Company Registration No. 11878513 (England and Wales)
FUSION FOR BUSINESS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
12 Bessemer Court
Hownsgill Industrial Park
Knitsley Lane
Consett
Co Durham
DH8 7BL
FUSION FOR BUSINESS LIMITED
CONTENTS
Page
Company information
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
FUSION FOR BUSINESS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
21,999
10,555
Current assets
Stocks
30,250
-
Debtors
4
321,723
232,861
Cash at bank and in hand
311,857
66,537
663,830
299,398
Creditors: amounts falling due within one year
5
(937,423)
(500,501)
Net current liabilities
(273,593)
(201,103)
Total assets less current liabilities
(251,594)
(190,548)
Creditors: amounts falling due after more than one year
6
(766,227)
(2,061,048)
Net liabilities
(1,017,821)
(2,251,596)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(1,017,822)
(2,251,597)
Total equity
(1,017,821)
(2,251,596)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FUSION FOR BUSINESS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 2 May 2025
Mr C Charlton
Director
Company registration number 11878513 (England and Wales)
FUSION FOR BUSINESS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
1
(1,696,597)
(1,696,596)
Year ended 31 December 2023:
Loss and total comprehensive income
-
(555,000)
(555,000)
Balance at 31 December 2023
1
(2,251,597)
(2,251,596)
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,233,775
1,233,775
Balance at 31 December 2024
1
(1,017,822)
(1,017,821)
FUSION FOR BUSINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information
Fusion for Business Limited is a private company limited by shares incorporated in England and Wales. The registered office is Office 70, Derwentside Business Centre, Consett, Co Durham, DH8 6BN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Revenue is recognised as income during the live period of the customers contracts and is recognised monthly throughout the term of the contract.
Cash received in advance is accrued as deferred revenue to ensure the Financial Statements reflect the true income position of the bisiness.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% Reducing Balance
Computers
33% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
FUSION FOR BUSINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
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 current liabilities.
FUSION FOR BUSINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
FUSION FOR BUSINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
24
24
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2024
13,478
10,149
23,627
Additions
19,336
19,336
At 31 December 2024
32,814
10,149
42,963
Depreciation and impairment
At 1 January 2024
8,156
4,916
13,072
Depreciation charged in the year
6,165
1,727
7,892
At 31 December 2024
14,321
6,643
20,964
Carrying amount
At 31 December 2024
18,493
3,506
21,999
At 31 December 2023
5,322
5,233
10,555
FUSION FOR BUSINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
57,260
27,068
Corporation tax recoverable
24,155
13,572
Other debtors
229,705
192,221
Prepayments and accrued income
10,603
321,723
232,861
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,078
Trade creditors
100,372
86,106
Corporation tax
10,583
13,572
Other taxation and social security
363,775
167,934
Other creditors
420,693
220,811
Accruals and deferred income
32,000
2,000
937,423
500,501
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
141,121
14,873
Other creditors
625,106
2,046,175
766,227
2,061,048
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
8
Related party transactions
Transactions with related parties
FUSION FOR BUSINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Related party transactions
(Continued)
- 9 -
During the year the company maintained interest-free loans to companies related by way of a common director and shareholder. The total amount outstanding at the balance sheet date was £41,134 (2023: £152,008).
During the year the company continued to receive interest-free loans from companies related by way of a common director and shareholder. The total amount outstanding at the balance sheet date was £392,952 (2023: £164,958).
2024-12-312024-01-01falsefalsefalse07 May 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityMr Christopher Charlton118785132024-01-012024-12-31118785132024-12-31118785132023-12-3111878513core:FurnitureFittings2024-12-3111878513core:ComputerEquipment2024-12-3111878513core:FurnitureFittings2023-12-3111878513core:ComputerEquipment2023-12-3111878513core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3111878513core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3111878513core:Non-currentFinancialInstrumentscore:AfterOneYear2024-12-3111878513core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3111878513core:CurrentFinancialInstruments2024-12-3111878513core:CurrentFinancialInstruments2023-12-3111878513core:Non-currentFinancialInstruments2024-12-3111878513core:Non-currentFinancialInstruments2023-12-3111878513core:ShareCapital2024-12-3111878513core:ShareCapital2023-12-3111878513core:RetainedEarningsAccumulatedLosses2024-12-3111878513core:RetainedEarningsAccumulatedLosses2023-12-3111878513core:ShareCapital2022-12-3111878513core:RetainedEarningsAccumulatedLosses2022-12-3111878513core:ShareCapitalOrdinaryShareClass12024-12-3111878513core:ShareCapitalOrdinaryShareClass12023-12-3111878513bus:Director12024-01-012024-12-3111878513core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31118785132023-01-012023-12-3111878513core:RetainedEarningsAccumulatedLosses2024-01-012024-12-3111878513core:FurnitureFittings2024-01-012024-12-3111878513core:ComputerEquipment2024-01-012024-12-3111878513core:FurnitureFittings2023-12-3111878513core:ComputerEquipment2023-12-31118785132023-12-3111878513bus:OrdinaryShareClass12024-01-012024-12-3111878513bus:OrdinaryShareClass12024-12-3111878513bus:OrdinaryShareClass12023-12-3111878513bus:PrivateLimitedCompanyLtd2024-01-012024-12-3111878513bus:SmallCompaniesRegimeForAccounts2024-01-012024-12-3111878513bus:FRS1022024-01-012024-12-3111878513bus:AuditExemptWithAccountantsReport2024-01-012024-12-3111878513bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP