Company registration number 08744091 (England and Wales)
FULLGREEN LTD AND SUBSIDIARIES
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
FULLGREEN LTD AND SUBSIDIARIES
COMPANY INFORMATION
Directors
Velocity Corporate Directors Limited
J M L Misa-Harris
Secretary
AFP Services Limited
Company number
08744091
Registered office
Timsons Business Centre
Bath Road
Kettering
Northamptonshire
NN16 8NQ
Accountants
AFP Services Limited
Chartered Management Accountants
Timsons Business Centre
Bath Road
Kettering
Northamptonshire
NN16 8NQ
FULLGREEN LTD AND SUBSIDIARIES
CONTENTS
Page
Directors' report
1
Accountants' report
3
Group statement of comprehensive income
4
Group balance sheet
5 - 6
Company balance sheet
7
Group statement of changes in equity
8
Company statement of changes in equity
9
Notes to the financial statements
10 - 19
FULLGREEN LTD AND SUBSIDIARIES
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company and group continued to be to supply and promote plant-based food products and sale of food products to the retail and service industries.
Results and dividends
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Velocity Corporate Directors Limited
J M L Misa-Harris
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
J M L Misa-Harris
Director
16 September 2024
FULLGREEN LTD AND SUBSIDIARIES
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
FULLGREEN LTD AND SUBSIDIARIES
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FULLGREEN LTD AND SUBSIDIARIES FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fullgreen Ltd and Subsidiaries for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity and the related notes from the accounting records and from information and explanations you have given us.
Our work has been undertaken solely to prepare for your approval the financial statements of Fullgreen Ltd and Subsidiaries and state those matters that we have agreed to state to the board of directors of Fullgreen Ltd and Subsidiaries, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fullgreen Ltd and Subsidiaries and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Fullgreen Ltd and Subsidiaries has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Fullgreen Ltd and Subsidiaries. You consider that Fullgreen Ltd and Subsidiaries is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Fullgreen Ltd and Subsidiaries. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
18 September 2024
AFP Services Limited
Chartered Management Accountants
Timsons Business Centre
Bath Road
Kettering
NN16 8NQ
FULLGREEN LTD AND SUBSIDIARIES
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2023
2022
Notes
£
£
Turnover
4,532,334
4,675,559
Cost of sales
(3,080,015)
(3,043,906)
Gross profit
1,452,319
1,631,653
Distribution costs
(296,958)
(339,792)
Administrative expenses
(1,779,093)
(2,502,151)
Other operating income
214
1,544
Operating loss
(623,518)
(1,208,746)
Interest payable and similar expenses
(66,143)
(74,553)
Loss before taxation
(689,661)
(1,283,299)
Tax on loss
(1,211)
(1,308)
Loss for the financial year
(690,872)
(1,284,607)
Other comprehensive income
Currency translation gain/(loss) taken to retained earnings
147,732
(162,262)
Total comprehensive income for the year
(543,140)
(1,446,869)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
FULLGREEN LTD AND SUBSIDIARIES
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 5 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
64,470
91,181
Tangible assets
5
5,639
8,384
70,109
99,565
Current assets
Stocks
375,968
308,959
Debtors
8
912,236
620,468
Cash at bank and in hand
17,682
33,620
1,305,886
963,047
Creditors: amounts falling due within one year
9
(1,305,884)
(938,456)
Net current assets
2
24,591
Total assets less current liabilities
70,111
124,156
Creditors: amounts falling due after more than one year
10
(20,366)
(106,256)
Net assets
49,745
17,900
Capital and reserves
Called up share capital
12
343
328
Share premium account
11,001,399
10,426,429
Own shares
(1,500)
(1,500)
Profit and loss reserves
(10,950,497)
(10,407,357)
Total equity
49,745
17,900
For the financial year ended 31 December 2023 the group was entitled to exemption from audit under section 477 of the Companies Act 2006.
Directors' responsibilities under the Companies Act 2006:
The members have not required the to obtain an audit of its financial statements for the year in question in accordance with section 476;
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.
