2023-01-012023-12-312023-12-31false09951655Fuseaware Limited2024-02-07iso4217:GBPxbrli:pure099516552023-01-01099516552023-12-31099516552023-01-012023-12-31099516552022-01-01099516552022-12-31099516552022-01-012022-12-3109951655bus:SmallEntities2023-01-012023-12-3109951655bus:AuditExempt-NoAccountantsReport2023-01-012023-12-3109951655bus:FullAccounts2023-01-012023-12-3109951655bus:PrivateLimitedCompanyLtd2023-01-012023-12-3109951655core:WithinOneYear2023-12-3109951655core:AfterOneYear2023-12-3109951655core:WithinOneYear2022-12-3109951655core:AfterOneYear2022-12-3109951655core:ShareCapital2023-12-3109951655core:SharePremium2023-12-3109951655core:RevaluationReserve2023-12-3109951655core:OtherReservesSubtotal2023-12-3109951655core:RetainedEarningsAccumulatedLosses2023-12-3109951655core:ShareCapital2022-12-3109951655core:SharePremium2022-12-3109951655core:RevaluationReserve2022-12-3109951655core:OtherReservesSubtotal2022-12-3109951655core:RetainedEarningsAccumulatedLosses2022-12-3109951655core:LandBuildings2023-12-3109951655core:PlantMachinery2023-12-3109951655core:Vehicles2023-12-3109951655core:FurnitureFittings2023-12-3109951655core:OfficeEquipment2023-12-3109951655core:NetGoodwill2023-12-3109951655core:IntangibleAssetsOtherThanGoodwill2023-12-3109951655core:ListedExchangeTraded2023-12-3109951655core:UnlistedNon-exchangeTraded2023-12-3109951655core:LandBuildings2022-12-3109951655core:PlantMachinery2022-12-3109951655core:Vehicles2022-12-3109951655core:FurnitureFittings2022-12-3109951655core:OfficeEquipment2022-12-3109951655core:NetGoodwill2022-12-3109951655core:IntangibleAssetsOtherThanGoodwill2022-12-3109951655core:ListedExchangeTraded2022-12-3109951655core:UnlistedNon-exchangeTraded2022-12-3109951655core:LandBuildings2023-01-012023-12-3109951655core:PlantMachinery2023-01-012023-12-3109951655core:Vehicles2023-01-012023-12-3109951655core:FurnitureFittings2023-01-012023-12-3109951655core:OfficeEquipment2023-01-012023-12-3109951655core:NetGoodwill2023-01-012023-12-3109951655core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3109951655core:ListedExchangeTraded2023-01-012023-12-3109951655core:UnlistedNon-exchangeTraded2023-01-012023-12-3109951655core:MoreThanFiveYears2023-01-012023-12-3109951655core:Non-currentFinancialInstruments2023-12-3109951655core:Non-currentFinancialInstruments2022-12-3109951655dpl:CostSales2023-01-012023-12-3109951655dpl:DistributionCosts2023-01-012023-12-3109951655core:LandBuildings2023-01-012023-12-3109951655core:PlantMachinery2023-01-012023-12-3109951655core:Vehicles2023-01-012023-12-3109951655core:FurnitureFittings2023-01-012023-12-3109951655core:OfficeEquipment2023-01-012023-12-3109951655dpl:AdministrativeExpenses2023-01-012023-12-3109951655core:NetGoodwill2023-01-012023-12-3109951655core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3109951655dpl:GroupUndertakings2023-01-012023-12-3109951655dpl:ParticipatingInterests2023-01-012023-12-3109951655dpl:GroupUndertakingscore:ListedExchangeTraded2023-01-012023-12-3109951655core:ListedExchangeTraded2023-01-012023-12-3109951655dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-01-012023-12-3109951655core:UnlistedNon-exchangeTraded2023-01-012023-12-3109951655dpl:CostSales2022-01-012022-12-3109951655dpl:DistributionCosts2022-01-012022-12-3109951655core:LandBuildings2022-01-012022-12-3109951655core:PlantMachinery2022-01-012022-12-3109951655core:Vehicles2022-01-012022-12-3109951655core:FurnitureFittings2022-01-012022-12-3109951655core:OfficeEquipment2022-01-012022-12-3109951655dpl:AdministrativeExpenses2022-01-012022-12-3109951655core:NetGoodwill2022-01-012022-12-3109951655core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3109951655dpl:GroupUndertakings2022-01-012022-12-3109951655dpl:ParticipatingInterests2022-01-012022-12-3109951655dpl:GroupUndertakingscore:ListedExchangeTraded2022-01-012022-12-3109951655core:ListedExchangeTraded2022-01-012022-12-3109951655dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-01-012022-12-3109951655core:UnlistedNon-exchangeTraded2022-01-012022-12-3109951655core:NetGoodwill2023-12-3109951655core:IntangibleAssetsOtherThanGoodwill2023-12-3109