Silverfin false false 31/12/2023 01/01/2023 31/12/2023 R Norwood 20/09/2018 A Acharaz 15/05/2022 M D Yearwood 15/05/2022 25 September 2024 The principal activity of the company during the financial year was provision of fostering services for children in local authority care. 11580477 2023-12-31 11580477 bus:Director1 2023-12-31 11580477 bus:Director2 2023-12-31 11580477 bus:Director3 2023-12-31 11580477 core:CurrentFinancialInstruments 2023-12-31 11580477 core:CurrentFinancialInstruments 2022-12-31 11580477 2022-12-31 11580477 core:Non-currentFinancialInstruments 2023-12-31 11580477 core:Non-currentFinancialInstruments 2022-12-31 11580477 core:ShareCapital 2023-12-31 11580477 core:ShareCapital 2022-12-31 11580477 core:RetainedEarningsAccumulatedLosses 2023-12-31 11580477 core:RetainedEarningsAccumulatedLosses 2022-12-31 11580477 bus:OrdinaryShareClass1 2023-12-31 11580477 2023-01-01 2023-12-31 11580477 bus:FilletedAccounts 2023-01-01 2023-12-31 11580477 bus:SmallEntities 2023-01-01 2023-12-31 11580477 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 11580477 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11580477 bus:Director1 2023-01-01 2023-12-31 11580477 bus:Director2 2023-01-01 2023-12-31 11580477 bus:Director3 2023-01-01 2023-12-31 11580477 2022-01-01 2022-12-31 11580477 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 11580477 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 11580477 (England and Wales)

SOUTH COAST FOSTERING LIMITED

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

SOUTH COAST FOSTERING LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

SOUTH COAST FOSTERING LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
SOUTH COAST FOSTERING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Current assets
Debtors 3 45,894 17,110
Cash at bank and in hand 4 24,132 25,969
70,026 43,079
Creditors: amounts falling due within one year 5 ( 16,338) ( 10,621)
Net current assets 53,688 32,458
Total assets less current liabilities 53,688 32,458
Creditors: amounts falling due after more than one year 6 ( 133,374) ( 50,374)
Net liabilities ( 79,686) ( 17,916)
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account ( 79,786 ) ( 18,016 )
Total shareholders' deficit ( 79,686) ( 17,916)

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 South Coast Fostering Limited (registered number: 11580477) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

R Norwood
Director

25 September 2024

SOUTH COAST FOSTERING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
SOUTH COAST FOSTERING 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

South Coast Fostering 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 Mirror Works Unit Mi.113, 12 Marshgate Lane, , London, England, E15 2NH, 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 £.

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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

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.

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 3 3

3. Debtors

2023 2022
£ £
Trade debtors 45,894 17,110

4. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 24,132 25,969

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 250 0
Accruals 1,320 900
Other taxation and social security 3,016 6,187
Other creditors 11,752 3,534
16,338 10,621

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

2023 2022
£ £
Amounts owed to group undertakings 133,374 50,374

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 0.10 each 100 100

8. 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 £116,374 (2022: £35,374) 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.

Also included in other creditors is a balance of £17,000 (2022: £15,000) owed to Positive Aspirations Group Limited, a company in which R. Norwood is also a director. This balance is unsecured and interest free, with no fixed repayment.