Registered No. OC393548 (England and Wales)
Fusion Partners LLP
for the year ended 31 March 2021
Fusion Partners LLP
LLP Information
for the year ended 31 March 2021
Designated members
Miss Heidi Elliss
Registered Number
OC393548 (England and Wales)
Registered Office
50 Mead Lane
Buxted
East Sussex
TN22 4AS
Accountants
Fusion Partners LLP
50 Mead Lane
Buxted
East Sussex
TN22 4AS
Fusion Partners LLP
Statement of financial position
as at
31 March 2021
Tangible assets
68,565
52,297
Cash at bank and in hand
53,979
15,511
Creditors: amounts falling due within one year
(10,712)
(14,516)
Net current assets
56,216
10,085
Total assets less current liabilities
124,781
62,382
Creditors: amounts falling due after more than one year
(85,179)
(63,182)
Net assets/(liabilities) attributable to members
39,602
(800)
Loans and other debts due to members
(55,725)
(54,579)
Other reserves
95,327
53,779
Loans and other debts due to members
(55,725)
(54,579)
Members' other interests
95,327
53,779
For the year ending 31 March 2021 the LLP was entitled to exemption under section 477 of the Companies Act 2006 (as applied to LLPs) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the members on 28 December 2021.
MR Anthony Rogers
Designated member
Limited Liability Partnership Registration No. OC393548
Fusion Partners LLP
Notes to the Accounts
for the year ended 31 March 2021
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
2 Years
Computer equipment
2 Years
Where the LLP enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a 'finance lease'. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated over its estimated useful life or the term of the lease, whichever is shorter. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account, and the capital element which reduces the outstanding obligation for future instalments.
All other leases are accounted for as 'operating leases' and the rental charges are charged to the profit and loss account on a straight line basis over the life of the lease.
Rents receivable on the freehold investment property under the terms of the operating lease are included in the profit and loss account on a receivable basis.
Fusion Partners LLP is a limited liability partnership, incorporated in England and Wales, registration number OC393548. Its registered office is 50 Mead Lane, Buxted, East Sussex, TN22 4AS.
Fusion Partners LLP
Notes to the Accounts
for the year ended 31 March 2021
3
Tangible fixed assets
Land & buildings
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At valuation
At cost
At 1 April 2020
-
51,183
19,184
70,367
Additions
23,530
-
-
23,530
Revaluations
-
6,307
-
6,307
At 31 March 2021
23,530
57,490
19,184
100,204
At 1 April 2020
-
(958)
19,028
18,070
Charge for the year
-
11,498
155
11,653
Surplus on revaluation
-
1,916
-
1,916
At 31 March 2021
-
12,456
19,183
31,639
At 31 March 2021
23,530
45,034
1
68,565
At 31 March 2020
-
52,141
156
52,297
4
Creditors: amounts falling due within one year
2021
2020
Trade creditors
10,712
14,516
5
Creditors: amounts falling due after more than one year
2021
2020
Obligations under finance leases and hire purchase contracts
49,324
55,682
Other creditors
1,000
7,500
6
Loans and other debts due to members
2021
2020
Amounts due to members in respect of profits
(55,725)
(54,579)
Amounts falling due within one year
(55,725)
(54,579)
7
Average number of employees
During the year the average number of employees was 0 (2020: 0).