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REGISTERED NUMBER: 09392592 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

FOR

THEFULLWORKS LIMITED

THEFULLWORKS LIMITED (REGISTERED NUMBER: 09392592)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THEFULLWORKS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2022







DIRECTOR: S Tutton





SECRETARY: S Tutton





REGISTERED OFFICE: 22 Potters Way
Temple Farm Industrial Estate
Southend-On-Sea
SS2 5SJ





REGISTERED NUMBER: 09392592 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
Riverside House
40-46 High Street
Maidstone
Kent
ME14 1JH

THEFULLWORKS LIMITED (REGISTERED NUMBER: 09392592)

BALANCE SHEET
31 JANUARY 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 67,065 59,960
Tangible assets 5 7,189 9,310
74,254 69,270

CURRENT ASSETS
Debtors 6 183,045 88,730
Cash at bank 5 5
183,050 88,735
CREDITORS
Amounts falling due within one year 7 203,809 108,502
NET CURRENT LIABILITIES (20,759 ) (19,767 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

53,495

49,503

CREDITORS
Amounts falling due after more than
one year

8

33,333

42,500
NET ASSETS 20,162 7,003

CAPITAL AND RESERVES
Called up share capital 10 187 187
Share premium 11 208,633 208,633
Retained earnings 11 (188,658 ) (201,817 )
20,162 7,003

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 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.

THEFULLWORKS LIMITED (REGISTERED NUMBER: 09392592)

BALANCE SHEET - continued
31 JANUARY 2022


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 9 September 2022 and were signed by:





S Tutton - Director


THEFULLWORKS LIMITED (REGISTERED NUMBER: 09392592)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022


1. STATUTORY INFORMATION

TheFullworks 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.

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.

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. Thus he continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Owing to continued effect of the COVID19 Crisis during this period corporate events and merchandise deliveries continued to be seriously affected. The decision to push further into the retail delivery market allowed the business to continue to trade, with higher revenue but lower margins in order to compete in the marketplace.

The company continued to reduce the impact of the pandemic through the government's job retention scheme and flexible furlough as well as increasing its borrowing through invoice finance. It is anticipated that as the effect of the pandemic reduces into the next year, and events return, business will be able to return to profit without government support.

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.

THEFULLWORKS LIMITED (REGISTERED NUMBER: 09392592)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2022


2. ACCOUNTING POLICIES - continued

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33.3% straight line
Computer equipment - 33.3% straight line

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.

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.

THEFULLWORKS LIMITED (REGISTERED NUMBER: 09392592)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2022


2. ACCOUNTING POLICIES - continued

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 10 (2021 - 8 ) .

THEFULLWORKS LIMITED (REGISTERED NUMBER: 09392592)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2022


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 February 2021 134,772
Additions 31,063
At 31 January 2022 165,835
AMORTISATION
At 1 February 2021 74,812
Charge for year 23,958
At 31 January 2022 98,770
NET BOOK VALUE
At 31 January 2022 67,065
At 31 January 2021 59,960

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 February 2021 12,350 3,078 15,428
Additions 1,176 941 2,117
At 31 January 2022 13,526 4,019 17,545
DEPRECIATION
At 1 February 2021 3,040 3,078 6,118
Charge for year 3,998 240 4,238
At 31 January 2022 7,038 3,318 10,356
NET BOOK VALUE
At 31 January 2022 6,488 701 7,189
At 31 January 2021 9,310 - 9,310

THEFULLWORKS LIMITED (REGISTERED NUMBER: 09392592)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2022


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 151,023 82,399
Other debtors 5,625 5,625
Directors' current accounts 34 81
Tax 25,738 -
Prepayments 625 625
183,045 88,730

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 36,594 39,380
Trade creditors 54,525 52,626
Social security and other taxes 6,291 2,688
VAT 13,272 11,586
Other creditors 90,685 -
Accrued expenses 2,442 2,222
203,809 108,502

The company has an exisitng Bounce Back Loan of £50,000 repayable over 6 years in 60 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.

During the year, the company obtained a 12 month fixed term bank loan of £29,490 repayable in monthly instalments. Interest is charegable on the loan at a rate of 5.7%. The loan is secured by personal guarantees provided by the director. The loan has been fully repaid post year end.

The company utilises an invoice discounting facility to manage its cashflow. The balance owed at the year end date is £84,851 (2021: £nil) and is secured on the relevant trade debtors of the company.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2022 2021
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 23,333 32,500
33,333 42,500

THEFULLWORKS LIMITED (REGISTERED NUMBER: 09392592)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2022


9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2022 2021
£    £   
Within one year 30,077 -
Between one and five years 53,510 99,375
83,587 99,375

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:
Nomina
l


2021


2020
Value: £ £

18,216,007 A Ordinary 0.001p 182 182
515,472 B Investment 0.001p 5 5
187 187

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.

11. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 February 2021 (201,817 ) 208,633 6,816
Profit for the year 13,159 13,159
At 31 January 2022 (188,658 ) 208,633 19,975

THEFULLWORKS LIMITED (REGISTERED NUMBER: 09392592)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2022


12. 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 £2,338 (2021: £1,546). £616 outstanding liability was payable to the fund at the balance sheet date (2021: £nil).

13. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2022 and 31 January 2021:

2022 2021
£    £   
S Tutton
Balance outstanding at start of year 81 (252 )
Amounts advanced - 333
Amounts repaid (47 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 34 81

14. ULTIMATE CONTROLLING PARTY

The director considers there to be no ultimate controlling party.