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Company registration number: 07484788
Fusion BPO Services Ltd
Filleted financial statements
31 December 2022
Fusion BPO Services Ltd
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Fusion BPO Services Ltd
Directors and other information
Directors Mr P Dhanuka
Mr K Saraogi
Mr H Kedia
Company number 07484788
Registered office 23 Guernsey Place
Three Mile Cross
Reading
RG7 1FZ
Auditor Hicks and Company
Chartered Accountants and
Statutory Auditors
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Fusion BPO Services Ltd
Directors responsibilities statement
Year ended 31 December 2022
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
Fusion BPO Services Ltd
Statement of financial position
31 December 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 6 1 1
Tangible assets 7 2,510 3,362
_________ _________
2,511 3,363
Current assets
Debtors 8 247,293 194,034
Cash at bank and in hand 19,538 56,508
_________ _________
266,831 250,542
Creditors: amounts falling due
within one year 9 ( 44,749) ( 60,290)
_________ _________
Net current assets 222,082 190,252
_________ _________
Total assets less current liabilities 224,593 193,615
Creditors: amounts falling due
after more than one year 10 ( 214,048) ( 185,512)
Provisions for liabilities ( 630) ( 640)
_________ _________
Net assets 9,915 7,463
_________ _________
Capital and reserves
Called up share capital 15,000 15,000
Share premium account 135,000 135,000
Profit and loss account ( 140,085) ( 142,537)
_________ _________
Shareholders funds 9,915 7,463
_________ _________
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 September 2023 , and are signed on behalf of the board by:
Mr P Dhanuka
Director
Company registration number: 07484788
Fusion BPO Services Ltd
Notes to the financial statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 23 Guernsey Place, Three Mile Cross, Reading, RG7 1FZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts are prepared on a going concern basis which assumes the continued support of the parent company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill and intellectual property
Acquired goodwill and intellectual property is written off in equal annual instalments over its estimateduseful economic life of 5 years.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - Straight line over 3 years
Computer equipment - Straight line over 3 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised retrospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the Profit and Loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2021: 4 ).
5. Profit/loss before taxation
Profit/loss before taxation is stated after charging/(crediting):
2022 2021
£ £
Depreciation of tangible assets 1,810 2,260
Fees payable for the audit of the financial statements 3,675 3,500
Fees payable to the company's auditor for accounts and tax services 2,653 3,948
_________ _________
6. Intangible assets
Goodwill and intellectual property Total
£ £
Cost
At 1 January 2022 and 31 December 2022 117,418 117,418
_________ _________
Amortisation
At 1 January 2022 and 31 December 2022 117,417 117,417
_________ _________
Carrying amount
At 31 December 2022 1 1
_________ _________
At 31 December 2021 1 1
_________ _________
7. Tangible assets
Fixtures, fittings and equipment Computer equipment Total
£ £ £
Cost
At 1 January 2022 11,723 9,618 21,341
Additions - 958 958
_________ _________ _________
At 31 December 2022 11,723 10,576 22,299
_________ _________ _________
Depreciation
At 1 January 2022 11,169 6,810 17,979
Charge for the year 278 1,532 1,810
_________ _________ _________
At 31 December 2022 11,447 8,342 19,789
_________ _________ _________
Carrying amount
At 31 December 2022 276 2,234 2,510
_________ _________ _________
At 31 December 2021 554 2,808 3,362
_________ _________ _________
8. Debtors
2022 2021
£ £
Trade debtors 21,800 15,259
Amounts owed by group undertakings and undertakings in which the company has a participating interest 217,578 173,569
Other debtors 7,915 5,206
_________ _________
247,293 194,034
_________ _________
The debtors above include the following amounts falling due after more than one year:
2022 2021
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 203,560 159,522
_________ _________
9. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 6,217 16,631
Amounts owed to group undertakings and undertakings in which the company has a participating interest 7,819 11,752
Corporation tax 1,944 -
Social security and other taxes 9,519 16,628
Other creditors 9,250 5,279
_________ _________
44,749 60,290
_________ _________
10. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 24,167 34,167
Amounts owed to group undertakings and undertakings in which the company has a participating interest 189,881 151,345
_________ _________
214,048 185,512
_________ _________
11. Summary audit opinion
The auditor's report for the year dated 29 September 2023 was unqualified.
The senior statutory auditor was Philip Dean for and on behalf of Hicks and Company
12. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr H Kedia ( 129) 1,548 1,419
_________ _________ _________
2021
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr H Kedia 2,374 ( 2,503) ( 129)
_________ _________ _________
13. Related party transactions
Mr P Dhanuka and Mr K Saraogi are directors and shareholders in Fusion BPO services Ltd, a company registered in Canada. During the year ended 31 December 2022, the company purchased services with a value of £50,720 (2021 - £232,693) from Fusion BPO services Ltd. At 31 December 2022, the balance due from the company to Fusion BPO services Ltd was £7,061 (2021 - £7,578). Mr P Dhanuka and Mr K Saraogi are directors and shareholders in Xplore-Tech Services Pvt. Ltd, a company registered in India. During the year ended 31 December 2022, the company purchased services with a value of £10,247 (2021 - £23,335) from Xplore-Tech Services Pvt. Ltd. At 31 December 2022, the balance due from the company to Xplore-Tech Services Pvt. Ltd was £758 (2021 - £4,175).Vital Solutions Inc., a company registered in the USA, is the shareholder in the company. During the year ended 31 December 2022, Vital Solutions Inc. repaid the company Nil (2021 - £5,240). As at 31 December 2022, the balance due from Vital Solutions Inc. was £14,048 (2021 - £14,048).Parolis SAS, a company registered in France, is a subsidiary of the Fusion BPO Services Ltd 's parent undertaking. During the year ended 31 December 2022, Parolis SAS provided a loan facility of up to €500,000 of which the company has drawn down an additional €31,000 (2021 - €180,000). Interest is charged on this loan at 1.5% per annum amounting to €3,143 (2021 - €263). As at 31 December 2022, the balance due to Parolis SAS was £189,853 (2021 - 151,345).Fusion BPO Services sh.p.k, a company registered in Albania, is a subsidiary of the Fusion BPO Services Ltd 's parent undertaking. During the year ended 31 December 2022, the company provided a loan facility of up to €500,000 of which the Fusion BPO Services sh.p.k has drawn down an additional £41,000 (2021 - £159,000). Interest is charged on this loan at 1.5% per annum amounting to £3,038 (2021 - £522). As at 31 December 2022, the balance due to Fusion BPO Services sh.p.k was £203,560 (2021 - £159,522l).
14. Parent undertaking
The parent undertaking of the smallest group for which consolidated financial statements are drawn up is PNS Business Private Ltd, whose registered office address is 28 Strand Road, 3rd Floor, Kolkata, KOL-700001 WB (West Bengal) 000000 India.