Registered number
10077124
Fusion Beech Hill (No 2) Ltd
Unaudited Filleted Accounts
31 March 2024
Fusion Beech Hill (No 2) Ltd
Registered number: 10077124
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,499,835 1,499,835
Current assets
Debtors 4 4,547 4,800
Cash at bank and in hand 6,026 10,825
10,573 15,625
Creditors: amounts falling due within one year 5 (1,702,487) (1,715,516)
Net current liabilities (1,691,914) (1,699,891)
Net liabilities (192,079) (200,056)
Capital and reserves
Called up share capital 1 1
Profit and loss account (192,080) (200,057)
Shareholders' funds (192,079) (200,056)
The directors are 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 directors acknowledge their 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.
I Bhoja
Director
Approved by the board on 13 January 2025
Fusion Beech Hill (No 2) Ltd
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, as modified by the use of fair value for certain assets, 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 rental income from properties owned by the company. Turnover from rental income is recognised rateably over the period of lease.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs, and except for the director's loan, are subsequently measured at amortised cost determined using the effective interest method.
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.
Investment property
Investment property is measured initially at cost. Subsequently, the investment property is valued at its estimated fair value. Movements in fair value are charged through the profit and loss account. Fair value is determined using the directors' assessment of movements in the market value of the property. No annual depreciation is charged on investment property.
Going concern
The financial statements have been prepared on a going concern basis notwithstanding the fact that at 31 March 2024, the company had net liabilities of approximately £192,000. The directors are confident of continued support from both the company's shareholder and the connected company for the forseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly these financial statements have continued to adopt the going concern basis.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company - -
3 Tangible fixed assets
Investment property
£
Fair value
At 1 April 2023 1,499,835
At 31 March 2024 1,499,835
Depreciation
At 31 March 2024 and 31 March 2023. -
Net book value
At 31 March 2024 1,499,835
At 31 March 2023 1,499,835
3 Tangible fixed assets (continued)
Investment property: 2024 2023
£ £
Historical cost 1,809,036 1,809,036
Cumulative depreciation based on historical cost - -
1,809,036 1,809,036
The directors have used market information to arrive at their estimate of the fair value of the investment property at 31 March 2023 and 31 March 2024.
Historical cost 1,809,036
Fair value adjustment 2018 (90,000)
Fair value adjustment 2019 (219,201)
1,499,835
4 Debtors 2024 2023
£ £
Other debtors 4,547 4,800
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security 6,974 862
Other creditors 1,695,513 1,714,654
1,702,487 1,715,516
6 Related party transactions
The company had an interest-free loan of £1,413,838 at 31 March 2024 (2023: £1,394,552) from a company which has common directors with Fusion Beech Hill No.2 Ltd.
The company has also been provided with an interest-free loan from a director. At 31 March 2024 the balance owed by the company was £217,107 (2023: £252,022).
7 Other information
Fusion Beech Hill (No 2) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Condor House
700 Great Cambridge Road
Enfield
Middx
EN1 3EA
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