BRAINFOOLS CIC

Company limited by guarantee

Company Registration Number:
13545156 (England and Wales)

Unaudited statutory accounts for the year ended 31 August 2024

Period of accounts

Start date: 1 September 2023

End date: 31 August 2024

BRAINFOOLS CIC

Contents of the Financial Statements

for the Period Ended 31 August 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

BRAINFOOLS CIC

Directors' report period ended 31 August 2024

The directors present their report with the financial statements of the company for the period ended 31 August 2024

Principal activities of the company

The principal activity of the company during the year under review was Circus & Theatre performance.



Directors

The directors shown below have held office during the whole of the period from
1 September 2023 to 31 August 2024

C. Paulweber
B. Tatham Wood


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
2 April 2025

And signed on behalf of the board by:
Name: C. Paulweber
Status: Director

BRAINFOOLS CIC

Profit And Loss Account

for the Period Ended 31 August 2024

2024 2023


£

£
Turnover: 21,981 17,200
Cost of sales: ( 42,438 ) ( 36,032 )
Gross profit(or loss): (20,457) (18,832)
Distribution costs: ( 2,906 ) ( 774 )
Administrative expenses: ( 15,140 ) ( 10,134 )
Other operating income: 40,441 27,981
Operating profit(or loss): 1,938 (1,759)
Interest payable and similar charges: ( 53 ) ( 8 )
Profit(or loss) before tax: 1,885 (1,767)
Tax: ( 57 ) ( 176 )
Profit(or loss) for the financial year: 1,828 (1,943)

BRAINFOOLS CIC

Balance sheet

As at 31 August 2024

Notes 2024 2023


£

£
Fixed assets
Intangible assets: 3 479 518
Tangible assets: 4 1,007 1,216
Total fixed assets: 1,486 1,734
Current assets
Debtors: 5 7,829 811
Cash at bank and in hand: 14,379
Total current assets: 22,208 811
Creditors: amounts falling due within one year: 6 ( 21,985 ) ( 2,623 )
Net current assets (liabilities): 223 (1,812)
Total assets less current liabilities: 1,709 ( 78)
Creditors: amounts falling due after more than one year: 7 ( 179 ) ( 219 )
Provision for liabilities: ( 187 ) ( 187 )
Total net assets (liabilities): 1,343 (484)
Members' funds
Profit and loss account: 1,343 ( 484)
Total members' funds: 1,343 (484)

The notes form part of these financial statements

BRAINFOOLS CIC

Balance sheet statements

For the year ending 31 August 2024 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.

This report was approved by the board of directors on 2 April 2025
and signed on behalf of the board by:

Name: C. Paulweber
Status: Director

The notes form part of these financial statements

BRAINFOOLS CIC

Notes to the Financial Statements

for the Period Ended 31 August 2024

  • 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. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when all the following conditions are satisfied: the Company has transferred to the buyer the significant risks and rewards of ownership of the goods; the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; the amount of revenue can be measured reliably; it is probable that the economic benefits associated with the transaction will flow to the Company; and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

    Tangible fixed assets depreciation policy

    Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life: Furniture, fittings and equipment 25% reducing balance

    Intangible fixed assets amortisation policy

    Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.

    Other accounting policies

    Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from the surplus as reported in the income and expenditure account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Current or deferred tax for the year is recognised in the income and expenditure account, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. Trade and other debtors Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts. Trade and other creditors Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

BRAINFOOLS CIC

Notes to the Financial Statements

for the Period Ended 31 August 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 0

BRAINFOOLS CIC

Notes to the Financial Statements

for the Period Ended 31 August 2024

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 September 2023 1,072 1,072
Additions 197 197
Disposals
Revaluations
Transfers
At 31 August 2024 1,269 1,269
Amortisation
At 1 September 2023 554 554
Charge for year 236 236
On disposals
Other adjustments
At 31 August 2024 790 790
Net book value
At 31 August 2024 479 479
At 31 August 2023 518 518

