Silverfin false false 31/03/2024 01/09/2023 31/03/2024 D Graver 20/02/2024 M Graver 20/11/2018 02 May 2025 The principal activity of the Company is that of a holding company. 11687379 2024-03-31 11687379 bus:Director1 2024-03-31 11687379 bus:Director2 2024-03-31 11687379 2023-08-31 11687379 core:CurrentFinancialInstruments 2024-03-31 11687379 core:CurrentFinancialInstruments 2023-08-31 11687379 core:ShareCapital 2024-03-31 11687379 core:ShareCapital 2023-08-31 11687379 core:RetainedEarningsAccumulatedLosses 2024-03-31 11687379 core:RetainedEarningsAccumulatedLosses 2023-08-31 11687379 core:CostValuation 2023-08-31 11687379 core:CostValuation 2024-03-31 11687379 bus:OrdinaryShareClass1 2024-03-31 11687379 2023-09-01 2024-03-31 11687379 bus:FilletedAccounts 2023-09-01 2024-03-31 11687379 bus:SmallEntities 2023-09-01 2024-03-31 11687379 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-03-31 11687379 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-03-31 11687379 bus:Director1 2023-09-01 2024-03-31 11687379 bus:Director2 2023-09-01 2024-03-31 11687379 2022-09-01 2023-08-31 11687379 bus:OrdinaryShareClass1 2023-09-01 2024-03-31 11687379 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 11687379 (England and Wales)

MG FUSION LIMITED

Unaudited Financial Statements
For the financial period from 01 September 2023 to 31 March 2024
Pages for filing with the registrar

MG FUSION LIMITED

Unaudited Financial Statements

For the financial period from 01 September 2023 to 31 March 2024

Contents

MG FUSION LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
MG FUSION LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024 31.08.2023
£ £
Fixed assets
Investments 3 1 1
1 1
Current assets
Debtors 4 175,504 4
Cash at bank and in hand 84,857 211,058
260,361 211,062
Creditors: amounts falling due within one year 5 ( 50,916) ( 992)
Net current assets 209,445 210,070
Total assets less current liabilities 209,446 210,071
Net assets 209,446 210,071
Capital and reserves
Called-up share capital 6 4 4
Profit and loss account 209,442 210,067
Total shareholders' funds 209,446 210,071

For the financial period ending 31 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 financial statements of MG Fusion Limited (registered number: 11687379) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

D Graver
Director

02 May 2025

MG FUSION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 September 2023 to 31 March 2024
MG FUSION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 September 2023 to 31 March 2024
1. Accounting policies

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

General information and basis of accounting

MG Fusion Limited (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, N3 1XW, United Kingdom.

The principal activity of the Company is that of a holding company.

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 shorter period of accounts from 1 September 2023 to 31 March 2024. The prior period figures are presented for the year ended 31 August 2023 and therefore are not entirely comparable.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Financial instruments

The Company only enters into basic financial instrument 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 related parties and investments in ordinary shares.

Financial assets
Basic financial assets, including other debtors, and amounts due from related companies, 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 creditors, 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 liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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

Period from
01.09.2023 to
31.03.2024
Year ended
31.08.2023
Number Number
Monthly average number of persons employed by the company during the period, including directors 1 1

3. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 September 2023 1 1
At 31 March 2024 1 1
Carrying value at 31 March 2024 1 1
Carrying value at 31 August 2023 1 1

4. Debtors

31.03.2024 31.08.2023
£ £
Other debtors 175,504 4

5. Creditors: amounts falling due within one year

31.03.2024 31.08.2023
£ £
Trade creditors 174 990
Other creditors 50,742 2
50,916 992

6. Called-up share capital

31.03.2024 31.08.2023
£ £
Allotted, called-up and fully-paid
4 Ordinary shares of £ 1.00 each 4 4