Silverfin false false 31/08/2024 01/09/2023 31/08/2024 A H Cohen 29/06/2020 N J Henry 29/06/2020 G P Osen 01/07/2024 W P Rosenberg 29/06/2020 21 May 2025 The principal activity of the Company during the financial year is that of a property investment company. 12701219 2024-08-31 12701219 bus:Director1 2024-08-31 12701219 bus:Director2 2024-08-31 12701219 bus:Director3 2024-08-31 12701219 bus:Director4 2024-08-31 12701219 2023-08-31 12701219 core:CurrentFinancialInstruments 2024-08-31 12701219 core:CurrentFinancialInstruments 2023-08-31 12701219 core:Non-currentFinancialInstruments 2024-08-31 12701219 core:Non-currentFinancialInstruments 2023-08-31 12701219 core:ShareCapital 2024-08-31 12701219 core:ShareCapital 2023-08-31 12701219 core:RetainedEarningsAccumulatedLosses 2024-08-31 12701219 core:RetainedEarningsAccumulatedLosses 2023-08-31 12701219 core:ImmediateParent core:CurrentFinancialInstruments 2024-08-31 12701219 core:ImmediateParent core:CurrentFinancialInstruments 2023-08-31 12701219 bus:OrdinaryShareClass1 2024-08-31 12701219 2023-09-01 2024-08-31 12701219 bus:FilletedAccounts 2023-09-01 2024-08-31 12701219 bus:SmallEntities 2023-09-01 2024-08-31 12701219 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 12701219 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 12701219 bus:Director1 2023-09-01 2024-08-31 12701219 bus:Director2 2023-09-01 2024-08-31 12701219 bus:Director3 2023-09-01 2024-08-31 12701219 bus:Director4 2023-09-01 2024-08-31 12701219 2022-09-01 2023-08-31 12701219 core:Non-currentFinancialInstruments 2023-09-01 2024-08-31 12701219 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 12701219 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 12701219 1 2023-09-01 2024-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 12701219 (England and Wales)

FUSION MANCHESTER PROPCO LTD

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

FUSION MANCHESTER PROPCO LTD

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

FUSION MANCHESTER PROPCO LTD

STATEMENT OF FINANCIAL POSITION

As at 31 August 2024
FUSION MANCHESTER PROPCO LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 0 9,154,541
0 9,154,541
Current assets
Debtors 4 5,465,946 985,617
Cash at bank and in hand 551 500
5,466,497 986,117
Creditors: amounts falling due within one year 5 ( 4,044,182) ( 1,294,152)
Net current assets/(liabilities) 1,422,315 (308,035)
Total assets less current liabilities 1,422,315 8,846,506
Creditors: amounts falling due after more than one year 6 0 ( 10,116,520)
Net assets/(liabilities) 1,422,315 ( 1,270,014)
Capital and reserves
Called-up share capital 7 10 10
Profit and loss account 1,422,305 ( 1,270,024 )
Total shareholder's funds/(deficit) 1,422,315 ( 1,270,014)

For the financial 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.

Directors' responsibilities:

The financial statements of Fusion Manchester Propco Ltd (registered number: 12701219) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

A H Cohen
Director

21 May 2025

FUSION MANCHESTER PROPCO LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
FUSION MANCHESTER PROPCO LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

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

General information and basis of accounting

Fusion Manchester Propco Ltd (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 during the financial year is that of a property investment company.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. During the construction of the property is is continued to be carried at cost. When the property is completed it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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 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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and 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 and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due by group undertakings 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 and other creditors and accruals 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 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

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 3 3

3. Investment property

Investment property
£
Cost
As at 01 September 2023 9,154,541
Disposals (9,154,541)
As at 31 August 2024 0

4. Debtors

2024 2023
£ £
Trade debtors 2,000,000 0
Amounts owed by group undertakings 3,465,936 0
Amounts owed by parent undertakings 10 10
Other debtors 0 985,607
5,465,946 985,617

Amounts owed by group undertakings are intercompany loans of £3,465,936 (2023: £1,134,057 other creditors) which are unsecured and interest free.

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 2,070
Amounts owed to group undertakings 0 1,134,057
Taxation and social security 4,044,182 0
Other creditors 0 158,025
4,044,182 1,294,152

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 0 10,116,520

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10 Ordinary shares of £ 1.00 each 10 10

8. Ultimate controlling party

Parent Company:

The parent undertaking is Fusion Global Investments Holdco Limited.
The registered office address is 35 Ballards Lane, London, N3 1XW.

The principal place of business is Fusion House, The Green, Letchmore Heath, Herts, WD25 8ER