SAM-CULTURE_LIMITED - Accounts

The director presents her annual report and financial statements for the year ended 31 March 2017.

The principal activity of the company continued to be that of research and evaluation of cultural projects on a not for profits basis.

The director who held office during the year and up to the date of signature of the financial statements was as follows:

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The director of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

Sam-Culture Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Europa House, Goldstone Villas, Hove, East Sussex, BN3 3RQ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

These financial statements for the year ended 31 March 2017 are the first financial statements of Sam-Culture Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 28 October 2014. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

Income and expenditure represents the value of services provided or received under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due or payable.

Where a contract has only been partially completed at the balance sheet date, income and expenditure represents the value of the service provided or received to date based on a proportion of the total expected consideration at completion. Where payments are received from customers or paid to contractors in advance of services provided or received, the amounts are recorded as deferred income or expenditure and included as part of creditors due within one year or debtors.

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has the following basic financial instruments:

- Short term debtors and creditors.

Short term debtors and creditors are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

The company's operations exist to provide research and evaluation of cultural projects on a not for profits basis. On this basis the company is regarded as a mutual trading company and therefore not liable to corporation tax on any excess of income over expenditure.

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.