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Young Foundations Limited

Registered number: 05029887
Annual report and audited financial statements
For the year ended 30 June 2024

 
YOUNG FOUNDATIONS LIMITED
 
 
COMPANY INFORMATION


Directors
N Kelly 
D Roach (appointed 11 December 2023)
D Russell 
M Oatway 
MRA UK Investments Limited 
L Edwards-Allen (appointed 11 November 2024)




Registered number
05029887



Registered office
Alexander House
Highfield Park

Llandyrnog

Denbighshire

Wales

LL16 4LU




Independent auditor
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

One St. Peter's Square

Manchester

M2 3DE




Bankers
Barclays Bank plc
3rd Floor

Windsor Court

3 Windsor Place

Cardiff

CF10 3ZL





 
YOUNG FOUNDATIONS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 6
Independent Auditor's Report
 
7 - 10
Statement of Comprehensive Income
 
11
Statement of Financial Position
 
12
Statement of Changes in Equity
 
13
Notes to the Financial Statements
 
14 - 28


 
YOUNG FOUNDATIONS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Business review
 
Young Foundations Limited (the “Company”) continued its principal activities throughout the current year as detailed in the Directors' Report.
As reported in the profit and loss account, revenue has increased by 23.7% from £16,632,302 to £20,577,222 in the current period. Profit after tax has increased from a profit of £1,200,575 to a profit of £2,836,557. These results are principally driven by an increase to average occupancy resulting in an increase in revenue which has been partially offset by an ongoing refurbishment program.
Financial position at the reporting date
The Statement of Financial Position shows that the Company’s net assets have increased from £9,910,348 to £12,746,905. This is due to the profit made during the year. 

Principal risks and uncertainties
 
The Directors consider the key risks and uncertainties facing the Company to be as follows:
Competitive pressure in a market for specialist challenging behaviour services is a continuing risk for the Company as a number of alternative providers exist across the UK. The Company continues to mitigate for this risk by developing services which are sufficiently differentiated from the competition by means of both the behavioural models applied and the niche client groups cared for by the group.
The service users are wholly funded by public sector sources. Consequently the Company is therefore exposed to risks surrounding changes in government policies and the impact of enacted and planned reductions in spending on health and social care. This risk is mitigated by providing robust evidence of quality and service user outcomes, as well as ensuring that the Company continues to contract with a wide range of funding providers. The group will continue to review and amend its cost base to counteract funding changes.
The directors have considered the Company's trading and cash flows for the foreseeable future taking into account reasonably possible changes in trading performance. After making enquiries and taking into account the uncertainties arising from the current economic circumstances, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

Financial key performance indicators
 
The Company's strategy is to continually improve the quality of the services provided and to increase its capacity. This will be delivered through continued investment in the development of our employees and refurbishment of our existing properties. These measures will ultimately be reflected in the turnover and profitability of the Company.

- 1 -

 
YOUNG FOUNDATIONS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Directors' statement of compliance with duty to promote the success of the Company
 
The board of directors of the Company consider that both individually and together for the year ended 30 June 2024 they have acted in the way they consider, in good faith, would be the most likely to promote the success of the Company for the benefit of its members as a whole and having regard to the matters set out in s172 (1)(a-f) as below:
 
a)the likely consequences of any decision in the long term; 
b)the interest of the Company's employees; 
c)the need to foster the Company's business relationships with suppliers, customers and others;
d)the impact of the Company's operations on the community and the environment;
e)the desirability of the Company maintaining a reputation for high standards of business conduct; 
the need to act fairly between related parties of the Company; 
The directors work closely with the management team and make decisions by taking their legal duty into account and also the priorities and requirements of the stakeholders.
(a) the likely consequences of any decision in the long term;
The directors have regard to the likely consequences of their decisions on the long term objectives and sustainability of the Company, its stakeholders and the community whilst also preserving its values and culture. Cash requirements are monitored taking into account operating costs, cash required for capital investment in the living environment of the homes, schools and hospitals as well as capital investment in opportunities for future growth. These decisions are taken by balancing the requirements of stakeholders and without prejudicing the position of other creditors.
We assess the profitability and performance of each of our homes and schools on an individual basis and would only make the decision to dispose or close an operation if the costs outweigh the fees or if there were serious operational concerns with the environment. This decision would be made based on a long term view and factor in the needs of care provision for our residents and patients.
Investment in skills and training is an area where initial costs are more than outweighed by long term benefits. We will strive to train our employees to the highest standard possible as they are our greatest investment. Investment in our portfolio of properties is important to provide high quality living and working environments for our residents, patients and staff and this is an area of focus for the directors and management team.
We are a business built on our standards and reputation and would not take a decision which would have a detrimental impact on this whether in the short term or the long term. We are dedicated to ensuring we maintain our culture whilst achieving our purpose.
(b) the interests of the Company's employees;
Our employees represent our business so it is very important that they have the right attitude and the drive to create ideas, promote high levels of care, grow and develop and set high standards. All employees are encouraged to be honest and regular supervisions and employee surveys are held to facilitate this. The board receives reports on the results of these surveys together with action plans that management intend to take forward.
 
