IRIS Accounts Production v23.4.0.336 SC405851 Board of Directors Board of Directors 1.9.22 31.8.23 31.8.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC4058512022-08-31SC4058512023-08-31SC4058512022-09-012023-08-31SC4058512021-08-31SC4058512021-09-012022-08-31SC4058512022-08-31SC405851ns15:Scotland2022-09-012023-08-31SC405851ns14:PoundSterling2022-09-012023-08-31SC405851ns10:Director12022-09-012023-08-31SC405851ns10:Director22022-09-012023-08-31SC405851ns10:PrivateLimitedCompanyLtd2022-09-012023-08-31SC405851ns10:SmallEntities2022-09-012023-08-31SC405851ns10:AuditExempt-NoAccountantsReport2022-09-012023-08-31SC405851ns10:SmallCompaniesRegimeForDirectorsReport2022-09-012023-08-31SC405851ns10:SmallCompaniesRegimeForAccounts2022-09-012023-08-31SC405851ns10:FullAccounts2022-09-012023-08-31SC405851ns10:RegisteredOffice2022-09-012023-08-31SC405851ns5:CurrentFinancialInstruments2023-08-31SC405851ns5:CurrentFinancialInstruments2022-08-31SC405851ns5:Non-currentFinancialInstruments2023-08-31SC405851ns5:Non-currentFinancialInstruments2022-08-31SC405851ns5:ShareCapital2023-08-31SC405851ns5:ShareCapital2022-08-31SC405851ns5:RetainedEarningsAccumulatedLosses2023-08-31SC405851ns5:RetainedEarningsAccumulatedLosses2022-08-31SC405851ns5:PlantMachinery2022-09-012023-08-31SC405851ns5:MotorVehicles2022-09-012023-08-31SC405851ns5:ComputerEquipment2022-09-012023-08-31SC405851ns5:PlantMachinery2022-08-31SC405851ns5:MotorVehicles2022-08-31SC405851ns5:ComputerEquipment2022-08-31SC405851ns5:PlantMachinery2023-08-31SC405851ns5:MotorVehicles2023-08-31SC405851ns5:ComputerEquipment2023-08-31SC405851ns5:PlantMachinery2022-08-31SC405851ns5:MotorVehicles2022-08-31SC405851ns5:ComputerEquipment2022-08-31SC405851ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-08-31SC405851ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-09-012023-08-31SC405851ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-08-31SC405851ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-08-31SC405851ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-08-31SC405851ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-08-31SC405851ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-08-31SC405851ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-08-31SC405851ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-08-31SC405851ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-08-31SC405851ns5:HirePurchaseContractsns5:WithinOneYear2023-08-31SC405851ns5:HirePurchaseContractsns5:WithinOneYear2022-08-31SC405851ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-08-31SC405851ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-08-31SC405851ns5:HirePurchaseContracts2023-08-31SC405851ns5:HirePurchaseContracts2022-08-31SC405851ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-08-31SC405851ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-08-31SC405851ns5:WithinOneYear2023-08-31SC405851ns5:WithinOneYear2022-08-31SC405851ns5:BetweenOneFiveYears2023-08-31SC405851ns5:BetweenOneFiveYears2022-08-31SC405851ns5:MoreThanFiveYears2023-08-31SC405851ns5:MoreThanFiveYears2022-08-31SC405851ns5:AllPeriods2023-08-31SC405851ns5:AllPeriods2022-08-31
REGISTERED NUMBER: SC405851 (Scotland)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

FUSION GRAFFIX LTD.

FUSION GRAFFIX LTD. (REGISTERED NUMBER: SC405851)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FUSION GRAFFIX LTD.

