Registered number
NI641970
Central Fusion Limited
Filleted Accounts
30 November 2022
Central Fusion Limited
Registered number: NI641970
Balance Sheet
as at 30 November 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 - 100,000
Tangible assets 4 704,649 635,675
704,649 735,675
Current assets
Stocks - 79,064
Debtors 5 7,478,040 2,985,880
Cash at bank and in hand 1,095,942 703,510
8,573,982 3,768,454
Creditors: amounts falling due within one year 6 (5,084,502) (461,554)
Net current assets 3,489,480 3,306,900
Total assets less current liabilities 4,194,129 4,042,575
Creditors: amounts falling due after more than one year 7 (2,995,349) (2,405,488)
Net assets 1,198,780 1,637,087
Capital and reserves
Called up share capital 200 201
Share premium - 1,584,999
Profit and loss account 1,198,580 51,887
Shareholders' funds 1,198,780 1,637,087
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 members have 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.
Niall Moen
Director
Approved by the board on 30 September 2023
Central Fusion Limited
Notes to the Accounts
for the year ended 30 November 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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, 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 over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 38 35
3 Intangible fixed assets £
Cost
At 1 December 2021 1,291,270
At 30 November 2022 1,291,270
Amortisation
At 1 December 2021 1,191,270
At 30 November 2022 1,291,270
Net book value
At 30 November 2022 -
At 30 November 2021 100,000
Intangible fixed assets are being written off in equal annual instalments over their estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 December 2021 - 3,273,062 646,533 3,919,595
Additions - 379,801 38,000 417,801
At 30 November 2022 - 3,652,863 684,533 4,337,396
Depreciation
At 1 December 2021 - 2,644,053 639,867 3,283,920
At 30 November 2022 - 2,983,613 649,134 3,632,747
Net book value
At 30 November 2022 - 669,250 35,399 704,649
At 30 November 2021 - 629,009 6,666 635,675
5 Debtors 2022 2021
£ £
Trade debtors 728,369 1,010,054
Amounts owed by group undertakings and undertakings in which the company has a participating interest 2,718,497 1,169,972
Other debtors 4,031,174 805,854
7,478,040 2,985,880
6 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 1,113,876 379,924
Taxation and social security costs 627,288 81,630
5,084,502 461,554
7 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 2,372,147 1,708,946
Obligations under finance lease and hire purchase contracts - 33,950
Amounts owed to group undertakings and undertakings in which the company has a participating interest 628,417 662,592
2,995,349 2,405,488
8 Other information
Central Fusion Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
Innovation Centre, Queens Road
Belfast
BT3 9DT
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