Silverfin false false 31/08/2023 01/09/2022 31/08/2023 A H Cohen 20/07/2021 N J Henry 20/07/2021 R E Lang 16/08/2021 A R Taggart 16/08/2021 02 February 2024 The principal activity of the Company during the financial year was the development of building projects. 13520140 2023-08-31 13520140 bus:Director1 2023-08-31 13520140 bus:Director2 2023-08-31 13520140 bus:Director3 2023-08-31 13520140 bus:Director4 2023-08-31 13520140 2022-08-31 13520140 core:CurrentFinancialInstruments 2023-08-31 13520140 core:CurrentFinancialInstruments 2022-08-31 13520140 core:Non-currentFinancialInstruments 2023-08-31 13520140 core:Non-currentFinancialInstruments 2022-08-31 13520140 core:ShareCapital 2023-08-31 13520140 core:ShareCapital 2022-08-31 13520140 core:CapitalContributionReserve 2023-08-31 13520140 core:CapitalContributionReserve 2022-08-31 13520140 core:RetainedEarningsAccumulatedLosses 2023-08-31 13520140 core:RetainedEarningsAccumulatedLosses 2022-08-31 13520140 core:CostValuation 2022-08-31 13520140 core:CostValuation 2023-08-31 13520140 bus:OrdinaryShareClass1 2023-08-31 13520140 2022-09-01 2023-08-31 13520140 bus:FilletedAccounts 2022-09-01 2023-08-31 13520140 bus:SmallEntities 2022-09-01 2023-08-31 13520140 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 13520140 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 13520140 bus:Director1 2022-09-01 2023-08-31 13520140 bus:Director2 2022-09-01 2023-08-31 13520140 bus:Director3 2022-09-01 2023-08-31 13520140 bus:Director4 2022-09-01 2023-08-31 13520140 2021-07-20 2022-08-31 13520140 core:Subsidiary1 2022-09-01 2023-08-31 13520140 core:Subsidiary1 1 2022-09-01 2023-08-31 13520140 core:Subsidiary1 1 2021-07-20 2022-08-31 13520140 core:Non-currentFinancialInstruments 2022-09-01 2023-08-31 13520140 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 13520140 bus:OrdinaryShareClass1 2021-07-20 2022-08-31 13520140 1 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure decimalUnit xbrli:shares

Company No: 13520140 (England and Wales)

FUSION BXT PROPCO LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

FUSION BXT PROPCO LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

FUSION BXT PROPCO LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 August 2023
FUSION BXT PROPCO LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2023
Note 31.08.2023 31.08.2022
£ £
Fixed assets
Investment property 3 63,758,084 0
Investments 4 1 1
63,758,085 1
Current assets
Stocks 0 3,867,019
Debtors
- due within one year 5 1,327,050 14,903,598
- due after more than one year 5 2,650,435 0
Cash at bank and in hand 60,919 24,891
4,038,404 18,795,508
Creditors: amounts falling due within one year 6 ( 27,153,358) ( 18,776,958)
Net current (liabilities)/assets (23,114,954) 18,550
Total assets less current liabilities 40,643,131 18,551
Creditors: amounts falling due after more than one year 7 ( 47,029,862) 0
Net (liabilities)/assets ( 6,386,731) 18,551
Capital and reserves
Called-up share capital 8 1 1
Capital contribution reserve 924,575 1,033,688
Profit and loss account ( 7,311,307 ) ( 1,015,138 )
Total shareholder's (deficit)/funds ( 6,386,731) 18,551

For the financial 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.

Directors' responsibilities:

The financial statements of Fusion BXT Propco Limited (registered number: 13520140) were approved and authorised for issue by the Director. They were signed on its behalf by:

A H Cohen
Director

02 February 2024

FUSION BXT PROPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
FUSION BXT PROPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Fusion BXT Propco Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The principal activity of the Company during the financial year was the development of building projects.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. During the construction of the property is is continued to be carried at cost. When the property is completed it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

Year ended
31.08.2023
Period from
20.07.2021 to
31.08.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Investment property

Investment property
£
Cost
As at 01 September 2022 0
Additions 63,758,084
As at 31 August 2023 63,758,084

4. Fixed asset investments

Investments in subsidiaries

31.08.2023
£
Cost
At 01 September 2022 1
At 31 August 2023 1
Carrying value at 31 August 2023 1
Carrying value at 31 August 2022 1

Investments in shares

Name of entity Registered office Nature of business Class of
shares
Ownership
31.08.2023
Ownership
31.08.2022
Fusion BXT Opco Limited 35 Ballards Lane, London, N3 1XW Property management Ordinary 100.00% 100.00%

5. Debtors

31.08.2023 31.08.2022
£ £
Debtors: amounts falling due within one year
Amounts owed by Group undertakings 699 5,903,598
Other debtors 1,326,351 9,000,000
1,327,050 14,903,598
Debtors: amounts falling due after more than one year
Other debtors 2,650,435 0

6. Creditors: amounts falling due within one year

31.08.2023 31.08.2022
£ £
Trade creditors 13,164 0
Amounts owed to Group undertakings 27,140,194 18,776,958
27,153,358 18,776,958

7. Creditors: amounts falling due after more than one year

31.08.2023 31.08.2022
£ £
Amounts owed to Group undertakings 43,219,862 0
Other creditors 3,810,000 0
47,029,862 0

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

31.08.2023 31.08.2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

9. Ultimate controlling party

The ultimate parent undertaking is Fusion BXT Holdco Limited.

The registered office address is 35 Ballards Lane, London, N3 1XW

The principal place of business in Fusion House, The Green, Letchmore Heath, Herts, WD25 8ER