Silverfin false false 30/04/2024 01/05/2023 30/04/2024 Mr S Edkins 16/10/2007 Glenn Giles 01/05/2023 16/10/2007 Mr L Stonehouse 17/04/2020 28 April 2025 The principal activity of the company continued to be that of business and data solutions provider. The company has continued to invest in the development of its product portfolio with substantial resources having been invested in the further development of its Ignoto product. 06400683 2024-04-30 06400683 bus:Director1 2024-04-30 06400683 bus:Director2 2024-04-30 06400683 bus:Director3 2024-04-30 06400683 core:CurrentFinancialInstruments 2024-04-30 06400683 core:CurrentFinancialInstruments 2023-04-30 06400683 2023-04-30 06400683 core:Non-currentFinancialInstruments 2024-04-30 06400683 core:Non-currentFinancialInstruments 2023-04-30 06400683 core:ShareCapital 2024-04-30 06400683 core:ShareCapital 2023-04-30 06400683 core:SharePremium 2024-04-30 06400683 core:SharePremium 2023-04-30 06400683 core:CapitalRedemptionReserve 2024-04-30 06400683 core:CapitalRedemptionReserve 2023-04-30 06400683 core:RetainedEarningsAccumulatedLosses 2024-04-30 06400683 core:RetainedEarningsAccumulatedLosses 2023-04-30 06400683 core:Goodwill 2023-04-30 06400683 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-30 06400683 core:Goodwill 2024-04-30 06400683 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-04-30 06400683 core:ImmediateParent core:CurrentFinancialInstruments 2024-04-30 06400683 core:ImmediateParent core:CurrentFinancialInstruments 2023-04-30 06400683 bus:OrdinaryShareClass1 2024-04-30 06400683 bus:OrdinaryShareClass2 2024-04-30 06400683 2023-05-01 2024-04-30 06400683 bus:FilletedAccounts 2023-05-01 2024-04-30 06400683 bus:SmallEntities 2023-05-01 2024-04-30 06400683 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 06400683 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 06400683 bus:Director1 2023-05-01 2024-04-30 06400683 bus:Director2 2023-05-01 2024-04-30 06400683 bus:Director3 2023-05-01 2024-04-30 06400683 core:Goodwill core:TopRangeValue 2023-05-01 2024-04-30 06400683 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2023-05-01 2024-04-30 06400683 core:Goodwill 2023-05-01 2024-04-30 06400683 2022-05-01 2023-04-30 06400683 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 06400683 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 06400683 bus:OrdinaryShareClass2 2023-05-01 2024-04-30 06400683 bus:OrdinaryShareClass2 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 06400683 (England and Wales)

FUSIONEXPERIENCE LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

FUSIONEXPERIENCE LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

FUSIONEXPERIENCE LIMITED

COMPANY INFORMATION

For the financial year ended 30 April 2024
FUSIONEXPERIENCE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 April 2024
DIRECTORS Mr S Edkins
Glenn Giles (Resigned 01 May 2023)
Mr L Stonehouse
REGISTERED OFFICE 2 Leman Street
London
E1W 9US
United Kingdom
COMPANY NUMBER 06400683 (England and Wales)
CHARTERED ACCOUNTANTS GRAVITA III LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
FUSIONEXPERIENCE LIMITED

BALANCE SHEET

As at 30 April 2024
FUSIONEXPERIENCE LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Current assets
Debtors 4 514,184 460,175
Cash at bank and in hand 56,741 23,405
570,925 483,580
Creditors: amounts falling due within one year 5 ( 71,971) ( 71,698)
Net current assets 498,954 411,882
Total assets less current liabilities 498,954 411,882
Creditors: amounts falling due after more than one year 6 ( 31,712) ( 37,494)
Net assets 467,242 374,388
Capital and reserves
Called-up share capital 7 1,280 1,280
Share premium account 2,086,397 2,086,397
Capital redemption reserve 18 18
Profit and loss account ( 1,620,453 ) ( 1,713,307 )
Total shareholder's funds 467,242 374,388

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Fusionexperience Limited (registered number: 06400683) were approved and authorised for issue by the Board of Directors on 28 April 2025. They were signed on its behalf by:

Mr S Edkins
Director
FUSIONEXPERIENCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
FUSIONEXPERIENCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Fusionexperience Limited is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 66 Prescot St, London, E1 8NN, United Kingdom.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for licences and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Development costs 5 years straight line
Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 1 1

3. Intangible assets

Goodwill Development costs Total
£ £ £
Cost
At 01 May 2023 4,659,104 1,508,804 6,167,908
At 30 April 2024 4,659,104 1,508,804 6,167,908
Accumulated amortisation
At 01 May 2023 4,659,104 1,508,804 6,167,908
At 30 April 2024 4,659,104 1,508,804 6,167,908
Net book value
At 30 April 2024 0 0 0
At 30 April 2023 0 0 0

4. Debtors

2024 2023
£ £
Trade debtors 24,080 48,978
Amounts owed by Group undertakings 477,451 398,227
Other debtors 12,653 12,970
514,184 460,175

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 5,625 5,625
Trade creditors 14,869 23,950
Amounts owed to Parent undertakings 0 10
Accruals and deferred income 27,882 23,466
Other taxation and social security 1,285 11,719
Other creditors 22,310 6,928
71,971 71,698

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 31,712 37,494

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
7,579,749 Ordinary A shares of £ 0.0001 each 758 758
5,221,523 Ordinary B shares of £ 0.0001 each 522 522
1,280 1,280

8. Related party transactions

At the reporting date, the company was owed £380,819 (2023: £305,563) by VC Experience Limited, it's parent company.

At the reporting date, the company was owed £92,664 (2023: £92,664) by VC2 Limited, a company under common control.

At the reporting date, the company was owed £3,968 (2023: £nil) by Fusion AI Partners LLP, a company under common control.

These amounts are interest free and repayable on demand.

9. Parent company

The controlling entity at the balance sheet date was VC Experience Limited by virtue of its shareholding in Fusionexperience Limited. There is considered to be no ultimate controlling party.