Full Circle Editions Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06779240 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2017

for

Full Circle Editions Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs G W E Christie

Mr J C S Christie

Mr L C Baum

Mrs E N Calder

SECRETARY:

Mrs G W E Christie

REGISTERED OFFICE:

Parham House Barn

Brick Lane

Parham

Woodbridge

Suffolk

IP13 9LQ

REGISTERED NUMBER:

06779240 (England and Wales)

ACCOUNTANTS:

Turner & Ellerby

Chartered Certified Accountants

5 Church Street

Framlingham

Woodbridge

Suffolk

IP13 9BQ

CURRENT ASSETS

Stocks

9,168

8,170

Debtors

5

3,213

4,619

Cash at bank

4,250

7,200

16,631

19,989

CREDITORS

Amounts falling due within one year

6

10,083

11,715

NET CURRENT ASSETS

6,548

8,274

TOTAL ASSETS LESS CURRENT LIABILITIES

6,548

8,274

CAPITAL AND RESERVES

Called up share capital

4

4

Retained earnings

6,544

8,270

SHAREHOLDERS' FUNDS

6,548

8,274

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 12 September 2018 and were signed on its behalf by:

Mrs G W E Christie - Director

1.	STATUTORY INFORMATION

Full Circle Editions Ltd 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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.

Arts council grant

Revenue grants received from the Arts Council are credited to the profit and loss account and

matched against the relevant costs of the activities carried on by company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2016 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2017

and 31 December 2017

3,476

DEPRECIATION

At 1 January 2017

and 31 December 2017

3,476

NET BOOK VALUE

At 31 December 2017

-

At 31 December 2016

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

2,820

3,683

VAT

393

936

3,213

4,619

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

532

2,507

Tax

-

73

Directors' current accounts

7,601

7,185

Accrued expenses

1,950

1,950

10,083

11,715

7.	CONTINGENT LIABILITIES

In the event that the conditions imposed by The Arts Council are breached the company may be

asked to repay some or all of the grant received.