Fusion Analytics Limited Filleted accounts for Companies House (small and micro)

Fusion Analytics Limited Filleted accounts for Companies House (small and micro)

FUSION ANALYTICS LIMITED - Company Information

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4 false false false false false false false false false true false false false false false false No description of principal activity 2021-07-01 Sage Accounts Production Advanced 2020 - FRS102_2019 172,510 172,510 25,877 25,877 146,633 xbrli:pure xbrli:shares iso4217:GBP 10244629 2021-07-01 2022-03-31 10244629 2022-03-31 10244629 2021-06-30 10244629 2020-07-01 2021-06-30 10244629 2021-06-30 10244629 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-07-01 2022-03-31 10244629 core:FurnitureFittings 2021-07-01 2022-03-31 10244629 bus:Director1 2021-07-01 2022-03-31 10244629 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 10244629 core:FurnitureFittings 2021-06-30 10244629 core:FurnitureFittings 2022-03-31 10244629 core:WithinOneYear 2022-03-31 10244629 core:WithinOneYear 2021-06-30 10244629 core:AfterOneYear 2022-03-31 10244629 core:AfterOneYear 2021-06-30 10244629 core:ShareCapital 2022-03-31 10244629 core:ShareCapital 2021-06-30 10244629 core:RetainedEarningsAccumulatedLosses 2022-03-31 10244629 core:RetainedEarningsAccumulatedLosses 2021-06-30 10244629 core:FurnitureFittings 2021-06-30 10244629 bus:SmallEntities 2021-07-01 2022-03-31 10244629 bus:AuditExemptWithAccountantsReport 2021-07-01 2022-03-31 10244629 bus:FullAccounts 2021-07-01 2022-03-31 10244629 bus:SmallCompaniesRegimeForAccounts 2021-07-01 2022-03-31 10244629 bus:PrivateLimitedCompanyLtd 2021-07-01 2022-03-31 10244629 core:OfficeEquipment 2021-07-01 2022-03-31 10244629 core:OfficeEquipment 2022-03-31 10244629 core:OfficeEquipment 2021-06-30
COMPANY REGISTRATION NUMBER: 10244629
Fusion Analytics Limited
Filleted Unaudited Financial Statements
31 March 2022
Fusion Analytics Limited
Statement of Financial Position
31 March 2022
31 Mar 22
30 Jun 21
Note
£
£
Fixed assets
Intangible assets
5
146,633
–
Tangible assets
6
182
638
---------
----
146,815
638
Current assets
Debtors
7
53,693
66,250
Cash at bank and in hand
47,140
95,968
---------
---------
100,833
162,218
Creditors: amounts falling due within one year
8
( 43,913)
( 79,755)
---------
---------
Net current assets
56,920
82,463
---------
--------
Total assets less current liabilities
203,735
83,101
Creditors: amounts falling due after more than one year
9
( 33,206)
( 40,493)
---------
--------
Net assets
170,529
42,608
---------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
170,429
42,508
---------
--------
Shareholders funds
170,529
42,608
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 31 March 2022 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Fusion Analytics Limited
Statement of Financial Position (continued)
31 March 2022
These financial statements were approved by the board of directors and authorised for issue on 6 May 2022 , and are signed on behalf of the board by:
Mr H J Thompson
Director
Company registration number: 10244629
Fusion Analytics Limited
Notes to the Financial Statements
Period from 1 July 2021 to 31 March 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Bell Yard, London, WC2A 2JR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has experienced a tough trading period, with peaks and troughs of activity. Increased working from home across the market has made it difficult to progress new leads and sales. As a result the directors have decided to focus on the product offered by the company, with clients being able to see the product before purchasing. The company has increased investment and concentration on the product, using a mixture of internal and external developers. So far this has been successful, with a new client using the platform, and we are about to start our first free trial with another potential client. The directors are expecting a tough trading period between now and August 2022 whilst the company creates an onboarding program. However, the directors are hopeful of a more stable "product-based" revenue target after that. The directors are therefore of the opinion that it is appropriate for the accounts to be prepared on a going concern basis.
Revenue recognition
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 4 (2021: 4 ).
5. Intangible assets
Development costs
£
Cost
Additions
–
Additions from internal developments
172,510
---------
At 31 March 2022
172,510
---------
Amortisation
Charge for the period
25,877
---------
At 31 March 2022
25,877
---------
Carrying amount
At 31 March 2022
146,633
---------
At 30 June 2021
–
---------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 July 2021 and 31 March 2022
895
2,040
2,935
----
-------
-------
Depreciation
At 1 July 2021
615
1,682
2,297
Charge for the period
141
315
456
----
-------
-------
At 31 March 2022
756
1,997
2,753
----
-------
-------
Carrying amount
At 31 March 2022
139
43
182
----
-------
-------
At 30 June 2021
280
358
638
----
-------
-------
7. Debtors
31 Mar 22
30 Jun 21
£
£
Trade debtors
12,960
21,160
Other debtors
40,733
45,090
--------
--------
53,693
66,250
--------
--------
8. Creditors: amounts falling due within one year
31 Mar 22
30 Jun 21
£
£
Bank loans and overdrafts
9,687
9,507
Trade creditors
1,553
968
Social security and other taxes
15,049
62,106
Other creditors
17,624
7,174
--------
--------
43,913
79,755
--------
--------
9. Creditors: amounts falling due after more than one year
31 Mar 22
30 Jun 21
£
£
Bank loans and overdrafts
33,206
40,493
--------
--------