Company registration number 04946276 (England and Wales)
THE FOSTER CARE PROPERTY COMPANY LIMITED
(FORMERLY THE FOSTER CARE CO-OPERATIVE (PROPERTIES) LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
THE FOSTER CARE PROPERTY COMPANY LIMITED
(FORMERLY THE FOSTER CARE CO-OPERATIVE (PROPERTIES) LIMITED)
COMPANY INFORMATION
Directors
Mr J Tudge
Mr B J N O'Connell
Mr K J Monk
Ms P M Chinneck
Company number
04946276
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 PROPERTY COMPANY LIMITED
(FORMERLY THE FOSTER CARE CO-OPERATIVE (PROPERTIES) LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
THE FOSTER CARE PROPERTY COMPANY LIMITED
(FORMERLY THE FOSTER CARE CO-OPERATIVE (PROPERTIES) LIMITED)
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
563,806
566,012
Current assets
Debtors
4
-
0
99,220
Cash at bank and in hand
537,371
656,921
537,371
756,141
Creditors: amounts falling due within one year
5
(5,218)
(225,760)
Net current assets
532,153
530,381
Net assets
1,095,959
1,096,393
Reserves
Income and expenditure account
1,095,959
1,096,393
Members' funds
1,095,959
1,096,393

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 04946276 (England and Wales)
THE FOSTER CARE PROPERTY COMPANY LIMITED
(FORMERLY THE FOSTER CARE CO-OPERATIVE (PROPERTIES) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

The Foster Care Property Company 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.

 

The company changed its name from The Foster Care Co-Operative Properties Limited to The Foster Care Property Company Limited on 13 December 2023.

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 £.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

These financial statements have been drawn up on the going concern basis which the directors consider appropriate. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.true

1.3
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Rental income is recognised on a straight line basis in accordance with the lease.

 

Expenses include VAT where applicable as the company cannot reclaim it.

 

 

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:

Freehold property
Nil
Fixtures, fittings & equipment
20% on cost or 25% reducing balance

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 surplus or deficit.

THE FOSTER CARE PROPERTY COMPANY LIMITED
(FORMERLY THE FOSTER CARE CO-OPERATIVE (PROPERTIES) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

The directors consider that the freehold and leasehold 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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.5
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
THE FOSTER CARE PROPERTY COMPANY LIMITED
(FORMERLY THE FOSTER CARE CO-OPERATIVE (PROPERTIES) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Tangible fixed assets
Freehold property
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
556,316
49,470
605,786
Depreciation and impairment
At 1 January 2023
-
0
39,774
39,774
Depreciation charged in the year
-
0
2,206
2,206
At 31 December 2023
-
0
41,980
41,980
Carrying amount
At 31 December 2023
556,316
7,490
563,806
At 31 December 2022
556,316
9,696
566,012
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
-
0
99,220
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts due to related party
-
0
216,788
Corporation tax
840
5,127
Other taxation and social security
1,198
1,215
Accruals and deferred income
3,180
2,630
5,218
225,760
6
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.

7
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.

THE FOSTER CARE PROPERTY COMPANY LIMITED
(FORMERLY THE FOSTER CARE CO-OPERATIVE (PROPERTIES) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Audit report information
(Continued)
- 5 -
Senior Statutory Auditor:
Colm McGrory FCA
Statutory Auditor:
Ormerod Rutter Limited
Date of audit report:
1 August 2024
8
Ultimate controlling party

Parent undertaking

 

As of 13th December 2023, The Foster Care Co-Operative Properties Limited became a subsidiary of 'The Foster Care Charity'. The Foster Care Charity is a charitable company which was registered with the Charities Commission (charity no. 1201143) and Companies House (company no. 14472135) in November 2022.

Ultimate controlling party

 

There is no ultimate controlling party.

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