IRIS Accounts Production v24.3.0.553 09392592 director 1.2.23 31.1.24 31.1.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh093925922023-01-31093925922024-01-31093925922023-02-012024-01-31093925922022-01-31093925922022-02-012023-01-31093925922023-01-3109392592ns15:EnglandWales2023-02-012024-01-3109392592ns14:PoundSterling2023-02-012024-01-3109392592ns10:Director12023-02-012024-01-3109392592ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3109392592ns10:SmallEntities2023-02-012024-01-3109392592ns10:AuditExempt-NoAccountantsReport2023-02-012024-01-3109392592ns10:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-3109392592ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-3109392592ns10:FullAccounts2023-02-012024-01-310939259212023-02-012024-01-3109392592ns10:CompanySecretary12023-02-012024-01-3109392592ns10:RegisteredOffice2023-02-012024-01-3109392592ns5:CurrentFinancialInstruments2024-01-3109392592ns5:CurrentFinancialInstruments2023-01-3109392592ns5:Non-currentFinancialInstruments2024-01-3109392592ns5:Non-currentFinancialInstruments2023-01-3109392592ns5:ShareCapital2024-01-3109392592ns5:ShareCapital2023-01-3109392592ns5:SharePremium2024-01-3109392592ns5:SharePremium2023-01-3109392592ns5:RetainedEarningsAccumulatedLosses2024-01-3109392592ns5:RetainedEarningsAccumulatedLosses2023-01-3109392592ns5:IntangibleAssetsOtherThanGoodwill2023-02-012024-01-3109392592ns5:PlantMachinery2023-02-012024-01-3109392592ns5:FurnitureFittings2023-02-012024-01-3109392592ns5:ComputerEquipment2023-02-012024-01-3109392592ns5:IntangibleAssetsOtherThanGoodwill2023-01-3109392592ns5:IntangibleAssetsOtherThanGoodwill2024-01-3109392592ns5:IntangibleAssetsOtherThanGoodwill2023-01-3109392592ns5:PlantMachinery2023-01-3109392592ns5:FurnitureFittings2023-01-3109392592ns5:ComputerEquipment2023-01-3109392592ns5:PlantMachinery2024-01-3109392592ns5:FurnitureFittings2024-01-3109392592ns5:ComputerEquipment2024-01-3109392592ns5:PlantMachinery2023-01-3109392592ns5:FurnitureFittings2023-01-3109392592ns5:ComputerEquipment2023-01-3109392592ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-3109392592ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3109392592ns5:CurrentFinancialInstruments2023-02-012024-01-3109392592ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-01-3109392592ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-01-3109392592ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-01-3109392592ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-01-3109392592ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-01-3109392592ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-01-3109392592ns5:WithinOneYear2024-01-3109392592ns5:WithinOneYear2023-01-3109392592ns5:BetweenOneFiveYears2024-01-3109392592ns5:BetweenOneFiveYears2023-01-3109392592ns5:AllPeriods2024-01-3109392592ns5:AllPeriods2023-01-3109392592ns5:RetainedEarningsAccumulatedLosses2023-01-3109392592ns5:SharePremium2023-01-3109392592ns5:RetainedEarningsAccumulatedLosses2023-02-012024-01-31093925921ns10:Director12023-01-31093925921ns10:Director12022-01-31093925921ns10:Director12023-02-012024-01-31093925921ns10:Director12022-02-012023-01-31093925921ns10:Director12024-01-31093925921ns10:Director12023-01-31
REGISTERED NUMBER: 09392592 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

THEFULLWORKS LIMITED

THEFULLWORKS LIMITED (REGISTERED NUMBER: 09392592)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THEFULLWORKS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







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
2nd Floor
Medway Bridge House
1-8 Fairmeadow
Maidstone
Kent
ME14 1JP

THEFULLWORKS LIMITED (REGISTERED NUMBER: 09392592)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 68,569 67,985
Tangible assets 5 5,570 9,085
74,139 77,070

CURRENT ASSETS
Stocks 6 1,479 1,479
Debtors 7 132,764 179,652
Cash at bank 5 5
134,248 181,136
CREDITORS
Amounts falling due within one year 8 315,213 352,375
NET CURRENT LIABILITIES (180,965 ) (171,239 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(106,826

)

(94,169

)

CREDITORS
Amounts falling due after more than one
year

9

68,352

82,672
NET LIABILITIES (175,178 ) (176,841 )

CAPITAL AND RESERVES
Called up share capital 11 191 191
Share premium 12 228,629 228,629
Retained earnings 12 (403,998 ) (405,661 )
(175,178 ) (176,841 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

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 10 October 2024 and were signed by:



S Tutton - Director


THEFULLWORKS LIMITED (REGISTERED NUMBER: 09392592)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


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. 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.

