Cornerways Fostering Services Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 04745025

Abbreviated Unaudited Accounts

for the Year Ended 30 June 2016

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

704

1,045

CURRENT ASSETS

Debtors

128,281

133,069

Cash at bank and in hand

5,563

2,465

133,844

135,534

CREDITORS

Amounts falling due within one year

208,791

172,992

NET CURRENT LIABILITIES

(74,947

)

(37,458

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(74,243

)

(36,413

)

CREDITORS

Amounts falling due after more than one
year

424,245

397,446

NET LIABILITIES

(498,488

)

(433,859

)

CAPITAL AND RESERVES

Called up share capital

3

100

Profit and loss account

(498,588

)

(433,959

)

SHAREHOLDERS' FUNDS

(498,488

)

(433,859

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2016 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 28 March 2017 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 £498,488 as at

30 June 2016. During the year ended 30 June 2016 the director has continued to review the

operations and realign the overheads against expected revenue to put the company in a position to

return to profitability.

The company's most significant creditor as at 30 June 2016 is an associated company, and that

company has confirmed that it will not demand repayment of the loan due to it for a period of at least

12 months from the date of signing these financial statements.

On the basis of the above 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 January 2015).

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.

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 2015

6,732

Additions

505

Disposals

(352

)

At 30 June 2016

6,885

DEPRECIATION

At 1 July 2015

5,687

Charge for year

846

Eliminated on disposal

(352

)

At 30 June 2016

6,181

NET BOOK VALUE

At 30 June 2016

704

At 30 June 2015

1,045

3.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2016

2015

value:

£

100

Ordinary

£1

100

4.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2016 and

30 June 2015:

2016

2015

£

Mrs V J Spence

Balance outstanding at start of year

7,815

-

Amounts advanced

49,200

18,402

Amounts repaid

(23,238

)

(10,587

)

Balance outstanding at end of year

33,777

7,815

5.	ULTIMATE CONTROLLING PARTY

The controlling party is the director Mrs V J Spence by virtue of her majority shareholding in the
company.