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Registration number: 07225265

The Full Works Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

The Full Works Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

The Full Works Ltd

Company Information

Director

Mr Wai-Man Wong

Registered office

27 Old Gloucester Street
London
WC1N 3AX

Accountants

RiverView Portfolio Limited
1 Market Hill
Calne
Wiltshire
SN11 0BT

 

The Full Works Ltd

(Registration number: 07225265)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

43,368

59,520

Current assets

 

Debtors

6

32,338

22,772

Cash at bank and in hand

 

33,629

83,289

 

65,967

106,061

Creditors: Amounts falling due within one year

7

(55,826)

(74,450)

Net current assets

 

10,141

31,611

Total assets less current liabilities

 

53,509

91,131

Creditors: Amounts falling due after more than one year

7

(48,342)

(79,634)

Net assets

 

5,167

11,497

Capital and reserves

 

Called up share capital

500

500

Retained earnings

4,667

10,997

Shareholders' funds

 

5,167

11,497

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 3 November 2023
 

.........................................
Mr Wai-Man Wong
Director

 

The Full Works Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
27 Old Gloucester Street
London
WC1N 3AX
United Kingdom

These financial statements were authorised for issue by the director on 3 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% Straight Line

Office Equipment

25% Reducing Balance

Computer Equipment

33% Straight Line

 

The Full Works Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

The Full Works Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

20,500

20,893

 

The Full Works Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

25,859

74,090

99,949

Additions

4,561

-

4,561

Disposals

(4,045)

-

(4,045)

At 30 April 2023

26,375

74,090

100,465

Depreciation

At 1 May 2022

21,906

18,523

40,429

Charge for the year

1,978

18,522

20,500

Eliminated on disposal

(3,832)

-

(3,832)

At 30 April 2023

20,052

37,045

57,097

Carrying amount

At 30 April 2023

6,323

37,045

43,368

At 30 April 2022

3,953

55,567

59,520

6

Debtors

Current

2023
£

2022
£

Trade debtors

7,200

13,680

Prepayments

1,872

1,622

Other debtors

23,266

7,470

 

32,338

22,772

7

Creditors

Creditors: amounts falling due within one year

 

The Full Works Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

7

Creditors (continued)

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

149

92

Amounts owed to group undertakings and undertakings in which the company has a participating interest

30,053

46,706

Taxation and social security

 

25,611

27,639

Accruals and deferred income

 

13

13

 

55,826

74,450

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

48,342

79,634