COMPANY INFORMATION
for the Year Ended 31 August 2023







DIRECTORS: P J McSherry
M S Morrow





REGISTERED OFFICE: 192 Kirkton Avenue
Knightswood
United Kingdom
Glasgow
G13 3AE





REGISTERED NUMBER: SC405851 (Scotland)





ACCOUNTANTS: Kean Jarman & Company
Chartered Accountants
27 Ingram Street
Glasgow
G1 1HA

FUSION GRAFFIX LTD. (REGISTERED NUMBER: SC405851)

BALANCE SHEET
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 17,115 7,737

CURRENT ASSETS
Stocks 3,600 3,600
Debtors 5 51,805 21,357
Cash at bank and in hand 32,574 11,014
87,979 35,971
CREDITORS
Amounts falling due within one year 6 36,707 17,976
NET CURRENT ASSETS 51,272 17,995
TOTAL ASSETS LESS CURRENT
LIABILITIES

68,387

25,732

CREDITORS
Amounts falling due after more than one
year

7

(30,390

)

(28,747

)

PROVISIONS FOR LIABILITIES (4,279 ) (1,470 )
NET ASSETS/(LIABILITIES) 33,718 (4,485 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 33,618 (4,585 )
SHAREHOLDERS' FUNDS 33,718 (4,485 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 GRAFFIX LTD. (REGISTERED NUMBER: SC405851)

BALANCE SHEET - continued
31 August 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 5 April 2024 and were signed on its behalf by:




P J McSherry - Director



M S Morrow - Director


FUSION GRAFFIX LTD. (REGISTERED NUMBER: SC405851)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Fusion Graffix Ltd. is a private company, limited by shares , registered in Scotland. 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

FUSION GRAFFIX LTD. (REGISTERED NUMBER: SC405851)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 September 2022 8,000 41,383 5,196 54,579
Additions - 17,953 - 17,953
Disposals - (26,785 ) (5,196 ) (31,981 )
At 31 August 2023 8,000 32,551 - 40,551
DEPRECIATION
At 1 September 2022 8,000 34,083 4,759 46,842
Charge for year - 8,138 - 8,138
Eliminated on disposal - (26,785 ) (4,759 ) (31,544 )
At 31 August 2023 8,000 15,436 - 23,436
NET BOOK VALUE
At 31 August 2023 - 17,115 - 17,115
At 31 August 2022 - 7,300 437 7,737

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 September 2022 14,598
Additions 17,953
At 31 August 2023 32,551
DEPRECIATION
At 1 September 2022 7,298
Charge for year 8,138
At 31 August 2023 15,436
NET BOOK VALUE
At 31 August 2023 17,115
At 31 August 2022 7,300

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade debtors 51,805 21,357

FUSION GRAFFIX LTD. (REGISTERED NUMBER: SC405851)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Bank loans and overdrafts 3,428 2,770
Hire purchase contracts (see note 8) 4,567 2,976
Trade creditors 7,389 6,809
Tax 13,272 1,392
Social security and other taxes 640 1,008
VAT 4,430 -
Directors' current accounts 2,981 3,021
36,707 17,976

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Bank loans - 1-2 years 3,428 3,308
Bank loans - 2-5 years 10,284 9,924
Bank loans more 5 yr by instal 8,282 13,531
Hire purchase contracts (see note 8) 8,396 1,984
30,390 28,747

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 8,282 13,531

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.8.23 31.8.22
£    £   
Gross obligations repayable:
Within one year 5,482 3,309
Between one and five years 10,647 2,206
16,129 5,515

Finance charges repayable:
Within one year 915 333
Between one and five years 2,251 222
3,166 555

Net obligations repayable:
Within one year 4,567 2,976
Between one and five years 8,396 1,984
12,963 4,960

FUSION GRAFFIX LTD. (REGISTERED NUMBER: SC405851)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

8. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31.8.23 31.8.22
£    £   
Within one year 11,850 11,850
Between one and five years 47,400 47,400
In more than five years 47,400 59,250
106,650 118,500

9. RELATED PARTY DISCLOSURES

At the year end, the total owed to the directors was £2,981 (2022-£3,021). £3,021 this was the maximum outstanding during the year.