951655core:LandBuildings2023-12-3109951655core:PlantMachinery2023-12-3109951655core:Vehicles2023-12-3109951655core:FurnitureFittings2023-12-3109951655core:OfficeEquipment2023-12-3109951655core:AfterOneYear2023-12-3109951655core:WithinOneYear2023-12-3109951655core:ListedExchangeTraded2023-12-3109951655core:UnlistedNon-exchangeTraded2023-12-3109951655core:ShareCapital2023-12-3109951655core:SharePremium2023-12-3109951655core:RevaluationReserve2023-12-3109951655core:OtherReservesSubtotal2023-12-3109951655core:RetainedEarningsAccumulatedLosses2023-12-3109951655core:NetGoodwill2022-12-3109951655core:IntangibleAssetsOtherThanGoodwill2022-12-3109951655core:LandBuildings2022-12-3109951655core:PlantMachinery2022-12-3109951655core:Vehicles2022-12-3109951655core:FurnitureFittings2022-12-3109951655core:OfficeEquipment2022-12-3109951655core:AfterOneYear2022-12-3109951655core:WithinOneYear2022-12-3109951655core:ListedExchangeTraded2022-12-3109951655core:UnlistedNon-exchangeTraded2022-12-3109951655core:ShareCapital2022-12-3109951655core:SharePremium2022-12-3109951655core:RevaluationReserve2022-12-3109951655core:OtherReservesSubtotal2022-12-3109951655core:RetainedEarningsAccumulatedLosses2022-12-3109951655core:NetGoodwill2022-01-0109951655core:IntangibleAssetsOtherThanGoodwill2022-01-0109951655core:LandBuildings2022-01-0109951655core:PlantMachinery2022-01-0109951655core:Vehicles2022-01-0109951655core:FurnitureFittings2022-01-0109951655core:OfficeEquipment2022-01-0109951655core:AfterOneYear2022-01-0109951655core:WithinOneYear2022-01-0109951655core:ListedExchangeTraded2022-01-0109951655core:UnlistedNon-exchangeTraded2022-01-0109951655core:ShareCapital2022-01-0109951655core:SharePremium2022-01-0109951655core:RevaluationReserve2022-01-0109951655core:OtherReservesSubtotal2022-01-0109951655core:RetainedEarningsAccumulatedLosses2022-01-0109951655core:AfterOneYear2023-01-012023-12-3109951655core:WithinOneYear2023-01-012023-12-3109951655core:Non-currentFinancialInstrumentscore:CostValuation2023-01-012023-12-3109951655core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2023-01-012023-12-3109951655core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2023-01-012023-12-3109951655core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2023-01-012023-12-3109951655core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2023-01-012023-12-3109951655core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2023-01-012023-12-3109951655core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2023-01-012023-12-3109951655core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2023-01-012023-12-3109951655core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2023-01-012023-12-3109951655core:Non-currentFinancialInstrumentscore:CostValuation2023-12-3109951655core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2023-12-3109951655core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2023-12-3109951655core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2023-12-3109951655core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2023-12-3109951655core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2023-12-3109951655core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2023-12-3109951655core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2023-12-3109951655core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2023-12-3109951655core:Non-currentFinancialInstrumentscore:CostValuation2022-12-3109951655core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2022-12-3109951655core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2022-12-3109951655core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2022-12-3109951655core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2022-12-3109951655core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2022-12-3109951655core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2022-12-3109951655core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2022-12-3109951655core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2022-12-3109951655bus:Director12023-01-012023-12-3109951655bus:Director22023-01-012023-12-31

