Silverfin false false 31/12/2023 01/01/2023 31/12/2023 A Acharaz 15/05/2022 R Norwood 20/05/2019 M D Yearwood 15/05/2022 25 September 2024 The principal activity of Fostering Hearts Ltd ("the Company") is that of provision of fostering services for children in local authority care. 12007042 2023-12-31 12007042 bus:Director1 2023-12-31 12007042 bus:Director2 2023-12-31 12007042 bus:Director3 2023-12-31 12007042 core:CurrentFinancialInstruments 2023-12-31 12007042 core:CurrentFinancialInstruments 2022-12-31 12007042 2022-12-31 12007042 core:Non-currentFinancialInstruments 2023-12-31 12007042 core:Non-currentFinancialInstruments 2022-12-31 12007042 core:ShareCapital 2023-12-31 12007042 core:ShareCapital 2022-12-31 12007042 core:RetainedEarningsAccumulatedLosses 2023-12-31 12007042 core:RetainedEarningsAccumulatedLosses 2022-12-31 12007042 bus:OrdinaryShareClass1 2023-12-31 12007042 2023-01-01 2023-12-31 12007042 bus:FilletedAccounts 2023-01-01 2023-12-31 12007042 bus:SmallEntities 2023-01-01 2023-12-31 12007042 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 12007042 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12007042 bus:Director1 2023-01-01 2023-12-31 12007042 bus:Director2 2023-01-01 2023-12-31 12007042 bus:Director3 2023-01-01 2023-12-31 12007042 2022-01-01 2022-12-31 12007042 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 12007042 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 12007042 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 12007042 (England and Wales)

FOSTERING HEARTS LIMITED

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

FOSTERING HEARTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

FOSTERING HEARTS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
FOSTERING HEARTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Current assets
Debtors 3 90,027 53,694
Cash at bank and in hand 4 29,490 17,873
119,517 71,567
Creditors: amounts falling due within one year 5 ( 168,192) ( 82,862)
Net current liabilities (48,675) (11,295)
Total assets less current liabilities (48,675) (11,295)
Creditors: amounts falling due after more than one year 6 ( 14,171) ( 24,177)
Net liabilities ( 62,846) ( 35,472)
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account ( 62,946 ) ( 35,572 )
Total shareholders' deficit ( 62,846) ( 35,472)

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 Fostering Hearts Limited (registered number: 12007042) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

R Norwood
Director

25 September 2024

FOSTERING HEARTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
FOSTERING HEARTS LIMITED

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

Fostering Hearts Limited (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 Unit Mi.113, 12 Marshgate Lane, Stratford, London, England, E15 2NH.

The principal activity of Fostering Hearts Ltd ("the Company") is that of provision of fostering services for children in local authority care.

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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Borrowing costs

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 6 7

3. Debtors

2023 2022
£ £
Trade debtors 86,824 48,823
Other debtors 3,203 4,871
90,027 53,694

4. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 29,490 17,873

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 9,996 9,996
Trade creditors 250 0
Amounts owed to group undertakings 130,213 61,213
Accruals 900 900
Other taxation and social security 5,824 4,489
Other creditors 21,009 6,264
168,192 82,862

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 14,171 24,177

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 0.10 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.

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 creditors is a balance of £130,213 (2022: £61,213) owed to 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.