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. |
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|
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. |
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|
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 |
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|
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. |
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|
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). |
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7 |
Other information |
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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 |