REGISTERED NUMBER: 09392592 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

FOR

THEFULLWORKS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S Tutton

J B Harrison

SECRETARY:

S Tutton

REGISTERED OFFICE:

18/19 Potters Way

Temple Farm Industrial Estate

Southend-on-Sea

Essex

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

FIXED ASSETS

Intangible assets

4

88,275

75,135

Tangible assets

5

3,612

4,130

91,887

79,265

CURRENT ASSETS

Stocks

1,479

1,479

Debtors

6

255,395

172,583

Cash at bank

-

5

256,874

174,067

CREDITORS

Amounts falling due within one year

7

524,626

350,171

NET CURRENT LIABILITIES

(267,752

)

(176,104

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(175,865

)

(96,839

)

CREDITORS

Amounts falling due after more than one year

8

33,881

52,350

NET LIABILITIES

(209,746

)

(149,189

)

CAPITAL AND RESERVES

Called up share capital

191

191

Share premium

228,629

228,629

Retained earnings

(438,566

)

(378,009

)

(209,746

)

(149,189

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2026 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2026 and were signed on its behalf by:

S Tutton - Director

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.

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 £1.

Going Concern

Accounting standards require the directors to consider the appropriateness of the going concern basis when preparing the financial statements. The directors confirm that they consider that the going concern basis remains appropriate.

The business continues to grow, expanding its clients in the US market. There has been a 15% uptick in turnover in the last year. The addition of a director of sales is also ensuring a stronger sales pipeline in the coming year and already reflecting in increasing profit and current assets. Gross profit continues to be maintained, and the directors continue to work towards reducing the costs of operations. Cashflow forecasts indicate a comfortable level of working capital available to service debt commitments for at least 12 months following the approval of these financial statements.

Having regard to the above, the directors believe 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

-

33% on cost

Fixtures and fittings

-

33% on cost

Office equipment

-

33% 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 has elected to apply the recognition and measurement 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade debtors, other debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities, which include trade creditors, other creditors including accruals, and loans from banks and other third parties, are initially recognised at transaction price.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 or receivable 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

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic life of five years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Any tax credit arising from the research and development is recognised only when the credit is received.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2025 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

Cost

At 1 February 2025

254,256

Additions

44,457

At 31 January 2026

298,713

Amortisation

At 1 February 2025

179,121

Charge for year

31,317

At 31 January 2026

210,438

Net book value

At 31 January 2026

88,275

At 31 January 2025

75,135

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

Cost

At 1 February 2025

28,116

Additions

2,588

At 31 January 2026

30,704

Depreciation

At 1 February 2025

23,986

Charge for year

3,106

At 31 January 2026

27,092

Net book value

At 31 January 2026

3,612

At 31 January 2025

4,130

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

226,038

149,375

Other debtors

29,357

23,208

255,395

172,583

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Bank loans and overdrafts

25,296

24,673

Trade creditors

110,855

163,038

Taxation and social security

11,987

33,914

Other creditors

376,488

128,546

524,626

350,171

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

£

Bank loans

24,015

29,816

Other creditors

9,866

22,534

33,881

52,350

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

1,483

9.	SECURED DEBTS

The following secured debts are included within creditors:

2026

2025

£

£

Invoice discounting facility

102,018

93,500

The company utilises an invoice discounting facility to manage its cashflow. At the balance sheet date the amount owed to the finance company is secured by fixed and floating charges over the assets of the company. The floating charge extends to all property and undertaking of the company and includes a negative pledge.

10.	LOANS AND OTHER BORROWINGS

At the balance sheet date, the company has a bank overdraft of £18,476 (2025 - £18,021). The overdraft facility is supported by a personal guarantee provided by a director.

Included in bank loans in creditors falling due within and after one year, is an existing Bounce Back Loan. The original loan of £50,000 was repayable over 10 years in 78 monthly instalments commencing 13 months after the 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 amount outstanding was £30,835 (2025 - £36,468).

Included in other creditors is a loan from Funding Circle. The original loan of £63,000 was repayable over 5 years in 61 monthly instalments. Interest is chargeable on the loan at a rate of 9.4%. The loan is unsecured and at the balance sheet date, the amount outstanding was £26,606 (2025 - £39,274).

Included in other creditors are loans from Paypal. These loans take around 160 days to be repaid from the initial drawdown with Paypal taking 30% of the next customer payments transacted through Paypal. These loans are unsecured and at the balance sheet date, the amount outstanding was £9,282 (2025 - £4,418).

Included in other creditors is a loan from a finance provider. The original loan advanced during the year amounted to £265,000, and interest is chargeable at 5.7% per month. The loan is unsecured and repayable within 12 months of the initial drawdown. At the balance sheet date, the amount outstanding was £196,921 (2025 - £nil).

Included in other creditors is a further loan from another finance provider. The original loan advanced during the year amounted to £46,000, the loan is unsecured and repayable within 12 months of the initial drawdown. At the balance sheet date, the amount outstanding was £23,352 (2025 - £nil).

Also included in other creditors is a loan from a third party. The loan is unsecured and repayable on demand. At the balance sheet date, the amount outstanding was £10,000 (2025 - £nil)

11.	LEASING AGREEMENTS

At the year end the company had outstanding financial commitments for future minium lease payments under non-cancellable operating leases of £600,365 (2025 - £42,233).

The lease commitment includes an amount of £600,000 (2025 - £nil) in respect of rent payable to January 2036 for a property occupied by the company.