Fuseaware Limited

Registered Number
09951655
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

Fuseaware Limited
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

Beatty, P
Redmond, D P

Registered Address

The Old Church
Verulam Road
St. Albans
AL3 4DH

Registered Number

09951655 (England and Wales)
Fuseaware Limited
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets81,019,031848,251
Tangible assets949,4292,039
1,068,460850,290
Current assets
Stocks-91,549
Debtors1145,835259,693
Cash at bank and on hand1115,633
45,836466,875
Creditors amounts falling due within one year12(117,531)(342,512)
Net current assets (liabilities)(71,695)124,363
Total assets less current liabilities996,765974,653
Creditors amounts falling due after one year13(15,333)(23,333)
Net assets981,432951,320
Capital and reserves
Called up share capital182173
Share premium3,512,5232,705,672
Other reserves505,725510,000
Profit and loss account(3,036,998)(2,264,525)
Shareholders' funds981,432951,320
The financial statements were approved and authorised for issue by the Board of Directors on 7 February 2024, and are signed on its behalf by:
Redmond, D P
Director
Registered Company No. 09951655
Fuseaware Limited
Notes to the Financial Statements
for the year ended 31 December 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in accordance with the Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” including the provisions of Section 1A “Small Entities” and the Companies Act 2006.
3.Principal activities
The company's principal activity during the year continued to be that of a software development company.
4.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention.
5.Accounting policies
Functional and presentation currency policy
The financial statements are presented in pound sterling (£) which is the company’s functional currency, and figures are rounded to the nearest whole pound.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Property, plant and equipment policy
Tangible assets are stated at cost (or deemed cost), less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Straight line (years)
Plant and machinery3
Intangible assets policy
Intangible assets are initially measured at cost. Subsequently, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses. Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life: Trademarks - 10 years straight line Development costs - not yet amortised The company has capitalised development costs in line with it's Research and Development accounting policy. No amortisation has been provided on the capitalised development costs at the balance sheet date on the basis that the intangible asset is still under development and has not been brought into use by the company at the reporting period end date. Amortisation will commence once the intangible asset is completed and has been brought into use.
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
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.
Taxation policy
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. 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 statement of financial position date. Tax credits disclosed on the income statement represent losses surrendered for research and development tax credits. Current and deferred tax assets and liabilities are not discounted.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Research and development policy
Revenue expenditure on research costs is written off in the year in which it is incurred. Expenditure on development costs that meet the capitalisation criteria set out in FRS 102 section 18 paragraph 18.8H is capitalised in the Statement of Financial Position under Intangible Assets. Expenditure on development costs that do not meet the criteria set out in FRS 102 section 18 paragraph 18.8H is written off in the year in which it is incurred.
Foreign currency translation and operations policy
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Leases policy
Rentals paid under operating leases are charged to the Income statement on a straight line basis over the period of the lease.
Employee benefits policy
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate. Share-Based Payments The company operates an equity-settled compensation plan. The fair value of the services received in exchange for the grant of the options is recognised as an expense in the income statement. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of financial position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled.
Valuation of financial instruments policy
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties, and investments in non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount is reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value.
Going concern
The financial statements have been prepared on the going concern basis. The company incurred losses during the year, however the directors believe that the company has sufficient financial resources to be able to meet its obligations, if and when, they become due and that the company can continue in operational existence for a period of at least 12 months from the statement of financial position date. On this basis, the directors are of the opinion that they should continue to adopt the going concern basis in preparing the annual financial statements.
6.Critical estimates and judgements
Share-based payments as set out in the notes to the financial statements have been made to employees of the company. The fair value of any vested share options is recognised in the income statement. The fair value of share options is estimated with the use of a Black-Scholes model. The fair value of the ordinary shares in issue at the date of granting the options is used as an input into the model. There are no other significant judgements or estimates applied to the numbers contained within these financial statements.
7.Employee information
The company operates an EMI qualifying share option scheme and during the year the company granted 1,635 (2022: nil) EMI qualifying share options to employees. During the year 1,635 share options vested (2022: nil), 0 lapsed (2022: nil) and 0 options were exercised (2022: nil). At the statement of financial position date, 1,635 vested share options remained exercisable (2022: nil) and 0 options had yet to vest (2022: nil). An amount of £35,725 has been charged to the income statement in respect of the EMI qualifying share options (2022: £nil).

20232022
Average number of employees during the year55
8.Intangible assets
Other intangible assets consist of Capitalised development costs and Trademarks.

Other

Total

££
Cost or valuation
At 01 January 23848,389848,389
Additions170,918170,918
At 31 December 231,019,3071,019,307
Amortisation and impairment
At 01 January 23138138
Charge for year138138
At 31 December 23276276
Net book value
At 31 December 231,019,0311,019,031
At 31 December 22848,251848,251
9.Property, plant and equipment

Plant & machinery

Total

££
Cost or valuation
At 01 January 2331,49131,491
Additions72,67972,679
At 31 December 23104,170104,170
Depreciation and impairment
At 01 January 2329,45229,452
Charge for year25,28925,289
At 31 December 2354,74154,741
Net book value
At 31 December 2349,42949,429
At 31 December 222,0392,039
10.Description of nature of transactions and balances with related parties
During the year the company made advances available to a director totalling £79,000 and received repayments from the director totalling £39,999. At the statement of financial position date a director owed the company £39,001, the balance was paid on 4th January 2024. All loans are unsecured, interest free and repayable on demand.
11.Debtors

2023

2022

££
Other debtors45,835259,693
Total45,835259,693
12.Creditors within one year

2023

2022

££
Trade creditors / trade payables19,057185,328
Bank borrowings and overdrafts8,0008,000
Taxation and social security68,33115,269
Other creditors22,143133,915
Total117,531342,512
13.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts15,33323,333
Total15,33323,333
The total bank borrowings and overdrafts shown in creditors within one year and creditors after one year are guaranteed by the UK government under the Coronavirus Business Support Scheme.