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REGISTERED NUMBER: 08392273 (United Kingdom)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Connect Fostering Services Ltd

Connect Fostering Services Ltd (Registered number: 08392273)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


Connect Fostering Services Ltd (Registered number: 08392273)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 97,261 79,378
Investment property 5 93,000 93,000
190,261 172,378

CURRENT ASSETS
Debtors 6 1,522,475 1,514,618
Cash at bank 2,662,514 1,587,740
4,184,989 3,102,358
CREDITORS
Amounts falling due within one year 7 1,515,030 1,095,524
NET CURRENT ASSETS 2,669,959 2,006,834
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,860,220

2,179,212

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 2,860,120 2,179,112
SHAREHOLDERS' FUNDS 2,860,220 2,179,212

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

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 2 October 2023 and were signed on its behalf by:




Ms F Darr - Director


Connect Fostering Services Ltd (Registered number: 08392273)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Connect Fostering Services Ltd is a private company, limited by shares , registered in United Kingdom. The company's registered number and registered office address are as below:

Registered number: 08392273

Registered office: The Stables Parsonage Farm
Hollow Hill Ln
Iver
SL0 0JW

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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

Tangible fixed assets
Tangible fixed assets 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:

Fixtures, fittings and equipment33% 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.

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Connect Fostering Services Ltd (Registered number: 08392273)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.


Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.


Connect Fostering Services Ltd (Registered number: 08392273)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
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.

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.

Children trust savings account
As at the year end, the company had £101,918 (2022: £95,343) in a separate children trust savings account as required by law. These amounts are payable to the children when they leave the foster care.

The contributions made to the children trust savings account are charged against income at the point the contributions are made. As these amounts do not belong to the company, they have not been included within the company's balance sheet as at the year end.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 14 ) .

Connect Fostering Services Ltd (Registered number: 08392273)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 132,664
Additions 47,084
At 31 March 2023 179,748
DEPRECIATION
At 1 April 2022 53,286
Charge for year 29,201
At 31 March 2023 82,487
NET BOOK VALUE
At 31 March 2023 97,261
At 31 March 2022 79,378

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 93,000
NET BOOK VALUE
At 31 March 2023 93,000
At 31 March 2022 93,000

The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 31 March 2023 by the Directors. The valuation was made on an open market value basis by reference to rental yields and market conditions.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 118,935 60,159
Other debtors 1,403,540 1,454,459
1,522,475 1,514,618

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 252,175 251,514
Taxation and social security 163,494 147,593
Other creditors 1,099,361 696,417
1,515,030 1,095,524

Connect Fostering Services Ltd (Registered number: 08392273)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
100 Ordinary shares 0.01 100 100

9. RELATED PARTY DISCLOSURES

During the year, the company paid rent of £Nil (2022: £15,333) to Connect Fostering Pension Scheme in which the directors are members and trustees of the scheme.

The company paid rent of £48,000 (2022: £36,000) to a company in which the directors have a material interest.

Included within other debtors is an amount of £964,247 (2022: £964,247) owed by a company in which the directors have a material interest.

Included within creditors is an interest free amount of £46,479 (2022: £34,495) owed to the directors of the company.

Also, included within other creditors is an amount of £482,000 (2022: £482,000) owed to close family members of the director.

10. POST BALANCE SHEET EVENTS

The company bought back 50 ordinary shares of £0.01 each from one of the shareholders and cancelled these shares via purchase of own shares. The company bought these shares for an aggregate consideration of £1,829,950.

11. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors.