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Registration number: 06796104

Foundation Skills Centre Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Foundation Skills Centre Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Foundation Skills Centre Limited

Company Information

Director

Mr N Aslam

Registered office

St Wulstan's
Athelstan Road
Battenhall
Worcester
WR5 2BW

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Foundation Skills Centre Limited

(Registration number: 06796104)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

45,542

58,129

Investment property

5

2,456,186

2,456,186

 

2,501,728

2,514,315

Current assets

 

Debtors

6

151,994

260,360

Cash at bank and in hand

 

278,402

189,691

 

430,396

450,051

Creditors: Amounts falling due within one year

7

(553,055)

(567,022)

Net current liabilities

 

(122,659)

(116,971)

Total assets less current liabilities

 

2,379,069

2,397,344

Creditors: Amounts falling due after more than one year

7

(2,161,701)

(2,243,122)

Net assets

 

217,368

154,222

Capital and reserves

 

Called up share capital

100

100

Retained earnings

217,268

154,122

Shareholders' funds

 

217,368

154,222

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

Director's responsibilities:

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

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 October 2024
 

 

Foundation Skills Centre Limited

(Registration number: 06796104)
Balance Sheet as at 31 January 2024

.........................................
Mr N Aslam
Director

   
 

Foundation Skills Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
St Wulstan's
Athelstan Road
Battenhall
Worcester
WR5 2BW

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.

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.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Foundation Skills Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

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

Computer equipment

25% on a reducing basis

Fictures and fittings

25% on a reducing basis

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.

 

Foundation Skills Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 February 2023

141,809

8,759

150,568

Additions

957

1,329

2,286

At 31 January 2024

142,766

10,088

152,854

Depreciation

At 1 February 2023

84,997

7,442

92,439

Charge for the year

14,391

482

14,873

At 31 January 2024

99,388

7,924

107,312

Carrying amount

At 31 January 2024

43,378

2,164

45,542

At 31 January 2023

56,812

1,317

58,129

5

Investment properties

2024
£

At 1 February

2,456,186

At 31 January

2,456,186

The directors have considered the fair value of the properties and have formed the opinion that the valuation of the properties held is in line with costs and that no revaluation is required.

There has been no valuation of investment property by an independent valuer.

 

Foundation Skills Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Debtors

2024
£

2023
£

Other debtors

151,994

260,360

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

123

13,533

Trade creditors

 

5,506

6,492

Amounts owed to related parties

541,686

535,677

Taxation and social security

 

1,441

-

Other creditors

 

4,299

11,320

 

553,055

567,022

Due after one year

 

Loans and borrowings

8

1,919,701

2,003,122

Other non-current financial liabilities

 

242,000

240,000

 

2,161,701

2,243,122

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Other borrowings

1,919,701

2,003,122

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

123

-

Other borrowings

-

13,533

123

13,533

 

Foundation Skills Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Bank borrowings

The carrying amount of Royal Bank of Scotland at year end is £255,464 (2023 - £267,542).

Fixed and floating charge by way of legal mortgage all legal interest in the property known as Tamarisks Inner Hope Cove Kingsbridge, South Devon TQ7 3HH and registered at the Land Registry under title numbers DN501465, DN481084, and DN624272. Dated 24/11/17.

Other borrowings

The carrying amount of Related Parties at year end is £242,000 (2023 - £240,000).

Other borrowings are from related parties.