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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
Page
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Fruition Systems Limited Company Information for the year ended 31 July 2023
Director
Steven Mummery
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
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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
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Fruition Systems Limited Statement of financial position as at 31 July 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
22,117 
27,326 
Current assets
Inventories
7,000 
7,000 
Debtors
96,009 
66,157 
103,009 
73,157 
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
Deferred tax
(504)
- 
Net liabilities
(9,021)
(27,949)
Capital and reserves
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
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Fruition Systems Limited Notes to the Accounts for the year ended 31 July 2023
1
Statutory information
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.
2
Accounting policies
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.
Basis of preparation
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.
Presentation currency
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
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.
Pension costs
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
Inventories have been valued at the lower of cost and estimated selling price less costs to sell.
Deferred taxation
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.
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Fruition Systems Limited Notes to the Accounts for the year ended 31 July 2023
Government grants
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 
£ 
Cost or valuation
At 1 August 2022
90,435 
Additions
1,296 
At 31 July 2023
91,731 
Depreciation
At 1 August 2022
63,109 
Charge for the year
6,505 
At 31 July 2023
69,614 
Net book value
At 31 July 2023
22,117 
At 31 July 2022
27,326 
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 
5
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Steven Mummery
Loan to director
2,777 
- 
2,777 
- 
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).
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