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Company No: 11580486 (England and Wales)

THE FOSTER CARER TRAINING COMPANY LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

THE FOSTER CARER TRAINING COMPANY LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

THE FOSTER CARER TRAINING COMPANY LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
THE FOSTER CARER TRAINING COMPANY LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Current assets
Debtors 4 47,743 42,292
Cash at bank and in hand 5 35,389 25,200
83,132 67,492
Creditors: amounts falling due within one year 6 ( 61,104) ( 45,657)
Net current assets 22,028 21,835
Total assets less current liabilities 22,028 21,835
Net assets 22,028 21,835
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 21,928 21,735
Total shareholders' funds 22,028 21,835

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of The Foster Carer Training Company Ltd (registered number: 11580486) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

R Norwood
Director

25 September 2024

THE FOSTER CARER TRAINING COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
THE FOSTER CARER TRAINING COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Foster Carer Training Company Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 39 Caldervale Road, London, SW4 9LY, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

**Rendering of services**

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
* the amount of revenue can be measured reliably;
* it is probable that the Company will receive the consideration due under the contract;
* the stage of completion of the contract at the end of the reporting period can be measured reliably; and
* the costs incurred and the costs to complete the contract can be measured reliably.

Taxation

Current tax
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment 3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 January 2023 1,150 1,150
At 31 December 2023 1,150 1,150
Accumulated depreciation
At 01 January 2023 1,150 1,150
At 31 December 2023 1,150 1,150
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Debtors

2023 2022
£ £
Trade debtors 17,653 19,644
Other debtors 30,090 22,648
47,743 42,292

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 35,389 25,200

6. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to group undertakings 29,980 29,980
Amounts owed to directors 18,312 7,278
Accruals 900 900
Taxation and social security 11,813 7,420
Other creditors 99 79
61,104 45,657

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions by the company to the fund and amounted to £14,380 (2022: £332).

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 99 79

9. Related party transactions

Where possible, the company has taken advantage of the exemption conferred by FRS 102 section 33.1A from the requirement to disclose transactions with other wholly owned group undertakings.

Included in other debtors is a balance of £22,648 (2022:£22,648) owed by Greater London Fostering Ltd, a company in which R. Norwood is also a director. This balance is unsecured and interest free, with no fixed repayment terms.