ACCOUNTS - Final Accounts preparation

FUSE DESIGN & DEVELOP LTD - Company Information

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Registered number: 10333589

FUSE DESIGN & DEVELOP LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2021

FUSE DESIGN & DEVELOP LIMITED

REGISTERED NUMBER: 10333589

BALANCE SHEET

AS AT 31 AUGUST 2021

		2021		2020
Note		£		£

Fixed assets
Investments	4		30		30
			30		30
Current assets
Debtors: amounts falling due within one year	5	478,185		1,281,548
Cash at bank and in hand	6	206		641
		478,391		1,282,189
Creditors: amounts falling due within one year	7	(478,333)		(1,288,333)
Net current assets/(liabilities)			58		(6,144)
Total assets less current liabilities			88		(6,114)

Net assets/(liabilities)			88		(6,114)

Capital and reserves
Called up share capital	120	120
Profit and loss account	(32)	(6,234)
	88	(6,114)

The directors consider 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 directors acknowledge their 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 profit and loss account 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 on 5 May 2022.

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FUSE DESIGN & DEVELOP LIMITED

REGISTERED NUMBER: 10333589

BALANCE SHEET (CONTINUED)

AS AT 31 AUGUST 2021

Miss A. Palm

Director

The notes on pages 3 to 5 form part of these financial statements.

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FUSE DESIGN & DEVELOP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

1.	General information

The entity is a private limited company incorporated in England & Wales.

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

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.3

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.4

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.5

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.

2.6

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.7

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 6 (2020 - 6).

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FUSE DESIGN & DEVELOP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

4.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 September 2020	30
	At 31 August 2021	30

Debtors

					2021	2020
					£	£


Amounts owed by group undertakings	478,185	1,281,548
	478,185	1,281,548

6.	Cash and cash equivalents
		2021	2020
		£	£

Cash at bank and in hand	206	641
	206	641

7.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Other creditors	476,533	1,286,533
Accruals and deferred income	1,800	1,800
	478,333	1,288,333

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FUSE DESIGN & DEVELOP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

8.	Financial instruments
		2021	2020
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	206	641

Financial assets measured at fair value through profit or loss comprise cash at bank.

9.	Related party transactions
	The company is the 100% parent company of Fuse Design & Develop 33 Limited and Fuse Design & Develop 89 Limited. FRS 102 does not require disclosure of transactions between group members and the company has taken advantage of this exemption.

10.	Controlling party

The company was owned by six individuals, all of whom had equal shareholdings during the period. Therefore no one individual had overall control of the company.

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