Company registration number 06740825 (England and Wales)
FULLFIELD LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
FULLFIELD LTD
COMPANY INFORMATION
Directors
P Cranwell
D Warren
Company number
06740825
Registered office
25 Hornsby Square
Southfields Business Park
Basildon
Essex
United Kingdom
SS15 6SD
Auditor
Azets Audit Services
2nd Floor
Regis House
45 King William Street
London
EC4R 9AN
FULLFIELD LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 29
FULLFIELD LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Principal activities and review of the business

The principal activity of the Company is that of a holding company and the Group is that of a business services provider to the motor trade.

 

The Group continues to face the same pressures as the rest of the industry such as an increasing cost and deficiency of its labour resource, as well as other such matters in the wider macro environment.

Principal risks and uncertainties

Customers

The directors believe that as a business services group, the principal risk to the business is that of customer loss. This risk is addressed through a proactive management of the Group’s customer base.

 

Liquidity risk

Liquidity risk arises from the Group's management of working capital and the finance charges and principal repayments on its debt instruments. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due.

 

The Group's policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. The Group's objective is to provide funding for future growth and achieve a balance between continuity and flexibility through its bank facilities and investment.

 

The Board receives cash flow projections on a regular basis as well as information regarding cash balances. At the end of the financial year, these projections indicated that the Group expected to have sufficient liquid resources for a period of at least twelve months from the date of signing of these financial statements, to meet its obligations under all reasonably expected circumstances.

 

The directors are aware of their responsibilities in relation to addressing other risks, such as credit risk and interest rate risk however, the possibility of these risks materialising and having any significant impact on the Group are low.

Key performance indicators
The directors consider the following to be the key financial performance indicators:
2024
2023
Change
£'000
£'000
%
Group turnover
54,744
53,414
2%
Gross profit
8,375
6,772
24%
Gross profit margin
15%
13%
3%
Cash generation
506
(1,022)
150%

The directors of the business consider the key financial performance indicators to be the level of turnover, gross profit, gross profit margin, and cash generation.

 

The principal drivers for the results of the business in the year were a strong focus on customer service, new contract wins and expansion of its existing customer base.

 

The Group continues to closely monitor the trading of its individual accounts in terms of revenue and gross profit, as well as proactively driving efficiencies through an assessment of all costs.

FULLFIELD LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Promoting the success of the company

Fullfield’s Board recognises the critical need to act in the interests of shareholders and wider stakeholders. Consequently, to promote the success of the Group, we strive to foster strong business relationships with customers and suppliers, and to meet the interests of our employees while acting fairly for the benefit of shareholders as a whole.

 

Engagement with our key stakeholders helps to ensure we have a long-term sustainable business model. Section 172 of the Companies Act 2006 requires Directors to take into consideration the interest of stakeholders in their decision making. Whilst the importance of giving due consideration to our stakeholders is not new, this part of the report serves as our Section 172 statement and sets out how we engage with, and take into consideration, the interests of those key stakeholders who are material to the long-term success of the business.

During the year ended 31 March 2024, the Board of Fullfield Limited considers, as individuals and collectively, that it has acted in a way it considers, in good faith, would most likely promote the success of the Group for the benefit of its members as a whole, by having regard, among other matters, to the:

•    likely long-term consequences of any decision;

•    interests of the Company’s employees;

•    need to foster the Company’s relationships with its customers, suppliers and others;

•    impact of the Company’s operations on the community and the environment;

•    desirability of the Company maintaining its reputation for high standards of business conduct; and

•    need to act fairly as between members of the Company.

 

Fullfield Limited considers that its key stakeholders are its shareholders, employees, customers, and suppliers.

Beneficiaries

The Board seeks to behave in a responsible manner towards its ultimate Beneficiaries, in order that they too can benefit from the Company achieving its long term business strategy. The Board also seeks to provide periodic information to the Trustees, including management accounts and key performance metrics.

 

Employees

Our employees remain fundamental to the achievement of our business plan. In addition to aiming to be a responsible employer in our approach to pay and benefits, we continue to engage with our team to ascertain which training and development opportunities should be made available to improve the team’s productivity and our individual employees’ potential within the business.

 

Customers

Our aim is to ensure that our customers’ needs are met, in particular our services meet their specifications.

