its liabilities as they fall due.
1.3.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation.
The value of the leasehold improvements are being depreciated over the term of the lease, using the straight line method. The assets are assessed for impairment on an annual basis.
| Leasehold |
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1.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.6.
Financial Instruments
Financial assets
Financial assets, other than investments and derivatives, are initially measured at transaction price (including transaction costs) and subsequently held at cost, less any impairment.
Financial liabilities and equity
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial liabilities, excluding convertible debt and derivatives, are initially measured at transaction price (including transaction costs) and subsequently held at amortised cost.
Page 3
XYZ Work Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
1.7.
Taxation
Deferred Taxation
Deferred balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except:
• 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;
• Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
• Where timing differences relate to interests in subsidiaries, associates, branches and joint ventures and the group can control their reversal and such reversal is not considered probable in the foreseeable future.
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 income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
1.8.
Judgements in applying accounting policies and key sources of estimation uncertainty
In preparing these financial statements, the directors consider that there are no significant judgements in applying the accounting policies. Nor are there any key sources of uncertainty.
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
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5.
Tangible Assets
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| Depreciation | |
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| Net Book Value | |
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Stocks
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| £ | £ | ||
| Stock - consumables |
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Page 4
XYZ Work Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
7.
Debtors
| 2020 | 2019 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Amounts owed by group undertakings |
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| Amounts owed by related parties | 601,163 | 653,725 | |
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All amounts shown under debtors fall due for payment within one year.
Amounts owed by group undertakings and related parties are repayable upon demand and are not interest bearing.
8.
Creditors: Amounts Falling Due Within One Year
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| Trade creditors |
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| Other creditors |
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| Accruals and deferred income |
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| Amounts owed to group undertakings |
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| Amounts owed to related parties |
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Amounts owed to group undertakings and related parties are repayable upon demand and are not interest bearing.
10.
Financial Instruments
The company considers that the fair value of cash and cash equivalents, trade and other receivables, and trade and other payables are not materially different to their carrying value. There are no financial instruments at fair value through profit and loss.
Page 5
XYZ Work Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
11.
Related Party Transactions
The company has taken advantage of the exemption allowed by Financial Reporting Standard 102, "Related party disclosures" Section 33.1A not to disclose details of related party transactions with entities that are 100% owned members of the Allied London Properties Limited group.
1 The Avenue Investments Limited
The directors of 1 The Avenue Investments Limited are also directors of XYZ Work Limited. The company owes £nil to 1 The Avenue Investments Limited (2019: £104,561).
All Work and Social Limited
The directors of All Work and Social Limited are also directors of XYZ Work Limited. The company is owed £601,163 from All Work and Social Limited (2019: £653,725).
Cork Street Properties Management Limited
The directors of Cork Street Properties Management Limited are also directors of XYZ Work Limited. The company owes £nil to Cork Street Properties Management Limited (2019: £112,000).
Form Filed Limited
The directors of Form Filed Limited are also directors of XYZ Work Limited. The company owes £nil to Form Filed Limited (2019: £101,884).
12.
Ultimate Controlling Party
The company's immediate parent company is
Allied London Properties Limited
. The ultimate parent company is Capital Holdco Limited, a holding company registered in the British Virgin Islands.
13.
General Information
XYZ Work Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
09832818
. The registered office is C/O Allied London, Suite 1, Bonded Warehouse, 18 Lower Byrom Street, Manchester, Greater Manchester, M3 4AP.
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