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REGISTERED NUMBER: 08209931 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

FUSION PROCESSING LTD

FUSION PROCESSING LTD (REGISTERED NUMBER: 08209931)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FUSION PROCESSING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: J L Hutchinson
J G Fleming
I Selwood
N G Sturge





REGISTERED OFFICE: Engine Shed Clock Tower Yard
Temple Meads
Bristol
BS1 6QH





REGISTERED NUMBER: 08209931 (England and Wales)





ACCOUNTANTS: Randall & Payne LLP
Chartered Accountants
Chargrove House
Shurdington Road
Cheltenham
Gloucestershire
GL51 4GA

FUSION PROCESSING LTD (REGISTERED NUMBER: 08209931)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 5,438 875
Tangible assets 5 143,892 188,363
149,330 189,238

CURRENT ASSETS
Stocks 50,000 86,000
Debtors 6 545,813 395,170
Cash at bank - 2,914
595,813 484,084
CREDITORS
Amounts falling due within one year 7 261,271 170,105
NET CURRENT ASSETS 334,542 313,979
TOTAL ASSETS LESS CURRENT
LIABILITIES

483,872

503,217

CREDITORS
Amounts falling due after more than one
year

8

199,294

292,590
NET ASSETS 284,578 210,627

CAPITAL AND RESERVES
Called up share capital 5,308 5,308
Share premium 110,690 110,690
Share option reserve 387 387
Retained earnings 168,193 94,242
SHAREHOLDERS' FUNDS 284,578 210,627

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

FUSION PROCESSING LTD (REGISTERED NUMBER: 08209931)

BALANCE SHEET - continued
30 SEPTEMBER 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 November 2023 and were signed on its behalf by:




J L Hutchinson - Director J G Fleming - Director




I Selwood - Director N G Sturge - Director


FUSION PROCESSING LTD (REGISTERED NUMBER: 08209931)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. STATUTORY INFORMATION

Fusion Processing Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provision of section 1A "Small entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Included within turnover are both revenue sales and grant income.

Revenue sales represents net invoiced sales of goods, excluding value added tax in respect of research and development of automation and cycle safety. Revenue is recognised at the point the invoice is raised.

Grants were received during the year from Innovate UK. The funds will be used to investigate the use of Driverless vehicles on UK roads and is a consortium with several companies, universities and local authorities.

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.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Patents and licenses
The amounts capitalised as patents and licenses represent the costs associated with the register of trademarks and licences owned by the Company.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 20% on reducing balance
Computer equipment - 33% on reducing balance

Government grants
Government grants relating to tangible fixed assets are treated as deferred income and released to the profit and loss over the expected useful lives of the assets to which they relate. Government grants which are not directly attributable to fixed assets are recognised in the profit and loss in accordance with the accruals method in line with FRS 102.

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Financial instruments
Financial Instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method.


FUSION PROCESSING LTD (REGISTERED NUMBER: 08209931)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern
There are no material uncertainties that may cast significant doubt about the company's ability to continue as a going concern that have been identified by the directors. The company has strong support from the founders and directors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 19 ) .

FUSION PROCESSING LTD (REGISTERED NUMBER: 08209931)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 October 2022 46,870
Additions 6,150
At 30 September 2023 53,020
AMORTISATION
At 1 October 2022 45,995
Amortisation for year 1,587
At 30 September 2023 47,582
NET BOOK VALUE
At 30 September 2023 5,438
At 30 September 2022 875

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 October 2022 6,833 242,683 5,255 254,771
Additions - 2,397 916 3,313
At 30 September 2023 6,833 245,080 6,171 258,084
DEPRECIATION
At 1 October 2022 3,729 60,671 2,008 66,408
Charge for year 620 46,552 612 47,784
At 30 September 2023 4,349 107,223 2,620 114,192
NET BOOK VALUE
At 30 September 2023 2,484 137,857 3,551 143,892
At 30 September 2022 3,104 182,012 3,247 188,363

FUSION PROCESSING LTD (REGISTERED NUMBER: 08209931)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 October 2022 242,683
Additions 2,397
At 30 September 2023 245,080
DEPRECIATION
At 1 October 2022 60,671
Charge for year 46,552
At 30 September 2023 107,223
NET BOOK VALUE
At 30 September 2023 137,857
At 30 September 2022 182,012

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 273,191 208,144
Other debtors 253,061 174,868
Directors' loan accounts 615 -
VAT - 6,802
Prepayments and accrued income 18,738 -
Prepayments - 5,356
545,605 395,170

Amounts falling due after more than one year:
Other debtors 208 -

Aggregate amounts 545,813 395,170

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 81,027 45,753
Hire purchase contracts 39,069 39,069
Trade creditors 47,600 20,893
Corporation Tax 208 -
Social security and other taxes 38,729 50,928
Pension 12,090 9,881
VAT 17,787 -
Other creditors 22,674 1,574
Accruals and deferred income 2,087 2,007
261,271 170,105

FUSION PROCESSING LTD (REGISTERED NUMBER: 08209931)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 45,753 45,753
Bank loans - 2-5 years 41,827 93,864
Hire purchase contracts 111,714 152,973
199,294 292,590

9. TRANSACTIONS WITH DIRECTORS

The following advances and credits to a director subsisted during the years ended 30 September 2023 and 30 September 2022:

2023 2022
£    £   
J L Hutchinson
Balance outstanding at start of year - -
Amounts advanced 615 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 615 -

No interest has been charged on the above balance and there are no set repayment terms.

10. SHARE-BASED PAYMENT TRANSACTIONS

The company issued 20,232 equity-settled share options to certain employees on 30 September 2022 under which the company receives services as consideration for equity instruments (options). Options are exercisable at £4.00 per share.

As at 30 September 2023 none of the share options were exercisable, and therefore none have been exercised, and all remain outstanding.

The Company with the assistance of external experts has measured the fair value the equity-settled share-based payment awards.

The options vest immediately, but can only be exercised if performance conditions are met. Options are forfeited if employees leave the company before the options are exercisable.