Fusion Welding And Fabrication Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04608759 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2020

for

Fusion Welding And Fabrication Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

7

DIRECTOR:

R A Figgures

SECRETARY:

J Figgures

REGISTERED OFFICE:

2 School Close

North Street

Pennington

Lymington

Hampshire

SO41 8FZ

REGISTERED NUMBER:

04608759 (England and Wales)

ACCOUNTANTS:

Springtide Accountancy Limited

Chartered Accountants

20 Greenmead Avenue

Everton

Lymington

Hampshire

SO41 0UF

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

127,297

132,520

127,297

132,520

CURRENT ASSETS

Stocks

750

650

Debtors

6

30,777

61,942

Cash at bank and in hand

69,121

18,793

100,648

81,385

CREDITORS

Amounts falling due within one year

7

37,095

33,262

NET CURRENT ASSETS

63,553

48,123

TOTAL ASSETS LESS CURRENT LIABILITIES

190,850

180,643

CREDITORS

Amounts falling due after more than one year

8

(44,000

)

-

PROVISIONS FOR LIABILITIES

(2,647

)

(3,620

)

NET ASSETS

144,203

177,023

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

144,103

176,923

SHAREHOLDERS' FUNDS

144,203

177,023

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 September 2021 and were signed by:

R A Figgures - Director

1.	STATUTORY INFORMATION

Fusion Welding And Fabrication Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2020

and 31 December 2020

32,499

AMORTISATION

At 1 January 2020

and 31 December 2020

32,499

NET BOOK VALUE

At 31 December 2020

-

At 31 December 2019

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2020

and 31 December 2020

124,601

74,140

198,741

DEPRECIATION

At 1 January 2020

12,800

53,421

66,221

Charge for year

-

5,223

5,223

At 31 December 2020

12,800

58,644

71,444

NET BOOK VALUE

At 31 December 2020

111,801

15,496

127,297

At 31 December 2019

111,801

20,719

132,520

Included in cost of land and buildings is freehold land of £ 111,801 (2019 - £ 111,801 ) which is not depreciated.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

25,210

56,875

Other debtors

5,567

5,067

30,777

61,942

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

6,000

-

Trade creditors

7,364

6,794

Taxation and social security

20,771

23,242

Other creditors

2,960

3,226

37,095

33,262

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans

44,000

-

9.	ULTIMATE CONTROLLING PARTY

The controlling party is R A Figgures.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 December 2020 set out on pages one to eight and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Springtide Accountancy Limited

Chartered Accountants

20 Greenmead Avenue

Everton

Lymington

Hampshire

SO41 0UF

16 September 2021