Futures For Children Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03683754 (England and Wales)

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

FUTURES FOR CHILDREN LIMITED

Page

Company Information

1

Report of the Director

2

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTOR:

N C Barnsby

SECRETARY:

N C Barnsby

REGISTERED OFFICE:

The Masters House & College Tower

College Road

Maidstone

Kent

ME15 6YQ

REGISTERED NUMBER:

03683754 (England and Wales)

ACCOUNTANTS:

Williams Giles Limited

Chartered Accountants

12 Conqueror Court

Sittingbourne

Kent

ME10 5BH

BANKERS:

Lloyds Bank plc

Earl Street

Maidstone

Kent

The director presents his report with the financial statements of the company for the year ended 31 March 2018.

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.

DIRECTOR

N C Barnsby held office during the whole of the period from 1 April 2017 to the date of this report.

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.

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:

N C Barnsby - Director

20 December 2018

FIXED ASSETS

Tangible assets

4

38,244

494,533

Investments

5

3,654,150

3,654,150

3,692,394

4,148,683

CURRENT ASSETS

Debtors

6

226,968

152,018

Cash at bank and in hand

11,678

56,918

238,646

208,936

CREDITORS

Amounts falling due within one year

7

2,449,652

2,676,185

NET CURRENT LIABILITIES

(2,211,006

)

(2,467,249

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,481,388

1,681,434

CREDITORS

Amounts falling due after more than one year

8

833,333

1,258,029

NET ASSETS

648,055

423,405

CAPITAL AND RESERVES

Called up share capital

1,100

1,100

Retained earnings

646,955

422,305

SHAREHOLDERS' FUNDS

648,055

423,405

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 20 December 2018 and were signed by:

N C Barnsby - Director

1.	STATUTORY INFORMATION

Futures For Children Limited is a private company, limited by shares , registered in England and Wales. The

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

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Tangible fixed assets

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

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on reducing balance

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.

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.

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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - 40 ).

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2017

518,272

398,832

917,104

Additions

-

2,138

2,138

Disposals

(518,272

)

-

(518,272

)

At 31 March 2018

-

400,970

400,970

DEPRECIATION

At 1 April 2017

72,593

349,978

422,571

Charge for year

-

12,748

12,748

Eliminated on disposal

(72,593

)

-

(72,593

)

At 31 March 2018

-

362,726

362,726

NET BOOK VALUE

At 31 March 2018

-

38,244

38,244

At 31 March 2017

445,679

48,854

494,533

The freehold land and building was valued at £450,000 by Brown & Brand Chartered Surveyors on 9 November

2017 and then subsequently sold in November 2017.

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2017

and 31 March 2018

4,721,462

PROVISIONS

At 1 April 2017

and 31 March 2018

1,067,312

NET BOOK VALUE

At 31 March 2018

3,654,150

At 31 March 2017

3,654,150

6.

DEBTORS

2018

2017

£

£

Amounts falling due within one year:

Trade debtors

204,937

121,580

Other debtors

21,923

26,337

226,860

147,917

Amounts falling due after more than one year:

Other debtors

108

4,101

Aggregate amounts

226,968

152,018

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

166,667

191,865

Trade creditors

428,734

396,216

Amounts owed to group undertakings

1,110,856

853,737

Taxation and social security

26,082

28,541

Other creditors

717,313

1,205,826

2,449,652

2,676,185

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

83,333

328,347

Other creditors

750,000

929,682

833,333

1,258,029

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Loan Notes

150,000

150,000

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

78,168

30,720

Between one and five years

226,962

67,032

In more than five years

137,500

-

442,630

97,752

10.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

250,000

520,212

Other loans

518,709

698,184

Loan notes under 1 year

75,000

400,000

Loan notes over 1 year

750,000

825,000

1,593,709

2,443,396

The loan with Lloyds Banking Group is secured by a fixed and floating charge over the property owned by the

company.

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.