- 2 -

 
YOUNG FOUNDATIONS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


The directors and management team provide supervisions to many staff and visit the locations and talk to the employees which gives them the opportunity to hear their ideas and see first-hand where any improvements can be made.
(c) the need to foster the Company’s business relationships with suppliers, customers and others;
The directors are in regular dialogue with Commissioning Authorities, Health Boards and Local Authorities and work with them, as well as families and advocates of our residents and patients to collaborate with them and seek to provide care, support and protect the children we look after.
Our common purpose is to improve the lives of the residents through positive relationships leading to outcomes.
Our homes and schools are located throughout the UK and we seek to use local suppliers where possible and build strong and trusted supplier relationships to support the business.
(d) the impact of the Company’s operations on the community and environment;
Where possible we engage with the local communities and work with stakeholders to provide good levels of dialogue and communication.
e) the desirability of the Company maintaining a reputation for high standards of business conduct;
All new employees get an Offer Pack which includes our standards, equal opportunities and safeguarding policies. A training programme is shared thereafter. All employees have easy access to our Staff handbook and understand the requirement for them to comply with the Company’s high standards of care to support the adults and children we work with and to maintain high standards of business conduct at all times. Any issues of noncompliance with any of our policies can be dealt with in confidence and there is a Speak Up Guardian.
f)  The need to act fairly between related parties of the Company;
The Company aims to act with integrity and courtesy in all of its business relationships and will consider all members and stakeholders when making decisions for the overall good of the Company and its related parties.


This report was approved by the board and signed on its behalf.





N Kelly
Director

Date: 19 December 2024

- 3 -

 
YOUNG FOUNDATIONS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The Directors present their report and the financial statements for the year ended 30 June 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under Company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £2,836,557 (2023 -  £1,200,575).

Directors

The Directors who served during the year were:

N Kelly 
D Roach (appointed 11 December 2023)
D Russell 
M Oatway 
MRA UK Investments Limited 
N Dixon (resigned 30 November 2024)
S Weir (resigned 17 September 2024)

- 4 -

 
YOUNG FOUNDATIONS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Going concern

Liquidity is managed on a group wide basis with the Company currently not being reliant on third party finance and does not expect to be so for the foreseeable future.
The board has considered the Company's future trading and cash flows for the foreseeable future, taking into account reasonably possible changes in trading performance, and has concluded that the Company has adequate resources to continue in operational existence for the foreseeable future. The financial statements are thus prepared on a going concern basis.
The Company remains both profitable and in a net asset position.
The Directors consider the Company to be resilient and able to respond to any adverse impacts in order to minimise the impact on the financial performance of the Company.
Economic impact of global events 
UK businesses are currently facing many uncertainties such as the continuing consequences of Brexit, political change, environmental sustainability and geopolitical events such as the Russian invasion of Ukraine. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The Directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that these are non-adjusting events with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment.
The Company continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.

Future developments

The Company’s strategy is to continually improve the quality of the services provided and to increase its capacity. Delivery of this has progressed during the financial year, through continued investment in the development of our employees and refurbishment of our existing properties and facilities.

Engagement with employees

The business places significant value on the involvement and engagement of our employees throughout all aspects of our business. Employees are actively engaged through annual staff surveys, regular newsletters and regular business activities which enable and promote staff engagement. Employees receive a wide range of information about the business and its activities and are encouraged to speak openly and frankly to managers and senior leaders about their experience of the business and to make suggestions for improvements.