FULLGREEN LTD AND SUBSIDIARIES
GROUP BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 6 -
The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
16 September 2024
J M L Misa-Harris
Director
Company registration number 08744091 (England and Wales)
FULLGREEN LTD AND SUBSIDIARIES
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 7 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
26,613
33,875
Tangible assets
5
2,029
4,464
Investments
6
83
83
28,725
38,422
Current assets
Debtors
8
5,058,902
4,481,955
Cash at bank and in hand
11,673
2,047
5,070,575
4,484,002
Creditors: amounts falling due within one year
9
(158,361)
(314,285)
Net current assets
4,912,214
4,169,717
Total assets less current liabilities
4,940,939
4,208,139
Creditors: amounts falling due after more than one year
10
(3,001)
(78,814)
Net assets
4,937,938
4,129,325
Capital and reserves
Called up share capital
12
343
328
Share premium account
11,001,399
10,426,429
Profit and loss reserves
(6,063,804)
(6,297,432)
Total equity
4,937,938
4,129,325
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £233,628 (2022 - £147,157 profit).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
16 September 2024
J M L Misa-Harris
Director
Company registration number 08744091 (England and Wales)
FULLGREEN LTD AND SUBSIDIARIES
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Share capital
Share premium account
Own shares
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
284
8,030,289
(1,500)
(8,960,488)
(931,415)
Year ended 31 December 2022:
Loss for the year
-
-
-
(1,284,607)
(1,284,607)
Other comprehensive income:
Currency translation differences
-
-
-
(162,262)
(162,262)
Total comprehensive income
-
-
-
(1,446,869)
(1,446,869)
Issue of share capital
12
44
2,396,140
-
-
2,396,184
Balance at 31 December 2022
328
10,426,429
(1,500)
(10,407,357)
17,900
Year ended 31 December 2023:
Loss for the year
-
-
-
(690,872)
(690,872)
Other comprehensive income:
Currency translation differences
-
-
-
147,732
147,732
Total comprehensive income
-
-
-
(543,140)
(543,140)
Issue of share capital
12
15
574,970
-
-
574,985
Balance at 31 December 2023
343
11,001,399
(1,500)
(10,950,497)
49,745
FULLGREEN LTD AND SUBSIDIARIES
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
284
8,030,289
(6,444,589)
1,585,984
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
147,157
147,157
Issue of share capital
12
44
2,396,140
-
2,396,184
Balance at 31 December 2022
328
10,426,429
(6,297,432)
4,129,325
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
233,628
233,628
Issue of share capital
12
15
574,970
-
574,985
Balance at 31 December 2023
343
11,001,399
(6,063,804)
4,937,938
FULLGREEN LTD AND SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
1
Accounting policies
Company information
Fullgreen Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Timsons Business Centre, Bath Road, Kettering, Northamptonshire, NN16 8NQ.
The group consists of Fullgreen Limited, Fullgreen UK Limited and Fullgreen Inc.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Fullgreen Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.3
Going concern
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
FULLGREEN LTD AND SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents & licences
3 year straight line
Development costs
3 year straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
3 year straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.7
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
FULLGREEN LTD AND SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
FULLGREEN LTD AND SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
FULLGREEN LTD AND SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
FULLGREEN LTD AND SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
3
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
5
7
2
3
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
220,797
498,847
Social security costs
24,523
57,843
-
-
Pension costs
3,846
5,864
249,166
562,554
4
Intangible fixed assets
Group
Other
£
Cost
At 1 January 2023
341,058
Additions
14,232
At 31 December 2023
355,290
Amortisation and impairment
At 1 January 2023
249,877
Amortisation charged for the year
40,943
At 31 December 2023
290,820
Carrying amount
At 31 December 2023
64,470
At 31 December 2022
91,181
FULLGREEN LTD AND SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Intangible fixed assets
(Continued)
- 16 -
Company
Other
£
Cost
At 1 January 2023
249,798
Additions
14,232
At 31 December 2023
264,030
Amortisation and impairment
At 1 January 2023
215,923
Amortisation charged for the year
21,494
At 31 December 2023
237,417
Carrying amount
At 31 December 2023
26,613
At 31 December 2022
33,875
5
Tangible fixed assets
Group
Plant and equipment
£
Cost
At 1 January 2023
475,430
Additions
2,139
At 31 December 2023
477,569
Depreciation and impairment
At 1 January 2023
467,046
Depreciation charged in the year
4,884
At 31 December 2023
471,930
Carrying amount
At 31 December 2023
5,639
At 31 December 2022
8,384
FULLGREEN LTD AND SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Tangible fixed assets
(Continued)
- 17 -
Company
Plant and equipment
£
Cost
At 1 January 2023 and 31 December 2023
469,670
Depreciation and impairment
At 1 January 2023
465,206
Depreciation charged in the year
2,435
At 31 December 2023
467,641
Carrying amount
At 31 December 2023
2,029
At 31 December 2022
4,464
FULLGREEN LTD AND SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
6
Fixed asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
83
83
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
83
Carrying amount
At 31 December 2023
83
At 31 December 2022
83
7
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Fullgreen UK Ltd
UK
Ordinary
100.00
Fullgreen Inc.
USA
Ordinary
100.00
8
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
782,017
549,556
57,149
39,264
Amounts owed by group
4,989,842
4,413,691
Other debtors
130,219
70,912
11,911
29,000
912,236
620,468
5,058,902
4,481,955
FULLGREEN LTD AND SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
9
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
121,987
Trade creditors
673,152
561,696
8,672
17,652
Taxation and social security
10,010
28,533
Other creditors
500,735
348,227
149,689
296,633
1,305,884
938,456
158,361
314,285
10
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Other creditors
3,001
106,256
3,001
78,814
11
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
139,352
Other loans
3,001
404,547
3,001
367,276
142,353
404,547
3,001
367,276
Payable within one year
121,987
298,291
-
288,462
Payable after one year
20,366
106,256
3,001
78,814
12
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of 0.001p each
16,770,370
15,240,166
167
152
Ordinary 'B' shares of 0.001p each
17,573,394
17,573,394
176
176
34,343,764
32,813,560
343
328
During the year 1,530,204 0.001p A Ordinary shares were issued for the sum of £604,390.
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