Origin Workspace Ltd - Period Ending 2020-12-31

Origin Workspace Ltd

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 7

Origin Workspace Ltd

Balance Sheet

31 December 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	706,079	756,398
Current assets
Debtors	5	141,046	48,046
Cash at bank and in hand		71,617	77,580
		212,663	125,626
Creditors: Amounts falling due within one year	6	(2,052,913)	(1,358,325)
Net current liabilities		(1,840,250)	(1,232,699)
Total assets less current liabilities		(1,134,171)	(476,301)
Creditors: Amounts falling due after more than one year	6	(453,929)	(700,000)
Net liabilities		(1,588,100)	(1,176,301)
Capital and reserves
Called up share capital	8	1	1
Profit and loss account		(1,588,101)	(1,176,302)
Shareholders' deficit		(1,588,100)	(1,176,301)

For the financial 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.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 September 2021 and signed on its behalf by:
 

H J Frankham Director

Company Registration Number: 10976655

Origin Workspace Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 December 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
40 Berkeley Square
Bristol
BS8 1HP
United Kingdom

These financial statements were authorised for issue by the Board on 29 September 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. At the year-end the company had net liabilities of £1,134,171 (2019 - £1,232,699). Included within liabilities due within one year is £1,094,066 due to entities under common control. The company is reliant on the support of entities under common control for whom those in control have provided assurance of continued support to provide further working capital funds as required and not call amounts owed for repayment.

In forming their opinion as to the going concern status the directors have considered the known, likely and potential impacts of the Coronavirus pandemic and its economic aftermath. Covid-19 has had a major impact on the business due to government regulations restricting how the customer base can operate in the workspace but post year end relaxations have had a positive impact on Turnover with occupancy returning to pre-pandemic levels. The directors are satisfied that there are no material uncertainties in respect of the going concern status of the company.

Origin Workspace Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 December 2020

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants receiveable comprises monetary assistance received from the government, government agencies and similar bodies whether local, national or international. Grants receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, is recognised in income in the period in which it becomes receivable.

Grants are recognised when there is reasonable assurance that:
- The entity will adhere to the conditions which are attached to the grant, and
- The grant will be received.

Government grants received:
- Coronavirus Job Retention Scheme
- Business Interruption Payment

Government assistance received:
- Business Rates Relief

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Short leasehold land and buildings	Over the term of the lease
Plant and machinery	3 years straight line
Office equipment	3-5 years straight line

Origin Workspace Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 December 2020

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

Origin Workspace Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 December 2020

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2019 - 10).

4	Tangible assets

	Short leasehold land and buildings £	Office equipment £	Plant and machinery £	Total £
Cost or valuation
At 1 January 2020	-	826,041	18,600	844,641
Additions	122,784	22,879	-	145,663
At 31 December 2020	122,784	848,920	18,600	990,304
Depreciation
At 1 January 2020	-	83,581	4,662	88,243
Charge for the year	11,162	178,742	6,078	195,982
At 31 December 2020	11,162	262,323	10,740	284,225
Carrying amount
At 31 December 2020	111,622	586,597	7,860	706,079
At 31 December 2019	-	742,460	13,938	756,398

5

Debtors

	2020 £	2019 £
Trade debtors	132,979	11,713
Prepayments	5,230	18,597
Other debtors	2,837	17,736
	141,046	48,046

Origin Workspace Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 December 2020

6

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Due within one year
Loans and borrowings	7	184,830	-
Trade creditors		304,050	175,182
Taxation and social security		82,097	6,573
Accruals and deferred income		221,351	191,847
Other creditors		1,260,585	984,723
		2,052,913	1,358,325

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings	7	453,929	700,000

7	Loans and borrowings

	2020 £	2019 £
Current loans and borrowings
Bank borrowings	4,724	-
HP and finance lease liabilities	180,106	-
	184,830	-

	2020 £	2019 £
Loans and borrowings due after one year
Bank borrowings	45,276	-
HP and finance lease liabilities	208,653	-
Directors loan accounts	200,000	700,000
	453,929	700,000

Bank borrowings are guaranteed by Government under the Bounce Back loan scheme. Interest accrues on the loan at 2.5% with the first 12 months of interest payments covered by Government.

HP and finance lease liabilities are secured against the assets to which they relate.

Origin Workspace Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 December 2020

8	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary of £1 each	1	1	1	1

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £2,530,108 (2019 - £119,828).

10	Related party transactions

Summary of transactions with other related parties

At the year end the company owed £1,091,628 (2019 - £Nil) in respect of a loan from an entity under common control. Interest on the loan is charged at 6% per annum.

At the year end the company also owed £2,438 (2019 - £778,863) to another entity under common control. This loan is interest free and repayable on demand.

During the year the company was charged £354,167 of rent through a signed lease agreement by the entity and owed the entity £255,684 in relation to trading activities. The company was also owed £12,722 from the entity in relation to trading activities.

At the year end the company was owed £105,632 from another entity under common control in relation to trading activities.