Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Linda Norwood 18/06/2001 Richard Norwood 08/02/2016 25 September 2024 The principal activity of Greater London Fostering Limited ('the Company') is that of provision of fostering services for children in local authority care. 04236191 2023-12-31 04236191 bus:Director1 2023-12-31 04236191 bus:Director2 2023-12-31 04236191 2022-12-31 04236191 core:CurrentFinancialInstruments 2023-12-31 04236191 core:CurrentFinancialInstruments 2022-12-31 04236191 core:ShareCapital 2023-12-31 04236191 core:ShareCapital 2022-12-31 04236191 core:CapitalRedemptionReserve 2023-12-31 04236191 core:CapitalRedemptionReserve 2022-12-31 04236191 core:RetainedEarningsAccumulatedLosses 2023-12-31 04236191 core:RetainedEarningsAccumulatedLosses 2022-12-31 04236191 core:LandBuildings 2022-12-31 04236191 core:OtherPropertyPlantEquipment 2022-12-31 04236191 core:LandBuildings 2023-12-31 04236191 core:OtherPropertyPlantEquipment 2023-12-31 04236191 bus:OrdinaryShareClass1 2023-12-31 04236191 2023-01-01 2023-12-31 04236191 bus:FilletedAccounts 2023-01-01 2023-12-31 04236191 bus:SmallEntities 2023-01-01 2023-12-31 04236191 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04236191 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04236191 bus:Director1 2023-01-01 2023-12-31 04236191 bus:Director2 2023-01-01 2023-12-31 04236191 core:LandBuildings core:TopRangeValue 2023-01-01 2023-12-31 04236191 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 04236191 2022-01-01 2022-12-31 04236191 core:LandBuildings 2023-01-01 2023-12-31 04236191 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 04236191 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04236191 (England and Wales)

GREATER LONDON FOSTERING LIMITED

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

GREATER LONDON FOSTERING LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

GREATER LONDON FOSTERING LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
GREATER LONDON FOSTERING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 40,391 50,224
Investments 255 275
40,646 50,499
Current assets
Debtors 4 1,800,347 1,766,193
Cash at bank and in hand 5 443,474 309,369
2,243,821 2,075,562
Creditors: amounts falling due within one year 6 ( 565,824) ( 412,056)
Net current assets 1,677,997 1,663,506
Total assets less current liabilities 1,718,643 1,714,005
Provision for liabilities ( 7,592) ( 7,592)
Net assets 1,711,051 1,706,413
Capital and reserves
Called-up share capital 7 90 90
Capital redemption reserve 10 10
Profit and loss account 1,710,951 1,706,313
Total shareholder's funds 1,711,051 1,706,413

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 Greater London Fostering Limited (registered number: 04236191) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Richard Norwood
Director

25 September 2024

GREATER LONDON FOSTERING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
GREATER LONDON 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

Greater London 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 Unit Mi.113, 12 Marshgate Lane, Stratford, London, E15 2NH, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 15 16

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2023 13,611 513,417 527,028
At 31 December 2023 13,611 513,417 527,028
Accumulated depreciation
At 01 January 2023 1,633 475,171 476,804
Charge for the financial year 272 9,561 9,833
At 31 December 2023 1,905 484,732 486,637
Net book value
At 31 December 2023 11,706 28,685 40,391
At 31 December 2022 11,978 38,246 50,224

4. Debtors

2023 2022
£ £
Trade debtors 494,687 474,011
Amounts owed by group undertakings 318,128 370,276
Other debtors 987,532 921,906
1,800,347 1,766,193

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 443,474 309,369

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 241,235 12,404
Amounts owed to group undertakings 22,648 22,648
Taxation and social security 26,824 101,341
Other creditors 275,117 275,663
565,824 412,056

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
900 Ordinary shares of £ 0.10 each 90 90

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 within other debtors is a balance of £610,082 (2022 : £610,082) owed by R. Norwood, a director. This balance is unsecured and interest free, with no fixed repayment terms.

Also included within other debtors is a balance of £116,374 (2022: £35,374) owed by South Coast 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 within other debtors is a balance of £201,754 (2022: £334,902) owed by Positive Aspirations Ltd, a company in which R. Norwood is also a director. This balance is unsecured and interest free, with no fixed repayment terms. Management Fees of £1,815,500 (2022: £612,500) were paid to the company during the year.

Included within other creditors is a balance of £22,648 (2022: £22,648) owed to The Foster Carer Training Company 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 within other creditors is a balance of £95,000 (2022 : £95,000) owed to L. Norwood, a director. This balance is unsecured and interest free, with no fixed repayment terms.