ART_CIRCUIT_TOURING_EXHIB - Accounts

ART CIRCUIT TOURING EXHIBITIONS - Company Information

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Company Registration No. 03901673 (England and Wales)

ART CIRCUIT TOURING EXHIBITIONS

(A COMPANY LIMITED BY GUARANTEE)

DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2015

ART CIRCUIT TOURING EXHIBITIONS

(A COMPANY LIMITED BY GUARANTEE)

COMPANY INFORMATION

Directors

Sir W Morrison-Bell

Mrs C M H Morrison-Bell

C Vermont

Mrs J Randell Khan

Secretary

Sir W Morrison-Bell

Company number

03901673

Registered office

28 Batoum Gardens

LONDON

W6 7QD

Accountants

Stokoe Rodger

St Matthews House

Haugh Lane

Hexham

Northumberland

NE46 3PU

ART CIRCUIT TOURING EXHIBITIONS

(A COMPANY LIMITED BY GUARANTEE)

CONTENTS

Page

Directors' report

Accountants' report

Profit and loss account

Balance sheet

Notes to the financial statements

5 - 7

ART CIRCUIT TOURING EXHIBITIONS

(A COMPANY LIMITED BY GUARANTEE)

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 OCTOBER 2015

- 1 -

The directors present their report and financial statements for the year ended 31 October 2015.

Directors

The following directors have held office since 1 November 2014:

Sir W Morrison-Bell

Mrs C M H Morrison-Bell

C Vermont

Mrs J Randell Khan

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

By order of the board

Sir W Morrison-Bell

Secretary

3 March 2016

ART CIRCUIT TOURING EXHIBITIONS

(A COMPANY LIMITED BY GUARANTEE)

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ART CIRCUIT TOURING EXHIBITIONS FOR THE YEAR ENDED 31 OCTOBER 2015

- 2 -

As described on the balance sheet you are responsible for the preparation of the accounts for the year ended 31 October 2015, set out on pages 3 to 7 and you consider that the company is exempt from an audit. In accordance with your instructions, we have compiled these unaudited accounts in order to assist you to fulfil your statutory responsibilities from the accounting records and information and explanations supplied to us.

This report is made to the Company's Board of Directors, as a body, in accordance with the terms of engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Company's Board of Directors that we have done so, and state those matters we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's Board of Directors as a body, for our work or for this report.

You have acknowledged on the balance sheet as at 31 October 2015 your duty to ensure that the company has kept adequate accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

Stokoe Rodger

9 March 2016

Accountants

St Matthews House

Haugh Lane

Hexham

Northumberland

NE46 3PU

ART CIRCUIT TOURING EXHIBITIONS

(A COMPANY LIMITED BY GUARANTEE)

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 OCTOBER 2015

- 3 -

2015

2014

Notes

Turnover

12,525

23,488

Cost of sales

(4,815)

(22,157)

Gross profit

7,710

1,331

Administrative expenses

(1,915)

(1,803)

Profit/(loss) on ordinary activities before taxation

5,795

(472)

Tax on profit/(loss) on ordinary activities

Profit/(loss) for the year

5,795

(472)

ART CIRCUIT TOURING EXHIBITIONS

(A COMPANY LIMITED BY GUARANTEE)

BALANCE SHEET

AS AT

31 OCTOBER 2015

- 4 -

2015

2014

Notes

Fixed assets

Tangible assets

389

668

Current assets

Debtors

428

Cash at bank and in hand

8,268

15,266

8,268

15,694

Creditors: amounts falling due within one year

(17,779)

(31,279)

Net current liabilities

(9,511)

(15,585)

Total assets less current liabilities

(9,122)

(14,917)

Capital and reserves

Profit and loss account

(9,122)

(14,917)

Shareholders' funds

(9,122)

(14,917)

For the financial year ended 31 October 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective April 2008).

Approved by the Board for issue on 3 March 2016

Mrs C M H Morrison-Bell

Director

Company Registration No. 03901673

ART CIRCUIT TOURING EXHIBITIONS

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2015

- 5 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The directors, having regard to the nature, size and complexity of the business, have assessed the financial risks affecting the company and its operations for the 12 months from the approval of the financial statements and consider it appropriate to prepare the financial statements on a going concern basis.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Computer equipment

25% reducing balance

Fixtures, fittings & equipment

15% reducing balance

1.5

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

1.6

Grants received

Grants received are matched against appropriate expenditure and spread over the period of the exhibition for which they are awarded.

Operating profit/(loss)

2015

2014

Operating profit/(loss) is stated after charging:

Depreciation of tangible assets

279

284

Taxation

The company has estimated losses of £ 12,892 (2014 - £ 18,966) available for carry forward against future trading profits.

ART CIRCUIT TOURING EXHIBITIONS

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2015

- 6 -

Tangible fixed assets

Plant and machinery

Fixtures, fittings & equipment

Total

Cost

At 1 November 2014 & at 31 October 2015

999

330

1,329

Depreciation

At 1 November 2014

521

140

661

Charge for the year

279

At 31 October 2015

521

419

940

Net book value

At 31 October 2015

478

(89)

389

At 31 October 2014

478

190

668

Debtors

2015

2014

Trade debtors

428

Creditors: amounts falling due within one year

2015

2014

Other creditors

17,779

31,279

Statement of movements on profit and loss account

Profit and loss
account

Balance at 1 November 2014

(14,917)

Profit for the year

5,795

Balance at 31 October 2015

(9,122)

ART CIRCUIT TOURING EXHIBITIONS

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2015

- 7 -

Related party relationships and transactions

Loans from directors

Transactions in relation to loans with directors during the year are outlined in the table below:

Description

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Mrs C M H Morrison-Bell

21,579

5,000

16,579

21,579

5,000

16,579

Other transactions

A director, Mrs C Morrison-Bell received fees of £1,500 (2014: £7,000).

ART CIRCUIT TOURING EXHIBITIONS

(A COMPANY LIMITED BY GUARANTEE)

MANAGEMENT INFORMATION

FOR THE YEAR ENDED 31 OCTOBER 2015

ART CIRCUIT TOURING EXHIBITIONS

(A COMPANY LIMITED BY GUARANTEE)

DETAILED TRADING AND PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 OCTOBER 2015

2015

2014

Walk On Exhibition Income

Arts Council

6,890

9,303

Hire fees and other income

9,550

Sale of catalogues

765

2,135

7,655

20,988

Walk On Exhibition Costs

Art work production costs

1,508

Catalogue costs

1,613

Transport and storage

(234)

3,344

Printing, postage and stationery

194

Telephone

366

Travelling expenses

210

1,156

Consultancy fees

250

550

Curator's fees

1,000

Management time

6,000

Accountancy fees

300

587

15,731

(587)

(15,731)

Wish You Were Here Exhibition Income

Hire fees and other inome

4,870

2,500

Wish You Were Here Exhibition Costs

Art work production costs

4,750

Transport and storage

300

1,453

Printing, post and stationery

1,231

Website costs

Travelling expenses

1,125

Consultancy fees

223

Curator's fees

1,500

(4,228)

(6,426)

Art Circuit Administrative Expenses

Website expenses

113

Printing, postage and stationery

293

Telephone

120

Travelling expenses

Research

110

228

Consultancy fees

100

Accountancy

720

Bank charges

Gallery entrance fees

Sundry expenses

Subscriptions

107

138

Depreciation on office equipment

Depreciation on computer equipment

250

(1,915)

(1,803)

Net profit/(loss) for the year

5,795

(472)