Registered number
09096727
Fusionation Limited
Filleted Accounts
30 June 2023
Fusionation Limited Registered number
Balance Sheet 09096727
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Investment property 4 345,000 345,000
Current assets
Debtors 5 128,106 12,067
Cash at bank and in hand 60 5,346
128,166 17,413
Creditors: amounts falling due within one year 6 (54,063) (30,361)
Net current assets/(liabilities) 74,103 (12,948)
Total assets less current liabilities 419,103 332,052
Creditors: amounts falling due after more than one year 7 (213,336) (213,333)
Provisions for liabilities
Deferred tax (8,600) (8,600)
Net assets 197,167 110,119
Capital and reserves
Called up share capital 1 1
Profit and loss account 197,166 110,118
Shareholders' funds 197,167 110,119
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Smith
Director
Approved by the board on 20 September 2024
Fusionation Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention, as modified by the revaluation of investment property, and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, as applied to small entities by section 1A of the standard.
Turnover
Turnover represents commission, fee income and rent receivable.
Investment properties
Investment properties are initially valued at cost but are subject to revaluation at the balance sheet date to reflect open market value should this differ from the carrying value. Any changes in value are reflected in the profit and loss account. The company departs from the normal requirement to charge depreciation on investment properties in order to satisfy the overriding requirement for the accounts to give a true and fair view of the company's results and financial position.
Deferred taxation
Deferred tax is provided on an undiscounted basis to reflect the tax that would be payable by the company were its investment property to be sold at its balance sheet value. There are no plans to sell the property at present.
2 Taxation 2023 2022
£ £
UK corporation tax 22,441 18,400
Deferred tax - 8,600
22,441 27,000
3 Employees 2023 2022
Number Number
Average number of employees and company officers 1 1
4 Investment property
£
Valuation
At 1 July 2022 345,000
At 30 June 2023 345,000
The director has reviewed the value of the company's investment property as at 30 June 2023 by reference to available information regarding the local property market. The historical cost of the property at 30 June 2023 amounted to £310,603 (2022: £310,603).
5 Debtors 2023 2022
£ £
Other debtors 128,106 12,067
6 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation tax 51,602 29,161
Other creditors 2,461 1,200
54,063 30,361
7 Creditors: amounts falling due after one year 2023 2022
£ £
Commercial mortgage (secured) 213,336 213,333
The commercial mortgage runs until September 2025 at a fixed interest rate of 3.69% p.a. The mortgage is on an interest-only basis and is repayable more than five years after the balance sheet date. It is secured against the company's investment property.
8 Controlling party
At 30 June 2023, the company was controlled by Mr P Smith, who owned the company's entire issued share capital.
9 Other information
Fusionation Limited is a private company limited by shares and incorporated in England. Its registered office is 1 Britten Close, Langdon Hills, Basildon, Essex SS16 6TB.
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