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COMPANY REGISTRATION NUMBER: 07824499
FUSION FACADES LIMITED
Filleted Unaudited Financial Statements
31 March 2023
FUSION FACADES LIMITED
Financial Statements
Year ended 31st March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
FUSION FACADES LIMITED
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
12,831
84
Current assets
Stocks
248,175
212,325
Debtors
6
498,208
133,788
Cash at bank and in hand
17,324
13,242
---------
---------
763,707
359,355
Creditors: amounts falling due within one year
7
593,669
141,844
---------
---------
Net current assets
170,038
217,511
---------
---------
Total assets less current liabilities
182,869
217,595
Creditors: amounts falling due after more than one year
8
121,874
157,216
---------
---------
Net assets
60,995
60,379
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
60,994
60,378
--------
--------
Shareholders funds
60,995
60,379
--------
--------
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.
For the year ending 31st March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
FUSION FACADES LIMITED
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 3 November 2023 , and are signed on behalf of the board by:
K.J. Hanson
M.J. McKee
Director
Director
Company registration number: 07824499
FUSION FACADES LIMITED
Notes to the Financial Statements
Year ended 31st March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Healey Works, Shawclough Trading Estate, Shawclough Road, Rochdale, OL12 6ND.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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 and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Plant and Machinery
-
15% reducing balance
Office Equipment
-
15% reducing balance
Impairment of fixed assets
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 7 ).
5. Tangible assets
Plant and machinery
Office Equipment
Total
£
£
£
Cost
At 1st April 2022
262
262
Additions
12,867
12,867
--------
----
--------
At 31st March 2023
12,867
262
13,129
--------
----
--------
Depreciation
At 1st April 2022
178
178
Charge for the year
107
13
120
--------
----
--------
At 31st March 2023
107
191
298
--------
----
--------
Carrying amount
At 31st March 2023
12,760
71
12,831
--------
----
--------
At 31st March 2022
84
84
--------
----
--------
6. Debtors
2023
2022
£
£
Trade debtors
471,635
96,879
Other debtors
26,573
36,909
---------
---------
498,208
133,788
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
35,342
30,933
Trade creditors
546,076
107,261
Social security and other taxes
8,491
Other creditors
3,760
3,650
---------
---------
593,669
141,844
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
121,874
157,216
---------
---------
9. Controlling party
The company is a wholly owned subsidiary of Guttermaster Limited a company incorporated in England and Wales.