Company Registration No. 04522004 (England and Wales)
Fruition Systems Limited
Unaudited accounts
for the year ended 31 July 2023
Fruition Systems Limited
Unaudited accounts
Contents
Fruition Systems Limited
Company Information
for the year ended 31 July 2023
Company Number
04522004 (England and Wales)
Registered Office
Unit 3 Claylands Park
Claylands Road
Bishops Waltham
Hampshire
SO32 1BH
Accountants
Horn & Co. Accountants Limited
6 Weyhill Close
Portchester
Fareham
Hampshire
PO16 8EL
Chartered Certified Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
Fruition Systems Limited
for the year ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Fruition Systems Limited for the year ended
31 July 2023 as set out on pages
5 -
7 from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/uk/en/about-us/regulation/rulebook.html
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
Horn & Co. Accountants Limited
Chartered Certified Accountants
6 Weyhill Close
Portchester
Fareham
Hampshire
PO16 8EL
17 April 2024
Fruition Systems Limited
Statement of financial position
as at 31 July 2023
Tangible assets
22,117
27,326
Creditors: amounts falling due within one year
(76,793)
(59,752)
Net current assets
26,216
13,405
Total assets less current liabilities
48,333
40,731
Creditors: amounts falling due after more than one year
(56,850)
(68,680)
Provisions for liabilities
Net liabilities
(9,021)
(27,949)
Called up share capital
100
100
Profit and loss account
(9,121)
(28,049)
Shareholders' funds
(9,021)
(27,949)
For the year ending 31 July 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 17 April 2024 and were signed on its behalf by
Steven Mummery
Director
Company Registration No. 04522004
Fruition Systems Limited
Notes to the Accounts
for the year ended 31 July 2023
Fruition Systems Limited is a private company, limited by shares, registered in England and Wales, registration number 04522004. The registered office is Unit 3 Claylands Park, Claylands Road, Bishops Waltham, Hampshire, SO32 1BH.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the United Kingdom 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.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Over the duration of the lease
Plant & machinery
25% reducing balance
Motor vehicles
18% & 20% reducing balance
Computer equipment
33% straight line
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Inventories have been valued at the lower of cost and estimated selling price less costs to sell.
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 accounts. 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.
Fruition Systems Limited
Notes to the Accounts
for the year ended 31 July 2023
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
3
Tangible fixed assets
Total
4
Operating lease commitments
2023
2022
At 31 July 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Later than one year and not later than five years
33,000
11,500
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan to director
2,777
-
2,777
-
The loan to the director is repayable on demand and is interest bearing at the HMRC official rate of interest.
6
Average number of employees
During the year the average number of employees was 4 (2022: 4).