Disabled employees

The business operates in a non-discriminatory way giving full consideration to application for employment from all individuals including those with a disability and where that disability does not prevent the applicant from fulfilling the requirements of the role. The business actively looks at reasonable adjustments that would help disabled individuals to fulfills job roles both at the commencement of employment and in the event of a disability becomes apparent during the course of employment. The business provides a range of learning and development activities all of which are accessible to individuals with disabilities and ensures that all recruitment and promotion activity is based on merit.

- 5 -

 
YOUNG FOUNDATIONS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Matters covered in the Strategic Report

The Company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the Company's Strategic Report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors' Report. It has done so in respect of future developments.
The following information has been included in the Strategic Report and is incorporated into this report by reference:
- Business review;
- Financial position at the reporting date;
- Principal risks and uncertainties;
- Financial key performance indicators. 

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no post balance sheet events to disclose within the financial statements. 

Auditor

Auditors will be appointed for the following financial year in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





N Kelly
Director

Date: 19 December 2024

- 6 -

 
YOUNG FOUNDATIONS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF YOUNG FOUNDATIONS LIMITED
 

Opinion

We have audited the financial statements of Young Foundations Limited (the ‘Company’) for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies. 
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the Company’s affairs as at 30 June 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
- 7 -

 
YOUNG FOUNDATIONS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF YOUNG FOUNDATIONS LIMITED
 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
 
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

- 8 -

 
YOUNG FOUNDATIONS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF YOUNG FOUNDATIONS LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 

Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. 
- 9 -

 
YOUNG FOUNDATIONS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF YOUNG FOUNDATIONS LIMITED
 

In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cut off assertion), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of the audit report

This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body for our audit work, for this report, or for the opinions we have formed.




Neil Barton (Senior Statutory Auditor)

  
for and on behalf of

Forvis Mazars LLP
Chartered Accountants and Statutory Auditor 
One St. Peter's Square
Manchester
M2 3DE

19 December 2024
- 10 -

 
YOUNG FOUNDATIONS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
20,577,222
16,632,302

Cost of sales
  
(11,400,745)
(9,264,396)

Gross profit
  
9,176,477
7,367,906

Administrative expenses
  
(5,205,386)
(5,655,918)

Operating profit
 5 
3,971,091
1,711,988

Interest payable and similar expenses
 9 
(19,387)
(150,401)

Profit before tax
  
3,951,704
1,561,587

Tax on profit
 10 
(1,115,147)
(361,012)

Profit for the financial year
  
2,836,557
1,200,575

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023: £NIL).

The notes on pages 14 to 28 form part of these financial statements.

- 11 -

 
YOUNG FOUNDATIONS LIMITED
REGISTERED NUMBER: 05029887

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
54,700
67,846

Tangible assets
 12 
14,358,756
14,658,878

  
14,413,456
14,726,724

Current assets
  

Debtors: amounts falling due within one year
 13 
3,624,709
2,814,050

Cash at bank and in hand
 14 
6,292,976
1,514,563

  
9,917,685
4,328,613

Creditors: amounts falling due within one year
 15 
(11,211,578)
(8,754,400)

Net current liabilities
  
 
 
(1,293,893)
 
 
(4,425,787)

Total assets less current liabilities
  
13,119,563
10,300,937

Provisions for liabilities
  

Deferred tax
 16 
(372,658)
(390,589)

Net assets
  
12,746,905
9,910,348


Capital and reserves
  

Called up share capital 
 17 
1
1

Profit and loss account
 18 
12,746,904
9,910,347

  
12,746,905
9,910,348


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




N Kelly
Director

Date: 19 December 2024


The notes on pages 14 to 28 form part of these financial statements.

- 12 -

 
YOUNG FOUNDATIONS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2022
1
8,709,772
8,709,773


Comprehensive income for the year

Profit for the year
-
1,200,575
1,200,575
Total comprehensive income for the year
-
1,200,575
1,200,575



At 1 July 2023
1
9,910,347
9,910,348


Comprehensive income for the year

Profit for the year
-
2,836,557
2,836,557
Total comprehensive income for the year
-
2,836,557
2,836,557


At 30 June 2024
1
12,746,904
12,746,905


The notes on pages 14 to 28 form part of these financial statements.

