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COMPANY REGISTRATION NUMBER: 07824499
FUSION FACADES LIMITED
Filleted Unaudited Financial Statements
31 March 2024
FUSION FACADES LIMITED
Financial Statements
Year ended 31st March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
FUSION FACADES LIMITED
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
10,906
12,831
Current assets
Stocks
270,525
248,175
Debtors
6
153,849
498,208
Cash at bank and in hand
58,087
17,324
---------
---------
482,461
763,707
Creditors: amounts falling due within one year
7
349,948
593,669
---------
---------
Net current assets
132,513
170,038
---------
---------
Total assets less current liabilities
143,419
182,869
Creditors: amounts falling due after more than one year
8
81,301
121,874
---------
---------
Net assets
62,118
60,995
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
62,117
60,994
--------
--------
Shareholders funds
62,118
60,995
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st March 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
FUSION FACADES LIMITED
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 15 October 2024 , and are signed on behalf of the board by:
K.J. Hanson
M.J. McKee
Director
Director
Company registration number: 07824499
FUSION FACADES LIMITED
Notes to the Financial Statements
Year ended 31st March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Healey Works, Shawclough Trading Estate, Shawclough Road, Rochdale, OL12 6ND.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
15% reducing balance
Office Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 7 ).
5. Tangible assets
Plant and machinery
Office Equipment
Total
£
£
£
Cost
At 1st April 2023 and 31st March 2024
12,867
262
13,129
--------
----
--------
Depreciation
At 1st April 2023
107
191
298
Charge for the year
1,914
11
1,925
--------
----
--------
At 31st March 2024
2,021
202
2,223
--------
----
--------
Carrying amount
At 31st March 2024
10,846
60
10,906
--------
----
--------
At 31st March 2023
12,760
71
12,831
--------
----
--------
6. Debtors
2024
2023
£
£
Trade debtors
141,699
471,635
Other debtors
12,150
26,573
---------
---------
153,849
498,208
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
41,410
35,342
Trade creditors
304,584
546,076
Social security and other taxes
8,491
Other creditors
3,954
3,760
---------
---------
349,948
593,669
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
81,301
121,874
--------
---------
9. Controlling party
The company is a wholly owned subsidiary of Guttermaster Limited a company incorporated in England and Wales.