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COMPANY REGISTRATION NUMBER: 12874518
Fostering Connections Ltd
Filleted Unaudited Financial Statements
31 August 2024
Fostering Connections Ltd
Financial Statements
Year ended 31 August 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Fostering Connections Ltd
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
679
905
Current assets
Debtors
6
35,667
15,183
Cash at bank and in hand
169,892
79,823
---------
--------
205,559
95,006
Creditors: amounts falling due within one year
7
86,903
75,903
---------
--------
Net current assets
118,656
19,103
---------
--------
Total assets less current liabilities
119,335
20,008
---------
--------
Net assets
119,335
20,008
---------
--------
Capital and reserves
Called up share capital
6
6
Profit and loss account
119,329
20,002
---------
--------
Shareholders funds
119,335
20,008
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Fostering Connections Ltd
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 8 November 2024 , and are signed on behalf of the board by:
D Whipps
Director
Company registration number: 12874518
Fostering Connections Ltd
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Warlies Park House, Horseshoe Hill, Upshire, Essex, EN9 3SL, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no issues regarding going concern due to the continued support of the directors and therefore the accounts have been prepared this basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 7 ).
5. Tangible assets
Equipment
£
Cost
At 1 September 2023 and 31 August 2024
1,980
-------
Depreciation
At 1 September 2023
1,075
Charge for the year
226
-------
At 31 August 2024
1,301
-------
Carrying amount
At 31 August 2024
679
-------
At 31 August 2023
905
-------
6. Debtors
2024
2023
£
£
Trade debtors
30,214
7,399
Other debtors
5,453
7,784
--------
--------
35,667
15,183
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
13,692
Corporation tax
42,674
5,144
Social security and other taxes
2,560
4,469
Other creditors
27,977
66,290
--------
--------
86,903
75,903
--------
--------
8. Related party transactions
At the year end the company owed the directors £10,356 (2023: £60,090).