Company Registration No. 03426059 (England and Wales)
CIRCUS COMMUNICATIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2022
PAGES FOR FILING WITH REGISTRAR
Level 1, Devonshire House
One Mayfair Place
London
United Kingdom
W1J 8AJ
CIRCUS COMMUNICATIONS LIMITED
CONTENTS
Page
Company information
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 7
CIRCUS COMMUNICATIONS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Dilys Maltby
Daksha Tailor
Secretary
Daksha Tailor
Company number
03426059
Registered office
Level 1, Devonshire House
One Mayfair Place
London
United Kingdom
W1J 8AJ
Accountants
TC Group
One Mayfair Place
London
United Kingdom
W1J 8AJ
CIRCUS COMMUNICATIONS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2022
31 October 2022
- 2 -
2022
2021
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
2,302
800
Current assets
Trade and other receivables
4
94,444
129,181
Cash and cash equivalents
281,445
368,862
375,889
498,043
Current liabilities
5
(136,341)
(180,303)
Net current assets
239,548
317,740
Total assets less current liabilities
241,850
318,540
Equity
Called up share capital
6
47,500
47,500
Capital redemption reserve
2,500
2,500
Own shares
7
(8,550)
(8,550)
Retained earnings
200,400
277,090
Total equity
241,850
318,540
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have 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.
CIRCUS COMMUNICATIONS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 OCTOBER 2022
31 October 2022
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 3 January 2023 and are signed on its behalf by:
Dilys Maltby
Director
Company Registration No. 03426059
The notes on pages 4 to 7 form part of these financial statements
CIRCUS COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
- 4 -
1
Accounting policies
Company information
Circus Communications Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Level 1, Devonshire House, One Mayfair Place, London, United Kingdom, W1J 8AJ.
1.1
Accounting convention
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Revenue
Revenue is recognised at the fair value of the consideration received
for fee income, project income and costs rechargeable to clients and
is shown net of VAT and other sales related taxes
.
Fee income is recognised in the period to which it relates.
Project income is recognised in the period in which the project is worked on. For projects which fall over the financial year end, income is recognised to reflect the partial performance of the contractual obligations.
Third party costs and the associated income relating to bought in costs directly rechargeable to clients are recognised in the period to which they relate.
1.3
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
3 years straight line
Plant and machinery
Between 3 and 4 years straight line
Other assets
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
CIRCUS COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
1
Accounting policies
(Continued)
- 5 -
1.4
Impairment of non-current assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
income statement
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
non-current assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
CIRCUS COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
1
Accounting policies
(Continued)
- 6 -
1.8
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
1.10
Employee Share Ownership Trust
Shares held by the Circus Communications Limited Employee Share Ownership Trust are classified in capital and reserves, as 'own shares' and recognised at cost. The assets and liabilities of the Trust are recognised on the company's Statement of Financial Position.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5
(2021 - 6). In addition, the company engaged the services of 5 part time Associate Partners (consultants) during the year ended 31 October 2022 (2021: 5).
3
Property, plant and equipment
Land and buildings
Plant and machinery etc
Other assets
Total
£
£
£
£
Cost
At 1 November 2021
12,134
4,550
16,845
33,529
Additions
2,904
2,904
At 31 October 2022
12,134
7,454
16,845
36,433
Depreciation and impairment
At 1 November 2021
12,134
3,750
16,845
32,729
Depreciation charged in the year
1,402
1,402
At 31 October 2022
12,134
5,152
16,845
34,131
Carrying amount
At 31 October 2022
2,302
2,302
At 31 October 2021
800
800
CIRCUS COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 7 -
4
Trade and other receivables
2022
2021
Amounts falling due within one year:
£
£
Trade receivables
72,600
124,910
Other receivables
21,819
3,860
94,419
128,770
Amounts falling due after more than one year:
Deferred tax asset
25
411
Total debtors
94,444
129,181
5
Current liabilities
2022
2021
£
£
Trade payables
5,560
4,029
Taxation and social security
53,918
56,336
Other payables
76,863
119,938
136,341
180,303
6
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
47,500 Ordinary shares of £1 each
47,500
47,500
7
Own shares
The Circus Communications Limited Employee Share Ownership Trust holds 8,550 (2021: 8,550) shares in Circus Communications Limited with a nominal value of £1 each £8,550 (2021: £8,550). These shares were acquired at a cost of £1.00 each £8,550 (2021: £8,550). The shares held by the Trust are distributed to employees in accordance with Circus Communications Limited's wishes. All expenses incurred by the Trust are settled by Circus Communications Limited and charged in the financial statements as incurred.