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Financial Statements for the Year Ended 31 March 2020 |
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Anglia Fostering Agency Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 March 2020 |
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for |
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Anglia Fostering Agency Limited |
Anglia Fostering Agency Limited (Registered number: 06960455) |
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Contents of the Financial Statements |
for the year ended 31 March 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Anglia Fostering Agency Limited |
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Company Information |
for the year ended 31 March 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
Chartered Accountants |
15 Palace Street |
NORWICH |
Norfolk |
NR3 1RT |
Anglia Fostering Agency Limited (Registered number: 06960455) |
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Balance Sheet |
31 March 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 10 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Anglia Fostering Agency Limited (Registered number: 06960455) |
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Notes to the Financial Statements |
for the year ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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Anglia Fostering Agency Limited is a
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and Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
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. |
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Critical accounting judgements and key sources of estimation uncertainty |
Useful economic lives of Intangibles and tangible assets |
The annual depreciaiton charge for intangible and tangible assets is sensitive to changes in the |
estimated useful economic lives and residual values of the assets. The useful economic lives and |
residual values are re-assessed annually. They are amended when necessary to reflect current |
estimates, based on technological advancements, future investments, economic utilization and the |
physical condition of the assess. See notes 5 and 6 for the carrying amount of each class of asset, |
and see below for the useful economic lives for each class of asset. |
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Impairment of debtors |
The Company makes an estimate of the recoverable value of trade and other debtors. When |
assessing impairment of trade and other debtors, management considers factors including the |
current credit rating of the debtor, the ageing profile of debtors and historical experience. |
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Provisions |
The company has recognised a dilapidations provision in relation to the lease of 12 Meridian Way. |
The judgements, estimates and associated assumptions necessary to calculate these provisions are |
based on historical experience and other reasonable factors. |
Anglia Fostering Agency Limited (Registered number: 06960455) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Revenue |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the |
Company and the revenue can be reliably measured. Revenue is measured as the fair value of the |
consideration received or receivable, excluding discounts, rebates, value added tax and other sales |
taxes. The following Criteria must be met before revenue is recognised; |
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Rendering of Services |
Revenue from a contract to provide services is recognised in the period in which the services are in |
accordance with the stage of completion of the contract when all of the following conditions are |
satisfied: |
-The amount of revenue can be measured reliably; |
- It is probable that the Company will receive the considering due under the contract; |
- The stage of completion of the contract at the end of the reporting period can be measured |
reliably; and, |
- the costs incurred and the costs to complete the contract can be measured reliably. |
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Revenue represents the value of foster care placements provided to local authorities in England |
and Wales. |
Revenue is recognised when a child is placed with a foster care family. |
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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. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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The assets residual values, useful lives and depreciation methods are reviewed, and adjusted |
prospectively if appropriate, or if there is an indication of a significant change since the last |
reporting date. |
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Gains and losses on disposals are determined by comparing by comparing the proceeds with the |
carrying amount and are recognised in the Statement of Income and Retained Earnings. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Anglia Fostering Agency Limited (Registered number: 06960455) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2020 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed |
at the balance sheet date. |
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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. |
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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. |
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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. |
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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. |
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Borrowing costs |
all borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in |
which they are incurred. |
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Debtors |
Short term Debtors are measures at transaction price, less any impairment. Loans receivable are |
measured initially at fair value, net of transaction costs, and are measured subsequently at |
amortized cost using the effective interest method, less any impairment. |
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Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institution's repayable without |
penalty on notice of not more that 24 hours. Cash equivalent are highly liquid investments that |
mature in no more than three months from the date of acquisition and that are readily convertible |
to known amounts of cash with insignificant risk of change in value. |
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Creditors |
Short term Creditors are measured at the transaction price. Other financial liabilities, including |
bank loans, are measured initially at fair value, net of transaction costs, and are measured |
subsequently at amortized cost using the effective interest method. |
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Provisions for liabilities |
Provisions are made where an event has taken place that gives the Company a legal or |
constructive obligation that probable;y requires settlement by a transfer of economic benefit, and |
a reliable estimate can be made of the amount of the obligation. |
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Provisions are charged as an expense to the Statement of Income and Retained Earnings in the |
year that the Company becomes aware of the obligation, and are measured at the best estimate at |
the Statement of financial Position date of the expenditure required to settle the obligation, taking |
into account relevant risks and uncertainties. |
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When the payments are eventually made, they are charged to the provision carried in the |
Statement of Financial Position. |
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Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are |
recognised when paid. Final equity dividends are recognised when approved by the shareholders at |
an annual general meeting. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Anglia Fostering Agency Limited (Registered number: 06960455) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2020 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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AMORTISATION |
At 1 April 2019 |
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Charge for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 April 2019 |
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Additions |
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Disposals |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Anglia Fostering Agency Limited (Registered number: 06960455) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2020 | 2019 |
£ | £ |
Within one year |
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Between one and five years |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank overdraft |
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Bank loans |
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Bank loans are secured by fixed and floating charges over the assets of the company and some |
connected assets. |
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10. | PROVISIONS FOR LIABILITIES |
2020 | 2019 |
£ | £ |
Deferred tax | 3,635 | 3,145 |
Dilapidations provision | 10,600 | 8,200 |
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Dilapidati |
Deferred | ons |
tax | Provision |
£ | £ |
Balance at 1 April 2019 |
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Provided during year |
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Balance at 31 March 2020 |
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Anglia Fostering Agency Limited (Registered number: 06960455) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2020 |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary Shares | 1.00 | 90 | 90 |
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12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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13. | PENSION COMMITMENTS |
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The company operates a defined contribution pension scheme. The assets of the scheme are held |
separately from those of the company in an independently administered fund. The pension cost |
charge represents contributions payable by the company to the fund and amounted to £43,463 |
(2019 - £30,671). |
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14. | ULTIMATE CONTROLLING PARTY |
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The company is a wholly owned subsidiary of AFA Fostering Limited, a company registered in |
England and Wales. The company is controlled by N J Pickering and G C Duncombe. |