REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2020 |
|
FOR |
|
THEFULLWORKS LIMITED |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2020 |
|
FOR |
|
THEFULLWORKS LIMITED |
THEFULLWORKS LIMITED (REGISTERED NUMBER: 09392592) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2020 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 3 |
|
THEFULLWORKS LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2020 |
|
|
|
|
|
|
|
DIRECTOR: |
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
4 Mount Ephraim Road |
Tunbridge Wells |
Kent |
TN1 1EE |
THEFULLWORKS LIMITED (REGISTERED NUMBER: 09392592) |
|
BALANCE SHEET |
31 JANUARY 2020 |
|
2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
|
|
Tangible assets | 5 | 1,323 | 481 |
|
|
|
CURRENT ASSETS |
Debtors | 6 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 |
|
|
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 9 |
|
|
Share premium | 10 |
|
|
Retained earnings | 10 | (175,866 | ) | (160,078 | ) |
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
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. |
|
|
|
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
|
|
|
|
|
|
|
|
THEFULLWORKS LIMITED (REGISTERED NUMBER: 09392592) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2020 |
|
|
1. | STATUTORY INFORMATION |
|
Thefullworks Limited is a
|
registered number and registered office address can be found on the Company Information page. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Going Concern |
Accounting standards require the director to consider the appropriateness of the going concern basis when |
preparing the financial statements. The director confirms that he considers that the going concern basis remains |
appropriate. The director believes that the company has sufficient resources to continue in operational existence |
for the foreseeable future. The director believes this to be the case based upon current expectations and the fact |
that there are no significant long term liabilities. Thus he continues to adopt the going concern basis of |
accounting in preparing the annual financial statements. |
|
In his assessment of going concern, the director has considered the current and developing impact on the |
business as a result of the COVID19 virus. This has had a significant, immediate impact on the company's |
projected turnover and, at the present time, it is not clear how long the current circumstances are likely to last |
and what the long term impact will be. |
|
The director has updated his annual budgets and forecasts based on current estimates of the impact of the |
current crisis and undertaken measures to ensure that the company has sufficient facilities in place to meet their |
operating cash requirements for the foreseeable future. |
|
Having regard to the above, the director believes it is appropriate to adopt the going concern basis of accounting |
in preparing the financial statements. |
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
|
Turnover from a contract to provide services is recognised in the period in which the services are provided in |
accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- the amount of turnover can be measured reliably; |
- it is probable that the Company will receive the consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
|
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. |
|
Other intangible assets include development costs. These are being amortised evenly over their estimated |
useful life of five years. |
|
Tangible fixed assets |
|
Fixtures and fittings | - |
|
Computer equipment | - |
|
|
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third |
parties, loans to related parties and investments in non-puttable ordinary shares. |
|
THEFULLWORKS LIMITED (REGISTERED NUMBER: 09392592) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2020 |
|
|
2. | ACCOUNTING POLICIES - continued |
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. |
|
Research and development |
Expenditure on research and development is capitalised as intangible fixed assets and amortised evenly over |
their estimated useful life of five years. |
|
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
|
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
|
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. |
|
Financial reporting standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial |
statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic |
of Ireland": |
- the requirements of Section 7 Statement of Cash Flows; |
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d); |
- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A; |
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29; |
- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
- the requirements of Section 33 Related Party Disclosures paragraph 33.7. |
|
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
|
Creditors |
Short term creditors are measured at the transaction price. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
THEFULLWORKS LIMITED (REGISTERED NUMBER: 09392592) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2020 |
|
|
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 February 2019 |
|
Additions |
|
At 31 January 2020 |
|
AMORTISATION |
At 1 February 2019 |
|
Charge for year |
|
At 31 January 2020 |
|
NET BOOK VALUE |
At 31 January 2020 |
|
At 31 January 2019 |
|
|
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 February 2019 |
|
|
|
Additions |
|
|
|
At 31 January 2020 |
|
|
|
DEPRECIATION |
At 1 February 2019 |
|
|
|
Charge for year |
|
|
|
At 31 January 2020 |
|
|
|
NET BOOK VALUE |
At 31 January 2020 |
|
|
|
At 31 January 2019 |
|
|
|
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
VAT |
|
|
Prepayments |
|
|
|
|
THEFULLWORKS LIMITED (REGISTERED NUMBER: 09392592) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2020 |
|
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Social security and other taxes |
|
|
VAT | - | 4,441 |
Other creditors |
|
|
Directors' current accounts | 252 | - |
Accrued expenses |
|
|
|
|
|
During the year, the company obtained a 12month fixed term bank loan of £18,000 repayable in monthly |
instalments. Interest is chargeable on the loan at a rate of 23.95%. The loan is secured by personal guarantees |
provided by the director. |
|
8. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2020 | 2019 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
9. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
Value: | £ | £ |
|
18,216,007 | A Ordinary | 0.001p | 182 | 182 |
515,472 | B Investment | 0.001p | 5 | 5 |
187 | 187 |
|
10. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
|
At 1 February 2019 | ( |
) |
|
48,553 |
Deficit for the year | ( |
) | ( |
) |
At 31 January 2020 | ( |
) |
|
32,767 |
|
11. | PENSION COMMITMENTS |
|
The company operates a defined contributions 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 £831 (2019 - £122). £2,100 outstanding |
liability was payable to the fund at the balance sheet date (2019 -£Nil). |
THEFULLWORKS LIMITED (REGISTERED NUMBER: 09392592) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2020 |
|
|
12. | RELATED PARTY DISCLOSURES |
|
At the balance sheet date, the company owed the director, S Tutton £252 (2019: £Nil) made up of outstanding |
expense claims. |
|
During the year under review, the director did not charge any consultancy fees to the company (2019: £31,750). |
|
13. | ULTIMATE CONTROLLING PARTY |
|
The directors consider there to be no ultimate controlling party. |