- 13 -

 
YOUNG FOUNDATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Young Foundations Limited ("the Company") is a private company, limited by shares, domiciled and incorporated in England and Wales. The address of its registered office and principal place of business is 7 Grosvenor Street, Chester, England, CH1 2DD. Company number 05029887.
The Company's principal activities are the care and rehabilitation of young people aged 11-18 and young adults with challenging behaviours and complex needs.
These financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the Company operates.
Monetary amounts in these financial statements have been rounded to the nearest £. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of MRA UK Investments Limited as at 30 June 2024 and these financial statements may be obtained from the Registrar of Companies whose address is Companies House, Crown Way, Cardiff, CF14 3UZ.

- 14 -

 
YOUNG FOUNDATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Going concern

The COVID-19 health outbreak financial impact can now be assessed and it is apparent that the overall affect has not been material in determining the going concern status of the MRA group and its subsidiaries. The group is still considered to be sufficiently agile to be prepared to respond to any adverse effects that may still arise, to minimise the impact on the financial performance of the group. The Company continues to generate profits and is in a net assets position. 

 
2.4

Revenue

Turnover comprises revenue recognised for the provision of health and social care residential and in-patient services. Revenue is recognised exclusive of trade discounts and sales taxes. Revenue paid in advance is included in deferred income until the service is provided. Revenue in respect of services provided but not yet invoiced by the period end is included within accrued income.

  
2.5

Intangible assets

Goodwill 
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life of 10 years.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
50 years straight line
Motor vehicles
-
5 years straight line
Fixtures, fittings and equipment
-
3-5 years straight line
Assets under construction
-
nil

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

- 15 -

 
YOUNG FOUNDATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

 

- 16 -

 
YOUNG FOUNDATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
 
- 17 -

 
YOUNG FOUNDATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)


Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of Comprehensive Income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.12

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.13

Pensions

The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.

- 18 -

 
YOUNG FOUNDATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

- 19 -

 
YOUNG FOUNDATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The Directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Critical judgements in applying the Company's accounting policies
The critical judgements that the Directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
Assessing indicators of impairment
In assessing whether there have been any indicators of impaired assets, the Directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial year.
Key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Determining residual values and useful economic lives of tangible fixed assets
The Company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.
Judgement is applied by management when determining the residual values for plant, machinery and  equipment. When determining the residual value, management aim to assess the amount that the Company would currently obtain for the disposal of the asset if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.


4.


Turnover

All turnover arose within the United Kingdom.

- 20 -

 
YOUNG FOUNDATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
805,245
692,923

Other operating lease rentals
62,253
107,857

Amortisation of intangible fixed assets
13,146
13,136


6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor and its associates:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
7,386
7,035

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

Staff costs, including Directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
9,422,949
7,962,160

Social security costs
901,244
754,729

Cost of defined contribution scheme
172,198
151,480

10,496,391
8,868,369


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Management and administration
45
52



Service management and care staff
287
247



Directors
6
2

338
301

- 21 -

 
YOUNG FOUNDATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
408,410
568,300

Company contributions to defined contribution pension schemes
3,488
3,839

411,898
572,139


During the year retirement benefits were accruing to 6 Directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £100,090 (2023 - £250,000).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £20 (2023 - £548).


9.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
19,387
150,401


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,121,008
313,903

Adjustments in respect of previous periods
12,070
-


Total current tax
1,133,078
313,903

Deferred tax


Origination and reversal of timing differences
(29,560)
48,880

Adjustments in respect of prior periods
11,629
(1,771)

Total deferred tax
(17,931)
47,109


Tax on profit
1,115,147
361,012
- 22 -

 
YOUNG FOUNDATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
3,951,704
1,561,587


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
987,926
320,061

Effects of:


Expenses not deductible for tax purposes
140
6,565

Adjustment to tax charge in respect of previous periods
12,070
-

Adjustments to tax charge in respect of prior periods - deferred tax
11,629
(1,771)

Fixed asset differences
103,382
73,008

Remeasurement of deferred tax for changes in tax rates
-
8,806

Group relief
-
(45,657)

Total tax charge for the year
1,115,147
361,012


Factors that may affect future tax charges

There were no factors that may affect future tax charges. 

