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Registration number: 03834137

Fusion Maintenance Contracts Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2022

 

Fusion Maintenance Contracts Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Fusion Maintenance Contracts Ltd

Company Information

Director

F R W Mead

Company secretary

G E Goldie

Registered office

DeVines Bellefield House
104 New London Road
Chelmsford
Essex
CM2 0RG

Accountants

DeVines Accountants Limited
Chartered Accountants
Bellefield House
104 New London Road
Chelmsford
Essex
CM2 0RG

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Fusion Maintenance Contracts Ltd
for the Year Ended 30 September 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Fusion Maintenance Contracts Ltd for the year ended 30 September 2022 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Fusion Maintenance Contracts Ltd, as a body, in accordance with the terms of our engagement letter dated 18 May 2015. Our work has been undertaken solely to prepare for your approval the accounts of Fusion Maintenance Contracts Ltd and state those matters that we have agreed to state to the Board of Directors of Fusion Maintenance Contracts Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fusion Maintenance Contracts Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Fusion Maintenance Contracts Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Fusion Maintenance Contracts Ltd. You consider that Fusion Maintenance Contracts Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Fusion Maintenance Contracts Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

DeVines Accountants Limited
Chartered Accountants
Bellefield House
104 New London Road
Chelmsford
Essex
CM2 0RG

30 September 2023

 

Fusion Maintenance Contracts Ltd

(Registration number: 03834137)
Balance Sheet as at 30 September 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

9,072

10,116

Current assets

 

Debtors

5

7,015

10,015

Cash at bank and in hand

 

1,590

15,015

 

8,605

25,030

Creditors: Amounts falling due within one year

6

(45,830)

(75,224)

Net current liabilities

 

(37,225)

(50,194)

Total assets less current liabilities

 

(28,153)

(40,078)

Creditors: Amounts falling due after more than one year

6

(2,028)

(4,676)

Provisions for liabilities

(8,937)

(8,937)

Net liabilities

 

(39,118)

(53,691)

Capital and reserves

 

Called up share capital

4

4

Retained earnings

(39,122)

(53,695)

Shareholders' deficit

 

(39,118)

(53,691)

For the financial year ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 September 2023
 

.........................................
F R W Mead
Director

 

Fusion Maintenance Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
DeVines Bellefield House
104 New London Road
Chelmsford
Essex
CM2 0RG

These financial statements were authorised for issue by the director on 30 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis due to the continuing financial support of the director.for a period of not less than 12 months from 30 September 2022.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Grants under the Coronavirus Small Business Support Grant Scheme have been accounted for as other income and in the period in which they are received.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Fusion Maintenance Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Fixtures and fitiings

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Fusion Maintenance Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

 

Fusion Maintenance Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2021

1,647

13,194

7,903

22,744

Additions

380

-

1,600

1,980

At 30 September 2022

2,027

13,194

9,503

24,724

Depreciation

At 1 October 2021

1,647

3,711

7,270

12,628

Charge for the year

95

2,371

558

3,024

At 30 September 2022

1,742

6,082

7,828

15,652

Carrying amount

At 30 September 2022

285

7,112

1,675

9,072

At 30 September 2021

-

9,483

633

10,116

5

Debtors

2022
£

2021
£

Prepayments

-

3,000

Other debtors

7,015

7,015

7,015

10,015

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

2,649

2,648

Taxation and social security

 

1,152

4,042

Accruals and deferred income

 

-

20,000

Other creditors

 

42,029

48,534

 

45,830

75,224

Creditors: amounts falling due after more than one year

 

Fusion Maintenance Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

2,028

4,676