Flic Everett Limited - Period Ending 2019-03-31

Registration number: 06858699

Flic Everett Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2019

Tree Accountancy Limited
Chartered Certified Accountants
First Floor
Eastgate
Castle Street
Castlefield
Manchester
M3 4LZ

Flic Everett Limited

Contents

Company Information	1
Director's Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 8

Flic Everett Limited

Company Information

Director

Ms F Everett

Registered office

First Floor Eastgate Castle Street Castlefield Manchester M3 4LZ

Accountants

Tree Accountancy Limited Chartered Certified Accountants First Floor Eastgate Castle Street Castlefield Manchester M3 4LZ

Page 1

Flic Everett Limited

Director's Report for the Year Ended 31 March 2019

The director presents her report and the financial statements for the year ended 31 March 2019.

Director of the company

The director who held office during the year was as follows:

Ms F Everett

Principal activity

The principal activity of the company is that of journalism.

Statement of Directors' Responsibilities

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the director on 19 December 2019 and signed on its behalf by:

.........................................
Ms F Everett
Director

Page 2

Flic Everett Limited

(Registration number: 06858699)
Balance Sheet as at 31 March 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	6	1,148	1,531
Current assets
Debtors	7	9,390	8,348
Cash at bank and in hand		3,166	3,550
		12,556	11,898
Creditors: Amounts falling due within one year	8	(13,325)	(12,880)
Net current liabilities		(769)	(982)
Total assets less current liabilities		379	549
Provisions for liabilities		(218)	(291)
Net assets		161	258
Capital and reserves
Called up share capital		100	100
Profit and loss account		61	158
Total equity		161	258

For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 3

Flic Everett Limited

(Registration number: 06858699)
Balance Sheet as at 31 March 2019

Approved and authorised by the director on 19 December 2019
 

.........................................

Ms F Everett
Director

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 4

Flic Everett Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
First Floor
Eastgate
Castle Street
Castlefield
Manchester
M3 4LZ
United Kingdom

The company's registration number is: 06858699

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Page 5

Flic Everett Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture and fittings	25% reducing balance
Office equipment	25% reducing balance

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of seven years.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	15% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Page 6

Flic Everett Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2018 - 1).

4	Profit before tax

Arrived at after charging/(crediting)

	2019 £	2018 £
Depreciation expense	383	511

5	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2018	43,000	43,000
At 31 March 2019	43,000	43,000
Amortisation
At 1 April 2018	43,000	43,000
At 31 March 2019	43,000	43,000
Carrying amount
At 31 March 2019	-	-

Page 7

Flic Everett Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

6	Tangible assets

	Fixtures and fittings £	Office equipment £	Total £
Cost or valuation
At 1 April 2018	1,139	2,319	3,458
At 31 March 2019	1,139	2,319	3,458
Depreciation
At 1 April 2018	912	1,015	1,927
Charge for the year	57	326	383
At 31 March 2019	969	1,341	2,310
Carrying amount
At 31 March 2019	170	978	1,148
At 31 March 2018	227	1,304	1,531

7

Debtors

	2019 £	2018 £
Other debtors	9,390	8,348
	9,390	8,348

8

Creditors

Creditors: amounts falling due within one year

	2019 £	2018 £
Due within one year
Taxation and social security	13,325	12,880

Page 8