 

Suppliers

We work with a relatively small number of suppliers. Our aim is to develop and enter into strong stable working relationships with our suppliers as this enables us to develop long term partnerships. We seek to be fair and transparent in our dealings with suppliers and we ensure that we honour our arrangements with them.

The stakeholder voice is brought into the boardroom throughout the annual cycle through information provided my management and also by direct engagement with stakeholders themselves.

 

The consideration for all of our stakeholders remains fundamental to the Group's strategic planning.

On behalf of the board

D Warren
Director
13 November 2024
FULLFIELD LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Results and dividends

The earnings for the year before depreciation, amortisation, tangible asset gains and losses, exceptional items, investment write offs and tax were £3,061,652 (2023 – £2,383,620). The group profit for the year after taxation amounted to £887,554 (2023 – £508,412).

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

P Cranwell
D Warren
Future developments

The group sees the potential for the strong growth of the business from the extension of services to its existing customer base and from new customers and would expect to launch further additional services during the financial year.

Auditor

Azets Audit Services will be deemed to be re-appointed 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing accounts with the registrar, whichever is earlier.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Going concern

After making enquiries, the directors have a reasonable expectation that the Group has adequate resources to continue as a going concern for the foreseeable future. As such the Group continues to adopt the going concern basis in preparing the annual report and financial statements.

 

Although the Group has a net current liability position, this is due to the on-demand nature of the invoice discounting facility. The Group has a strong relationship with its bank and is in a full compliance with its facility.

 

As such the directors consider it appropriate that the Group continues to adopt the going concern basis in preparing the annual report and financial statements.

 

On behalf of the board
D Warren
Director
13 November 2024
FULLFIELD LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

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:

 

 

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.

FULLFIELD LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FULLFIELD LTD
- 5 -
Opinion

We have audited the financial statements of Fullfield Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 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, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

FULLFIELD LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FULLFIELD LTD
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

FULLFIELD LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FULLFIELD LTD
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Toby Mason (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
14 November 2024
Chartered Accountants
Statutory Auditor
2nd Floor
Regis House
45 King William Street
London
EC4R 9AN
FULLFIELD LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
54,744,266
53,413,526
Cost of sales
(46,352,215)
(46,641,281)
Gross profit
8,392,051
6,772,245
Distribution costs
(3,294,030)
(2,787,801)
Administrative expenses
(2,764,072)
(2,350,277)
Exceptional items
4
(176,690)
(332,492)
Operating profit
5
2,157,259
1,301,675
Interest payable and similar expenses
8
(706,991)
(556,533)
Profit before taxation
1,450,268
745,142
Tax on profit
9
(562,714)
(236,730)
Profit for the financial year
887,554
508,412
Profit 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.
FULLFIELD LTD
GROUP BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
2,370,833
2,691,929
Other intangible assets
10
80,093
142,364
Total intangible assets
2,450,926
2,834,293
Tangible assets
11
855,788
655,508
3,306,714
3,489,801
Current assets
Stocks
14
140,702
139,000
Debtors
15
6,730,906
6,995,513
Cash at bank and in hand
138,317
318
7,009,925
7,134,831
Creditors: amounts falling due within one year
16
(11,163,648)
(11,355,241)
Net current liabilities
(4,153,723)
(4,220,410)
Total assets less current liabilities
(847,009)
(730,609)
Creditors: amounts falling due after more than one year
17
(1,451,739)
(2,379,221)
Provisions for liabilities
Deferred tax liability
20
107,171
33,643
(107,171)
(33,643)
Net liabilities
(2,405,919)
(3,143,473)
Capital and reserves
Called up share capital
22
97
97
Profit and loss reserves
(2,406,016)
(3,143,570)
Total equity
(2,405,919)
(3,143,473)
The financial statements were approved by the board of directors and authorised for issue on 13 November 2024 and are signed on its behalf by:
13 November 2024
D Warren
Director
Company registration number 06740825 (England and Wales)
FULLFIELD LTD
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
15,712,394
15,712,394
Current assets
Debtors
15
923
923
Cash at bank and in hand
10,149
303
11,072
1,226
Creditors: amounts falling due within one year
16
(6,508,632)
(5,095,824)
Net current liabilities
(6,497,560)
(5,094,598)
Total assets less current liabilities
9,214,834
10,617,796
Creditors: amounts falling due after more than one year
17
(1,250,000)
(2,250,000)
Net assets
7,964,834
8,367,796
Capital and reserves
Called up share capital
22
97
97
Profit and loss reserves
7,964,737
8,367,699
Total equity
7,964,834
8,367,796

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £252,962 (2023 - £237,645 loss).

