TIDMWRKS
RNS Number : 8856F
TheWorks.co.uk PLC
17 July 2019
TheWorks.co.uk plc
17 July 2019
Publication of Annual Financial Report and Notice of the Annual
General Meeting
TheWorks.co.uk plc (the "Company") has today published the
following documents:
-- Annual Report and Accounts for the 52 weeks ended 28 April 2019 ('2019 Annual Report')
-- Notice of 2019 Annual General Meeting
-- Form of Proxy and Notice of Availability for the 2019 AGM
The 2019 Annual Report and Notice of AGM are available on the
Company's website at www.theworksplc.co.uk, and printed copies will
be posted to shareholders today.
In compliance with LR 9.6.1 copies of the above documents have
been submitted to the National Storage Mechanism for submission to
the Financial Conduct Authority and will shortly be available for
inspection at: www.morningstar.co.uk/UK/NSM
The Company's 2019 Annual General Meeting will be held at
Investec Bank plc, 30 Gresham Street, London EC2V 7QP on Wednesday
28 August at 9.30 a.m.
A condensed set of the TheWorks.co.uk plc financial statements,
including information on important events that have occurred during
the year and their impact on the financial statements, and a
description of the Group's principal risks and uncertainties, were
included in the Company's Preliminary Results for the 52 weeks to
28 April 2019, released on 3 July 2019. To view the Preliminary
Results announcement, visit the Company website at
www.theworksplc.co.uk/investors. That information, together with
the information set out below, which is extracted from the 2019
Annual Report, constitute the material required under DTR 6.3.5R to
be communicated to the media in unedited full text through a
Regulatory Information Service.
This announcement is not a substitute for reading the 2019
Annual Report. Cross-references and page numbers in the extracted
information below refer to sections in the 2019 Annual Report. The
information contained in this announcement and in the Preliminary
Results announcement does not constitute the Group's statutory
accounts but is derived from those accounts. The statutory accounts
for the 52 weeks ended 28 April 2019 have been approved by the
Board and will be delivered to the Registrar of Companies following
the Company's Annual General Meeting.
Statement of Directors' responsibilities (2019 Annual Report -
page 67)
The Directors are responsible for preparing the Annual Report
and the Group and Parent Company financial statements in accordance
with applicable law and regulations.
Company law requires the Directors to prepare Group and Parent
Company financial statements for each financial year. Under that
law, they are required to prepare the Group financial statements in
accordance with International Financial Reporting Standards as
adopted by the European Union (IFRS adopted by the EU) and
applicable law and have elected to prepare the parent Company
financial statements in accordance with accounting standards
including FRS101 Reduced disclosure framework.
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 Parent Company and of
their profit or loss for that period. In preparing each of the
Group and Parent Company financial statements, the Directors are
required to:
-- Select suitable accounting policies and then apply them consistently;
-- Make judgements and estimates that are reasonable, relevant, reliable and prudent;
-- For the Group annual statements, state whether they have been
prepared in accordance with IFRS as adopted by the EU;
-- For the Parent Company annual statements, state whether
appropriate UK accounting standards have been followed, subject to
any material departures disclosed and explained in the Parent
Company annual statements
-- Assess the Group and Parent Company's ability to continue as
a going concern, disclosing, as applicable, matters related to
going concern; and
-- Use the going concern basis of accounting unless they either
intend to liquidate the Group or the Parent Company or to cease
operations, or have no realistic alternative but to do so.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Parent
Company's transactions and disclose with reasonable accuracy at any
time the financial position of the Parent Company and that enable
them to ensure that its financial statements comply with the
Companies Act 2006. They are responsible for such internal control
as they determine is necessary to enable the preparation of
financial statements that are free from material misstatement,
whether due to fraud or error, and have general responsibility for
taking such steps as are reasonably open to them to safeguard the
assets of the Group and to prevent and detect fraud and other
irregularities.
Under applicable law and regulations, the Directors are also
responsible for preparing a Strategic Report, Directors' Report,
Directors' Remuneration Report and Corporate Governance report that
complies with that law and those regulations.
The Directors are responsible for the maintenance and integrity
of the corporate and financial information included on the
Company's website. Legislation in the UK governing the preparation
and dissemination of financial statements may differ from
legislation in other jurisdictions.
Responsibility statement of the Directors in respect of the
Annual Financial Report
We confirm that to the best of our knowledge:
-- The financial statements, prepared in accordance with the
applicable set of accounting standards, give a true and fair view
of the assets, liabilities, financial position and profit or loss
of the Company and the undertakings included in the consolidation
taken as a whole; and
-- The Strategic Report includes a fair review of the
development and performance of the business and the position of the
issuer and the undertakings included in the consolidation taken as
a whole, together with a description of the principal risks and
uncertainties that they face.
We consider that the Annual Report and Accounts, taken as a
whole, is fair, balanced and understandable and provides the
information necessary for shareholders to assess the Group's
position and performance, business model and strategy.
Related Party Transactions (2019 Annual Report - Page 106, Note
31)
Identity of related parties with which the Group has
transacted
Balances and transactions between the Company and its
subsidiaries, which are related parties, have been eliminated on
consolidation and are not disclosed in this note. Transactions
between the Group and its associates are disclosed below.
During the year Endless LLP was a related party of the Group.
The management fee paid during the year was GBP25,000 (2018:
GBP101,000). There were no amounts outstanding at the Balance Sheet
date.
Transactions with key management personnel
The compensation of key management personnel (including the
Directors) included in the subsidiary financial statements is as
follows:
2019 2018
GBP000 GBP000
-------------------------------------------------- ------- -------
Key management remuneration - including social
security costs 3,535 1,484
Pension contributions 100 100
Long term incentives - including social security 130 -
costs
-------------------------------------------------- ------- -------
Total transactions with key management personnel 3,765 1,584
-------------------------------------------------- ------- -------
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Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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