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REGISTERED NUMBER: 04848438 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

Fusion Resources Ltd

Fusion Resources Ltd (Registered number: 04848438)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Fusion Resources Ltd

Company Information
for the Year Ended 31 July 2024







DIRECTORS: Miss T S Atkinson
Miss C L Atkinson





SECRETARY: Miss T S Atkinson





REGISTERED OFFICE: 21 Alma Square
Scarborough
North Yorkshire
YO11 1JR





REGISTERED NUMBER: 04848438 (England and Wales)





ACCOUNTANTS: Edward Milnes & Co
Woodend
The Crescent
Scarborough
North Yorkshire
YO11 2PW

Fusion Resources Ltd (Registered number: 04848438)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 12,429 14,558

CURRENT ASSETS
Debtors 5 445,346 501,612
Cash at bank 102,451 167,976
547,797 669,588
CREDITORS
Amounts falling due within one year 6 323,873 440,153
NET CURRENT ASSETS 223,924 229,435
TOTAL ASSETS LESS CURRENT
LIABILITIES

236,353

243,993

CREDITORS
Amounts falling due after more than one
year

7

(6,667

)

(14,667

)

PROVISIONS FOR LIABILITIES (3,107 ) (3,640 )
NET ASSETS 226,579 225,686

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 225,579 224,686
SHAREHOLDERS' FUNDS 226,579 225,686

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Fusion Resources Ltd (Registered number: 04848438)

Balance Sheet - continued
31 July 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 October 2024 and were signed on its behalf by:




Miss T S Atkinson - Director



Miss C L Atkinson - Director


Fusion Resources Ltd (Registered number: 04848438)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Fusion Resources Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Office equipment - 33% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 122 (2023 - 187 ) .

Fusion Resources Ltd (Registered number: 04848438)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and Office
fittings equipment Totals
£    £    £   
COST
At 1 August 2023 19,999 24,364 44,363
Additions 262 2,436 2,698
Disposals (2,827 ) (7,006 ) (9,833 )
At 31 July 2024 17,434 19,794 37,228
DEPRECIATION
At 1 August 2023 11,989 17,816 29,805
Charge for year 722 2,286 3,008
Eliminated on disposal (1,812 ) (6,202 ) (8,014 )
At 31 July 2024 10,899 13,900 24,799
NET BOOK VALUE
At 31 July 2024 6,535 5,894 12,429
At 31 July 2023 8,010 6,548 14,558

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 323,717 394,941
Amounts owed by associates 504 3,717
Other debtors 32,148 673
Directors' current accounts 72,822 40,427
Tax 13,413 6,013
Accrued income - 53,879
Prepayments 2,742 1,962
445,346 501,612

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts 8,000 8,000
Trade creditors 29,546 52,107
Tax 36,427 66,755
Social security and other taxes 32,271 41,414
VAT 137,841 172,320
Other creditors 12,231 14,334
Directors' current accounts 2,500 3,000
Accrued expenses 65,057 82,223
323,873 440,153

Fusion Resources Ltd (Registered number: 04848438)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.24 31.7.23
£    £   
Bank loans - 1-2 years 6,667 8,000
Bank loans - 2-5 years - 6,667
6,667 14,667

8. SECURED DEBTS

The following secured debts are included within creditors:

31.7.24 31.7.23
£    £   
Debt factor current account 23,466 50,848

The debt factor current account is secured by way of a fixed charge over the company's assets.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2024 and 31 July 2023:

31.7.24 31.7.23
£    £   
Miss T S Atkinson
Balance outstanding at start of year 40,427 18,502
Amounts advanced 127,682 185,503
Amounts repaid (95,287 ) (163,578 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 72,822 40,427

Miss C L Atkinson
Balance outstanding at start of year - -
Amounts advanced 683 -
Amounts repaid (683 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Interest was charged on all balances in excess of £10,000 at 2.25%.

This equated to £1,808 (2023 - £728).

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £105,000 (2023 - £180,000) were paid to the directors .

Fusion Resources Ltd (Registered number: 04848438)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

10. RELATED PARTY DISCLOSURES - continued

Since 1 May 2023, the company has leased business premises from Fusion Group Properties Ltd, a company under the control of Miss T S Atkinson, on normal commercial terms. The rental charge included within the profit and loss account is £16,800 (2023 - £4,200).

The company operates a loan account with Fusion Group Properties Ltd. The movements during the year were as follows:

£

Balance at 1 August 2023 3,717

Advances 987

Repayments (4,200 )
Balance at 31 July 2024 504

11. CONTROLLING PARTY

The controlling party is Miss T S Atkinson.