Silverfin false false 31/08/2024 01/09/2023 31/08/2024 A H Cohen 27/06/2023 N J Henry 27/06/2023 G P Osen 27/06/2023 W P Rosenberg 27/06/2023 20 January 2025 The company was incorporated on 27 June 2023. The principal activity of the company is that of a development of building projects. 14965697 2024-08-31 14965697 bus:Director1 2024-08-31 14965697 bus:Director2 2024-08-31 14965697 bus:Director3 2024-08-31 14965697 bus:Director4 2024-08-31 14965697 core:CurrentFinancialInstruments 2024-08-31 14965697 core:ShareCapital 2024-08-31 14965697 core:RetainedEarningsAccumulatedLosses 2024-08-31 14965697 bus:OrdinaryShareClass1 2024-08-31 14965697 2023-09-01 2024-08-31 14965697 bus:FilletedAccounts 2023-09-01 2024-08-31 14965697 bus:SmallEntities 2023-09-01 2024-08-31 14965697 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 14965697 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 14965697 bus:Director1 2023-09-01 2024-08-31 14965697 bus:Director2 2023-09-01 2024-08-31 14965697 bus:Director3 2023-09-01 2024-08-31 14965697 bus:Director4 2023-09-01 2024-08-31 14965697 core:CurrentFinancialInstruments 2023-09-01 2024-08-31 14965697 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 14965697 1 2023-09-01 2024-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 14965697 (England and Wales)

FUSION CARDIFF PROPCO LTD

Unaudited Financial Statements
For the financial period ended 31 August 2024
Pages for filing with the registrar

FUSION CARDIFF PROPCO LTD

Unaudited Financial Statements

For the financial period ended 31 August 2024

Contents

FUSION CARDIFF PROPCO LTD

STATEMENT OF FINANCIAL POSITION

As at 31 August 2024
FUSION CARDIFF PROPCO LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2024
Note 2024
£
Current assets
Debtors 3 1,223,338
Cash at bank and in hand 46
1,223,384
Creditors: amounts falling due within one year 4 ( 1,223,595)
Net current liabilities (211)
Total assets less current liabilities (211)
Net liabilities ( 211)
Capital and reserves
Called-up share capital 5 10
Profit and loss account ( 221 )
Total shareholder's deficit ( 211)

For the financial period ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Fusion Cardiff Propco Ltd (registered number: 14965697) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

A H Cohen
Director

20 January 2025

FUSION CARDIFF PROPCO LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period ended 31 August 2024
FUSION CARDIFF PROPCO LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Fusion Cardiff Propco Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, United Kingdom, N3 1XW, London, United Kingdom.

The company was incorporated on 27 June 2023. The principal activity of the company is that of a development of building projects.

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 Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Going concern

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

Reporting period length

The directors present a longer period of account from 27 June 2023 to 31 August 2024.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 by group undertakings 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 Income and Retained Earnings.

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, and amounts owed to group undertakings 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 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

2024
Number
Monthly average number of persons employed by the company during the period, including directors 4

3. Debtors

2024
£
Amounts owed by group undertakings 84
Other debtors 1,223,254
1,223,338

Amounts owed by group undertakings consists of intracompany loans of £84 which are unsecured and interest free.

4. Creditors: amounts falling due within one year

2024
£
Trade creditors 7,394
Amounts owed to group undertakings 1,216,201
1,223,595

Amounts owed to group undertakings consists of intracompany loans of £1,216,201 which are unsecured and interest free.

5. Called-up share capital

2024
£
Allotted, called-up and fully-paid
10 Ordinary shares of £ 1.00 each 10

6. Ultimate controlling party

The ultimate parent undertaking is Fusion Global Investments Holdco Limited.

The registered office address is 35 Ballards Lane, London, N3 1XW

The principal place of business in Fusion House, The Green, Letchmore Heath, Herts, WD25 8ER