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Registered number: 13572534
Fusion Elec Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13572534
31 August 2023 31 August 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,611 1,003
3,611 1,003
CURRENT ASSETS
Debtors 5 239,480 10,874
Cash at bank and in hand 49,687 1,743
289,167 12,617
Creditors: Amounts Falling Due Within One Year 6 (386,430 ) (31,131 )
NET CURRENT ASSETS (LIABILITIES) (97,263 ) (18,514 )
TOTAL ASSETS LESS CURRENT LIABILITIES (93,652 ) (17,511 )
NET LIABILITIES (93,652 ) (17,511 )
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account (93,752 ) (17,611 )
SHAREHOLDERS' FUNDS (93,652) (17,511)
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For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
K Selcuk
Director
10/04/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Fusion Elec Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13572534 . The registered office is Unit 7, Easter Court, Europa Boulevard, Warrington, WA5 7ZB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Significant judgements and estimations
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There have been no judgements, estimates or assumptions made in the preparation of these financial statements.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Straight Line
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 2)
4 2
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 September 2022 1,192
Additions 3,064
As at 31 August 2023 4,256
Depreciation
As at 1 September 2022 189
Provided during the period 456
As at 31 August 2023 645
Net Book Value
As at 31 August 2023 3,611
As at 1 September 2022 1,003
5. Debtors
31 August 2023 31 August 2022
£ £
Due within one year
Trade debtors 211,977 9,380
Prepayments and accrued income 12,340 -
Other debtors 7,733 1,494
VAT 7,430 -
239,480 10,874
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6. Creditors: Amounts Falling Due Within One Year
31 August 2023 31 August 2022
£ £
Trade creditors 28,925 6,708
Other taxes and social security 9,048 -
VAT - 425
Other creditors 1,433 255
Directors' loan accounts - 190
Amounts owed to group undertakings 347,024 23,553
386,430 31,131
7. Share Capital
31 August 2023 31 August 2022
£ £
Allotted, Called up and fully paid 100 100
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