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Registered number: 05521308
Ownlife Fostering Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
LK & Associates Limited
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—5
Page 1
Accountant's Report
Chartered Accountant's report to the director on the preparation of the unaudited statutory accounts of Ownlife Fostering Ltd for the year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Ownlife Fostering Ltd for the year ended 30 June 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the director of Ownlife Fostering Ltd , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Ownlife Fostering Ltd and state those matters that we have agreed to state to the director of Ownlife Fostering Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ownlife Fostering Ltd and its director, as a body, for our work or for this report.
It is your duty to ensure that Ownlife Fostering Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Ownlife Fostering Ltd . You consider that Ownlife Fostering Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Ownlife Fostering Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
LK & Associates Limited
30/11/2024
LK & Associates Limited
ICAEW Chartered Accountants
2a High Street
Thames Ditton
KT7 0RY
Page 1
Page 2
Balance Sheet
Registered number: 05521308
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,355 970
1,355 970
CURRENT ASSETS
Debtors 5 88,124 102,270
Cash at bank and in hand 48,841 41,339
136,965 143,609
Creditors: Amounts Falling Due Within One Year 6 (6,665 ) (6,559 )
NET CURRENT ASSETS (LIABILITIES) 130,300 137,050
TOTAL ASSETS LESS CURRENT LIABILITIES 131,655 138,020
Creditors: Amounts Falling Due After More Than One Year 7 (220,865 ) (298,075 )
NET LIABILITIES (89,210 ) (160,055 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (89,310 ) (160,155 )
SHAREHOLDERS' FUNDS (89,210) (160,055)
Page 2
Page 3
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
C Hammond
Director
30/11/2024
The notes on pages 4 to 5 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Ownlife Fostering Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05521308 . The registered office is 15 Boyd Close, Kingston Upon Thames, Surrey, KT2 7RL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have considered the company's balance sheet, trading activity and estimated cash flows for a period of at least 12 months from the date these financial statements were signed and have concluded that the company will continue to be able to meet its financial obligations as these fall due despite the company's net liability position.
The company has net liabilities of £89,210 (2023: £160,453). The company has secured assurances from its long term creditors (2024: £220,865 and 2023: £298,075) that these will not be called in for a period of at least 12 months.
Based on these assessments, given the measures that have been undertaken to mitigate the current adverse conditions, and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing these financial statements.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25%
Computer Equipment 25%
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 7)
7 7
4. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 July 2023 2,980
Additions 724
As at 30 June 2024 3,704
Depreciation
As at 1 July 2023 2,010
Provided during the period 339
As at 30 June 2024 2,349
...CONTINUED
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Net Book Value
As at 30 June 2024 1,355
As at 1 July 2023 970
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 80,127 93,538
Other debtors 7,997 8,732
88,124 102,270
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,556 4,759
Other creditors 4,109 1,800
6,665 6,559
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 220,865 298,075
Included within Other Creditors is a £969 long term loan due to C Hammond, a director (2023: £16,779). This long term loan is interest free and repayable on demand but the director has given assurances that it will not be called in for at least a year from the date of these financial statements. As such, the balance is treated as due after more than one year.
Also included within Other Creditors is a £219,896 long term loan due to Ownlife Limited, a company controlled by the directors and majority shareholders of Ownlife Fostering Limited (2023: £281,296). This long term loan is interest free and repayable on demand but the directors of Ownlife Limited have given assurances that it will not be called in for at least a year from the date of these financial statements. As such, the balance is treated as due after more than one year.
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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