Full Communications Limited 31/03/2020 iXBRL

Full Communications Limited 31/03/2020 iXBRL

FULL COMMUNICATIONS LIMITED - Company Information

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Company registration number: 04736768
Full Communications Limited
Unaudited filleted financial statements
31 March 2020
Full Communications Limited
Contents
Statement of financial position
Notes to the financial statements
Full Communications Limited
Statement of financial position
31 March 2020
2020 2019
Note £ £ £ £
Fixed assets
Intangible assets 7 7,600 7,600
Tangible assets 8 44,986 49,032
_______ _______
52,586 56,632
Current assets
Debtors 9 1,580,946 1,022,673
Cash at bank and in hand 260,032 98,712
_______ _______
1,840,978 1,121,385
Creditors: amounts falling due
within one year 10 ( 1,133,290) ( 675,567)
_______ _______
Net current assets 707,688 445,818
_______ _______
Total assets less current liabilities 760,274 502,450
Creditors: amounts falling due
after more than one year 11 ( 43,342) ( 78,071)
Provisions for liabilities ( 5,472) -
_______ _______
Net assets 711,460 424,379
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 711,360 424,279
_______ _______
Shareholders funds 711,460 424,379
_______ _______
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 January 2021 , and are signed on behalf of the board by:
Owen Charles Thomas
Director
Company registration number: 04736768
Full Communications Limited
Notes to the financial statements
Year ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Full Communications Limited, 2nd Floor Radiant House, 36-38 Mortimer Street, London, W1W 7RG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2019: 8 ).
5. Tax on profit
Major components of tax expense
2020 2019
£ £
Current tax:
UK current tax expense 143,513 114,121
_______ _______
Deferred tax:
Origination and reversal of timing differences 5,472 -
_______ _______
Tax on profit 148,985 114,121
_______ _______
6. Dividends
Equity dividends
2020 2019
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 216,930 251,000
_______ _______
7. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2019 and 31 March 2020 7,600 7,600
_______ _______
Amortisation
At 1 April 2019 and 31 March 2020 - -
_______ _______
Carrying amount
At 31 March 2020 7,600 7,600
_______ _______
At 31 March 2019 7,600 7,600
_______ _______
8. Tangible assets
Long leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 April 2019 16,188 119,544 135,732
Additions - 24,829 24,829
_______ _______ _______
At 31 March 2020 16,188 144,373 160,561
_______ _______ _______
Depreciation
At 1 April 2019 - 86,700 86,700
Charge for the year - 28,875 28,875
_______ _______ _______
At 31 March 2020 - 115,575 115,575
_______ _______ _______
Carrying amount
At 31 March 2020 16,188 28,798 44,986
_______ _______ _______
At 31 March 2019 16,188 32,844 49,032
_______ _______ _______
9. Debtors
2020 2019
£ £
Trade debtors 942,373 385,220
Amounts owed by group undertakings and undertakings in which the company has a participating interest 249,267 36,548
Other debtors 389,306 600,905
_______ _______
1,580,946 1,022,673
_______ _______
10. Creditors: amounts falling due within one year
2020 2019
£ £
Bank loans and overdrafts 119,124 34,342
Trade creditors 123,145 33,792
Corporation tax 253,819 170,992
Social security and other taxes 191,954 79,467
Other creditors 445,248 356,974
_______ _______
1,133,290 675,567
_______ _______
11. Creditors: amounts falling due after more than one year
2020 2019
£ £
Other creditors 43,342 78,071
_______ _______
12. Events after the end of the reporting period
After the end of the reporting period, the company's business was afffected by the coronavirus pandemic. The company has taken a coronavirus business interruption loan of £240,000 and utilised the coronavirus job retention scheme to support its business, and the directors consider that it will continue to trade as a going concern.
13. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2020
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Owen Charles Thomas ( 350) 350 -
_______ _______ _______
2019
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Owen Charles Thomas ( 356) 6 ( 350)
_______ _______ _______
14. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2020 2019 2020 2019
£ £ £ £
Full Communications Manchester Ltd 533,354 207,245 ( 6,877) 245,531
Property Booking Ltd 155,251 197,349 348,245 288,012
Complete Moves Sales Ltd 63,527 36,548 190,718 36,548
Full Communications Holdings Limited - - 58,549 -
_______ _______ _______ _______
The company made purchases of services from Full Commnications Manchester Limited of £533,354, from Property Booking Limited of £231,663 and from Complete Moves Sales Ltd of £120,000. It made sales to Complete Moves Sales Ltd of £56,473 and to Property Booking Ltd of £76,412.
15. Controlling party
During the year, Full Communications Holdings Ltd acquired the entire share capital of this company and is now the controlling party.