Working Assets Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03259699 (England and Wales)

Financial Statements

for the Year Ended 31 March 2023

for

WORKING ASSETS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr R L F Hamilton

REGISTERED OFFICE:

Suite HT1

Wheatley Business Centre

Old London Road

Wheatley

Oxfordshire

OX33 1XW

REGISTERED NUMBER:

03259699 (England and Wales)

ACCOUNTANTS:

Jeff Lermer & Associates

Chartered Accountants

42 Lytton Road

Barnet

Hertfordshire

EN5 5BY

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

24,590

28,856

Investment property

6

9,350,000

9,350,000

9,374,590

9,378,856

CURRENT ASSETS

Debtors

7

5,344,940

3,917,495

Cash at bank and in hand

634,446

119,046

5,979,386

4,036,541

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

8

1,202,079

552,900

NET CURRENT ASSETS

4,777,307

3,483,641

TOTAL ASSETS LESS CURRENT LIABILITIES

14,151,897

12,862,497

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

9

(7,020,564

)

(5,422,847

)

PROVISIONS FOR LIABILITIES

12

(1,157,808

)

(1,158,309

)

NET ASSETS

5,973,525

6,281,341

CAPITAL AND RESERVES

Called up share capital

13

14,128

14,128

Fair value reserve

3,479,035

3,479,035

Retained earnings

2,480,362

2,788,178

SHAREHOLDERS' FUNDS

5,973,525

6,281,341

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 March 2024 and were signed by:

Mr R L F Hamilton - Director

1.	STATUTORY INFORMATION

Working Assets Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents amounts invoiced to third parties, net of vat and trade discounts. Rental income is recognised evenly over the term of the lease. Services are recognised as they are provided.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of four years.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on Cost

Computer equipment

-

20% on Cost

Freehold properties are valued at open market value at the year end. Any aggregate surplus or deficit arising from changes in the market value is transferred to the revaluation reserve or if the market value has fallen below the original cost the profit and loss reserve.

The properties are not held for consumption but for the purpose of trade, and the directors consider that to depreciate them would not give a true and fair view. This is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2008), but is a departure from the requirement of the Companies Act 2006, which requires all tangible fixed assets to be depreciated.

Investments in associates

Investments in associate undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments

Fixed asset investments are stated at cost unless, in the opinion of the directors, their recoverable amount is lower, in which case an appropriate adjustment is made.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

400,000

AMORTISATION

At 1 April 2022

and 31 March 2023

400,000

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

-

5.	TANGIBLE FIXED ASSETS

Long

Plant and

Computer

leasehold

machinery

equipment

Totals

£

£

£

£

COST

At 1 April 2022

15,000

659,218

1,300

675,518

Additions

-

-

1,208

1,208

At 31 March 2023

15,000

659,218

2,508

676,726

DEPRECIATION

At 1 April 2022

-

646,576

86

646,662

Charge for year

-

5,073

401

5,474

At 31 March 2023

-

651,649

487

652,136

NET BOOK VALUE

At 31 March 2023

15,000

7,569

2,021

24,590

At 31 March 2022

15,000

12,642

1,214

28,856

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

and 31 March 2023

9,350,000

NET BOOK VALUE

At 31 March 2023

9,350,000

At 31 March 2022

9,350,000

Fair value at 31 March 2023 is represented by:

£

Valuation in 2019

3,538,714

Valuation in 2022

1,100,000

Cost

4,711,286

9,350,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

4,360

2,504

Amounts owed by group undertakings

5,252,477

3,354,373

Other debtors

86,952

560,358

Prepayments

1,151

260

5,344,940

3,917,495

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts (see note 10)

10,648

122,347

Other loans (see note 10)

-

94,525

Trade creditors

45,940

63,098

Tax

202,536

58,896

Social security and other taxes

1,687

1,175

VAT

44,871

35,897

Other creditors

170,510

176,962

Directors' current accounts

725,887

-

1,202,079

552,900

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans (see note 10)

5,921,614

4,149,641

Other loans (see note 10)

1,098,950

1,273,206

7,020,564

5,422,847

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years by instalments

5,899,915

3,528,239

10.

LOANS

An analysis of the maturity of loans is given below:

31.3.23

31.3.22

£

£

Amounts falling due within one year or on demand:

Bank loans

10,648

122,347

Other loans

-

94,525

10,648

216,872

Amounts falling due between one and two years:

Bank loans - 1-2 years

10,648

158,148

Amounts falling due between two and five years:

Bank loans - 2-5 years

11,051

463,254

Other loans - 2-5 years

1,098,950

1,273,206

1,110,001

1,736,460

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years by instalments

5,899,915

3,528,239

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.23

31.3.22

£

£

Bank loans

5,932,262

4,271,988

The bank loan is secured by a fixed charge on the company's land and buildings and it's rental income.

Finance leases and hire purchase contracts are secured on the assets concerned.

12.	PROVISIONS FOR LIABILITIES

31.3.23

31.3.22

£

£

Deferred tax

1,157,808

1,158,309

Deferred

tax

£

Balance at 1 April 2022

1,158,309

Provided during year

(501

)

Balance at 31 March 2023

1,157,808

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.23

31.3.22

value:

£

£

14,124

Ordinary

£1

14,124

14,124

1

A Class Ordinary

£1

1

1

1

B Class Ordinary

£1

1

1

1

C Class Ordinary

£1

1

1

1

D Class Ordinary

£1

1

1

14,128

14,128

14.	RELATED PARTY DISCLOSURES

As at the balance sheet date, included in debtors due within one year is £nil (2022: £1,705,374) due from Hamish Properties Limited, £5,252,477 (2022: £831,520) due from MEH Holdings Limited, £nil (2022: £348.029) due from Terrapin Holdings LLP, £nil (2022: £427,793) due from Wilko Homes Limited, £nil (2022: £41,657) due from Clota Varde LLP.

The above companies are under common control by the director.

As at the balance sheet date, included in creditors due within one year is £725,887 (2022: £nil), due and payable to the director. The amount is interest free and repayable on demand.

15.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr R L F Hamilton.