Silverfin false 31/12/2023 01/01/2023 31/12/2023 S K Bhasin 24/04/2023 19/02/2017 A Christoforou 24/04/2023 20/12/2016 N J Henry 19/02/2017 W P Rosenberg 19/02/2017 19 September 2024 OC415173 2023-12-31 OC415173 bus:Director1 2023-12-31 OC415173 bus:Director2 2023-12-31 OC415173 bus:Director3 2023-12-31 OC415173 bus:Director4 2023-12-31 OC415173 core:CurrentFinancialInstruments 2023-12-31 OC415173 core:CurrentFinancialInstruments 2022-12-31 OC415173 2022-12-31 OC415173 core:Non-currentFinancialInstruments 2023-12-31 OC415173 core:Non-currentFinancialInstruments 2022-12-31 OC415173 core:Vehicles 2022-12-31 OC415173 core:FurnitureFittings 2022-12-31 OC415173 core:OfficeEquipment 2022-12-31 OC415173 core:ComputerEquipment 2022-12-31 OC415173 core:Vehicles 2023-12-31 OC415173 core:FurnitureFittings 2023-12-31 OC415173 core:OfficeEquipment 2023-12-31 OC415173 core:ComputerEquipment 2023-12-31 OC415173 2023-01-01 2023-12-31 OC415173 bus:FullAccounts 2023-01-01 2023-12-31 OC415173 bus:SmallEntities 2023-01-01 2023-12-31 OC415173 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 OC415173 bus:LimitedLiabilityPartnershipLLP 2023-01-01 2023-12-31 OC415173 bus:Director1 2023-01-01 2023-12-31 OC415173 bus:Director2 2023-01-01 2023-12-31 OC415173 bus:Director3 2023-01-01 2023-12-31 OC415173 bus:Director4 2023-01-01 2023-12-31 OC415173 core:Vehicles core:TopRangeValue 2023-01-01 2023-12-31 OC415173 core:FurnitureFittings core:TopRangeValue 2023-01-01 2023-12-31 OC415173 core:OfficeEquipment core:TopRangeValue 2023-01-01 2023-12-31 OC415173 core:ComputerEquipment core:TopRangeValue 2023-01-01 2023-12-31 OC415173 2022-01-01 2022-12-31 OC415173 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: OC415173 (England and Wales)

FUSION RESIDENTIAL MANAGEMENT LLP

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

FUSION RESIDENTIAL MANAGEMENT LLP

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

FUSION RESIDENTIAL MANAGEMENT LLP

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
FUSION RESIDENTIAL MANAGEMENT LLP

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Current assets
Debtors 4 1,151 658
Cash at bank and in hand 326 2,490
1,477 3,148
Creditors: amounts falling due within one year 5 ( 41,070) ( 26,460)
Net current liabilities (39,593) (23,312)
Total assets less current liabilities (39,593) (23,312)
Creditors: amounts falling due after more than one year 6 ( 15,661) ( 25,726)
Net liabilities attributable to members ( 55,254) ( 49,038)
Represented by
Loans and other debts due to members within one year
Other amounts (5,495) (5,495)
(5,495) (5,495)
Members' other interests
Other reserves (49,759) (43,543)
(49,759) (43,543)
(55,254) (49,038)
Total members' interests
Loans and other debts due to members (5,495) (5,495)
Members' other interests (49,759) (43,543)
(55,254) (49,038)

For the financial year ending 31 December 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

The financial statements of Fusion Residential Management LLP (registered number: OC415173) were approved and authorised for issue by the Board of Directors on 19 September 2024. They were signed on its behalf by:

N J Henry
Designated member
FUSION RESIDENTIAL MANAGEMENT LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial year ended 31 December 2023
FUSION RESIDENTIAL MANAGEMENT LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial year ended 31 December 2023
EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves Other amounts Total
£ £ £
Amounts due to members (5,495)
Balance at 01 January 2022 (20,505) (5,495) (26,000)
Loss for the financial year available for discretionary division among members (23,038) 0 (23,038)
Members' interest after loss for the financial year (43,543) (5,495) (49,038)
Amounts due to members (5,495)
Balance at 31 December 2022 (43,543) (5,495) (49,038)
Loss for the financial year available for discretionary division among members (6,216) 0 (6,216)
Members' interest after loss for the financial year (49,759) (5,495) (55,254)
Amounts due to members (5,495)
Balance at 31 December 2023 (49,759) (5,495) (55,254)

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

FUSION RESIDENTIAL MANAGEMENT LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
FUSION RESIDENTIAL MANAGEMENT LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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 year, unless otherwise stated.

General information and basis of accounting

Fusion Residential Management LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

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 Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

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

Going concern

The members have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP 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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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:

Vehicles 4 years straight line
Fixtures and fittings 4 years straight line
Office equipment 4 years straight line
Computer equipment 4 years straight line

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.

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 Comprehensive Income.

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 liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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

2023 2022
Number Number
Monthly average number of persons employed by the LLP during the year 2 4

3. Tangible assets

Vehicles Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 January 2023 64,491 32,374 4,115 23,461 124,441
At 31 December 2023 64,491 32,374 4,115 23,461 124,441
Accumulated depreciation
At 01 January 2023 64,491 32,374 4,115 23,461 124,441
At 31 December 2023 64,491 32,374 4,115 23,461 124,441
Net book value
At 31 December 2023 0 0 0 0 0
At 31 December 2022 0 0 0 0 0

4. Debtors

2023 2022
£ £
Trade debtors 180 658
Other debtors 971 0
1,151 658

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,119 9,871
Trade creditors 385 1,170
Amounts owed to Group undertakings 498 0
Other taxation and social security 0 101
Other creditors 30,068 15,318
41,070 26,460

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

2023 2022
£ £
Bank loans 15,661 25,726

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