Fostering Options Limited Filleted accounts for Companies House (small and micro)

FOSTERING OPTIONS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 04356133

Fostering Options Limited

Filleted Unaudited Financial Statements

31 March 2023

Fostering Options Limited

Financial Statements

Year ended 31 March 2023

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Fostering Options Limited

Statement of Financial Position

31 March 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	5	3,867	4,755

Current assets

Debtors	6	309,098	472,542
Cash at bank and in hand		1,171	31,769
		---------	---------
		310,269	504,311

Creditors: amounts falling due within one year	7	175,508	373,743
		---------	---------
Net current assets		134,761	130,568
		---------	---------
Total assets less current liabilities		138,628	135,323

Provisions	967	903
	---------	---------
Net assets	137,661	134,420
	---------	---------

Capital and reserves

Called up share capital	131,250	131,250
Profit and loss account	6,411	3,170
	---------	---------
Shareholders funds	137,661	134,420
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Fostering Options Limited

Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 19 December 2023 , and are signed on behalf of the board by:

Mr N C Barnsby
Director

Company registration number: 04356133

Fostering Options Limited

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Masters House & College Tower, College Road, Maidstone, Kent, ME15 6YQ, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts. 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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Short leasehold property	-	over the period of the lease
Fixtures and fittings	-	25% reducing balance
Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators existing. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2022: 8 ).

5. Tangible assets

	Short leasehold property	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 April 2022	5,362	17,439	18,806	41,607
Additions	–	260	2,058	2,318
	-------	--------	--------	--------
At 31 March 2023	5,362	17,699	20,864	43,925
	-------	--------	--------	--------
Depreciation
At 1 April 2022	4,993	16,827	15,032	36,852
Charge for the year	74	508	2,624	3,206
	-------	--------	--------	--------
At 31 March 2023	5,067	17,335	17,656	40,058
	-------	--------	--------	--------
Carrying amount
At 31 March 2023	295	364	3,208	3,867
	-------	--------	--------	--------
At 31 March 2022	369	612	3,774	4,755
	-------	--------	--------	--------

6. Debtors

	2023	2022
	£	£
Trade debtors	40,196	42,115
Amounts owed by group undertakings and undertakings in which the company has a participating interest	252,880	413,451
Other debtors	16,022	16,976
	---------	---------
	309,098	472,542
	---------	---------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	12,358	28,384
Amounts owed to group undertakings and undertakings in which the company has a participating interest	83,063	241,923
Corporation tax	47,684	69,905
Social security and other taxes	5,742	4,949
Other creditors	26,661	28,582
	---------	---------
	175,508	373,743
	---------	---------

The overdraft with Lloyds Banking Group is secured by way of a fixed and floating charge over the property of the company. Lloyds Banking Group also have a charge by way of a Omnibus Guarantee and Set-off Agreement in relation to sums due or to become due from other group companies.

8. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2023	2022
	£	£
Not later than 1 year	32,992	32,992
Later than 1 year and not later than 5 years	30,315	43,307
	--------	--------
	63,307	76,299
	--------	--------

9. Controlling party

The ultimate parent company is Futures for Children Limited, a company registered in England and Wales. The registered address of the ultimate controlling party is: The Masters House & College, Tower, College Road, Maidstone, Kent, ME15 6YQ.