General Information
Workplace Fabric Limited is a private company, limited by shares,registered in England and Wales,registration number 07608844,registration address Unit 1b, Amberside, Hemel Hempstead, Hertfordshire, HP2 4TP.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the profit and loss account.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Patents and licences are being amortised evenly over their estimated useful life of three years. Development costs are being amortised evenly over their estimated useful life of three years
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Fixtures and Fittings |
33 % Straight Line
|
| Computer Equipment |
33 % Straight Line
|
Investment in subsidiaries
Investments in subsidiary undertakings are recognised at cost.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
|
| 2. |
Intangible fixed assets
| Cost |
Other |
|
Patents |
|
Total |
| |
£ |
|
£ |
|
£ |
| At 01 May 2019 |
17,135 |
|
24,420 |
|
41,555 |
| Additions |
- |
|
- |
|
- |
| Disposals |
- |
|
- |
|
- |
| At 30 April 2020 |
17,135 |
|
24,420 |
|
41,555 |
| Amortisation |
| At 01 May 2019 |
17,135 |
|
9,768 |
|
26,903 |
| Charge for year |
- |
|
4,884 |
|
4,884 |
| On disposals |
- |
|
- |
|
- |
| At 30 April 2020 |
17,135 |
|
14,652 |
|
31,787 |
| Net book values |
| At 30 April 2020 |
- |
|
9,768 |
|
9,768 |
| At 30 April 2019 |
- |
|
14,652 |
|
14,652 |
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Fixtures and Fittings |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
| At 01 May 2019 |
1,084 |
|
7,250 |
|
8,334 |
| Additions |
1,651 |
|
14,990 |
|
16,641 |
| Disposals |
- |
|
- |
|
- |
| At 30 April 2020 |
2,735 |
|
22,240 |
|
24,975 |
| Depreciation |
| At 01 May 2019 |
338 |
|
1,206 |
|
1,544 |
| Charge for year |
873 |
|
5,497 |
|
6,370 |
| On disposals |
- |
|
- |
|
- |
| At 30 April 2020 |
1,211 |
|
6,703 |
|
7,914 |
| Net book values |
| Closing balance as at 30 April 2020 |
1,524 |
|
15,537 |
|
17,061 |
| Opening balance as at 01 May 2019 |
746 |
|
6,044 |
|
6,790 |
|
| 4. |
Investments
| Cost |
Other investments other than loans |
|
Total |
| |
£ |
|
£ |
| At 01 May 2019 |
1,082 |
|
1,082 |
| Additions |
777 |
|
777 |
| Disposals |
- |
|
- |
| At 30 April 2020 |
1,859 |
|
1,859 |
|
| 5. |
Share Capital
Allotted, called up and fully paid
|
2020
£ |
|
2019
£ |
|
7,000,000
Ordinary shares of £0.000001 each |
7 |
|
7 |
|
7 |
|
7 |
|
| 6. |
Average number of employees
Average number of employees during the year was 10 (2019 : 6).
|
2
|
