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

I S FUSION LIMITED - Company Information

5 false false false false false false false false false true false false true true true true No description of principal activity 2021-08-01 Sage Accounts Production Advanced 2021 - FRS102_2021 121,494 2,548 58,878 65,164 89,079 5,371 45,987 48,463 16,701 32,415 xbrli:pure xbrli:shares iso4217:GBP 05514802 2021-08-01 2022-07-31 05514802 2022-07-31 05514802 2021-07-31 05514802 2020-08-01 2021-07-31 05514802 2021-07-31 05514802 core:PlantMachinery 2021-08-01 2022-07-31 05514802 bus:Director2 2021-08-01 2022-07-31 05514802 core:PlantMachinery 2021-07-31 05514802 core:PlantMachinery 2022-07-31 05514802 core:WithinOneYear 2022-07-31 05514802 core:WithinOneYear 2021-07-31 05514802 core:ShareCapital 2022-07-31 05514802 core:ShareCapital 2021-07-31 05514802 core:RetainedEarningsAccumulatedLosses 2022-07-31 05514802 core:RetainedEarningsAccumulatedLosses 2021-07-31 05514802 core:PlantMachinery 2021-07-31 05514802 bus:SmallEntities 2021-08-01 2022-07-31 05514802 bus:AuditExemptWithAccountantsReport 2021-08-01 2022-07-31 05514802 bus:FullAccounts 2021-08-01 2022-07-31 05514802 bus:SmallCompaniesRegimeForAccounts 2021-08-01 2022-07-31 05514802 bus:PrivateLimitedCompanyLtd 2021-08-01 2022-07-31

COMPANY REGISTRATION NUMBER: 05514802

I S Fusion Limited

Filleted Unaudited Financial Statements

31 July 2022

I S Fusion Limited

Statement of Financial Position

31 July 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		16,701	32,415

Current assets

Stocks		48,491	42,281
Debtors	6	41,519	11,649
Cash at bank and in hand		227,149	126,253
		---------	---------
		317,159	180,183

Creditors: amounts falling due within one year	7	76,152		46,405
		---------		---------
Net current assets			241,007	133,778
			---------	---------
Total assets less current liabilities			257,708	166,193

Provisions

Taxation including deferred tax	3,173	6,159
	---------	---------
Net assets	254,535	160,034
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	254,435	159,934
	---------	---------
Shareholders funds	254,535	160,034
	---------	---------

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 year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

I S Fusion Limited

Statement of Financial Position (continued)

31 July 2022

These financial statements were approved by the board of directors and authorised for issue on 7 February 2023 , and are signed on behalf of the board by:

Mrs M A Hindmarch
Director

Company registration number: 05514802

I S Fusion Limited

Notes to the Financial Statements

Year ended 31 July 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 Unit 8, Mile Oak Industrial Estate, Maesbury Road, Oswestry, Shropshire, SY10 8GA.

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 and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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:

	Plant and Machinery	-	25% reducing balance

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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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 year amounted to 5 (2021: 6 ).

5. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1 August 2021	121,494	121,494
Additions	2,548	2,548
Disposals	( 58,878)	( 58,878)
	---------	---------
At 31 July 2022	65,164	65,164
	---------	---------
Depreciation
At 1 August 2021	89,079	89,079
Charge for the year	5,371	5,371
Disposals	( 45,987)	( 45,987)
	---------	---------
At 31 July 2022	48,463	48,463
	---------	---------
Carrying amount
At 31 July 2022	16,701	16,701
	---------	---------
At 31 July 2021	32,415	32,415
	---------	---------

6. Debtors

	2022	2021
	£	£
Trade debtors	39,179	2,484
Other debtors	2,340	9,165
	--------	--------
	41,519	11,649
	--------	--------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	19,265	26,757
Corporation tax	29,463	–
Social security and other taxes	3,435	744
Other creditors	23,989	18,904
	--------	--------
	76,152	46,405
	--------	--------