Registration number: 6770609

Fusion Paper and Board Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Unaudited Financial Statements	3 to 8

Fusion Paper and Board Limited

(Registration number: 6770609)
Statement of Financial Position as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	3,510	7,020
Tangible assets	5	155,901	184,108
		159,411	191,128
Current assets
Stocks	6	205,465	80,690
Debtors	7	833,524	941,419
Cash at bank and in hand		40,128	184,188
		1,079,117	1,206,297
Creditors: Amounts falling due within one year	8	(761,665)	(774,658)
Net current assets		317,452	431,639
Total assets less current liabilities		476,863	622,767
Creditors: Amounts falling due after more than one year	8	(4,033)	(75,923)
Provisions for liabilities		(33,715)	(46,027)
Net assets		439,115	500,817
Capital and reserves
Called up share capital		200	200
Retained earnings		438,915	500,617
Shareholders' funds		439,115	500,817

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Fusion Paper and Board Limited

(Registration number: 6770609)
Statement of Financial Position as at 31 December 2024

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 19 August 2025 and signed on its behalf by:
 

......................................... Mr P W Gray-Nicholson Director

......................................... Mrs C L Gray-Nicholson Director

Fusion Paper and Board Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Fusion House
Bridgeway
Bradford
Yorkshire
BD4 9SN

These financial statements were authorised for issue by the Board on 19 August 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency is £ sterling.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Fusion Paper and Board Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Motor vehicles	25% Straight line
Plant and equipment	20% Straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Website Development Costs	Over 5 years straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Fusion Paper and Board Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2023 - 14).

Fusion Paper and Board Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4	Intangible assets

	Internally generated software development costs  £	Total £
Cost or valuation
At 1 January 2024	17,550	17,550
At 31 December 2024	17,550	17,550
Amortisation
At 1 January 2024	10,530	10,530
Amortisation charge	3,510	3,510
At 31 December 2024	14,040	14,040
Carrying amount
At 31 December 2024	3,510	3,510
At 31 December 2023	7,020	7,020

5	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	85,701	278,195	363,896
Additions	2,195	25,987	28,182
Disposals	-	(9,300)	(9,300)
At 31 December 2024	87,896	294,882	382,778
Depreciation
At 1 January 2024	70,221	109,567	179,788
Charge for the year	15,919	40,470	56,389
Eliminated on disposal	-	(9,300)	(9,300)
At 31 December 2024	86,140	140,737	226,877
Carrying amount
At 31 December 2024	1,756	154,145	155,901
At 31 December 2023	15,480	168,628	184,108

Fusion Paper and Board Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Stocks

	2024 £	2023 £
Finished goods and goods for resale	205,465	80,690

7

Debtors

	2024 £	2023 £
Trade debtors	386,262	514,679
Prepayments	17,594	417
Other debtors	429,668	426,323
	833,524	941,419

Fusion Paper and Board Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	9	16,133	57,951
Trade creditors		458,956	482,158
Taxation and social security		106,348	156,198
Accruals and deferred income		15,325	3,450
Other creditors		164,903	74,901
		761,665	774,658

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	9	4,033	75,923

9	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	-	55,757
Hire purchase contracts	4,033	20,166
	4,033	75,923

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	-	41,818
Hire purchase contracts	16,133	16,133
	16,133	57,951