TheWorks.co.uk PLC Publication of Annual Report and Notice of AGM (8856F)

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 
--------------------------------------------------  -------  ------- 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct 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 [e-mail] or visit www.rns.com.

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July 17, 2019 11:04 ET (15:04 GMT)