Company registration number 03861213 (England and Wales)
THE FOSTER CARE CO-OPERATIVE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
THE FOSTER CARE CO-OPERATIVE LIMITED
COMPANY INFORMATION
Directors
Mr J Tudge
Mr B J N O'Connell
Mr K J Monk
Ms P M Chinneck
Secretary
Mr K J Monk
Company number
03861213
Registered office
Penny Hall
The Haysfield
Spring Lane North
Malvern
Worcestershire
WR14 1GF
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
National Westminster Bank Plc
1 The Cross
Worcester
Worcestershire
WR1 3PR
THE FOSTER CARE CO-OPERATIVE LIMITED
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 7
THE FOSTER CARE CO-OPERATIVE LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE FOSTER CARE CO-OPERATIVE LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Foster Care Co-Operative Limited for the year ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of The Foster Care Co-Operative Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Foster Care Co-Operative Limited and state those matters that we have agreed to state to the board of directors of The Foster Care Co-Operative Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Foster Care Co-Operative Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that The Foster Care Co-Operative Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of The Foster Care Co-Operative Limited. You consider that The Foster Care Co-Operative Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of The Foster Care Co-Operative Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
1 August 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
THE FOSTER CARE CO-OPERATIVE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
52,545
Investments
5
203,128
255,673
Current assets
Debtors
6
846,885
Cash at bank and in hand
1,498,551
2,345,436
Creditors: amounts falling due within one year
7
(233,314)
Net current assets
2,112,122
Total assets less current liabilities
2,367,795
Provisions for liabilities
8
(4,541)
Net assets
2,363,254
Reserves
Income and expenditure account
2,363,254
Members' funds
2,363,254
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 July 2024 and are signed on its behalf by:
Mr B J N O'Connell
Director
Company registration number 03861213 (England and Wales)
THE FOSTER CARE CO-OPERATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
The Foster Care Co-Operative Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Penny Hall, The Haysfield, Spring Lane North, Malvern, Worcestershire, WR14 1GF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Going concern
As explained in note 2 the company ceased to trade on 30th September 2023 and the financial statements have been prepared on a basis other than that of the going concern basis. The entire trade and assets have been donated to the new charity at the value at the date of transfer. The directors have considered the assets and liabilities at the year and no adjustments or additional provisions were considered necessary.true
1.3
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
1.4
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 and fittings
25% reducing balance
Computers
33% on cost
The directors consider that the freehold property is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account.
1.5
Fixed asset investments
Investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in surplus or deficit. Transaction costs are expensed to surplus or deficit as incurred.
THE FOSTER CARE CO-OPERATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.7
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.
1.8
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
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.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
THE FOSTER CARE CO-OPERATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Donation of trade, assets and liabilities to charity
The trade, assets and all liabilities of the company were transferred to a charitable company during the year. The charitable company is 'The Foster Care Charity' which is registered with the Charities Commission (charity no. 1201143) and also Companies House (company no. 14472135) and will continue the trade formerly undertaken within this entity. This entity has now ceased to trade and will be wound up in due course.
The value of the donations made to The Foster Care Charity during this financial year was £2,703,605.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
29
38
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2023
166,056
158,786
324,842
Additions
3,637
3,637
Disposals
(95,427)
(95,427)
Transfers
(169,693)
(63,359)
(233,052)
At 31 December 2023
Depreciation and impairment
At 1 January 2023
153,652
118,645
272,297
Depreciation charged in the year
2,488
14,571
17,059
Eliminated in respect of disposals
(94,875)
(94,875)
Transfers
(156,140)
(38,341)
(194,481)
At 31 December 2023
Carrying amount
At 31 December 2023
At 31 December 2022
12,404
40,141
52,545
THE FOSTER CARE CO-OPERATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
203,128
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
203,128
Additions
49,983
Valuation changes
(4,818)
Transfer - Donation to Charity
(173,159)
Disposals
(75,134)
At 31 December 2023
-
Carrying amount
At 31 December 2023
-
At 31 December 2022
203,128
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Service charges due
518,091
Amounts owed by undertakings in which the company has a participating interest
216,789
Other debtors
68,219
Prepayments and accrued income
43,786
846,885
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
25,497
Taxation and social security
26,900
Other creditors
146,535
Accruals and deferred income
34,382
233,314
THE FOSTER CARE CO-OPERATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
4,541
9
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Emphasis of matter – Basis of preparation |
We draw attention to Note 2 of the financial statements which explains the transfer of trade and assets. The directors therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 2. Our opinion is not modified in respect of this matter.
Senior Statutory Auditor:
Colm McGrory FCA
Statutory Auditor:
Ormerod Rutter Limited
Date of audit report:
1 August 2024
11
Related party transactions
As the accounts are prepared under FRS102 with small company 1A exemptions, related party transactions have not been disclosed.
12
Ultimate controlling party
There is no ultimate controlling party.
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