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Registration number: 13273130

Happy Hearts Foster Care Limited

Unaudited Filleted Financial Statements

for the Period from 1 April 2023 to 30 March 2024

 

Happy Hearts Foster Care Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Happy Hearts Foster Care Limited

Company Information

Directors

Rizwan Khan

Nayla Khan

Registered office

Radclyffe House
66-68 Hagley Road
Birmingham
West Midlands
B16 8PF

Accountants

James Thompson t/a AIMS
11 Brindley Place
Brunswick Square
Birmingham
West Midlands
B1 2LP

 

Happy Hearts Foster Care Limited

(Registration number: 13273130)
Balance Sheet as at 30 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,245

1,035

Current assets

 

Debtors

5

63,235

31,550

Cash at bank and in hand

 

53,169

-

 

116,404

31,550

Creditors: Amounts falling due within one year

6

(131,144)

(122,179)

Net current liabilities

 

(14,740)

(90,629)

Total assets less current liabilities

 

(13,495)

(89,594)

Creditors: Amounts falling due after more than one year

6

(13,542)

-

Net liabilities

 

(27,037)

(89,594)

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

(27,039)

(89,596)

Shareholders' deficit

 

(27,037)

(89,594)

For the financial period ending 30 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 October 2024 and signed on its behalf by:
 

.........................................
Nayla Khan
Director

 

Happy Hearts Foster Care Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Radclyffe House
66-68 Hagley Road
Birmingham
West Midlands
B16 8PF
United Kingdom

These financial statements were authorised for issue by the Board on 11 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Happy Hearts Foster Care Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 March 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% on cost

Plant and Machinery

20% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Happy Hearts Foster Care Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 March 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 6 (2023 - 2).

 

Happy Hearts Foster Care Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 March 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

100

1,396

1,496

Additions

-

688

688

At 30 March 2024

100

2,084

2,184

Depreciation

At 1 April 2023

38

423

461

Charge for the period

62

416

478

At 30 March 2024

100

839

939

Carrying amount

At 30 March 2024

-

1,245

1,245

At 31 March 2023

62

973

1,035

5

Debtors

Current

2024
£

2023
£

Trade debtors

6,449

2,544

Prepayments

-

1,044

Other debtors

56,786

27,962

 

63,235

31,550

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

17,984

23,456

Trade creditors

 

5,250

12,748

Taxation and social security

 

6,164

3,807

Accruals and deferred income

 

47,500

10,613

Other creditors

 

54,246

71,555

 

131,144

122,179

 

Happy Hearts Foster Care Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 March 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

13,542

-

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Oridinary Share Capital of £1 each

2

2

2

2

         

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Other borrowings

13,542

-

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

-

3,455

Other borrowings

17,984

20,001

17,984

23,456