FOR THE YEAR ENDED 31 DECEMBER 2021
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DESKLODGE LTD
COMPANY INFORMATION
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DESKLODGE LTD
CONTENTS
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DESKLODGE LTD
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The director presents the group financial statements for the year ended 31 December 2021.
Impact of Coronavirus
During the imposed lockdowns, DeskLodge (“DL”) closed for hotdesking and meeting rooms. Members with fixed desks or Private offices were still able to use their office space and general areas. DL invested in safety measures including entrance temperature gauges, plastic screens – as well as re-arranging areas to create more socially distanced, user-friendly space. In early 2021 with another lockdown imposed several existing contracts finished and it proved slow going to fill the spaces at DLH. This improved throughout the year and by the end of 2021 most offices were let. We continued to support members during the December lockdown, which did not close offices but put the focus on members discretion regarding where they could work. 2021 was a tough year operationally due to Covid. During this period, costs were monitored carefully, and restricted where possible to protect working capital. Additionally, some capital expenditure projects, such as bathroom refurbishment at DLH, were delayed again to protect working capital. We expect to return to full occupancy in early 2022 – but will need to invest in staff and delayed capital expenditure urgently in 2022. Innovation We found that a move to hybrid working meant that companies wanted to rent offices ad hoc for a day, rather than use open space or commit to full time office space. So we launched two new services: “part-time offices” and “day offices”: A “part-time office” is a private office, complete with screens and power on each desk. These let a company book an office for a certain number of regular days each week, and then the staff can pay to use the hotdesking areas the rest of the week or work from home. These offices were also opened up for ad-hoc day hire, without the need for a contract, to maximise the potential to make income in a difficult situation. We now monitor meeting room bookings as prospects to use day-offices, before moving to a regular part-time office and potentially a normal, full-time office. These products are more intensive on staff time, but more profitable when full. More importantly, they allow us to have a (currently unique in Bristol) offering, which attracts companies who are likely to grow with us. Having the option of a part-time office also serves as a “holding pattern” for companies waiting for a full-time office with us, giving fewer voids and fewer client losses when we cannot help them immediately. Existing locations During the autumn of 2020, DL became aware that the Landlords of Desklodge House were seeking to dispose of the building. DL negotiated with a previous lender to borrow some funds to add to funds DL held already and managed to purchase the leasehold of the building. This is owned by Ringstead 201 Ltd, a subsidiary wholly owned by Desklodge Ltd. Financial year 2021 has seen a lot of change. The lease at 100 Victoria Street, Bristol finished on 27 July 2021, and the leases at 1 Temple Way, Bristol was negotiated to finish on 31 December 2021. Much of the office equipment and some useful Fixtures and Fittings are now in storage for future locations. We have worked hard to retain fixtures and fittings for re-use for both environmental reasons and to reduce our reliance on supply chains for new buildings. New Locations A new location was taken on at the 4th floor of One Castle Park in the form of a lease re-assignment. Due to a late change of landlord, this new location can only be occupied by two or three companies and will not be run as a standard Desklodge style location. DL was able to negotiate a good deal with biggest member, and they have moved from 1 Temple Way to One Castle Park. Companies are being sought for the smaller remaining wing. As this is a different type of location, the fitout spend has been lower, with the branded and specialist fitout costs paid by the tenant.
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DESKLODGE LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Future locations
In February 2022 we signed an agreement for lease on a new space in Central Bristol. This would bring the capacity in Bristol overall back to the levels when DLH & 1 Temple Way were both running. This location will come on stream later in 2022 as the landlord will be making substantial refurbishments before DL moves in. An effective deal is being negotiated with a long rent-free period at the start. The plan is to pre-sell the space so that the building can be filled quickly. That said, for 2022 the costs are likely to far outweigh the income. The costs will be funded from current savings; no new loans are planned. Strategic management DL now has a strong senior leadership team who meet weekly with daily update calls. They also have quarterly reviews of long-term and short-term goals and to set the strategy for the next quarter. DL recognises the importance of its staff and their role in the creation of the right atmosphere at each of its locations. Staff are carefully selected, and once established are encouraged to develop their skills and progress within the company. DL offer both internal and external training as the norm. During 2022, DL will start the process applying to be certified as a B-Corp business, to improve and showcase the healthy way we believe we run the business. We hope that being able to prove this will have a positive impact on finding and retaining both staff and members. In terms of the longer goals, the business plan is to open approx. 20 new locations in the southwest over the next 8 years; being a mixture of larger and smaller venues. DL are aiming to provide the best working experience for the small business community. “It looks like work, feels like fun: this is hybrid working 2022”. This growth is expected to be funded by a mix of revenue and short-term debt. Our balance sheet is in a strong position to support this - but we are open to selling equity if required.
