3
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2020-06-01
Sage Accounts Production Advanced 2021 - FRS102_2021
10,000
2,590
3,336
5,926
4,074
7,410
xbrli:pure
xbrli:shares
iso4217:GBP
10177459
2020-06-01
2021-05-31
10177459
2021-05-31
10177459
2020-05-31
10177459
2019-06-01
2020-05-31
10177459
2020-05-31
10177459
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2020-06-01
2021-05-31
10177459
core:FurnitureFittings
2020-06-01
2021-05-31
10177459
bus:Director1
2020-06-01
2021-05-31
10177459
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2020-05-31
10177459
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2021-05-31
10177459
core:FurnitureFittings
2020-05-31
10177459
core:FurnitureFittings
2021-05-31
10177459
core:WithinOneYear
2021-05-31
10177459
core:WithinOneYear
2020-05-31
10177459
core:AfterOneYear
2021-05-31
10177459
core:ShareCapital
2021-05-31
10177459
core:ShareCapital
2020-05-31
10177459
core:SharePremium
2021-05-31
10177459
core:SharePremium
2020-05-31
10177459
core:RetainedEarningsAccumulatedLosses
2021-05-31
10177459
core:RetainedEarningsAccumulatedLosses
2020-05-31
10177459
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2020-05-31
10177459
bus:SmallEntities
2020-06-01
2021-05-31
10177459
bus:AuditExemptWithAccountantsReport
2020-06-01
2021-05-31
10177459
bus:FullAccounts
2020-06-01
2021-05-31
10177459
bus:SmallCompaniesRegimeForAccounts
2020-06-01
2021-05-31
10177459
bus:PrivateLimitedCompanyLtd
2020-06-01
2021-05-31
10177459
core:ComputerEquipment
2020-06-01
2021-05-31
10177459
core:ComputerEquipment
2021-05-31
10177459
core:ComputerEquipment
2020-05-31
COMPANY REGISTRATION NUMBER:
10177459
Fuse Mobile Technologies Ltd
|
|
Filleted Unaudited Financial Statements
|
|
Fuse Mobile Technologies Ltd
|
|
Year ended 31 May 2021
Statement of financial position
|
1
|
|
|
Notes to the financial statements
|
3
|
|
|
Fuse Mobile Technologies Ltd
|
|
Statement of Financial Position
|
|
31 May 2021
Fixed assets
Intangible assets
|
5
|
4,074
|
7,410
|
Tangible assets
|
6
|
749
|
5,903
|
|
-------
|
--------
|
|
4,823
|
13,313
|
|
|
|
|
Current assets
Debtors
|
7
|
245
|
2,996
|
Cash at bank and in hand
|
2,422
|
14,419
|
|
-------
|
--------
|
|
2,667
|
17,415
|
|
|
|
|
Creditors: amounts falling due within one year
|
8
|
217,124
|
288,894
|
|
---------
|
---------
|
Net current liabilities
|
214,457
|
271,479
|
|
---------
|
---------
|
Total assets less current liabilities
|
(
209,634)
|
(
258,166)
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
9
|
48,333
|
–
|
|
|
|
|
Provisions
|
–
|
(
1,824)
|
|
---------
|
---------
|
Net liabilities
|
(
257,967)
|
(
256,342)
|
|
---------
|
---------
|
|
|
|
Capital and reserves
Called up share capital
|
1,302
|
1,302
|
Share premium account
|
493,783
|
493,783
|
Profit and loss account
|
(
753,052)
|
(
751,427)
|
|
---------
|
---------
|
Shareholders deficit
|
(
257,967)
|
(
256,342)
|
|
---------
|
---------
|
|
|
|
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 May 2021 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Fuse Mobile Technologies Ltd
|
|
Statement of Financial Position (continued)
|
|
31 May 2021
These financial statements were approved by the
board of directors
and authorised for issue on
20 May 2022
, and are signed on behalf of the board by:
Mr C S Mindenhall
|
|
Director
|
|
|
|
Company registration number:
10177459
Fuse Mobile Technologies Ltd
|
|
Notes to the Financial Statements
|
|
Year ended 31 May 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Scale Space, Imperial College White City Campus, 58 Wood Lane, London, W12 7RZ, United Kingdom.
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.
Going concern
The financial statements have been prepared on a going concern basis as the shareholders will support the company to ensure that its debts are paid as they fall due for at least 12 months from the date of signing the accounts.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
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.
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
|
-
|
33% 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.
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.
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% reducing balance
|
|
Equipment
|
-
|
33% 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.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
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
3
(2020:
5
).
5.
Intangible assets
|
Development costs
|
|
£
|
Cost
|
|
At 1 June 2020 and 31 May 2021
|
10,000
|
|
--------
|
Amortisation
|
|
At 1 June 2020
|
2,590
|
Charge for the year
|
3,336
|
|
--------
|
At 31 May 2021
|
5,926
|
|
--------
|
Carrying amount
|
|
At 31 May 2021
|
4,074
|
|
--------
|
At 31 May 2020
|
7,410
|
|
--------
|
|
|
6.
Tangible assets
|
Fixtures and fittings
|
Equipment
|
Total
|
|
£
|
£
|
£
|
Cost
|
|
|
|
At 1 June 2020 and 31 May 2021
|
187
|
28,434
|
28,621
|
|
----
|
--------
|
--------
|
Depreciation
|
|
|
|
At 1 June 2020
|
187
|
22,531
|
22,718
|
Charge for the year
|
–
|
5,154
|
5,154
|
|
----
|
--------
|
--------
|
At 31 May 2021
|
187
|
27,685
|
27,872
|
|
----
|
--------
|
--------
|
Carrying amount
|
|
|
|
At 31 May 2021
|
–
|
749
|
749
|
|
----
|
--------
|
--------
|
At 31 May 2020
|
–
|
5,903
|
5,903
|
|
----
|
--------
|
--------
|
|
|
|
|
7.
Debtors
|
2021
|
2020
|
|
£
|
£
|
Trade debtors
|
–
|
1,961
|
Other debtors
|
245
|
1,035
|
|
----
|
-------
|
|
245
|
2,996
|
|
----
|
-------
|
|
|
|
8.
Creditors:
amounts falling due within one year
|
2021
|
2020
|
|
£
|
£
|
Bank loans and overdrafts
|
1,667
|
–
|
Trade creditors
|
6,066
|
5,129
|
Social security and other taxes
|
28,064
|
40,652
|
Other creditors
|
181,327
|
243,113
|
|
---------
|
---------
|
|
217,124
|
288,894
|
|
---------
|
---------
|
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2021
|
2020
|
|
£
|
£
|
Bank loans and overdrafts
|
48,333
|
–
|
|
--------
|
----
|
|
|
|
10.
Related party transactions
At the year end the company had trade debtors of £nil (2020: £1,961) and loan debtors of £nil (2020: £nil) due from companies associated through common control and/or directorship. At the year end the company had trade creditors of £3,705 (2020: £4,812) and loan creditors of £166,478 (2020: £218,640) owed to companies associated through common control and/or directorship.