ACCOUNTS - Final Accounts preparation

MG FUSION LIMITED - Company Information

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Registered number: 11687379

MG FUSION LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2020

MG FUSION LIMITED

REGISTERED NUMBER: 11687379

STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2020

		2020		2019
Note		£		£

Fixed assets
Investments	4		1		1
			1		1
Current assets
Debtors: amounts falling due within one year	5	316,652		389,827
Cash at bank and in hand		50		-
		316,702		389,827
Creditors: amounts falling due within one year	6	(356,799)		(429,924)
Net current liabilities			(40,097)		(40,097)
Total assets less current liabilities			(40,096)		(40,096)

Net liabilities			(40,096)		(40,096)

Capital and reserves
Called up share capital	7	4	4
Profit and loss account		(40,100)	(40,100)
		(40,096)	(40,096)

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MG FUSION LIMITED

REGISTERED NUMBER: 11687379

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 AUGUST 2020

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

M Graver

Director

Date: 27 May 2021

The notes on pages 3 to 4 form part of these financial statements.

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MG FUSION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

1.	General information

The principal activity of the company is that of a dormant holding company.
The company is a private company limited by shares and is incorporated in England and Wales.
The registered office is 35 Ballards Lane, London, N3 1XW.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

As at the balance sheet date, the company's current liabilities exceeded its current assets. The financial statements have been prepared on the going concern basis as in the opinion of the directors, taking into the impact of COVID-19, the assets will generate future income sufficient to cover the liabilities of the company as they fall due.

2.3

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.5

Financial instruments

The Company only enters into basic financial instrument 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 related parties and investments in ordinary shares.

Employees

The average monthly number of employees, including directors, during the year was 1 (2019 - 1).

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MG FUSION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

4.	Fixed asset investments

		Unlisted investments
		£
	Cost or valuation
	At 1 September 2019	1
	At 31 August 2020	1

Debtors

					2020	2019
					£	£


Other debtors	316,652	389,827
	316,652	389,827

6.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Other creditors	356,799	429,924
	356,799	429,924

7.	Share capital
		2020	2019
		£	£

Allotted, called up and fully paid

4 (2019 - 4) Ordinary shares of £1 each	4	4

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