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REGISTERED NUMBER: 04848438 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2023

for

Fusion Resources Ltd

Fusion Resources Ltd (Registered number: 04848438)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Fusion Resources Ltd

Company Information
for the Year Ended 31 July 2023







DIRECTORS: Miss T S Atkinson
Miss C L Atkinson





SECRETARY: Miss T S Atkinson





REGISTERED OFFICE: 21 Alma Square
Scarborough
North Yorkshire
YO11 1JR





REGISTERED NUMBER: 04848438 (England and Wales)





ACCOUNTANTS: Edward Milnes & Co
Woodend
The Crescent
Scarborough
North Yorkshire
YO11 2PW

Fusion Resources Ltd (Registered number: 04848438)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 14,558 128,914
Investment property 5 - 165,000
14,558 293,914

CURRENT ASSETS
Debtors 6 501,612 864,245
Cash at bank 167,976 144,368
669,588 1,008,613
CREDITORS
Amounts falling due within one year 7 440,153 838,522
NET CURRENT ASSETS 229,435 170,091
TOTAL ASSETS LESS CURRENT
LIABILITIES

243,993

464,005

CREDITORS
Amounts falling due after more than one
year

8

(14,667

)

(22,667

)

PROVISIONS FOR LIABILITIES (3,640 ) (7,889 )
NET ASSETS 225,686 433,449

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 224,686 432,449
SHAREHOLDERS' FUNDS 225,686 433,449

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Fusion Resources Ltd (Registered number: 04848438)

Balance Sheet - continued
31 July 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 December 2023 and were signed on its behalf by:




Miss T S Atkinson - Director



Miss C L Atkinson - Director


Fusion Resources Ltd (Registered number: 04848438)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Fusion Resources Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 25% on reducing balance
Office equipment - 33% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Depreciation is not charged in respect of investment property, representing a departure from the requirements of the Companies Act 2016 and UK GAAP. The directors consider that this policy is required in order that the financial statements give a true and fair view.

Taxation
Taxation for the year comprises current and deferred tax. 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.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Fusion Resources Ltd (Registered number: 04848438)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 187 (2022 - 233 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Office
property fittings equipment Totals
£    £    £    £   
COST
At 1 August 2022 148,500 19,999 21,691 190,190
Additions - - 2,673 2,673
Disposals (148,500 ) - - (148,500 )
At 31 July 2023 - 19,999 24,364 44,363
DEPRECIATION
At 1 August 2022 35,640 11,098 14,538 61,276
Charge for year 2,228 891 3,278 6,397
Eliminated on disposal (37,868 ) - - (37,868 )
At 31 July 2023 - 11,989 17,816 29,805
NET BOOK VALUE
At 31 July 2023 - 8,010 6,548 14,558
At 31 July 2022 112,860 8,901 7,153 128,914

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2022 165,000
Disposals (165,000 )
At 31 July 2023 -
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 165,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 394,941 805,487
Amounts owed by associates 3,717 -
Other debtors 673 192
Directors' current accounts 40,427 18,502
Tax 6,013 37,418
Accrued income 53,879 -
Prepayments 1,962 2,646
501,612 864,245

Fusion Resources Ltd (Registered number: 04848438)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 8,000 8,000
Trade creditors 52,107 302,666
Tax 66,755 82,219
Social security and other taxes 41,414 87,279
VAT 172,320 276,224
Other creditors 14,334 14,891
Directors' current accounts 3,000 5,000
Accrued expenses 82,223 62,243
440,153 838,522

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.23 31.7.22
£    £   
Bank loans - 1-2 years 8,000 8,000
Bank loans - 2-5 years 6,667 14,667
14,667 22,667

9. SECURED DEBTS

The following secured debts are included within creditors:

31.7.23 31.7.22
£    £   
Debt factor current account 50,848 300,494

The debt factor current account is secured by way of a fixed charge over the company's assets.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2023 and 31 July 2022:

31.7.23 31.7.22
£    £   
Miss T S Atkinson
Balance outstanding at start of year 18,502 115,131
Amounts advanced 185,503 260,416
Amounts repaid (163,578 ) (357,045 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 40,427 18,502

Miss C L Atkinson
Balance outstanding at start of year - -
Amounts advanced - 10,000
Amounts repaid - (10,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Fusion Resources Ltd (Registered number: 04848438)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Interest was charged on all balances in excess of £10,000 at the following rates:

1 August 2022 to 5 April 2023 - 2.00%
6 April 2023 to 31 July 2023 - 2.25%

This equated to £728 (2022 - £2,923).

11. RELATED PARTY DISCLOSURES

During the year, total dividends of £180,000 were paid to the directors .

During the year, the company disposed of freehold and investment properties for proceeds of £310,000 to Fusion Group Properties Ltd, a company under the control of Miss T S Atkinson. The disposals took place on normal commercial terms.

Since 1 May 2023, the company has leased business premises from Fusion Group Properties Ltd on normal commercial terms. The rental charge included within the profit and loss account is £4,200.

The company operates a loan account with Fusion Group Properties Ltd, which included a release in respect of the aforementioned property disposal proceeds. The balance owed by Fusion Group Properties at the year end was £3,450, which is included within debtors on the balance sheet. The movements during the year were as follows:

£

Advances 318,781

Repayments (5,064 )

Release (310,000 )
Balance at 31 July 2023 3,717

12. CONTROLLING PARTY

The controlling party is Miss T S Atkinson.