Company registration number 05757213 (England and Wales)
THE FOUNDATION STAGE FORUM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
One Bell Lane
Lewes
East Sussex
BN7 1JU
THE FOUNDATION STAGE FORUM LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
THE FOUNDATION STAGE FORUM LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr S D Edwards
Mrs H L Edwards
Secretary
Mrs H L Edwards
Company number
05757213
Registered office
Watercourt
65 High Street
Lewes
East Sussex
BN7 1XG
Accountants
TC Group
One Bell Lane
Lewes
East Sussex
BN7 1JU
Bankers
Lloyds Bank Plc
8 High Street
Lewes
East Sussex
BN7 2AD
THE FOUNDATION STAGE FORUM LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
180,242
156,195
Tangible assets
4
2,575,642
2,566,866
2,755,884
2,723,061
Current assets
Debtors
5
15,760
27,308
Cash at bank and in hand
718,602
665,686
734,362
692,994
Creditors: amounts falling due within one year
6
(1,654,187)
(1,487,864)
Net current liabilities
(919,825)
(794,870)
Total assets less current liabilities
1,836,059
1,928,191
Creditors: amounts falling due after more than one year
7
(72,707)
(136,421)
Provisions for liabilities
(206,060)
(201,095)
Net assets
1,557,292
1,590,675
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
1,557,192
1,590,575
Total equity
1,557,292
1,590,675
THE FOUNDATION STAGE FORUM LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 30 September 2024 and are signed on its behalf by:
Mr S D Edwards
Mrs H L Edwards
Director
Director
Company registration number 05757213 (England and Wales)
THE FOUNDATION STAGE FORUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

The Foundation Stage Forum Limited is a private company limited by shares incorporated in England and Wales. The registered office is Watercourt, 65 High Street, Lewes, East Sussex, BN7 1XG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided to support professionals in the Foundation stage of education in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life and has now been amortised to £nil (2023 - £nil).

THE FOUNDATION STAGE FORUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
10 years straight line
Tapestry website
5 years straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings - Freehold
50 years straight line
Fixtures, fittings and equipment
15% reducing balance
Computer equipment
3 years straight line

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.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

1.8
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE FOUNDATION STAGE FORUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

THE FOUNDATION STAGE FORUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
37
35
THE FOUNDATION STAGE FORUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
3
Intangible fixed assets
Goodwill
Development costs
Tapestry website
Total
£
£
£
£
Cost
At 1 April 2023
23,000
358,033
28,720
409,753
Additions
-
0
52,650
-
0
52,650
At 31 March 2024
23,000
410,683
28,720
462,403
Amortisation and impairment
At 1 April 2023
23,000
207,582
22,976
253,558
Amortisation charged for the year
-
0
22,859
5,744
28,603
At 31 March 2024
23,000
230,441
28,720
282,161
Carrying amount
At 31 March 2024
-
0
180,242
-
0
180,242
At 31 March 2023
-
0
150,451
5,744
156,195
4
Tangible fixed assets
Land and buildings - Freehold
Fixtures, fittings and equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2023
2,500,000
96,878
92,958
2,689,836
Additions
-
0
12,520
22,503
35,023
At 31 March 2024
2,500,000
109,398
115,461
2,724,859
Depreciation and impairment
At 1 April 2023
-
0
46,068
76,902
122,970
Depreciation charged in the year
-
0
9,500
16,747
26,247
At 31 March 2024
-
0
55,568
93,649
149,217
Carrying amount
At 31 March 2024
2,500,000
53,830
21,812
2,575,642
At 31 March 2023
2,500,000
50,810
16,056
2,566,866
THE FOUNDATION STAGE FORUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Tangible fixed assets
(Continued)
- 9 -

The fair value of the freehold property has been arrived at on the basis of a valuation carried out by Charles Wycherley Independent Estate Agents Ltd, chartered surveyors. The historical cost of the property is £2,849,922 (2023 - £2,849,922).

 

The residual value of the freehold property in 50 years time is expected to exceed the carrying amount, therefore depreciation for the period is calculated at £0.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
6,362
6,362
Other debtors
9,398
20,946
15,760
27,308
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
63,714
60,613
Trade creditors
14,973
25,528
Corporation tax
62,703
355
Other taxation and social security
89,840
94,424
Other creditors
1,422,957
1,306,944
1,654,187
1,487,864
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
72,707
136,421
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr S D EdwardsHelen L EdwardsMrs H L Edwardsfalsefalse057572132023-04-012024-03-3105757213bus:Director12023-04-012024-03-3105757213bus:CompanySecretaryDirector12023-04-012024-03-3105757213bus:Director22023-04-012024-03-3105757213bus:CompanySecretary12023-04-012024-03-3105757213bus:RegisteredOffice2023-04-012024-03-3105757213bus:Agent12023-04-012024-03-31057572132024-03-31057572132023-03-3105757213core:Goodwill2024-03-3105757213core:DevelopmentCostsCapitalisedDevelopmentExpenditure2024-03-3105757213core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-03-3105757213core:Goodwill2023-03-3105757213core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-03-3105757213core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-3105757213core:LandBuildingscore:OwnedOrFreeholdAssets2024-03-3105757213core:FurnitureFittings2024-03-3105757213core:ComputerEquipment2024-03-3105757213core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3105757213core:FurnitureFittings2023-03-3105757213core:ComputerEquipment2023-03-3105757213core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3105757213core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3105757213core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3105757213core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3105757213core:CurrentFinancialInstruments2024-03-3105757213core:CurrentFinancialInstruments2023-03-3105757213core:ShareCapital2024-03-3105757213core:ShareCapital2023-03-3105757213core:RetainedEarningsAccumulatedLosses2024-03-3105757213core:RetainedEarningsAccumulatedLosses2023-03-3105757213core:Goodwill2023-04-012024-03-3105757213core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3105757213core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-3105757213core:FurnitureFittings2023-04-012024-03-3105757213core:ComputerEquipment2023-04-012024-03-31057572132022-04-012023-03-3105757213core:Goodwill2023-03-3105757213core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-03-3105757213core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-31057572132023-03-3105757213core:Goodwillcore:ExternallyAcquiredIntangibleAssets2023-04-012024-03-3105757213core:DevelopmentCostsCapitalisedDevelopmentExpenditurecore:ExternallyAcquiredIntangibleAssets2023-04-012024-03-3105757213core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillcore:ExternallyAcquiredIntangibleAssets2023-04-012024-03-3105757213core:ExternallyAcquiredIntangibleAssets2023-04-012024-03-3105757213core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-04-012024-03-3105757213core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-04-012024-03-3105757213core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3105757213core:FurnitureFittings2023-03-3105757213core:ComputerEquipment2023-03-3105757213core:WithinOneYear2024-03-3105757213core:WithinOneYear2023-03-3105757213core:Non-currentFinancialInstruments2024-03-3105757213core:Non-currentFinancialInstruments2023-03-3105757213bus:PrivateLimitedCompanyLtd2023-04-012024-03-3105757213bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3105757213bus:FRS1022023-04-012024-03-3105757213bus:AuditExemptWithAccountantsReport2023-04-012024-03-3105757213bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP