FAVERSHAM EYE CIC

Company limited by guarantee

Company Registration Number:
12455112 (England and Wales)

Unaudited statutory accounts for the year ended 28 February 2023

Period of accounts

Start date: 1 March 2022

End date: 28 February 2023

FAVERSHAM EYE CIC

Contents of the Financial Statements

for the Period Ended 28 February 2023

Directors report
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

FAVERSHAM EYE CIC

Directors' report period ended 28 February 2023

The directors present their report with the financial statements of the company for the period ended 28 February 2023

Principal activities of the company

The principal activity of the company in the year under review was that of newspaper publication.



Directors

The directors shown below have held office during the whole of the period from
1 March 2022 to 28 February 2023

Mr B J Pain
Mrs H Renny


Secretary Mrs H Renny

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
14 November 2023

And signed on behalf of the board by:
Name: Mr B J Pain
Status: Director

FAVERSHAM EYE CIC

Balance sheet

As at 28 February 2023

Notes 2023 2022


£

£
Current assets
Cash at bank and in hand: 1,313 813
Total current assets: 1,313 813
Creditors: amounts falling due within one year: 3 ( 18,794 ) ( 15,685 )
Net current assets (liabilities): (17,481) (14,872)
Total assets less current liabilities: (17,481) ( 14,872)
Total net assets (liabilities): (17,481) (14,872)
Members' funds
Profit and loss account: (17,481) ( 14,872)
Total members' funds: ( 17,481) (14,872)

The notes form part of these financial statements

FAVERSHAM EYE CIC

Balance sheet statements

For the year ending 28 February 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

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

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 14 November 2023
and signed on behalf of the board by:

Name: Mr B J Pain
Status: Director

The notes form part of these financial statements

FAVERSHAM EYE CIC

Notes to the Financial Statements

for the Period Ended 28 February 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable, net of discounts and valueadded taxes. Turnover includes revenue earned from the sale of goods and/or from the rendering of services.Turnover from the sale of newspaper subscriptions is recognised when the significant risks and rewards ofownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed forthe delivery of the goods.

    Other accounting policies

    Financial instrumentsFinancial assets - trade and other debtors are basic financial instruments and debt instruments measured at fairvalue through the Income Statement and are measured subsequently at amortised cost. Prepayments are notfinancial instruments.Cash comprises cash at bank, in hand and short term deposits with an original maturity date of three months orless. Cash at bank is measured at face value.Financial liabilities - trade creditors and other creditors are measured initially at fair value through the IncomeStatement and are measured subsequently at amortised cost.TaxationTaxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except tothe 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 orsubstantively enacted by the balance sheet date.Deferred taxDeferred tax is recognised in respect of all timing differences that have originated but not reversed at the balancesheet date.Timing differences arise from the inclusion of income and expenses in tax assessments in periods different fromthose in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws thathave been enacted or substantively enacted by the year end and that are expected to apply to the reversal of thetiming difference.Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that theywill be recovered against the reversal of deferred tax liabilities or other future taxable profits.

FAVERSHAM EYE CIC

Notes to the Financial Statements

for the Period Ended 28 February 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 0 0

FAVERSHAM EYE CIC

Notes to the Financial Statements

for the Period Ended 28 February 2023

3. Creditors: amounts falling due within one year note

2023 2022
£ £
Other creditors 18,794 15,685
Total 18,794 15,685

FAVERSHAM EYE CIC

Notes to the Financial Statements

for the Period Ended 28 February 2023

4. Loans to directors

Name of director receiving advance or credit: Mr B J Pain
Description of the transaction:
Loan received from the director in order to finance the ongoing activities of the Company.
£
Balance at 28 February 2022 13,645
Advances or credits made: 4,549
Advances or credits repaid:
Balance at 28 February 2023 18,194

COMMUNITY INTEREST ANNUAL REPORT

FAVERSHAM EYE CIC

Company Number: 12455112 (England and Wales)

Year Ending: 28 February 2023

Company activities and impact

News, help & advice to local community about what is going on, supporting activities and business, and providing a forum for public discussions.

Consultation with stakeholders

Faversham residents - regular meeting with stakeholders by Faversham society gardens,

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
14 November 2023

And signed on behalf of the board by:
Name: Mr B J Pain
Status: Director