REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
FOR |
FOSTERING LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
FOR |
FOSTERING LTD |
FOSTERING LTD (REGISTERED NUMBER: 09328306) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30th November 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
FOSTERING LTD |
COMPANY INFORMATION |
for the Year Ended 30th November 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
100 Barbirolli Square |
Manchester |
M2 3BD |
FOSTERING LTD (REGISTERED NUMBER: 09328306) |
BALANCE SHEET |
30th November 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
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. |
FOSTERING LTD (REGISTERED NUMBER: 09328306) |
BALANCE SHEET - continued |
30th November 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
FOSTERING LTD (REGISTERED NUMBER: 09328306) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30th November 2023 |
1. | STATUTORY INFORMATION |
Fostering Ltd is a private company, limited by shares, registered in England and Wales, registration number 09328306. The address of the registered office and principal place of business is Suite 8, New Hall Hey Business Centre, New Hall Hey Road, Rawtenstall, BB4 6HL. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is generated from the provision of care for looked after children. |
Turnover is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Turnover is recognised on the basis of the daily placements made with a full days turnover recognised for every night a placement is with a foster carer. Turnover is measured at fair value of the consideration received. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Depreciation on tangible fixed assets are charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods: |
Plant & machinery | - | 25% on cost |
Fixtures & fittings | 25% on cost |
Computer equipment | - | 25% on cost |
At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items of tangible fixed assets have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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. |
FOSTERING LTD (REGISTERED NUMBER: 09328306) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30th November 2023 |
2. | 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. |
Hire purchase and leasing commitments |
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. |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Cash and cash equivalents |
Cash and cash equivalents are represented by cash at bank. Bank borrowings are included within creditors. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
FOSTERING LTD (REGISTERED NUMBER: 09328306) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30th November 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1st December 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30th November 2023 |
DEPRECIATION |
At 1st December 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30th November 2023 |
NET BOOK VALUE |
At 30th November 2023 |
At 30th November 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
FOSTERING LTD (REGISTERED NUMBER: 09328306) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30th November 2023 |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
Operating lease contracts are secured against the assets to which they relate. |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Bank loans are secured against the assets of the company. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: |
Class |
Nominal Value: |
2023 |
2022 |
£ | £ |
2 | Ordinary | £1.00 | - | 2 |
45 | Ordinary | £0.02 | 0.90 | - |
45 | Ordinary A | £0.02 | 0.90 | - |
5 | Ordinary B | £0.02 | 0.10 | - |
5 | Ordinary C | £0.02 | 0.10 | - |
2 | 2 |
During the year there was a re-designation of shares and a sub-division of shares with the introduction of A,B and C Ordinary shares. |
11. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £88,000 (2022 - £96,000) were paid to the directors . |
Included in other debtors is a balance of £36,905 (2022 - £nil) owed from Home's Best Ltd, a company that the directors of Fostering Ltd have a controlling interest in. The balance relates to an interest free loan account. |