Workspace & Storage Limited Company Accounts

WORKSPACE & STORAGE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07798528

Workspace & Storage Limited

Filleted Unaudited Financial Statements

30 September 2017

Workspace & Storage Limited

Financial Statements

Year ended 30 September 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Workspace & Storage Limited

Statement of Financial Position

30 September 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		3,067,447	2,979,736

Current assets

Debtors	6	88,531	60,549
Cash at bank and in hand		345,916	356,209
		---------	---------
		434,447	416,758

Creditors: amounts falling due within one year	7	1,769,264		1,880,292
		------------		------------
Net current liabilities			1,334,817	1,463,534
			------------	------------
Total assets less current liabilities			1,732,630	1,516,202

Provisions

Taxation including deferred tax	315,504	300,228
	------------	------------
Net assets	1,417,126	1,215,974
	------------	------------

Capital and reserves

Called up share capital		1	1
Profit and loss account	8	1,417,125	1,215,973
		------------	------------
Shareholders funds		1,417,126	1,215,974
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Workspace & Storage Limited

Statement of Financial Position (continued)

30 September 2017

These financial statements were approved by the board of directors and authorised for issue on 22 March 2018 , and are signed on behalf of the board by:

Mr J McGregor
Director

Company registration number: 07798528

Workspace & Storage Limited

Notes to the Financial Statements

Year ended 30 September 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 5C Strand House, Locomotion Way, Newcastle upon Tyne, NE12 5US.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & machinery	-	10/20% straight line
Motor vehicles	-	25% reducing balance
Equipment	-	33% straight line

Land is not depreciated.

Investment property

Investment properties are valued at their open market value. No depreciation is provided on freehold investment properties.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).

5. Tangible assets

	Land & property	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 October 2016	2,714,837	325,536	17,500	8,176	3,066,049
Additions	–	115,197	–	6,195	121,392
Disposals	–	–	( 1,000)	–	( 1,000)
	------------	---------	--------	--------	------------
At 30 September 2017	2,714,837	440,733	16,500	14,371	3,186,441
	------------	---------	--------	--------	------------
Depreciation
At 1 October 2016	–	70,337	7,902	8,074	86,313
Charge for the year	–	28,929	2,320	2,116	33,365
Disposals	–	–	( 684)	–	( 684)
	------------	---------	--------	--------	------------
At 30 September 2017	–	99,266	9,538	10,190	118,994
	------------	---------	--------	--------	------------
Carrying amount
At 30 September 2017	2,714,837	341,467	6,962	4,181	3,067,447
	------------	---------	--------	--------	------------
At 30 September 2016	2,714,837	255,199	9,598	102	2,979,736
	------------	---------	--------	--------	------------

Tangible assets held at valuation

Investment property, which is held to earn rentals and/or capital appreciation, is measured using the fair model value at the period date. The surplus of deficit on revaluation is recognised in the statement of income. Land & property represents investment properties, the original cost of which is £1,342,991 and also land which is recorded at original cost of £39,000. The director considers that the valuation of the investment properties represents their market value at the year end.

6. Debtors

	2017	2016
	£	£
Trade debtors	52,625	34,634
Amounts owed by group undertakings and undertakings in which the company has a participating interest	18,356	6,235
Other debtors	17,550	19,680
	--------	--------
	88,531	60,549
	--------	--------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Social security and other taxes	27,259	16,300
Other creditors	1,742,005	1,863,992
	------------	------------
	1,769,264	1,880,292
	------------	------------

8. Fair value reserves included in profit and loss account

reserves

Within the profit and loss account reserve is a fair value adjustment of investment property of £1,332,846 (2016 - £1,332,846), being the uplift in fair value above cost and the associated deferred tax provided on the uplift of £263,901 (2016 - £266,569). As these fair value adjustments are not realised profits or losses, the amount of £1,068,945 (2016 - £1,066,277) derived from these items form unrealised, non distributable reserves.

9. Director's advances, credits and guarantees

At the year end the directors loan account was overdrawn by £569. This loan in non interest bearing and repayable upon demand.

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.

Reconciliation of equity

	1 October 2015			30 September 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	2,259,327	–	2,259,327	2,979,736	–	2,979,736
Current assets	766,465	–	766,465	416,758	–	416,758
Creditors: amounts falling due within one year	( 1,663,012)	–	( 1,663,012)	( 1,880,292)	–	( 1,880,292)
	------------	----	------------	------------	----	------------
Net current liabilities	( 896,547)	–	( 896,547)	( 1,463,534)	–	( 1,463,534)
	------------	----	------------	------------	----	------------
Total assets less current liabilities	1,362,780	–	1,362,780	1,516,202	–	1,516,202

Provisions	( 6,285)	( 266,569)	( 272,854)	( 36,327)	( 263,901)	( 300,228)
	------------	---------	------------	------------	---------	------------
Net assets	1,356,495	( 266,569)	1,089,926	1,479,875	( 263,901)	1,215,974
	------------	---------	------------	------------	---------	------------

	------------	---------	------------	------------	---------	------------
Capital and reserves	1,356,495	( 266,569)	1,089,926	1,479,875	( 263,901)	1,215,974
	------------	---------	------------	------------	---------	------------

A transitional adjustment was required to provide for deferred tax of £266,569 on revalued investment properties as at 1 October 2015. The tax charge for the year end 30 September 2016 has decreased by £2,668 as a result of the deferred tax movement on revalued investment properties compared to previously reported accounts prepared under the Financial Reporting Standard for Smaller Entities ( effective January 2015).