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The financial statements were approved by the board of directors and authorised for issue on 13 November 2024 and are signed on its behalf by:
13 November 2024
D Warren
Director
Company registration number 06740825 (England and Wales)
FULLFIELD LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
97
(3,401,982)
(3,401,885)
Year ended 31 March 2023:
Profit and total comprehensive income
-
508,412
508,412
Other movements
-
(250,000)
(250,000)
Balance at 31 March 2023
97
(3,143,570)
(3,143,473)
Year ended 31 March 2024:
Profit and total comprehensive income
-
887,554
887,554
Other movements
-
(150,000)
(150,000)
Balance at 31 March 2024
97
(2,406,016)
(2,405,919)
FULLFIELD LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
97
8,855,344
8,855,441
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
(237,645)
(237,645)
Transfer to EOT
-
(250,000)
(250,000)
Balance at 31 March 2023
97
8,367,699
8,367,796
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
(252,962)
(252,962)
Other movements
-
(150,000)
(150,000)
Balance at 31 March 2024
97
7,964,737
7,964,834
FULLFIELD LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
3,999,568
2,700,578
Interest paid
(706,991)
(556,533)
Income taxes paid
(291,306)
(240,079)
Net cash inflow from operating activities
3,001,271
1,903,966
Investing activities
Purchase of intangible assets
-
(75,294)
Purchase of tangible fixed assets
(186,222)
(232,611)
Proceeds from disposal of tangible fixed assets
127,636
(4,481)
Net cash used in investing activities
(58,586)
(312,386)
Financing activities
Repayment of bank loans
(1,994,215)
(2,301,533)
Payment of finance leases obligations
(291,996)
(61,436)
Payment made to EOT
(150,000)
(250,000)
Net cash used in financing activities
(2,436,211)
(2,612,969)
Net increase/(decrease) in cash and cash equivalents
506,474
(1,021,389)
Cash and cash equivalents at beginning of year
(368,157)
653,232
Cash and cash equivalents at end of year
138,317
(368,157)
Relating to:
Cash at bank and in hand
138,317
318
Bank overdrafts included in creditors payable within one year
-
(368,475)
FULLFIELD LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,412,857
1,428,166
Interest paid
(253,011)
(227,863)
Net cash inflow from operating activities
1,159,846
1,200,303
Financing activities
Repayment of bank loans
(1,000,000)
(1,000,000)
Payment to EOT
(150,000)
(250,000)
Net cash used in financing activities
(1,150,000)
(1,250,000)
Net increase/(decrease) in cash and cash equivalents
9,846
(49,697)
Cash and cash equivalents at beginning of year
303
50,000
Cash and cash equivalents at end of year
10,149
303
FULLFIELD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
1
Accounting policies
Company information

Fullfield Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 25 Hornsby Square, Southfields Industrial Park, Basildon, Essex, United Kingdom, SS15 6SD.

 

The group consists of Fullfield Limited and all of its subsidiaries.

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.

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
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Fullfield 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 March 2024. 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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

FULLFIELD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.4
Going concern

After making enquiries, the directors have a reasonable expectation that the group has adequate resources to continue as a going concern for the foreseeable future. As such the group continues to adopt the going concern basis in preparing the annual report and financial statements.

 

Although the Group has a net current liability position, this is due to the on-demand nature of the invoice discounting facility and the loan repayments. The Group has a strong relationship with its bank and is in a full compliance with its facility. It will meet the loan repayments from cash generated in the next financial year.

 

As such the directors consider it appropriate that the Group continues to adopt the going concern basis in preparing the annual report and financial statements.

1.5
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.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

1.7
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:

Software
over 4 years straight line
1.8
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
over 4 years straight line
Motor vehicles
over 4 years 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.

FULLFIELD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.9
Fixed asset investments

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.

1.10
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.

1.11
Stocks

Stocks of cleaning materials are stated at the lower of cost incurred in bringing each product to its present location and condition, and net realisable value.

1.12
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.

1.13
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

FULLFIELD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
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.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
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.

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.

FULLFIELD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.16
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.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

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.

3
Turnover

Turnover, which is stated net of value added tax, represents amounts invoiced to third parties in respect of the Group’s continuing activities as stated in the directors’ report. In the opinion of the directors the Group’s entire turnover is attributable to the one business segment of car valeting and related activities carried out in the United Kingdom.

