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Registration number: 6770609

Fusion Paper and Board Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Fusion Paper and Board Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Fusion Paper and Board Limited

(Registration number: 6770609)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

7,020

10,530

Tangible assets

5

184,108

107,296

 

191,128

117,826

Current assets

 

Stocks

6

80,690

246,413

Debtors

7

941,419

894,902

Cash at bank and in hand

 

184,188

87,608

 

1,206,297

1,228,923

Creditors: Amounts falling due within one year

8

(774,658)

(829,883)

Net current assets

 

431,639

399,040

Total assets less current liabilities

 

622,767

516,866

Creditors: Amounts falling due after more than one year

8

(75,923)

(133,874)

Provisions for liabilities

(46,027)

(13,304)

Net assets

 

500,817

369,688

Capital and reserves

 

Called up share capital

200

200

Retained earnings

500,617

369,488

Shareholders' funds

 

500,817

369,688

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Fusion Paper and Board Limited

(Registration number: 6770609)
Statement of Financial Position as at 31 December 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 18 June 2024 and signed on its behalf by:
 

.........................................
Mr P W Gray-Nicholson
Director

.........................................
Mrs C L Gray-Nicholson
Director

 
     
 

Fusion Paper and Board Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Fusion House
Bridgeway
Bradford
Yorkshire
BD4 9SN

These financial statements were authorised for issue by the Board on 18 June 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency is £ sterling.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Fusion Paper and Board Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% Straight line

Plant and equipment

20% Straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website Development Costs

Over 5 years straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Fusion Paper and Board Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 10).

 

Fusion Paper and Board Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2023

17,550

17,550

At 31 December 2023

17,550

17,550

Amortisation

At 1 January 2023

7,020

7,020

Amortisation charge

3,510

3,510

At 31 December 2023

10,530

10,530

Carrying amount

At 31 December 2023

7,020

7,020

At 31 December 2022

10,530

10,530

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

77,749

175,782

253,531

Additions

7,952

120,872

128,824

Disposals

-

(18,459)

(18,459)

At 31 December 2023

85,701

278,195

363,896

Depreciation

At 1 January 2023

59,954

86,281

146,235

Charge for the year

10,267

41,745

52,012

Eliminated on disposal

-

(18,459)

(18,459)

At 31 December 2023

70,221

109,567

179,788

Carrying amount

At 31 December 2023

15,480

168,628

184,108

At 31 December 2022

17,795

89,501

107,296

 

Fusion Paper and Board Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

80,690

246,413

7

Debtors

2023
£

2022
£

Trade debtors

514,679

488,785

Prepayments

417

3,297

Other debtors

426,323

402,820

941,419

894,902

 

Fusion Paper and Board Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

57,951

65,570

Trade creditors

 

482,158

666,004

Taxation and social security

 

156,198

67,740

Accruals and deferred income

 

3,450

3,600

Other creditors

 

74,901

26,969

 

774,658

829,883

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

75,923

133,874

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

55,757

97,575

Hire purchase contracts

20,166

36,299

75,923

133,874

2023
£

2022
£

Current loans and borrowings

Bank borrowings

41,818

41,818

Hire purchase contracts

16,133

23,752

57,951

65,570