FOSTERS FINANCIAL LIMITED - Filleted accounts

Registered number

09290950

FOSTERS FINANCIAL LIMITED

Report and Accounts

31 December 2024

FOSTERS FINANCIAL LIMITED
Registered number:		09290950
Balance Sheet
as at 31 December 2024

Notes			2024			2023
£				£
Fixed assets
Tangible assets	3		37,448			47,075

Current assets
Debtors	4	61,800			67,861
Cash at bank and in hand		61,621			191,566
		123,421			259,427

Creditors: amounts falling due within one year	5	(68,660)			(71,203)

Net current assets			54,761			188,224

Total assets less current liabilities			92,209			235,299

Creditors: amounts falling due after more than one year	6		(44,415)			(87,608)

Provisions for liabilities			(6,601)			(9,416)


Net assets			41,193			138,275

Capital and reserves
Called up share capital			10			10
Profit and loss account			41,183			138,265

Shareholders' funds			41,193			138,275

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.

Mr J Foster
Director
Approved by the board on 21 July 2025

FOSTERS FINANCIAL LIMITED
Notes to the Accounts
for the year ended 31 December 2024


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant and machinery	25% reducing balance.
	Motor vehicles	25% reducing balance.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees			2024		2023
Number					Number

	Average number of persons employed by the company			11		15
	(This includes the director)

3	Tangible fixed assets
		Plant and machinery etc		Motor vehicles		Total
£			£		£
	Cost
	At 1 January 2024	35,570		67,225		102,795
	Additions	2,856		-		2,856
	At 31 December 2024	38,426		67,225		105,651

	Depreciation
	At 1 January 2024	26,309		29,411		55,720
	Charge for the year	3,029		9,454		12,483
	At 31 December 2024	29,338		38,865		68,203

	Net book value
	At 31 December 2024	9,088		28,360		37,448
	At 31 December 2023	9,261		37,814		47,075









4	Debtors			2024		2023
£					£

	Trade debtors			-		2,703
	Amounts owed to connected company			60,000		60,000
	Other debtors			1,800		5,158
				61,800		67,861


5	Creditors: amounts falling due within one year			2024		2023
£					£

	Bank loans and overdrafts			38,929		38,929
	Obligations under finance lease and hire purchase contracts			4,264		4,264
	Other taxes and social security costs			20,297		22,200
	Other creditors			5,170		5,810
				68,660		71,203


6	Creditors: amounts falling due after one year			2024		2023
£					£

	Bank loans			14,039		52,968
	Obligations under finance lease and hire purchase contracts			30,376		34,640
				44,415		87,608


7	Related party transactions

	There is a balance owed to the director being the director's loan account of £392 (2023 - £804). There is an amount owing to FOSTERS FINANCIAL LIMITED by J & J FOSTER PROPERTY LTD, a company that the director controls (with his wife), of £60,000 at the year end (2023 - £60,000).


8	Controlling party
	The company was controlled by Mr J Foster by virtue of his shareholding.


9	Other information

	FOSTERS FINANCIAL LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
	652 The Crescent
	Colchester Business Park
	Colchester
	CO4 9YQ