Cornerways Fostering Services Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 04745025

Abbreviated Unaudited Accounts

for the Year Ended 30 June 2015

for

Cornerways Fostering Services Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

Mrs V J Spence

REGISTERED OFFICE:

Ashcombe Court

Woolsack Way

Godalming

Surrey

GU7 1LQ

REGISTERED NUMBER:

04745025

ACCOUNTANTS:

Roffe Swayne

Chartered Accountants

Ashcombe Court

Woolsack Way

Godalming

Surrey

GU7 1LQ

FIXED ASSETS

Tangible assets

2

1,045

2,337

CURRENT ASSETS

Debtors

133,069

175,443

Cash at bank and in hand

2,465

8,127

135,534

183,570

CREDITORS

Amounts falling due within one year

172,992

159,496

NET CURRENT (LIABILITIES)/ASSETS

(37,458

)

24,074

TOTAL ASSETS LESS CURRENT LIABILITIES

(36,413

)

26,411

CREDITORS

Amounts falling due after more than one year

397,446

397,971

NET LIABILITIES

(433,859

)

(371,560

)

CAPITAL AND RESERVES

Called up share capital

3

100

100

Profit and loss account

(433,959

)

(371,660

)

SHAREHOLDERS' FUNDS

(433,859

)

(371,560

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2015 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 23 March 2016 and were signed by:

Mrs V J Spence - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The company's accounts show that the company has negative shareholders' funds of £433,859 as at

30 June 2015. Since July 2014 the director has been reviewing the operations and realigning the

overheads against expected revenue to ensure that the company returns to profitability. The director

has prepared forecasts for the company which indicate that the company's results should improve as a

result of the actions which have been taken.

The company's most significant creditor as at 30 June 2015 is an associated company, and there is a

payment plan in place to repay the debts owed to it.

On the basis of the forecasts, and that the payment plan can be met by the company, the director

considers it appropriate to prepare the financial statements on a going concern basis.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net fees receivable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Carers' equipment

-

20% on cost

Computer and office equipment

-

33% on cost

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2014

12,739

Disposals

(6,007

)

At 30 June 2015

6,732

DEPRECIATION

At 1 July 2014

10,402

Charge for year

1,292

Eliminated on disposal

(6,007

)

At 30 June 2015

5,687

NET BOOK VALUE

At 30 June 2015

1,045

At 30 June 2014

2,337

3.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2015

2014

value:

£

£

100

Ordinary

£1

100

100

4.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2015 and

30 June 2014:

2015

2014

£

£

Mrs V J Spence

Balance outstanding at start of year

-

47,109

Amounts advanced

18,402

36,862

Amounts repaid

(10,587

)

(83,971

)

Balance outstanding at end of year

7,815

-

5.	ULTIMATE CONTROLLING PARTY