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REGISTERED NUMBER: 05442911 (England and Wales)
















Unaudited Financial Statements

for the year ended

31 December 2021

for

Foundation Resourcing Limited

Foundation Resourcing Limited (Registered number: 05442911)






Contents of the Financial Statements
for the year ended 31 December 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Foundation Resourcing Limited

Company Information
for the year ended 31 December 2021







DIRECTORS: S C Hagues
K Spratt





REGISTERED OFFICE: Unit 6 Highfield Business Park
Kearsley Road
Ripon
North Yorkshire
HG4 2RN





REGISTERED NUMBER: 05442911 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
Oak Tree House, Harwood Road
Northminster Business Park
Upper Poppleton
York
YO26 6QU

Foundation Resourcing Limited (Registered number: 05442911)

Balance Sheet
31 December 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 373,697 266,341
Investments 5 197 197
373,894 266,538

CURRENT ASSETS
Debtors 6 1,639,216 1,173,070
Cash at bank and in hand 220,163 44,289
1,859,379 1,217,359
CREDITORS
Amounts falling due within one year 7 923,027 907,240
NET CURRENT ASSETS 936,352 310,119
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,310,246

576,657

CREDITORS
Amounts falling due after more than one
year

8

(56,574

)

(145,713

)

PROVISIONS FOR LIABILITIES 12 (13,498 ) (2,404 )
NET ASSETS 1,240,174 428,540

CAPITAL AND RESERVES
Called up share capital 13 1,000 1,000
Retained earnings 1,239,174 427,540
1,240,174 428,540

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Foundation Resourcing Limited (Registered number: 05442911)

Balance Sheet - continued
31 December 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 September 2022 and were signed on its behalf by:





S C Hagues - Director


Foundation Resourcing Limited (Registered number: 05442911)

Notes to the Financial Statements
for the year ended 31 December 2021

1. STATUTORY INFORMATION

Foundation Resourcing Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Preparation of consolidated financial statements
The financial statements contain information about Foundation Resourcing Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
All transactions entered into with companies under common control were concluded under normal market conditions, therefore no further disclosure is necessary in accordance with FRS102 section 1A.

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group nor transactions with directors conducted at a market rate.

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

Income recognition
Income is recognised when a contract for the sale of services is determined as unconditional.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Improvements to property - 10% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.


Foundation Resourcing Limited (Registered number: 05442911)

Notes to the Financial Statements - continued
for the year ended 31 December 2021

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the 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 or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Investments held as fixed assets are stated at cost less provision for any impairment in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 4 ) .

Foundation Resourcing Limited (Registered number: 05442911)

Notes to the Financial Statements - continued
for the year ended 31 December 2021

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Motor Computer
property property vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2021 247,615 15,750 64,995 79,979 408,339
Additions - 3,500 119,995 52,963 176,458
Disposals - - (64,995 ) - (64,995 )
At 31 December 2021 247,615 19,250 119,995 132,942 519,802
DEPRECIATION
At 1 January 2021 52,137 3,281 33,005 53,575 141,998
Charge for year 4,952 1,867 22,997 15,294 45,110
Eliminated on disposal - - (41,003 ) - (41,003 )
At 31 December 2021 57,089 5,148 14,999 68,869 146,105
NET BOOK VALUE
At 31 December 2021 190,526 14,102 104,996 64,073 373,697
At 31 December 2020 195,478 12,469 31,990 26,404 266,341

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2021 64,995
Disposals (64,995 )
At 31 December 2021 -
DEPRECIATION
At 1 January 2021 33,005
Charge for year 7,998
Eliminated on disposal (41,003 )
At 31 December 2021 -
NET BOOK VALUE
At 31 December 2021 -
At 31 December 2020 31,990

Foundation Resourcing Limited (Registered number: 05442911)

Notes to the Financial Statements - continued
for the year ended 31 December 2021

5. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 January 2021
and 31 December 2021 197
NET BOOK VALUE
At 31 December 2021 197
At 31 December 2020 197

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 1,800 -
Amounts owed by group undertakings 1,510,281 1,152,945
Directors' current accounts 125,907 19,386
Prepayments and accrued income 1,228 739
1,639,216 1,173,070

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts (see note 9) 9,283 15,377
Hire purchase contracts (see note 10) - 6,374
Trade creditors 6,277 9
Amounts owed to group undertakings 607,066 654,192
Social security and other taxes 297,387 228,606
Other creditors 1,439 1,132
Accruals and deferred income 1,575 1,550
923,027 907,240

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Bank loans (see note 9) 56,574 109,995
Hire purchase contracts (see note 10) - 35,718
56,574 145,713

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 17,288 31,467

Foundation Resourcing Limited (Registered number: 05442911)

Notes to the Financial Statements - continued
for the year ended 31 December 2021

9. LOANS

An analysis of the maturity of loans is given below:

2021 2020
£    £   
Amounts falling due within one year or on demand:
Bank loans 9,283 15,377

Amounts falling due between one and two years:
Bank loans - 1-2 years 9,493 18,938

Amounts falling due between two and five years:
Bank loans - 2-5 years 29,793 59,590

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 17,288 31,467

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2021 2020
£    £   
Net obligations repayable:
Within one year - 6,374
Between one and five years - 35,718
- 42,092

Non-cancellable operating leases
2021 2020
£    £   
Within one year - 210

11. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Bank loans 65,857 125,372
Hire purchase contracts - 42,092
65,857 167,464

The bank loan is secured by way of a fixed and floating charge over the company and all property and assets.

Foundation Resourcing Limited (Registered number: 05442911)

Notes to the Financial Statements - continued
for the year ended 31 December 2021

12. PROVISIONS FOR LIABILITIES
2021 2020
£    £   
Deferred tax 13,498 2,404

Deferred
tax
£   
Balance at 1 January 2021 2,404
Provided during year 11,094
Balance at 31 December 2021 13,498

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value:
£ £
790 A Ordinary £1 790 790
50 B Ordinary £1 50 50
20 C Ordinary £1 20 20
20 D Ordinary £1 20 20
20 E Ordinary £1 20 20
50 G Ordinary £1 50 50
50 H Ordinary £1 50 50
1,000 1,000

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020:

2021 2020
£    £   
S C Hagues
Balance outstanding at start of year 19,386 122,089
Amounts advanced 264,049 30,110
Amounts repaid (157,528 ) (132,813 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 125,907 19,386

No interest has been charged.

The balance was repaid on 6 April 2022.