WORK PERKS GROUP LIMITED - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 10888914 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

FOR

WORK PERKS GROUP LIMITED

Page

Statement of Financial Position

1

to

2

Notes to the Financial Statements

3

to

7

FIXED ASSETS

Intangible assets

5

224,153

220,923

Tangible assets

6

360

801

Investments

7

1

-

224,514

221,724

CURRENT ASSETS

Cash at bank

87,682

6,674

CREDITORS

Amounts falling due within one year

8

(959,988

)

(793,804

)

NET CURRENT LIABILITIES

(872,306

)

(787,130

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(647,792

)

(565,406

)

CREDITORS

Amounts falling due after more than one year

9

(36,640

)

-

NET LIABILITIES

(684,432

)

(565,406

)

CAPITAL AND RESERVES

Called up share capital

1,111

1,111

Retained earnings

(685,543

)

(566,517

)

(684,432

)

(565,406

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 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 29 March 2023 and were signed on its behalf by:

A Sharma - Director

1.	STATUTORY INFORMATION

The company is a private company limited by shares and is incorporated in England and Wales. The address of the registered office is 17, Heritage Park, Hayes Way, Cannock, England, WS11 7LT. The principal activity of the company is the provision of services to the contractor industry.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

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.

Going concern

The financial statements have been prepared on the going concern basis which assumes that the company will continue to trade for the foreseeable future, and continue to receive the support from the company directors.

JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior periods.

REVENUE RECOGNITION

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax

INTANGIBLE ASSETS

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Expenditure on website costs has been capitalised and will be amortised over its useful economic life of 10 years, commencing in the year from which sales commence following the launch of the service.

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:

Fixtures and fittings - 25% straight line

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 cashgenerating 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.

FINANCIAL INSTRUMENTS

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2021 - 4 ) .

5.	INTANGIBLE FIXED ASSETS

IPR

Website

Totals

£

£

£

COST

At 1 July 2021

175,000

128,090

303,090

Additions

-

40,599

40,599

Disposals

-

(5,000

)

(5,000

)

At 30 June 2022

175,000

163,689

338,689

AMORTISATION

At 1 July 2021

52,500

29,667

82,167

Amortisation for year

17,500

16,369

33,869

Eliminated on disposal

-

(1,500

)

(1,500

)

At 30 June 2022

70,000

44,536

114,536

NET BOOK VALUE

At 30 June 2022

105,000

119,153

224,153

At 30 June 2021

122,500

98,423

220,923

6.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 July 2021

2,254

2,312

4,566

Additions

-

182

182

At 30 June 2022

2,254

2,494

4,748

DEPRECIATION

At 1 July 2021

2,254

1,511

3,765

Charge for year

-

623

623

At 30 June 2022

2,254

2,134

4,388

NET BOOK VALUE

At 30 June 2022

-

360

360

At 30 June 2021

-

801

801

7.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

Additions

1

At 30 June 2022

1

NET BOOK VALUE

At 30 June 2022

1

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

30.6.21

£

£

Bank loans and overdrafts

9,160

46,000

Trade creditors

26,293

31,605

Social security and other taxes

80,353

29,058

VAT

71,043

9,437

Other creditors

339,658

6,415

Directors' loan accounts

430,856

668,789

Accruals and deferred income

2,625

2,500

959,988

793,804

There is a fixed and floating charge dated 13 February 2019 over all property of the company in favour of Mr A Shaw and Mr L Seward in respect of their outstanding loan balances.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.22

30.6.21

£

£

Bank loans - 1-2 years

36,640

-

10.	GOING CONCERN

The directors' have reviewed the company's trading and cashflow position and have provided assurances that they will continue to provide support to the company in order that it may continue its activities, as hitherto. Consequently the director's are of the opinion that the financial statements should be prepared on a going concern basis.

11.	EVENTS AFTER THE END OF THE REPORTING PERIOD

On 16 February 2023 £325,000 of loans that were included as other creditors at the Balance Sheet date, were converted into preference shares.

There were no other events up to the date of approval of the financial statements by the board.