Silverfin false false 31/08/2024 01/09/2023 31/08/2024 M S Bevan 31/05/2018 A H Cohen 01/12/2021 N J Henry 01/12/2021 P Miles 29/11/2017 G P Osen 31/05/2018 W P Rosenberg 01/12/2021 23 May 2025 The principal activity of the Company during the financial year is the development of building projects. 11087878 2024-08-31 11087878 bus:Director1 2024-08-31 11087878 bus:Director2 2024-08-31 11087878 bus:Director3 2024-08-31 11087878 bus:Director4 2024-08-31 11087878 bus:Director5 2024-08-31 11087878 bus:Director6 2024-08-31 11087878 2023-08-31 11087878 core:CurrentFinancialInstruments 2024-08-31 11087878 core:CurrentFinancialInstruments 2023-08-31 11087878 core:ShareCapital 2024-08-31 11087878 core:ShareCapital 2023-08-31 11087878 core:RetainedEarningsAccumulatedLosses 2024-08-31 11087878 core:RetainedEarningsAccumulatedLosses 2023-08-31 11087878 bus:OrdinaryShareClass1 2024-08-31 11087878 2023-09-01 2024-08-31 11087878 bus:FilletedAccounts 2023-09-01 2024-08-31 11087878 bus:SmallEntities 2023-09-01 2024-08-31 11087878 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 11087878 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 11087878 bus:Director1 2023-09-01 2024-08-31 11087878 bus:Director2 2023-09-01 2024-08-31 11087878 bus:Director3 2023-09-01 2024-08-31 11087878 bus:Director4 2023-09-01 2024-08-31 11087878 bus:Director5 2023-09-01 2024-08-31 11087878 bus:Director6 2023-09-01 2024-08-31 11087878 2022-09-01 2023-08-31 11087878 core:CurrentFinancialInstruments 2023-09-01 2024-08-31 11087878 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 11087878 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 11087878 (England and Wales)

FUSION LN DEVCO LTD

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

FUSION LN DEVCO LTD

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

FUSION LN DEVCO LTD

STATEMENT OF FINANCIAL POSITION

As at 31 August 2024
FUSION LN DEVCO LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2024
Note 2024 2023
£ £
Current assets
Stocks 3 0 49,339
Debtors 4 4,186,665 11,385
Cash at bank and in hand 51,834 16,017
4,238,499 76,741
Creditors: amounts falling due within one year 5 ( 7,751,614) ( 325,491)
Net current liabilities (3,513,115) (248,750)
Total assets less current liabilities (3,513,115) (248,750)
Net liabilities ( 3,513,115) ( 248,750)
Capital and reserves
Called-up share capital 6 10 10
Profit and loss account ( 3,513,125 ) ( 248,760 )
Total shareholders' deficit ( 3,513,115) ( 248,750)

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 LN Devco Ltd (registered number: 11087878) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

G P Osen
Director

23 May 2025

FUSION LN DEVCO LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
FUSION LN DEVCO 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 Liverpool Devco 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.

The principal activity of the Company during the financial year is the development of building projects.

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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Stocks

Work in Progress is stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

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 and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors 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 6 6

3. Stocks

2024 2023
£ £
Work in progress 0 49,339

4. Debtors

2024 2023
£ £
Trade debtors 954,382 0
Accrued income 3,180,344 0
VAT recoverable 41,930 1,376
Other debtors 10,009 10,009
4,186,665 11,385

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 4,097,435 80,586
Other creditors 3,654,179 244,905
7,751,614 325,491

Included with other creditors are amounts of £289,762 (2023:£242,405) which are unsecured and interest free.

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000,000 Ordinary shares of £ 0.00001 each 10 10