Company Registration Number
03307898
Fuse Properties Limited
Filleted Accounts
31 March 2024
Fuse Properties Limited
Registered number: 03307898
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 10,542,722 9,456,310
Current assets
Debtors 4 426,168 299,532
Investments held as current assets 5 481,525 198,362
Cash at bank and in hand 1,123,596 809,077
2,031,289 1,306,971
Creditors: amounts falling due within one year 6 (314,541) (328,978)
Net current assets 1,716,748 977,993
Total assets less current liabilities 12,259,470 10,434,303
Creditors: amounts falling due after more than one year 7 (6,908,737) (5,011,318)
Net assets 5,350,733 5,422,985
Capital and reserves
Called up share capital 2 2
Revaluation reserve 9 4,998,191 4,998,191
Profit and loss account 352,540 424,792
Shareholder's funds 5,350,733 5,422,985
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 member has 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.
Mr Sanjay Patel
Director
Approved by the board on 26 November 2024
Fuse Properties Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention 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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Nil
Plant and machinery over 2 years
Fixtures, fittings, tools and equipment over 4 years
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 9,406,673 181,681 218,844 9,807,198
Additions 1,102,957 - - 1,102,957
At 31 March 2024 10,509,630 181,681 218,844 10,910,155
Depreciation
At 1 April 2023 - 181,681 169,207 350,888
Charge for the year - - 16,545 16,545
At 31 March 2024 - 181,681 185,752 367,433
Net book value
At 31 March 2024 10,509,630 - 33,092 10,542,722
At 31 March 2023 9,406,673 - 49,637 9,456,310
4 Debtors 2024 2023
£ £
Other debtors 426,168 299,532
5 Investments held as current assets 2024 2023
£ £
Fair value
Unlisted investments 481,525 198,362
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 217,005 224,085
Taxation and social security costs (573) (1,415)
Other creditors 98,109 106,308
314,541 328,978
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 6,862,181 4,963,202
Bounce Back Loan 37,083 41,667
Other creditors 9,473 6,449
6,908,737 5,011,318
8 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 7,116,269 5,228,954
Secured bank loans 7,079,186 5,187,287
The bank loans are interest only and are secured on the properties of the company.
9 Revaluation reserve 2024 2023
£ £
At 1 April 2023 4,998,191 4,998,191
At 31 March 2024 4,998,191 4,998,191
10 Other information
Fuse Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
25 Balham High Road
London
SW12 9AL
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