Full City Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04872017 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

FULL CITY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J W Ellse

Ms A Nolasco

SECRETARY:

J W Ellse

REGISTERED OFFICE:

8 South Parade

Summertown

Oxford

OX2 7JL

REGISTERED NUMBER:

04872017 (England and Wales)

ACCOUNTANTS:

George Hay & Company

Chartered Accountants

83 Cambridge Street

London

SW1V 4PS

FIXED ASSETS

Intangible assets

4

75,000

105,000

Tangible assets

5

580,351

661,751

Investments

6

100

100

655,451

766,851

CURRENT ASSETS

Stocks

37,631

38,591

Debtors

7

154,605

147,515

Cash at bank and in hand

1,860,557

1,676,069

2,052,793

1,862,175

CREDITORS

Amounts falling due within one year

8

332,457

450,309

NET CURRENT ASSETS

1,720,336

1,411,866

TOTAL ASSETS LESS CURRENT LIABILITIES

2,375,787

2,178,717

PROVISIONS FOR LIABILITIES

9

26,483

36,707

NET ASSETS

2,349,304

2,142,010

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,349,204

2,141,910

SHAREHOLDERS' FUNDS

2,349,304

2,142,010

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 Profit and Loss has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 December 2021 and were signed on its behalf by:

J W Ellse - Director

1.	STATUTORY INFORMATION

Full City 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.

Consolidation

The company and its subsidiary form a small group. The company is therefore not required to produce consolidated financial statements. These financial statements present information about the company as a single entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill paid in connection with the acquisition of a restaurant business in 2004 is being amortised evenly over its estimated useful life of twenty years. Goodwill paid in connection with the acquisition of a public house business in 2013 is being amortised evenly over its estimated useful life of five years.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

over the life of the lease

Leasehold improvements

-

over the life of the lease

Fixtures and fittings

-

25% reducing balance

Motor vehicles

-

25% reducing balance

Computer equipment

-

25% reducing balance

Government grants

Grant Income relates to local government grants as well as the Government's Coronavirus Job Retention Scheme (CJRS) and is recognised under the accruals basis in line with staff and other costs.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at 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 only enters into basic financial statements transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, 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 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.

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.

Operating leases

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 53 (2020 - 76 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

732,360

AMORTISATION

At 1 April 2020

627,360

Charge for year

30,000

At 31 March 2021

657,360

NET BOOK VALUE

At 31 March 2021

75,000

At 31 March 2020

105,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Leasehold

and

leasehold

improvements

fittings

£

£

£

COST

At 1 April 2020

37,610

516,935

609,168

Additions

-

-

13,029

Disposals

-

-

-

At 31 March 2021

37,610

516,935

622,197

DEPRECIATION

At 1 April 2020

11,423

79,327

446,328

Charge for year

1,511

24,311

43,967

Eliminated on disposal

-

-

-

At 31 March 2021

12,934

103,638

490,295

NET BOOK VALUE

At 31 March 2021

24,676

413,297

131,902

At 31 March 2020

26,187

437,608

162,840

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2020

40,000

45,646

1,249,359

Additions

-

1,353

14,382

Disposals

(40,000

)

-

(40,000

)

At 31 March 2021

-

46,999

1,223,741

DEPRECIATION

At 1 April 2020

17,500

33,030

587,608

Charge for year

-

3,493

73,282

Eliminated on disposal

(17,500

)

-

(17,500

)

At 31 March 2021

-

36,523

643,390

NET BOOK VALUE

At 31 March 2021

-

10,476

580,351

At 31 March 2020

22,500

12,616

661,751

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2020

and 31 March 2021

100

NET BOOK VALUE

At 31 March 2021

100

At 31 March 2020

100

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

58,695

29,744

Other debtors

60,554

32,376

VAT

5,201

-

Prepayments

30,155

85,395

154,605

147,515

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

75,908

103,105

Tax

72,637

111,439

Social security and other taxes

13,045

27,671

VAT

-

70,947

Other creditors

2,147

3,819

Directors' current accounts

3,363

7,203

Accruals and deferred income

165,357

126,125

332,457

450,309

9.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

26,483

36,707

Deferred

tax

£

Balance at 1 April 2020

36,707

Credit to Profit and Loss during year

(10,224

)

Balance at 31 March 2021

26,483

10.	OTHER FINANCIAL COMMITMENTS

Operating lease payments in respect of land and buildings in the sum of £122,200 are committed to be paid within one year in respect of leases held for periods of between 3 & 18 years. The total commitments to the end of the leases amount to £1.649m.