Company registration number 06960455 (England and Wales)
ANGLIA FOSTERING AGENCY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ANGLIA FOSTERING AGENCY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
ANGLIA FOSTERING AGENCY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
870
1,005
Tangible assets
5
22,280
20,697
23,150
21,702
Current assets
Debtors
6
519,067
469,456
Cash at bank and in hand
50,707
34,792
569,774
504,248
Creditors: amounts falling due within one year
7
148,862
(137,068)
Net current assets
420,912
367,180
Total assets less current liabilities
444,062
388,882
Creditors: amounts falling due after more than one year
8
(27,460)
(37,290)
Provisions for liabilities
10
(17,788)
(17,423)
Net assets
398,814
334,169
Capital and reserves
Called up share capital
12
90
90
Profit and loss reserves
398,724
334,079
Total equity
398,814
334,169
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 September 2023 and are signed on its behalf by:
Mr Graeme Duncombe
Director
Company Registration No. 06960455
ANGLIA FOSTERING AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Anglia Fostering Agency Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, 12 Meridian Way, Meridian Business Park, NORWICH, Norfolk, United Kingdom, NR7 0TA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website development costs
25-30% straight line
Company logo and trademarks
10% straight line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
ANGLIA FOSTERING AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
30% straight line
Fixtures and fittings
33% reducing balance
Computers
33% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
ANGLIA FOSTERING AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
ANGLIA FOSTERING AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
ANGLIA FOSTERING AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
22
23
4
Intangible fixed assets
Website development costs
Company logo and trademarks
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
7,638
2,116
9,754
Amortisation and impairment
At 1 April 2022
7,638
1,111
8,749
Amortisation charged for the year
135
135
At 31 March 2023
7,638
1,246
8,884
Carrying amount
At 31 March 2023
870
870
At 31 March 2022
1,005
1,005
5
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 April 2022
15,976
22,446
46,830
85,252
Additions
307
10,231
10,538
Disposals
(2,641)
(2,641)
At 31 March 2023
15,976
22,753
54,420
93,149
Depreciation and impairment
At 1 April 2022
15,976
19,404
29,175
64,555
Depreciation charged in the year
1,049
7,627
8,676
Eliminated in respect of disposals
(2,362)
(2,362)
At 31 March 2023
15,976
20,453
34,440
70,869
Carrying amount
At 31 March 2023
2,300
19,980
22,280
At 31 March 2022
3,042
17,655
20,697
ANGLIA FOSTERING AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
322,161
285,387
Amounts owed by group undertakings
152,043
143,843
Other debtors
44,863
40,226
519,067
469,456
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,830
9,575
Trade creditors
25,610
14,832
Corporation tax
27,342
5,711
Other taxation and social security
29,125
30,602
Other creditors
56,955
76,348
148,862
137,068
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
27,460
37,290
9
Loans and overdrafts
2023
2022
£
£
Bank loans
37,290
46,865
Payable within one year
9,830
9,575
Payable after one year
27,460
37,290
The long-term loans are secured by fixed charges over the assets of the company and some connected assets.
ANGLIA FOSTERING AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
10
Provisions for liabilities
2023
2022
£
£
Dilapidations provision
12,000
12,000
Deferred tax liabilities
5,788
5,423
17,788
17,423
11
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
58,765
77,059
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
12
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
90
90
90
90
13
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Mark Johnstone
Statutory Auditor:
Argents Audit Services Limited
14
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
171,297
78,931
15
Parent company
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.
2023-03-312022-04-01false29 September 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedMr G C DuncombeMr N J Pickering069604552022-04-012023-03-31069604552023-03-31069604552022-03-3106960455core:ComputerSoftware2023-03-3106960455core:PatentsTrademarksLicencesConcessionsSimilar2023-03-3106960455core:ComputerSoftware2022-03-3106960455core:PatentsTrademarksLicencesConcessionsSimilar2022-03-3106960455core:LeaseholdImprovements2023-03-3106960455core:FurnitureFittings2023-03-3106960455core:ComputerEquipment2023-03-3106960455core:LeaseholdImprovements2022-03-3106960455core:FurnitureFittings2022-03-3106960455core:ComputerEquipment2022-03-3106960455core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3106960455core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3106960455core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3106960455core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3106960455core:CurrentFinancialInstruments2023-03-3106960455core:CurrentFinancialInstruments2022-03-3106960455core:ShareCapital2023-03-3106960455core:ShareCapital2022-03-3106960455core:RetainedEarningsAccumulatedLosses2023-03-3106960455core:RetainedEarningsAccumulatedLosses2022-03-3106960455bus:Director12022-04-012023-03-3106960455core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3106960455core:ComputerSoftware2022-04-012023-03-3106960455core:PatentsTrademarksLicencesConcessionsSimilar2022-04-012023-03-3106960455core:LeaseholdImprovements2022-04-012023-03-3106960455core:FurnitureFittings2022-04-012023-03-3106960455core:ComputerEquipment2022-04-012023-03-31069604552021-04-012022-03-3106960455core:ComputerSoftware2022-03-3106960455core:PatentsTrademarksLicencesConcessionsSimilar2022-03-31069604552022-03-3106960455core:LeaseholdImprovements2022-03-3106960455core:FurnitureFittings2022-03-3106960455core:ComputerEquipment2022-03-3106960455core:WithinOneYear2023-03-3106960455core:WithinOneYear2022-03-3106960455core:Non-currentFinancialInstruments2023-03-3106960455core:Non-currentFinancialInstruments2022-03-3106960455bus:PrivateLimitedCompanyLtd2022-04-012023-03-3106960455bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3106960455bus:FRS1022022-04-012023-03-3106960455bus:Audited2022-04-012023-03-3106960455bus:Director22022-04-012023-03-3106960455bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP