REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2023 |
FOR |
THEFULLWORKS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2023 |
FOR |
THEFULLWORKS LIMITED |
THEFULLWORKS LIMITED (REGISTERED NUMBER: 09392592) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
THEFULLWORKS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Riverside House |
40-46 High Street |
Maidstone |
Kent |
ME14 1JH |
THEFULLWORKS LIMITED (REGISTERED NUMBER: 09392592) |
BALANCE SHEET |
31 JANUARY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium | 12 |
Retained earnings | 12 | ( |
) | ( |
) |
( |
) |
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 2023 |
1. | STATUTORY INFORMATION |
TheFullworks Limited is a |
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. Following a couple of years of a downturn in the business as result of the pandemic, the business has managed to stay afloat through short term loans acquired to shore up working capital. |
Post year end, the company has received a capital injection from the director to pay off some of the loans and also to meet the company's current debt obligations. The director has also restructured the business from February 2023 reducing staff costs by about £7,000 a month. With the increase in sales and focus on the US market, the director believes that the company has turned around its fortunes to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis of accounting in preparing the annual 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 |
Plant and machinery | - |
Fixtures and fittings | - |
Office equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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 2023 |
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. |
Government Grants |
Grants relate to amounts received under the Government Job Retention Scheme and Rates Relief and are accounted for on an accruals basis. They are recognised in the Income Statement as other operating income. |
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 2023 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 February 2022 |
Additions |
At 31 January 2023 |
AMORTISATION |
At 1 February 2022 |
Charge for year |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Office |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2022 |
Additions |
At 31 January 2023 |
DEPRECIATION |
At 1 February 2022 |
Charge for year |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
6. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | 17,146 | 34 |
Tax |
Prepayments |
THEFULLWORKS LIMITED (REGISTERED NUMBER: 09392592) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Social security and other taxes |
VAT | 9,839 | 13,272 |
Other creditors |
Accrued expenses |
The company has an existing Bounce Back Loan of £50,000 repayable over 10 years in 91 monthly instalments commencing 13 months after drawdown date. The first 12 months interest is paid by the Government. The loan is secured by a Government backed guarantee. At the balance sheet date, the balance of the loan was £42,446 (2022: £43,333). |
During the prior year, the company obtained a 12 month fixed term bank loan of £29,490 repayable in monthly instalments. Interest is chargeable on the loan at a rate of 5.7%. The loan is secured by personal guarantees provided by the director. The loan was repaid in full in February 2023. |
During the year, the company obtained a 12 month fixed term bank loan of £86,759 repayable in monthly instalments. Interest is chargeable on the loan at a rate of 5.7%. The loan is secured by personal guarantees provided by the director. At the balance sheet date, the balance of the loan was £66,544 (2022: £Nil). |
During the year, the company obtained a loan from Funding Circle of £63,000. The loan is repayable over 5 years in 61 monthly instalments. Interest is chargeable on the loan at a rate of 9.4%. There is no security on the loan. At the balance sheet date, the balance of the loan was £54,037 (2022: £Nil). |
The company also utilises a FlexiPay facility offered by Funding Circle which allows invoices to be paid over 3 months in 3 equal instalments. There is no interest charged on the facility and the facility is not secured. At the balance sheet date, the balance of the loan was £6,192 (2022: £Nil). |
During the year, the company received two loans from Paypal totalling £35,000. The loans take around 160 days to be repaid from the initial drawdown with Paypal taking 30% of the next customer payments transacted through Paypal. There is no security for the loans. At the balance sheet date, the balance of the loan was £14,841 (2022: £Nil). |
The company utilises an invoice discounting facility to manage its cashflow. The balance owed at the year end date is £82,069 (2022: £84,851) and is secured on the relevant trade debtors of the company. |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
THEFULLWORKS LIMITED (REGISTERED NUMBER: 09392592) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
Value: | £ | £ |
18,650,790 | A Ordinary | 0.001p | 186 | 182 |
515,472 | B Investment | 0.001p | 5 | 5 |
191 | 187 |
A Ordinary |
Each share is entitled to one vote in any circumstances. |
Each share is entitled pari passu to dividend payments or any other distribution. |
Each share is entitled to pari passu in a distribution arising from a winding up of the company. |
Shares are not liable to be redeemed at the option of the company of shareholder. |
B Investment |
Each share is entitled pari passu to dividend payments or any other distribution. |
Each share is entitled to pari passu in a distribution arising from a winding up of the company. |
Shares are not liable to be redeemed at the option of the company of shareholder. |
During the year, 434,783 A Ordinary 0.001p shares were issued at a premium of 4.599p per share. |
12. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 February 2022 | ( |
) | 19,975 |
Deficit for the year | ( |
) | ( |
) |
Share issue | - | 19,996 | 19,996 |
At 31 January 2023 | ( |
) | (177,032 | ) |
13. | 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 £2,903 (2022: £2,338). £680 outstanding liability was payable to the fund at the balance sheet date (2022: £616). |
14. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 January 2023 and 31 January 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
15. | ULTIMATE CONTROLLING PARTY |
The director considers there to be no ultimate controlling party. |