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REGISTERED NUMBER: 03885544 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

FORTIUM TECHNOLOGIES LIMITED

FORTIUM TECHNOLOGIES LIMITED (REGISTERED NUMBER: 03885544)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FORTIUM TECHNOLOGIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: I Benson
N Bingham
C Coburn
G Spensley
A Miles





SECRETARY: B Thomas





REGISTERED OFFICE: Unit 6
Bridgend Business Centre
Bennett Street
Bridgend
CF31 3SH





REGISTERED NUMBER: 03885544 (England and Wales)





ACCOUNTANTS: Graham Paul Limited
Court House
Court Road
Bridgend
CF31 1BE

FORTIUM TECHNOLOGIES LIMITED (REGISTERED NUMBER: 03885544)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,668 9,529

CURRENT ASSETS
Debtors 5 291,460 285,022
Cash at bank and in hand 37,649 14,785
329,109 299,807
CREDITORS
Amounts falling due within one year 6 1,018,179 861,514
NET CURRENT LIABILITIES (689,070 ) (561,707 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(681,402

)

(552,178

)

CREDITORS
Amounts falling due after more than one
year

7

16,371

26,435
NET LIABILITIES (697,773 ) (578,613 )

CAPITAL AND RESERVES
Called up share capital 1,237 1,237
Share premium 1,958,480 1,958,480
Capital redemption reserve 154 154
Retained earnings (2,657,644 ) (2,538,484 )
(697,773 ) (578,613 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

FORTIUM TECHNOLOGIES LIMITED (REGISTERED NUMBER: 03885544)

BALANCE SHEET - continued
30 NOVEMBER 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 March 2024 and were signed on its behalf by:





A Miles - Director


FORTIUM TECHNOLOGIES LIMITED (REGISTERED NUMBER: 03885544)

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


1. STATUTORY INFORMATION

Fortium Technologies Limited 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 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. The financial statements have been prepared under the historical cost convention.

At the balance sheet date the company has net current liabilities of £689,070 and net liabilities of £697,773.

The largest creditor being DST Innovations Limited has indicated whilst the amount due to them is
classified as short term, they have no intention of calling in the amount and will continue to support the business for the foreseeable future. Accordingly the financial statements have been prepared on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 50% on cost and 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

FORTIUM TECHNOLOGIES LIMITED (REGISTERED NUMBER: 03885544)

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


2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research is written off in the year in which it is incurred and development costs are capitalised only after commercial feasibility of the asset for sale or use have been established.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
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.

Share based payments
Equity-settled transactions
The cost of equity-settled transactions with employees is measured by reference to the fair value of the equity instruments granted at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award. Fair value is determined by an external valuer using an appropriate pricing model. In valuing equity-settled transactions, no account is taken of any vesting conditions, other than conditions linked to the price of the shares of the company (market conditions) and non vesting conditions. No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market or non vesting condition, which are treated as vesting irrespective of whether or not the market or non vesting condition is satisfied, provided that all other performance conditions are satisfied.

At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management's best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments that will ultimately vest or in the case of an instrument subject to a market condition, be treated as vesting as described above. The movement in cumulative expense since the previous balance sheet date is recognised in the income statement, with a corresponding entry in equity.

Where the terms of an equity-settled award are modified or a new award is designated as replacing a cancelled or settled award, the cost based on the original award terms continues to be recognised over the original vesting period. In addition, an expense is recognised over the remainder of the new vesting period for the incremental fair value of any modification, based on the difference between the fair value of the original award and the fair value of the modified award, both as measured on the date of the modification. No reduction is recognised if this difference is negative.

Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any cost not yet recognised in the profit and loss account for the award is expensed immediately. Any compensation paid up to the fair value of the award at the cancellation or settlement date is deducted from equity, with any excess over fair value expensed in the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 19 ) .

FORTIUM TECHNOLOGIES LIMITED (REGISTERED NUMBER: 03885544)

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


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2022 467,640
Additions 5,789
At 30 November 2023 473,429
DEPRECIATION
At 1 December 2022 458,111
Charge for year 7,650
At 30 November 2023 465,761
NET BOOK VALUE
At 30 November 2023 7,668
At 30 November 2022 9,529

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 93,269 53,219
Other debtors 198,191 231,803
291,460 285,022

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Loans 458,063 307,750
Trade creditors 93,853 109,801
Taxation and social security 30,275 25,485
Other creditors 435,988 418,478
1,018,179 861,514

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 16,371 26,435

FORTIUM TECHNOLOGIES LIMITED (REGISTERED NUMBER: 03885544)

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


8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2023 2022
£    £   
A Miles
Balance outstanding at start of year 3,542 1,374
Amounts advanced 1,661 2,168
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 5,203 3,542

9. RELATED PARTY DISCLOSURES

Included in Creditors: amounts falling due in one year are amounts due to shareholders of £2,352 (2022: £2,352).

10. SHARE-BASED PAYMENT TRANSACTIONS

An Enterprise Management Incentive (EMI) share option scheme was approved in March 2018. Under this scheme the options will vest if the employees who have been granted the options satisfy the working time requirements for the period up to and including the date of sale of the company. The options will lapse should the employee either leave employment or not meet the defined working time requirements. The contractual life of the options is ten years. The exercise price for the options outstanding at the end of the year is £18.75. There are no cash settlement alternatives. During the year there were no share options granted (2022: none). As at the 30 November 2023 the total number of options granted which have not lapsed is 566 (2022: 598). The fair value of equity settled options granted is estimated as at the date of grant based on a third party investment undertaken on an arms length basis and taking into account performance of the business since that date and the terms and conditions upon which the options are granted.

A second non - EMI share option scheme was approved in December 2020. Under this scheme the options will vest if the individuals who have been granted the options satisfy conditions up to and including the date of sale of the company. The options will lapse should the individual either leave employment or not meet the defined leaver requirements. The contractual life of the options is ten years. The exercise price for the options outstanding at the end of the year is £18.75. There are no cash settlement alternatives. During the year there were no share options granted (2022: none). As at the 30 November 2023 the total number of options granted which have not lapsed is 153 (2022: 153). The fair value of equity settled options granted is estimated as at the date of grant based on a third party investment undertaken on an arms length basis and taking into account performance of the business since that date and the terms and conditions upon which the options are granted.

The expense recognised for both these equity settled share-based payments during the year to 30 November 2023 is £nil (2022: £nil).