Full City Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04872017 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2017

FOR

FULL CITY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J W Ellse

Mrs A Nolasco

SECRETARY:

J W Ellse

REGISTERED OFFICE:

8 South Parade

Summertown

Oxford

OX2 7LJ

REGISTERED NUMBER:

04872017 (England and Wales)

ACCOUNTANTS:

George Hay & Company

Chartered Accountants

83 Cambridge Street

Pimlico

London

SW1V 4PS

FIXED ASSETS

Intangible assets

4

221,472

277,944

Tangible assets

5

423,696

477,956

Investments

6

100

100

645,268

756,000

CURRENT ASSETS

Stocks

30,356

27,414

Debtors

7

91,427

60,233

Cash at bank and in hand

608,324

593,324

730,107

680,971

CREDITORS

Amounts falling due within one year

8

558,926

1,120,266

NET CURRENT ASSETS/(LIABILITIES)

171,181

(439,295

)

TOTAL ASSETS LESS CURRENT LIABILITIES

816,449

316,705

PROVISIONS FOR LIABILITIES

9

38,925

47,606

NET ASSETS

777,524

269,099

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

777,424

268,999

SHAREHOLDERS' FUNDS

777,524

269,099

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 7th September 2017 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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

Computer equipment

-

25% Reducing balance

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 Income Statement, 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 50 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2016

and 31st March 2017

732,360

AMORTISATION

At 1st April 2016

454,416

Charge for year

56,472

At 31st March 2017

510,888

NET BOOK VALUE

At 31st March 2017

221,472

At 31st March 2016

277,944

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Leasehold

and

Computer

leasehold

improvements

fittings

equipment

Totals

£

£

£

£

£

COST

At 1st April 2016

37,610

221,151

434,461

30,342

723,564

Additions

-

-

21,040

1,348

22,388

At 31st March 2017

37,610

221,151

455,501

31,690

745,952

DEPRECIATION

At 1st April 2016

5,379

16,353

205,857

18,019

245,608

Charge for year

1,511

9,309

62,411

3,417

76,648

At 31st March 2017

6,890

25,662

268,268

21,436

322,256

NET BOOK VALUE

At 31st March 2017

30,720

195,489

187,233

10,254

423,696

At 31st March 2016

32,231

204,798

228,604

12,323

477,956

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st April 2016

and 31st March 2017

100

NET BOOK VALUE

At 31st March 2017

100

At 31st March 2016

100

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

14,903

31,336

Other debtors

4,286

5,460

Prepayments

72,238

23,437

91,427

60,233

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

-

175,634

Trade creditors

160,008

112,066

Tax

133,850

9,787

Social security and other taxes

21,749

21,061

VAT

89,761

73,922

Other creditors

3,387

372

Directors' current accounts

4,723

582,563

Accruals and deferred income

145,448

144,861

558,926

1,120,266

9.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

38,925

47,606

Deferred

tax

£

Balance at 1st April 2016

47,606

Provided during year

(8,681

)

Balance at 31st March 2017

38,925

10.	OTHER FINANCIAL COMMITMENTS

Operating lease payments in respect of land and buildings in the sum of £97,200 are committed to be paid within

one year in respect of leases held for in excess of 20 years.

11.	TRANSITION TO FRS 102

This is the first year that the company has presented its results under FRS 102. The last financial statements

under UK GAAP were for the year ended 31st March 2016. The date of transition to FRS 102 was 1st April

2016. The following transitional adjustments arose from the first time adoption of FRS 102:

RECONCILIATION OF EQUITY

1 April 2015

31 March 2016

£

£

Capital & reserves (as previously stated)

808,019

316,705

Recognition of deferred tax provision

(35,424

)

(47,606

)

Capital & reserves (as restated)

772,595

269,099

RECONCILIATION OF PROFIT AND LOSS

Year ended

31 March

2016

£

Profit for year (as previously stated)

118,686

Recognition of deferred tax movement

(12,182

)

Profit for year (as restated)

106,504