Imposed lockdowns
The lockdowns have been tough times. DL was eligible for the HMRC Job Retention Scheme, but no other government assistance was available. Staff were furloughed for the initial lockdown, and then continued to be partially furloughed during periods of low members on site. The government’s continued stance on “working from home” is a concern, but midway through 2021 we began to see signs of a real appetite to return to the workplace. DL is geared to allow tenants to increase or decrease office space with relative ease and is always looking for new ideas to suit the market, such as the Hoffice. Competitors There are several other serviced office providers in Bristol, however the style of Desklodge, and the desire to build a community for the residents seems to be popular. During the recent quieter periods, a lot of work has been undertaken on the DL branding and reviewing all our communications and publicity. Growth In terms of seeking new locations, care will be taken to examine possible sites considering the experience gained from existing locations. DL will review local communities to assess whether the DL brand and desire for community will be received well. Finance Desklodge is due to seek a more efficient mortgage for the Desklodge House property (owned by subsidiary Ringstead 201 Ltd). The current facility with Stondon Capital has been extended to March 2023 but is expensive; so alternative finance will be sought to reduce costs. We looked at refinancing this in 2021 but decide that it was better to wait for a lower long-term rate after this audit and location changes rather than lock-in the higher rate we could achieve at the time. The loan with Stondon Capital includes covenants for EBITDA and Debt Ratio, and DL have been fully compliant with these for the whole year.
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DESKLODGE LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Profit and Loss
Turnover for the year for the group was £2.8m from 3.5 locations (2020: £3.2m). In addition to this turnover, the group also received compensation for the early surrender of the leases at 1 Temple Way, totalling £2.4m. This compensation was recognised over the 15 months between the surrender being agreed and the move out. This means 80% (£1.92m) was recognised in 2021 and 20% (£0.48m) was recognised in 2020. These funds partially financed the purchase of the building Desklodge House, the flagship of the company. EBITDA figures are £3m (inclusive of compensation), and £1.1m without compensation. This is an increase of 38% on the previous year (excluding compensation) (2020: £1.3m; £796k without compensation). After operating costs for the locations, and all overheads have been allocated, the company has posted pre-tax profits of £2.1m (2020: £1.1m). The pre-tax operating profit margin for the year is 12%, this has remained the same as the previous year. (Figures excluding compensation). Financial Position The group is showing £926k in the bank, an increase of 200% compared to the previous year (2020: £301k). Current assets are valued at £1.2m, (2020: £1.1m). Fixed assets are valued at £6.9m (2020: £7.4m). There are current liabilities of £5.1m, (2020: £3.9m); Non-current liabilities of £Nil (2020: £3.5m). Net assets remain strong at £2.5m, an increase of 150% compared to the previous year (2020: £1.0m). The debt ratio is strong at 0.68:1. This has significantly improved since the beginning of the financial year when it was 2.68:1 and reflects the strong financial position of DL. The long-term liabilities from leases has dropped from £4.5m to £0.6m primarily due to the DL group now owning DeskLodge House. Financial forecast The director has prepared forecasts that demonstrate the company anticipates to generate sufficient working capital to meet its day to day working capital requirements for a period of at least 12 months from the date of approval of these statutory accounts.
This report was approved by the board
and signed on its behalf.
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DESKLODGE LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The director presents his report and the financial statements for the year ended 31 December 2021.
The profit for the year, after taxation, amounted to £
1,320,490
(2020:
£
871,015
)
.
No dividends were paid during the period (2020: £Nil).
The director who served during the year was:
In February 2022 we signed an agreement for lease on a new space in Central Bristol. This would bring the capacity in Bristol overall back to the levels when DLH & 1 Temple Way were both running. This location will come on stream later in 2022 as the landlord will be making substantial refurbishments before DL moves in. An effective deal is being negotiated with a long rent-free period at the start. The plan is to pre-sell the space so that the building can be filled quickly. That said, for 2022 the costs are likely to far outweigh the income. The costs will be funded from current savings; no new loans are planned.
There have been no significant events affecting the Group since the year end.
The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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DESKLODGE LTD
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
The director is responsible for preparing the Group strategic report, the Director's report and the
consolidated
financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year
. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the director is required to:
∙
select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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DESKLODGE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DESKLODGE LTD
We have audited the financial statements of Desklodge Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2021, which comprise the Consolidated Statement of comprehensive income, the Consolidated and Company Statements of financial position, the Consolidated Statement of cash flows, the Consolidated analysis of net debt, the Consolidated and Company Statement of changes in equity
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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DESKLODGE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DESKLODGE LTD (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's report.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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DESKLODGE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DESKLODGE LTD (CONTINUED)
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations we have considered the following:
∙
the nature of the industry and sector, control environment and business performance;
∙
results of our enquiries of management and the board about their own identification and assessment of the risks of irregularities;
∙
any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to:
∙
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
∙
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
∙
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
∙
the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to incorrect recognition of revenue management override of controls using manual journal entries, and these were identified as the greatest potential areas for fraud.
