Registered number
06670285
Fusion 85 Ltd
Filleted Accounts
31 December 2022
Fusion 85 Ltd
Registered number: 06670285
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 18,817 36,188
Investments 4 583,500 -
602,317 36,188
Current assets
Debtors 5 200,890 103,638
Cash at bank and in hand 14,114 113,020
215,004 216,658
Creditors: amounts falling due within one year 6 (152,716) (93,459)
Net current assets 62,288 123,199
Total assets less current liabilities 664,605 159,387
Creditors: amounts falling due after more than one year 7 (575,000) -
Provisions for liabilities - (6,618)
Net assets 89,605 152,769
Capital and reserves
Called up share capital 100 100
Profit and loss account 89,505 152,669
Shareholder's funds 89,605 152,769
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Warren
Director
Approved by the board on 27 September 2023
Fusion 85 Ltd
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% straight line
Motor vehicles 25% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 11 9
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2022 125,757 14,495 140,252
Additions 509 4,290 4,799
At 31 December 2022 126,266 18,785 145,051
Depreciation
At 1 January 2022 96,816 7,248 104,064
Charge for the year 18,368 3,802 22,170
At 31 December 2022 115,184 11,050 126,234
Net book value
At 31 December 2022 11,082 7,735 18,817
At 31 December 2021 28,941 7,247 36,188
4 Investments
Investments in
subsidiary
undertakings
£
Cost
Additions 583,500
At 31 December 2022 583,500
5 Debtors 2022 2021
£ £
Trade debtors 157,783 97,276
Amounts owed by group undertakings and undertakings in which the company has a participating interest 32,441 -
Other debtors 10,666 6,362
200,890 103,638
6 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 20,915 16,467
Amounts owed to group undertakings and undertakings in which the company has a participating interest 64,239 5,344
Taxation and social security costs 31,713 21,569
Other creditors 35,849 50,079
152,716 93,459
7 Creditors: amounts falling due after one year 2022 2021
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 575,000 -
8 Other information
Fusion 85 Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1 Canada Square 37th floor
Canary Wharf
London
E14 5AA
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