Fusionex Limited - Filleted accounts

Registered number

03467800

Fusionex Limited

Filleted Accounts

31 March 2022

Fusionex Limited
Registered number:		03467800
Balance Sheet
as at 31 March 2022

Notes			2022			2021
£				£
Fixed assets
Investments	4		1,099			1,099

Current assets
Debtors	5	113,594			88,406
Cash at bank and in hand		501,078			618,216
		614,672			706,622

Creditors: amounts falling due within one year	6	(31,985)			(133,854)

Net current assets			582,687			572,768

Net assets			583,786			573,867

Capital and reserves
Called up share capital			100			100
Profit and loss account			583,686			573,767

Shareholders' funds			583,786			573,867

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Soon Lin Tan
Director
Approved by the board on 13 October 2022

Fusionex Limited
Notes to the Accounts
for the year ended 31 March 2022


1	Accounting policies

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

	Going Concern
	The Directors believe that the company has adequate resources to continue to operate for the foreseeable future. Therefore it is appropriate to continue to adopt the going concern basis of accounting in the preparation of the company financial statements.

	Turnover
	Turnover comprises revenue recognised by the Company in respect of goods and services supplied during the year exclusive of value added tax and trade discounts. Income in relation to services supplied is recognised over the period the service is provided.

	Cost of sales and administrative and other operating expenses
	All expenses are recognised in the Profit and Loss Account on an accruals basis. Any accrued but unpaid expenses at the reporting date are shown as accrued expenses in other creditors.


	Other Investments
	The other investment is valued at historical cost less any provision for impairment.

	Deferred taxation
	Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation. A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. Deferred tax assets and liabilities are not discounted.
	Basic financial instruments:

	Trade and other debtors / creditors
	Trade and other debtors are recognised initially at transaction price plus attributable transaction costs. Trade and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.

	Cash at bank
	Cash at bank comprises cash balances.

	Impairment: Financial Assets
	A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occured after initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset's orignal effective interest rate. For financial instruments measured at cost less impairment an impairment is calculated as the difference between its carrying amount and the best estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

	Foreign currency translation
	Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the profit and loss account.

	Operating leases
	Rental under operating leases are charged to the profit and loss account on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on straight-line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.


2	Employees			2022		2021
Number					Number

	Average number of persons employed by the company			0		0


3	Intangible fixed assets					£
	Right of use assets

	Cost
	At 1 April 2021					18,210
	At 31 March 2022					18,210

	Amortisation
	At 1 April 2021					18,210
	At 31 March 2022					18,210

	Net book value
	At 31 March 2022					-

4	Investments
Investments in
subsidiary			Other
undertakings			investments		Total
£			£		£
	Cost
	At 1 April 2021	1,000		99		1,099

	At 31 March 2022	1,000		99		1,099


5	Debtors			2022		2021
£					£

	Trade debtors			91,160		87,460
	Other debtors			22,434		946
				113,594		88,406


6	Creditors: amounts falling due within one year			2022		2021
£					£

	Amounts owed to group undertakings and undertakings in which the company has a participating interest			662		79,086
	Taxation and social security costs			14,533		23,820
	Other creditors			16,790		30,948
				31,985		133,854


7	Parent undertaking and controlling party

	During the year, the parent undertaking was Fusiotech Holdings Sdn Bhd, a company incorporated in Malaysia.


8	Other information

	Fusionex Limited is a private company limited by shares and incorporated in England. Its registered office is:
	311 Regents Park Road
	London
	N3 1DP

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