 

FULLFIELD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
4
Exceptional item
2024
2023
£
£
Expenditure
Exceptional labour related expenses
-
213,442
Exceptional vehicle costs
16,917
11,980
Additional materials for contract
-
40,320
Exceptional credit notes raised
-
63,000
Legal advice on restructuring
-
3,750
Exceptional legal fees and settlements
112,810
-
Property repairs and maintenance
40,000
-
Early termination fee on contracts
6,963
-
176,690
332,492

'Excepitonal legal fees and settlements' include a cost to refinance the existing term loan and a cost in relation to the Employee Ownership Trust.

5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
406,090
345,409
(Profit)/loss on disposal of tangible fixed assets
(56,500)
11,543
Amortisation of intangible assets
383,367
392,501
Operating lease charges
72,857
63,583
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
32,000
32,000
For other services
Taxation compliance services
6,700
6,700
All other non-audit services
4,500
4,500
11,200
11,200
FULLFIELD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Cleaning staff
365
360
-
-
Administration staff
62
62
2
2
Total
427
422
2
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
9,247,141
9,317,887
-
0
-
0
Social security costs
807,850
885,994
-
-
Pension costs
238,508
241,482
-
0
-
0
10,293,499
10,445,363
-
0
-
0

The Group contributes to a workplace pension plan for its employees. These costs are charged to the statement of income and retained earnings as they arise.

8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
258,265
227,863
Interest on invoice finance arrangements
423,472
316,034
681,737
543,897
Other finance costs:
Interest on finance leases and hire purchase contracts
25,254
12,636
Total finance costs
706,991
556,533
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
489,186
253,806
FULLFIELD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Taxation
2024
2023
£
£
(Continued)
- 22 -
Deferred tax
Origination and reversal of timing differences
73,528
(17,076)
Total tax charge
562,714
236,730

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,450,268
745,142
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
362,567
141,577
Tax effect of expenses that are not deductible in determining taxable profit
73,487
134,152
Unutilised tax losses carried forward
-
0
45,153
Adjustments in respect of prior years
66,353
-
0
Permanent capital allowances in excess of depreciation
42,258
(65,988)
Research and development tax credit
-
0
(18,598)
Under/(over) provided in prior years
18,049
434
Taxation charge
562,714
236,730
10
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
9,681,842
644,010
10,325,852
Amortisation and impairment
At 1 April 2023
6,989,913
501,646
7,491,559
Amortisation charged for the year
321,096
62,271
383,367
At 31 March 2024
7,311,009
563,917
7,874,926
Carrying amount
At 31 March 2024
2,370,833
80,093
2,450,926
At 31 March 2023
2,691,929
142,364
2,834,293
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
FULLFIELD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Intangible fixed assets
(Continued)
- 23 -

Part of the goodwill (£6,457,490) is amortised straight line over its estimated economic life of 20 years. The remainder was fully amortised as at the date of the statement of financial position.

11
Tangible fixed assets
Group
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
2,008,240
729,706
2,737,946
Additions
65,155
612,351
677,506
Disposals
-
0
(326,762)
(326,762)
At 31 March 2024
2,073,395
1,015,295
3,088,690
Depreciation and impairment
At 1 April 2023
1,687,067
395,371
2,082,438
Depreciation charged in the year
153,484
252,606
406,090
Eliminated in respect of disposals
-
0
(255,626)
(255,626)
At 31 March 2024
1,840,551
392,351
2,232,902
Carrying amount
At 31 March 2024
232,844
622,944
855,788
At 31 March 2023
321,173
334,335
655,508
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
46,243
92,154
-
0
-
0
Motor vehicles
578,246
655,544
-
0
-
0
624,489
747,698
-
-
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
15,712,394
15,712,394
FULLFIELD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
15,712,394
Carrying amount
At 31 March 2024
15,712,394
At 31 March 2023
15,712,394
13
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Country of incorporation
Class of
% Held
shares held
Direct
Fullfield FM Ltd
United Kingdom
Ordinary
100.00
Motorclean Group Ltd
United Kingdom
Ordinary
100.00
Motorclean Ltd
United Kingdom
Ordinary
100.00
Motorclean EBT Trustee Ltd
United Kingdom
Ordinary
100.00

In the opinion of the directors, the aggregate value of the investment in the subsidiary undertakings is not less than the amount at which they are stated in the balance sheet.