We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the Financial Statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the Financial Statements but compliance with which may be fundamental to the Company’s ability to operate or avoid a material penalty. These included data protection legislation, health and safety regulations, Company law, tax and employment legislation and relevant environmenal legislation.
Our procedures to respond to risks identified included the following:
∙
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙
reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
∙
enquiring of management and those charged with governance concerning actual and potential litigation and claims;
∙
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙
undertaking these procedures in relation to significant components as considered appropriate;
∙
reading minutes of meetings of those charged with governance; and
∙
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and assessing whether the judgements made in making accounting estimates are indicative of a potential bias.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team
members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material misstatement in the Financial Statements or non-compliance with regulation, will be detected by us. This risk increases the further removed compliance with a law and regulation is from the events and transactions reflected in the Financial Statements, given we will be less likely to be aware of it, or should the irregularity occur as a result of fraud rather than a one off error, as this may involve intentional concealment, forgery, collusion, omission or misrepresentation.
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DESKLODGE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DESKLODGE LTD (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditors' report.
In forming our opinion on the group financial statements, which is not modified, we note the prior period group financial statements were not audited. Consequently, International Standards on Auditing (UK & Ireland) require the auditor to state that the group corresponding figures contained within these financial statements are unaudited.
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
10 Temple Back
BS1 6FL
Date:
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DESKLODGE LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
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DESKLODGE LTD
REGISTERED NUMBER:
06390957
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 17 to 32 form part of these financial statements.
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DESKLODGE LTD
REGISTERED NUMBER:
06390957
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 32 form part of these financial statements.
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DESKLODGE LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2021
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2020
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DESKLODGE LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2021
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2020
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DESKLODGE LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
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DESKLODGE LTD
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2021
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DESKLODGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Desklodge Limited is a limited liability company which is incorporated in England and Wales and has a registered office of Desklodge House, 2 Redcliffe Way, Bristol, BS1 6NL. Its principal activity during the year continued to be the provision of serviced office space.
2.
ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and are non-statutory financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The economic impact of the COVID-19 crisis presents a potential risk to the Group. However, to date the company has remained trading with sufficient cash reserves to continue trading and wider economic indications present an increased return to office working as COVID-19 subsides. Cost savings have also been implemented, including utilising government support schemes available. The Group’s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Group is able to operate within the level of its current financing.
At the year end date the company has a loan of £3,200,000 which is repayable in monthly instalments of £25,000 up to September 2022 increasing to £50,000 in October 2022 to March 2023, when the balance of the loan is repayable. Subsequent to the year end the group has paid all monthly instalments of the loan and satisfied all of the covenants attached to the loan. At the time of approval of the financial statements the director is renegotiating a new loan facility and is in advanced discussions with other lenders who have expressed a willingness to lend. The director is confident that this new facility will be in place by the time the final instalment payment on the existing loan becomes due. The director has, therefore, concluded that it is appropriate for the accounts to be prepared on the basis of going concern.
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DESKLODGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
ACCOUNTING POLICIES (continued)
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.
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DESKLODGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
ACCOUNTING POLICIES (continued)
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DESKLODGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
ACCOUNTING POLICIES (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
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DESKLODGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
ACCOUNTING POLICIES (continued)
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DESKLODGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Key sources of estimation uncertainty Useful Economic lives of tangible assets The annual depreciation charge for tangible assets is sentive to changes in the estimated useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets. Dilapidations provision The Company is engaged in lease arrangements. As part of the lease arrangements, the company is responsible for the cost of replacing, reinstalling or rectifying the assets where there is a present contractual or statutory requirement. The dilapidations provision is based on the future expected repair costs required to restore the leased building to their fair condition at the end of their respective lease term.
Analysis of turnover by country of destination:
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DESKLODGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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DESKLODGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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DESKLODGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
11.
TAXATION (CONTINUED)
In March 2021, the Chancellor announced that the corporation tax rate from 1 April 2023 would increase to a maximum rate of 25%. Finance Act 2021 including this increase received Royal Assent on 10 June 2021.
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DESKLODGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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DESKLODGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
13.
TANGIBLE FIXED ASSETS (CONTINUED)
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DESKLODGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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DESKLODGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The other loan incurs interest at 10% per annum. At the year end date the loan was due to be settled within one year. Subsequent to the year end, the loan was revised with repayment terms extended to 2023.
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DESKLODGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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DESKLODGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Share premium account
Profit and loss account
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £13,324 (2020: £14,291). Contributions totalling £2,139 (2020: £2,204) were payable to the fund at the reporting date.
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DESKLODGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The ultimate controlling party is Tom Ball.
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