The business has cleared the majority of the short term loans over the past year, and revenue and subsequent profitability has increased. Staff and other costs have remained lower than previous years and the increased business in the US market along with retaining the UK and European customer business has gained good returns.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Office equipment - 20% on cost

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 2024


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 7 (2023 - 9 ) .

THEFULLWORKS LIMITED (REGISTERED NUMBER: 09392592)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 February 2023 191,384
Additions 27,441
At 31 January 2024 218,825
AMORTISATION
At 1 February 2023 123,399
Charge for year 26,857
At 31 January 2024 150,256
NET BOOK VALUE
At 31 January 2024 68,569
At 31 January 2023 67,985

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Office
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 February 2023 1,667 15,632 7,051 24,350
Additions 2,025 - - 2,025
At 31 January 2024 3,692 15,632 7,051 26,375
DEPRECIATION
At 1 February 2023 183 11,454 3,628 15,265
Charge for year 717 2,951 1,872 5,540
At 31 January 2024 900 14,405 5,500 20,805
NET BOOK VALUE
At 31 January 2024 2,792 1,227 1,551 5,570
At 31 January 2023 1,484 4,178 3,423 9,085

6. STOCKS
2024 2023
£    £   
Stocks 1,479 1,479

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 121,339 97,582
Other debtors 11,425 16,105
Directors' current accounts - 17,146
Tax - 48,194
Prepayments - 625
132,764 179,652

THEFULLWORKS LIMITED (REGISTERED NUMBER: 09392592)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 46,611 124,344
Trade creditors 125,312 82,208
Social security and other taxes 24,214 34,761
VAT 28,389 9,839
Other creditors 87,523 98,530
Directors' current accounts 467 -
Accrued expenses 2,697 2,693
315,213 352,375

The company has an existing Bounce Back Loan of £50,000 repayable over 10 years in 78 monthly instalments commencing 13 months after drawdown date. The first 12 months interest is paid by the Government. The company has taken advantage of a two year repayment holiday, during which no capital repayments were made. The loan is secured by a Government backed guarantee. At the balance sheet date, the balance of the loan was £42,446 (2023: £42,446).

During the prior 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 £5,874 (2023: £66,544).

During the prior 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 £43,093 (2023: £54,037).

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 £3,196 (2023: £6,192).

During the prior year, the company received two loans from Paypal totalling £35,000. A further £22,500 was received during the year. 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 £7,319 (2023: £14,841).

The company utilises an invoice discounting facility to manage its cashflow. The balance owed at the year end is £73,461 (2023: £82,069) and is secured on the relevant trade debtors of the company.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 20,492 18,151
Bank loans - 2-5 years 37,929 64,521
Bank loans more 5 yr by instal 9,931 -
68,352 82,672

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 9,931 -

THEFULLWORKS LIMITED (REGISTERED NUMBER: 09392592)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 32,592 26,555
Between one and five years 20,361 24,203
52,953 50,758

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
Value: £ £

18,650,790 A Ordinary 0.001p 186 186
515,472 B Investment 0.001p 5 5
191 191

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 prior 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 2023 (405,661 ) 228,629 (177,032 )
Profit for the year 1,663 1,663
At 31 January 2024 (403,998 ) 228,629 (175,369 )

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 £2,595 (2023: £2,903). £140 outstanding liability was payable to the fund at the balance sheet date (2023: £680).

THEFULLWORKS LIMITED (REGISTERED NUMBER: 09392592)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


14. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£    £   
S Tutton
Balance outstanding at start of year 17,146 34
Amounts advanced - 17,112
Amounts repaid (17,613 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (467 ) 17,146

15. ULTIMATE CONTROLLING PARTY

The director considers there to be no ultimate controlling party.