Caseware UK (AP4) 2024.0.164 2024.0.164 2024-05-312024-05-312025-05-28truetrue2023-06-01falseNo description of principal activity22trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13695378 2023-06-01 2024-05-31 13695378 2022-06-01 2023-05-31 13695378 2024-05-31 13695378 2023-05-31 13695378 c:Director1 2023-06-01 2024-05-31 13695378 c:Director2 2023-06-01 2024-05-31 13695378 c:RegisteredOffice 2023-06-01 2024-05-31 13695378 d:FurnitureFittings 2023-06-01 2024-05-31 13695378 d:FurnitureFittings 2024-05-31 13695378 d:FurnitureFittings 2023-05-31 13695378 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 13695378 d:FreeholdInvestmentProperty 2023-06-01 2024-05-31 13695378 d:FreeholdInvestmentProperty 2024-05-31 13695378 d:CurrentFinancialInstruments 2024-05-31 13695378 d:CurrentFinancialInstruments 2023-05-31 13695378 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 13695378 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 13695378 d:ShareCapital 2024-05-31 13695378 d:ShareCapital 2023-05-31 13695378 d:RetainedEarningsAccumulatedLosses 2024-05-31 13695378 d:RetainedEarningsAccumulatedLosses 2023-05-31 13695378 c:OrdinaryShareClass1 2023-06-01 2024-05-31 13695378 c:OrdinaryShareClass1 2024-05-31 13695378 c:OrdinaryShareClass1 2023-05-31 13695378 c:FRS102 2023-06-01 2024-05-31 13695378 c:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 13695378 c:FullAccounts 2023-06-01 2024-05-31 13695378 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 13695378 2 2023-06-01 2024-05-31 13695378 e:PoundSterling 2023-06-01 2024-05-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 13695378












FOSTER PROJECTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

 

FOSTER PROJECTS LTD

CONTENTS



Page
Company information
 
1
Accountants' report
 
2
Balance sheet
 
3 - 4
Notes to the financial statements
 
5 - 10


 

FOSTER PROJECTS LTD
 
COMPANY INFORMATION


Directors
M J Harding 
R J Dilworth 




Registered number
13695378



Registered office
Copthorne Business Suite
Copthorne Way

Copthorne

West Sussex

RH10 3PG




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1

 

FOSTER PROJECTS LTD
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FOSTER PROJECTS LTD
FOR THE YEAR ENDED 31 MAY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Foster Projects Ltd for the year ended 31 May 2024 which comprise the balance sheet and the related notes from the company's accounting records and from information and explanations you have given to us.


We have carried out this engagement in accordance with technical guidance issued by the Institute of Chartered Accountants in England and Wales (ICAEW) and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.
 
 
It is your duty to ensure that Foster Projects Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the company's assets, liabilities, financial position and profit. You consider that Foster Projects Ltd is exempt from the statutory audit requirement for the year.
 
 
We have not been instructed to carry out an audit or review of the financial statements of Foster Projects 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 statutory financial statements.
Use of our report
This report is made solely to the board of directors of Foster Projects Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Foster Projects Ltd and state those matters that we have agreed to state to them 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 Foster Projects Ltd and its board of directors, as a body, for our work or for this report.





Blick Rothenberg Limited
 
Chartered Accountants
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

28 May 2025
Page 2


 
REGISTERED NUMBER:13695378
FOSTER PROJECTS LTD

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,860
-

Investment property
 5 
9,331,223
-

  
9,336,083
-

Current assets
  

Debtors
  
2,942,826
625,663

Bank and cash balances
  
592,329
9,389,485

  
3,535,155
10,015,148

Creditors: amounts falling due within one year
 6 
(10,287,714)
(7,510,427)

Net current (liabilities)/assets
  
 
 
(6,752,559)
 
 
2,504,721

Total assets less current liabilities
  
2,583,524
2,504,721

  

Net assets
  
2,583,524
2,504,721


Capital and reserves
  

Called up share capital 
 7 
2,500,000
2,500,000

Profit and loss account
  
83,524
4,721

Total equity
  
2,583,524
2,504,721


Page 3


 
REGISTERED NUMBER:13695378
FOSTER PROJECTS LTD
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

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




M J Harding
Director

Date: 28 May 2025

The notes on pages 5 to 10 form part of these financial statements.

Page 4

 

FOSTER PROJECTS LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Foster Projects Ltd is a private company limited by shares incorporated in England and Wales. The address of its registered office is Copthorne Business Suite, Copthorne Way, Copthorne, West Sussex, England, RH10 3PG.
The financial statements are presented in Sterling (£), which is the functional currency of the company.
Monetary amounts in these financial statements are 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 Section 1A of 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 judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.


2.4

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

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. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Page 5

 

FOSTER PROJECTS LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)




Financial instruments (continued)

Financial assets
Basic financial assets, including trade debtors and cash and bank balances, are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

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

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Page 6

 

FOSTER PROJECTS LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)




Financial instruments (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.5

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, in income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
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.

Page 7

 

FOSTER PROJECTS LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation 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:

Fixtures and fittings
-
25%

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.

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.9

Share capital

Ordinary shares are classified as equity.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 1).

Page 8

 

FOSTER PROJECTS LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Tangible fixed assets





Fixtures and fittings

£



Cost 


Additions
6,480



At 31 May 2024

6,480



Depreciation


Charge for the year on owned assets
1,620



At 31 May 2024

1,620



Net book value



At 31 May 2024
4,860



At 31 May 2023
-


5.


Investment property


Freehold investment property

£



Valuation


Additions at cost
9,331,223



At 31 May 2024
9,331,223

The directors have confirmed that the purchase price for the property is equivalent to its open market valuation as at the balance sheet date.

At the balance sheet date there were £130,821 of additions relating to advisory work for the design of the property.






Page 9

 

FOSTER PROJECTS LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
88,958
4,319

Corporation tax
20,506
1,108

Other creditors
7,500,000
7,500,000

Accruals
2,678,250
5,000

10,287,714
7,510,427



7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,500,000 (2023 - 2,500,000) Ordinary shares shares of £1.00 each
2,500,000
2,500,000



8.


Capital commitments

As at 31 May 2024 the company had contracted to purchase investment properties amounting to £nil (2023: £5,934,450).


9.


Related party transactions

At the balance sheet date, £7,500,000 (2023: £7,500,000) was owed to shareholders of the company.  These balances are unsecured, interest free and repayable on demand.

 
Page 10