REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 July 2023 |
for |
Fusion Resources Ltd |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of services, excluding value added tax. |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Office equipment | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Office |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 August 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2022 |
Disposals | ( |
) |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.23 | 31.7.22 |
£ | £ |
Trade debtors |
Amounts owed by associates |
Other debtors |
Directors' current accounts | 40,427 | 18,502 |
Tax |
Accrued income |
Prepayments |
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 |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 172,320 | 276,224 |
Other creditors |
Directors' current accounts | 3,000 | 5,000 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.7.23 | 31.7.22 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
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. |