IRIS Accounts Production v22.1.4.3 11426101 Board of Directors 1.1.21 31.12.21 31.12.21 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure114261012020-12-31114261012021-12-31114261012021-01-012021-12-31114261012019-12-31114261012020-01-012020-12-31114261012020-12-3111426101ns16:EnglandWales2021-01-012021-12-3111426101ns15:PoundSterling2021-01-012021-12-3111426101ns11:Director12021-01-012021-12-3111426101ns11:CompanyLimitedByGuarantee2021-01-012021-12-3111426101ns11:SmallEntities2021-01-012021-12-3111426101ns11:AuditExempt-NoAccountantsReport2021-01-012021-12-3111426101ns11:SmallCompaniesRegimeForDirectorsReport2021-01-012021-12-3111426101ns11:SmallCompaniesRegimeForAccounts2021-01-012021-12-3111426101ns11:FullAccounts2021-01-012021-12-3111426101ns11:Director22021-01-012021-12-3111426101ns11:RegisteredOffice2021-01-012021-12-3111426101ns6:CurrentFinancialInstruments2021-12-3111426101ns6:CurrentFinancialInstruments2020-12-3111426101ns6:RetainedEarningsAccumulatedLosses2021-12-3111426101ns6:RetainedEarningsAccumulatedLosses2020-12-3111426101ns6:ComputerEquipment2020-12-3111426101ns6:ComputerEquipment2021-01-012021-12-3111426101ns6:ComputerEquipment2021-12-3111426101ns6:ComputerEquipment2020-12-3111426101ns6:WithinOneYearns6:CurrentFinancialInstruments2021-12-3111426101ns6:WithinOneYearns6:CurrentFinancialInstruments2020-12-31
REGISTERED NUMBER: 11426101 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2021

FOR

FOUNDRY TRAINING SERVICES LIMITED

FOUNDRY TRAINING SERVICES LIMITED (REGISTERED NUMBER: 11426101)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FOUNDRY TRAINING SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2021







DIRECTORS: J W Townsend
D Pritchard



REGISTERED OFFICE: National Foundry Training Centre
ECMS
Tipton Road
Tipton
West Midlands
DY4 7UW



REGISTERED NUMBER: 11426101 (England and Wales)



ACCOUNTANTS: Fields
Certified Accountants
2nd Floor
Landchard House
Victoria Street
West Bromwich
West Midlands
B70 8ER



BANKERS: Santander Bank
Bridle Road
Bootle
Merseyside
L30 4GB

FOUNDRY TRAINING SERVICES LIMITED (REGISTERED NUMBER: 11426101)

BALANCE SHEET
31ST DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,181 314

CURRENT ASSETS
Debtors 6 69,747 30,682
Cash at bank 54,357 79,964
124,104 110,646
CREDITORS
Amounts falling due within one year 7 121,741 146,023
NET CURRENT ASSETS/(LIABILITIES) 2,363 (35,377 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,544

(35,063

)

PROVISIONS FOR LIABILITIES 224 -
NET ASSETS/(LIABILITIES) 3,320 (35,063 )

RESERVES
Income and expenditure account 3,320 (35,063 )
3,320 (35,063 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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 surplus or deficit 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.

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 Income Statement has not been delivered.

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



J W Townsend - Director


FOUNDRY TRAINING SERVICES LIMITED (REGISTERED NUMBER: 11426101)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2021

1. STATUTORY INFORMATION

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

The financial statements are prepared in sterling which is also the functional currency of the company and are rounded to the nearest £1.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities as at the reporting date and the amounts reported for turnover and expenses during the period. The nature of estimating means that actual outcomes could differ from the original estimates.

The principal accounting policies and the judgements and estimates that have the most significant effect on amounts recognised in the financial statements are as detailed below.

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

Turnover is recognised when the relevant service or activity takes place.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment - 20% straight line

Financial instruments
The company only enters into basic financial instrument transactions, that result in the recognition of financial assets and liabilities such as cash, trade and other accounts receivable and payable. Basic financial instruments are recognised at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


FOUNDRY TRAINING SERVICES LIMITED (REGISTERED NUMBER: 11426101)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2021

3. ACCOUNTING POLICIES - continued
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.

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.

Going concern
Working capital has been provided by The Institute of Cast Metals Engineers (ICME) by way of a loan and is repayable on demand. Repayments will commence on a quarterly basis from the end of March 2022.

The company has made a profit this year and it is anticipated that the company will continue to make a profit in the forthcoming financial years as training income increases as student numbers increase.

The directors, having considered the above and made due enquiries, continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future. The impact of COVID-19 has also been considered. The company adapted to this by changing the delivery method of courses to online sessions.

Company limited by guarantee
The company is limited by guarantee of members and does not have a share capital. The liability of members upon winding up of the company is limited to £1.

Grants
Grants received are recognised immediately in profit and loss and are included within other income.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

FOUNDRY TRAINING SERVICES LIMITED (REGISTERED NUMBER: 11426101)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2021

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1st January 2021 414
Additions 1,187
At 31st December 2021 1,601
DEPRECIATION
At 1st January 2021 100
Charge for year 320
At 31st December 2021 420
NET BOOK VALUE
At 31st December 2021 1,181
At 31st December 2020 314

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 56,630 29,913
Other debtors 13,117 769
69,747 30,682

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors 7,737 4,563
Taxation and social security 556 2
Other creditors 113,448 141,458
121,741 146,023