- 23 -

 
YOUNG FOUNDATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Intangible assets




Goodwill

£



Cost


At 1 July 2023
131,356



At 30 June 2024

131,356



Amortisation


At 1 July 2023
63,510


Charge for the year on owned assets
13,146



At 30 June 2024

76,656



Net book value



At 30 June 2024
54,700



At 30 June 2023
67,846



- 24 -

 
YOUNG FOUNDATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Tangible fixed assets





Freehold property
Motor vehicles
Fixtures, fittings & equipment
Assets under construction
Total

£
£
£
£
£



Cost 


At 1 July 2023
13,613,208
448,936
3,499,497
2,446,457
20,008,098


Additions
159,300
257,405
57,714
74,189
548,608


Disposals
(1,998)
(66,021)
-
-
(68,019)



At 30 June 2024

13,770,510
640,320
3,557,211
2,520,646
20,488,687



Depreciation


At 1 July 2023
2,413,858
179,982
2,755,380
-
5,349,220


Charge for the year on owned assets
413,525
106,502
285,218
-
805,245


Disposals
(676)
(23,858)
-
-
(24,534)



At 30 June 2024

2,826,707
262,626
3,040,598
-
6,129,931



Net book value



At 30 June 2024
10,943,803
377,694
516,613
2,520,646
14,358,756



At 30 June 2023
11,199,350
268,954
744,117
2,446,457
14,658,878

Included in freehold property is freehold land at cost of £1,040,722 (2023 - £1,040,722), which is not depreciated. 

- 25 -

 
YOUNG FOUNDATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Debtors

2024
2023
£
£


Trade debtors
1,729,100
2,488,882

Amounts owed by group undertakings
1,507,567
10,017

Other debtors
15,029
11,667

Prepayments and accrued income
373,013
303,484

3,624,709
2,814,050


Amounts owed by group undertaking are interest free and repayable on demand.


14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
6,292,976
1,514,563



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
443,174
564,681

Amounts owed to group undertakings
9,600,238
6,991,165

Corporation tax
-
313,903

Other taxation and social security
239,556
224,152

Other creditors
174,330
163,407

Accruals and deferred income
754,280
497,092

11,211,578
8,754,400


Amounts owed to group undertaking are interest free and repayable on demand.

- 26 -

 
YOUNG FOUNDATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

16.


Deferred taxation




2024
2023


£

£






At beginning of year
(390,589)
(343,480)


Charged to the Statement of Comprehensive Income
17,931
(47,109)



At end of year
(372,658)
(390,589)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(376,374)
(394,234)

Short term timing differences
3,716
3,645

(372,658)
(390,589)


17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1
1
1

The Company has one class of ordinary shares which carries voting rights, but no right to fixed income.



18.


Reserves

Profit & loss account

The profit & loss account comprises accumulated profits and losses less any dividends declared by the Statement of Financial Position date.

- 27 -

 
YOUNG FOUNDATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


19.


Pension commitments

The Company operates a defined contribution pension scheme for its employees. The assets of the pension scheme are held separately from those of the Company in an independently administered fund. The pension cost represents contributions payable by the Company to the fund and amounted to £172,198 (2023 - £151,480). Contributions totalling £31,253 (2023 - £36,981) were payable to the fund at the Statement of Financial Position date and are included in creditors.


20.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
30,748
31,065

Later than 1 year and not later than 5 years
44,765
13,581

75,513
44,646


21.


Related party transactions

The Company has taken advantage of the exemption in FRS 102 section 33 not to disclose transactions with other wholly owned members of the group.
No other transactions with related parties were undertaken such as are required to be disclosed under FRS102 section 33.


22.


Ultimate parent undertaking and controlling party

The Company's ultimate parent undertaking at 30 June 2024 is MRA UK Investments Limited, a Company registered in England and Wales, which prepares consolidated financial statements and is both the smallest and largest group into which the Company is consolidated. At 30 June 2024 the Company's ultimate controlling party was Mr M Adey. 

- 28 -