14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
140,702
139,000
-
-
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
6,463,977
6,586,620
-
0
-
0
Amounts owed by group undertakings
-
-
923
923
Other debtors
103,515
270,870
-
0
-
0
Prepayments and accrued income
163,414
138,023
-
0
-
0
6,730,906
6,995,513
923
923

The intercompany balances are payable on demand and bear no interest.

FULLFIELD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
4,560,375
5,923,065
1,000,000
1,000,000
Obligations under finance leases
19
279,415
152,649
-
0
-
0
Trade creditors
2,332,598
2,110,304
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
5,508,632
4,092,463
Corporation tax payable
645,060
447,180
-
0
-
0
Other taxation and social security
1,483,373
1,207,752
-
-
Other creditors
882,450
898,710
-
0
3,361
Accruals and deferred income
980,377
615,581
-
0
-
0
11,163,648
11,355,241
6,508,632
5,095,824

The intercompany balances are payable on demand and bear no interest.

17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
1,250,000
2,250,000
1,250,000
2,250,000
Obligations under finance leases
19
201,739
129,221
-
0
-
0
1,451,739
2,379,221
1,250,000
2,250,000
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
5,810,375
7,804,590
2,250,000
3,250,000
Bank overdrafts
-
0
368,475
-
0
-
0
5,810,375
8,173,065
2,250,000
3,250,000
Payable within one year
4,560,375
5,923,065
1,000,000
1,000,000
Payable after one year
1,250,000
2,250,000
1,250,000
2,250,000

The long-term loans are secured by fixed charges over the assets of the group.

On the 24 November 2021, the Group entered into a £4.5m term loan agreement with a UK clearing bank, where repayment would be made at equal instalments over a term of 4.5 years. The loans bears interest at a rate of 3.75% per annum over SONIA.

FULLFIELD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
279,415
152,649
-
0
-
0
In two to five years
201,739
129,221
-
0
-
0
481,154
281,870
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
107,171
33,643
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
33,643
-
Charge to profit or loss
73,528
-
Liability at 31 March 2024
107,171
-

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
200,072
194,666

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

FULLFIELD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary Shares of 1p each
4,645
4,645
46
46
B Ordinary Shares of 1p each
4,645
4,645
46
46
C Ordinary Shares of 1p each
489
489
5
5
9,779
9,779
97
97
23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
89,788
112,923
-
-
Between two and five years
102,187
55,479
-
-
191,975
168,402
-
-
24
Events after the reporting date

On the 7th April 2024, the company refinanced its existing term loan facility limit to £5,250,000 and received additional funding of £3,000,000.

FULLFIELD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
25
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
887,554
508,412
Adjustments for:
Taxation charged
562,714
236,730
Finance costs
706,991
556,533
(Gain)/loss on disposal of tangible fixed assets
(56,500)
11,543
Amortisation and impairment of intangible assets
383,367
392,501
Depreciation and impairment of tangible fixed assets
406,090
345,409
Movements in working capital:
Increase in stocks
(1,702)
-
Decrease in debtors
264,604
2,199,017
Increase/(decrease) in creditors
846,450
(1,549,567)
Cash generated from operations
3,999,568
2,700,578
26
Cash generated from operations - company
2024
2023
£
£
Loss for the year after tax
(252,963)
(237,645)
Adjustments for:
Finance costs
253,011
227,863
Movements in working capital:
Increase in creditors
1,412,809
1,437,948
Cash generated from operations
1,412,857
1,428,166
27
Analysis of changes in net debt - group
1 April 2023
Cash flows
New finance leases
31 March 2024
£
£
£
£
Cash at bank and in hand
318
137,999
-
138,317
Bank overdrafts
(368,475)
368,475
-
-
0
(368,157)
506,474
-
138,317
Borrowings excluding overdrafts
(7,804,590)
1,994,215
-
(5,810,375)
Obligations under finance leases
(281,870)
292,000
(491,284)
(481,154)
(8,454,617)
2,792,689
(491,284)
(6,153,212)
FULLFIELD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
28
Analysis of changes in net debt - company
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
303
9,846
10,149
Borrowings excluding overdrafts
(3,250,000)
1,000,000
(2,250,000)
(3,249,697)
1,009,846
(2,239,851)
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.210No description of principal activityP CranwellD 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