Futures For Children Limited - Accounts to registrar (filleted) - small 18.2
Futures For Children Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
FOR |
FUTURES FOR CHILDREN LIMITED |
FUTURES FOR CHILDREN LIMITED (REGISTERED NUMBER: 03683754) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Balance Sheet | 4 |
Notes to the Financial Statements | 6 |
FUTURES FOR CHILDREN LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2019 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
12 Conqueror Court |
Sittingbourne |
Kent |
ME10 5BH |
BANKERS: |
Earl Street |
Maidstone |
Kent |
FUTURES FOR CHILDREN LIMITED (REGISTERED NUMBER: 03683754) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MARCH 2019 |
The director presents his report with the financial statements of the company for the year ended 31 March 2019. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the provision of fostering, education and |
support to children placed in the care of local authorities. |
There have been no changes in the company's activities in the year under review, however business in the North East was |
transferred within the group to Foster Care Solutions Limited on 1st May 2018. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTOR |
FINANCIAL RISK MANAGEMENT |
Price Risk |
The level of fees charged continues to be set at levels deemed to be excellent value for money and very competitive.The |
risk is managed by agreeing prices on an annual basis ahead of the provision of services, where possible. |
Credit Risk |
Almost all of the customers are Local Authorities and as such this is low risk. |
Liquidity Risk |
The level of borrowing facilities are actively reviewed by management, the company has adequate facilities to maintain |
liquidity and this risk is considered to be low. |
Cash Flow |
The company prepares monthly cash flow projections and monitors funds available to minimise this risk exposure. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Report of the Director and the financial statements in accordance with |
applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director |
has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not |
approve the financial statements unless he is 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 director is |
required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is 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 |
enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
FUTURES FOR CHILDREN LIMITED (REGISTERED NUMBER: 03683754) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MARCH 2019 |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
ON BEHALF OF THE BOARD: |
FUTURES FOR CHILDREN LIMITED (REGISTERED NUMBER: 03683754) |
BALANCE SHEET |
31 MARCH 2019 |
2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 3 |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
FUTURES FOR CHILDREN LIMITED (REGISTERED NUMBER: 03683754) |
BALANCE SHEET - continued |
31 MARCH 2019 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director on |
FUTURES FOR CHILDREN LIMITED (REGISTERED NUMBER: 03683754) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
1. | STATUTORY INFORMATION |
Futures For Children Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company and its subsidiaries comprise a small group and are entitled to exemption to prepare group |
accounts. The results reported here are for the company only. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
Revenue from provision of fostering services are recognised by reference to date at which services are provided. |
Amounts received after services have been provided are included in accrued income. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery etc | - |
At each reporting date the Company assesses whether there is any indication of impairment. If such indication |
exists, the recoverable amount of the asset is determined which is the higher of the fair value less costs to sell and |
its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. |
The assets' residual values, useful lives and depreciation methods are reviewed and adjusted if appropriate or if |
there is an indication of a significant change since the last reporting date. |
Freehold land and buildings are depreciated on the building element held within the financial statements; these |
are then revalued to fair value. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
FUTURES FOR CHILDREN LIMITED (REGISTERED NUMBER: 03683754) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets - trade and other debtors are basic financial instruments and debt instruments measured at fair |
value through the Income Statement and are measured subsequently at amortised cost. Prepayments are not |
financial instruments. |
Cash comprises cash at bank, in hand and short term deposits with an original maturity date of three months or |
less. Cash at bank is measured at face value. |
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. |
Finance costs are charged to the Income Statement over the term of the debt using the effective interest rate |
method so that the amount charged is at a constant rate on the carrying amount. Borrowing costs are not |
capitalised. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
Investment in subsidiaries |
Shares in Group undertakings are stated at cost less any provision for impairment. |
The Company assesses investments for impairment whenever events or changes in circumstances indicate that |
the carrying value of an investment may not be recoverable. If any such indication of impairment exists, the |
Company makes an estimate of the recoverable amount. If the recoverable amount of the cash-generating unit is |
less than the fair value of the investment, the investment is considered to be impaired and is written down to its |
recoverable amount. An impairment loss is recognised immediately in the income statement. |
FUTURES FOR CHILDREN LIMITED (REGISTERED NUMBER: 03683754) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
2. | ACCOUNTING POLICIES - continued |
Provisions for liabilities |
The company recognises a provision for annual leave accrued by employees as a result of services rendered in |
the current period, and which employees are entitled to carry forward and use within the next 12 months. The |
provision is measured at the salary cost payable for the period of absence. |
The following accrual provision has been provided for; |
2018 | 2017 |
Short-term compensated absences | Nil | Nil |
3. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
Additions |
At 31 March 2019 |
AMORTISATION |
Charge for year |
At 31 March 2019 |
NET BOOK VALUE |
At 31 March 2019 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2018 |
Additions |
At 31 March 2019 |
DEPRECIATION |
At 1 April 2018 |
Charge for year |
At 31 March 2019 |
NET BOOK VALUE |
At 31 March 2019 |
At 31 March 2018 |
FUTURES FOR CHILDREN LIMITED (REGISTERED NUMBER: 03683754) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2018 |
and 31 March 2019 |
PROVISIONS |
At 1 April 2018 | 1,067,312 |
Impairments | 359,177 |
At 31 March 2019 | 1,426,489 |
NET BOOK VALUE |
At 31 March 2019 |
At 31 March 2018 |
6. | DEBTORS |
2019 | 2018 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
FUTURES FOR CHILDREN LIMITED (REGISTERED NUMBER: 03683754) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans |
Other creditors |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Loan Notes | - | 150,000 |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2019 | 2018 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
FUTURES FOR CHILDREN LIMITED (REGISTERED NUMBER: 03683754) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2019 | 2018 |
£ | £ |
Bank overdraft |
Bank loans |
Other loans |
Loan notes under 1 year | 150,825 | 75,000 |
Loan notes over 1 year | 600,000 | 750,000 |
The loan with Lloyds Banking Group is secured by a fixed and floating charge over the property owned by |
Futures for Children Retirement Benefit Scheme. |
The company also has an unlimited debenture with Lloyds Banking Group which secures any money due to the |
bank on the assets of the company dated 21/04/2005 and 23/09/2013. |
Lloyds Banking Group also hold a 1st Legal Charge over Other Assets known as Postponement of |
Director's Loan dated 11/09/2013. |
Lloyds Banking Group also hold a 1st Legal Charge over Other Assets known as Postponement of |
Director's Loan dated 16/07/2010. |
Other loans from Futures for Children Retirement Benefit Scheme are secured on the shares of Fostering Options |
Limited, Foster Care Solutions Limited, CFT Fostering Limited and Time For Children Limited. |
Lloyds Banking Group hold a formal charge detailed as a Deed of Admission dated 27 February 2013 to an |
Omnibus Guarantee and Set-Off Agreement dated 22 July 2010 securing all Monies due or to become due the |
company. |
11. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
12. | POST BALANCE SHEET EVENTS |
The company entered into a purchase of own shares from the minority shareholders on 30th April 2019. |