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Registered number: 10307621
Fuse Media Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10307621
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 22,472 32,550
22,472 32,550
CURRENT ASSETS
Debtors 5 385,715 433,405
Cash at bank and in hand 1,188,675 513,921
1,574,390 947,326
Creditors: Amounts Falling Due Within One Year 6 (1,526,412 ) (868,346 )
NET CURRENT ASSETS (LIABILITIES) 47,978 78,980
TOTAL ASSETS LESS CURRENT LIABILITIES 70,450 111,530
Creditors: Amounts Falling Due After More Than One Year 7 (7,904 ) (17,443 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,618 ) (8,137 )
NET ASSETS 56,928 85,950
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 56,926 85,948
SHAREHOLDERS' FUNDS 56,928 85,950
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
J D Mableson
Director
20/05/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Fuse Media Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10307621 . The registered office is Generator Studios Trafalgar Street, Newcastle Upon Tyne, Newcastle, NE1 2LA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
Functional and Presentational Currency
The company's functional and presentational currency is GBP.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% Straight Line
Fixtures & Fittings 33% Straight Line
Computer Equipment 33% Straight Line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.5. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 6)
8 6
Page 3
Page 4
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 September 2023 50,725 1,806 24,039 76,570
Additions - 3,313 5,483 8,796
As at 31 August 2024 50,725 5,119 29,522 85,366
Depreciation
As at 1 September 2023 26,744 979 16,297 44,020
Provided during the period 12,682 785 5,407 18,874
As at 31 August 2024 39,426 1,764 21,704 62,894
Net Book Value
As at 31 August 2024 11,299 3,355 7,818 22,472
As at 1 September 2023 23,981 827 7,742 32,550
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 312,247 233,301
Prepayments and accrued income 71,835 200,104
Other debtors 1,633 -
385,715 433,405
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 493,181 511,816
Bank loans and overdrafts 10,311 10,911
Corporation tax 11,035 45,641
Other taxes and social security 281 149
VAT 9,752 22,907
Other creditors - 1,617
Accruals and deferred income 997,882 271,768
Directors' loan accounts 3,970 3,537
1,526,412 868,346
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 7,904 17,443
Page 4
Page 5
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 7,313 7,313
Later than one year and not later than five years 4,875 7,313
Later than five years - 4,875
12,188 19,501
Page 5