BRAINFOOLS CIC

Notes to the Financial Statements

for the Period Ended 31 August 2024

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 September 2023 1,784 1,784
Additions 126 126
Disposals
Revaluations
Transfers
At 31 August 2024 1,910 1,910
Depreciation
At 1 September 2023 568 568
Charge for year 335 335
On disposals
Other adjustments
At 31 August 2024 903 903
Net book value
At 31 August 2024 1,007 1,007
At 31 August 2023 1,216 1,216

BRAINFOOLS CIC

Notes to the Financial Statements

for the Period Ended 31 August 2024

5. Debtors

2024 2023
£ £
Prepayments and accrued income 7,829 811
Total 7,829 811

BRAINFOOLS CIC

Notes to the Financial Statements

for the Period Ended 31 August 2024

6. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 1,246
Taxation and social security 229 172
Accruals and deferred income 21,756 1,205
Total 21,985 2,623

BRAINFOOLS CIC

Notes to the Financial Statements

for the Period Ended 31 August 2024

7. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Other creditors 179 219
Total 179 219

COMMUNITY INTEREST ANNUAL REPORT

BRAINFOOLS CIC

Company Number: 13545156 (England and Wales)

Year Ending: 31 August 2024

Company activities and impact

As a collective of circus artists and friends of the circus arts, run by co-artistic directors Toffy Paulweber & Jared Shanks, our ambition is to tell meaningful stories through uplifting and silly circus arts, with plans to tour our shows internationally and eventually build a headquarters for like-minded artists and performers to be able to train and create their own work. During this year, our community ambitions were focused on the continued touring of our first show, "Lucky Pigeons." as well as the development and creation of two other shows in Lift Up and Circus Enchante We managed to perform Lucky Pigeons and Circus Enchante all over the UK, most importantly in communities outside of major city centres which might otherwise not have access to contemporary circus performance. We have also put on and run scratch nights at various venues and as part of circus days at the fringe run for a local council. These scratch nights are low stakes oppurtunities for emerging and existing artists to perform new work in front of an audience. We hope that these can become regular occurrences to create an environment where the production of new and innovative work is easy and accessible to all artists in the field. While our initial impact on the community may have been modest, we believe that by establishing the company and creating "Lucky Pigeons," we have laid the groundwork for a more significant and lasting impact in the years to come. We continue to find and develop new and better ways of working closer with the communities we perform in. As we continue to tour and expand our reach, we hope to inspire and engage with communities both locally and globally, spreading the joy and wonder of circus arts and fostering connections among artists and audiences alike.

Consultation with stakeholders

The stakeholders of BrainFools, the circus company, include a range of individuals and groups who are directly or indirectly involved in the company's activities. Key stakeholders include The collective of 10 circus artists and friends of the circus arts who form the core of BrainFools 1 Emerging artists who have contributed to shaping the company's vision and direction 2 Suppliers of materials and equipment necessary for the performances 3 Touring partners who assist with organizing and promoting the company's shows 4 Local art communities in Hackney Wick or Fish Island and audience members who attend the performances 5 Venues which has provided performance and rehearsal space, such as Hoxton Hall and Jacksons Lane BrainFools has actively engaged with its main stakeholders, the group of emerging artists, who have played a crucial role in building and shaping the companys vision. This engagement has been achieved through regular meetings, residencies, workshops, and collaborative sessions, where artists have the opportunity to share their ideas, provide feedback, and contribute to the development of the company's shows and overall direction. As a result of these consultations, BrainFools has been able to create thought-provoking tales that align with their ambitions of uplifting and engaging audiences through circus arts. In addition to the main group of stakeholders, BrainFools is committed to maintaining open lines of communication with all stakeholders to ensure their concerns and feedback are taken into account. This ongoing consultation process allows the company to adapt and refine its activities to better meet the needs and expectations of its stakeholders. Through this stakeholder engagement, BrainFools has been able to create a strong foundation for its future growth, with plans to tour internationally and build a headquarters for like-minded artists and performers. By actively involving stakeholders in the company's decision-making processes, BrainFools demonstrates its commitment to transparency, collaboration, and continuous improvement.

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
2 April 2025

And signed on behalf of the board by:
Name: C Paulweber
Status: Director