Workpad Baker Street Limited Filleted accounts for Companies House (small and micro)

WORKPAD MARYLEBONE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08763393

WORKPAD BAKER STREET LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 June 2018

WORKPAD BAKER STREET LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2018

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

WORKPAD BAKER STREET LIMITED

STATEMENT OF FINANCIAL POSITION

30 June 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Tangible assets	4		1,033		1,378

Current assets

Debtors	5	113,200	92,728
Cash at bank and in hand		1,872	3
		---------	--------
		115,072	92,731

Creditors: amounts falling due within one year	6	( 274,050)		( 185,516)
		---------		---------
Net current liabilities			( 158,978)		( 92,785)
			---------		--------
Total assets less current liabilities			( 157,945)		( 91,407)
			---------		--------
Net liabilities			( 157,945)		( 91,407)
			---------		--------

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 157,946)	( 91,408)
	---------	--------
Shareholders deficit	( 157,945)	( 91,407)
	---------	--------

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 June 2018 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

WORKPAD BAKER STREET LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 June 2018

These financial statements were approved by the board of directors and authorised for issue on 20 November 2018 , and are signed on behalf of the board by:

Mr J Barnett

Director

Company registration number: 08763393

WORKPAD BAKER STREET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, 7 - 12 Tavistock Square, London, WC1H 9BQ.

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.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

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.

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.

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% reducing balance

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.

Financial instruments

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. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 July 2017 and 30 June 2018	2,449	2,449
	-------	-------
Depreciation
At 1 July 2017	1,071	1,071
Charge for the year	345	345
	-------	-------
At 30 June 2018	1,416	1,416
	-------	-------
Carrying amount
At 30 June 2018	1,033	1,033
	-------	-------
At 30 June 2017	1,378	1,378
	-------	-------

5. Debtors

	2018	2017
	£	£
Trade debtors	16,200	5,100
Amounts owed by group undertakings and undertakings in which the company has a participating interest	889	49
Other debtors	96,111	87,579
	---------	--------
	113,200	92,728
	---------	--------

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	46,147	17,295
Customer deposits	21,600	10,200
Other creditors	206,303	158,021
	---------	---------
	274,050	185,516
	---------	---------

7. Related party transactions

The company was under the control of Mr James Barnett & Mr Jonathan Masri throughout the current year. At the balance sheet date Workpad Baker Street Ltd was owed £9 (2017: £9) by Workpad Group Ltd. Workpad Group Limited is the parent company of 104 Bakerlease Limited. At the balance sheet date, Workpad Baker Street Ltd owed £179,048 (2017: £158,238) to Workpad Trading Ltd. Both companies share common directorship. At the balance sheet date, Workpad Baker Street Ltd was owed £290 (2017: £10) from Workpad Tavistock Ltd. Both companies share common directorship. At the balance sheet date, Workpad Baker Street Ltd was owed £290 (2017: £10) from Workpad Carnaby Ltd. Both companies share common directorship. At the balance sheet date, Workpad Baker Street Ltd was owed £290 (2017: £10) from Workpad Covent Garden Ltd. Both companies share common directorship. At the balance sheet date, Workpad Baker Street Ltd was owed £10 (2017: £10) from Workpad Soho Ltd. Both companies share common directorship.

8. Controlling party

The Ultimate Controlling Party during the year is Workpad Group Limited. A company registered in England and Wales. Workpad Baker Street Limited is a wholly owned subsidiary of Workpad Group Limited.