Company Registration No. 11584366 (England and Wales)
Indus Fusion Ltd
Unaudited accounts
for the year ended 29 February 2024
Indus Fusion Ltd
Unaudited accounts
Contents
Indus Fusion Ltd
Company Information
for the year ended 29 February 2024
Company Number
11584366 (England and Wales)
Registered Office
Building 423
Sky View (Ro) Argosy Road
East Midlands Airport, Castle Donington
Derby
DE74 2SA
England
Indus Fusion Ltd
Statement of financial position
as at 29 February 2024
Tangible assets
5,368
3,692
Cash at bank and in hand
-
47,003
Creditors: amounts falling due within one year
(223,372)
(97,677)
Net current (liabilities)/assets
(169,785)
10,423
Net (liabilities)/assets
(164,417)
14,115
Called up share capital
3
3
Share premium
272,188
272,188
Capital contribution reserve
-
340,738
Profit and loss account
(436,608)
(598,814)
Shareholders' funds
(164,417)
14,115
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 2 May 2025 and were signed on its behalf by
A P Keeling
Director
Company Registration No. 11584366
Indus Fusion Ltd
Notes to the Accounts
for the year ended 29 February 2024
Indus Fusion Ltd is a private company, limited by shares, registered in England and Wales, registration number 11584366. The registered office is Building 423, Sky View (Ro) Argosy Road, East Midlands Airport, Castle Donington, Derby, DE74 2SA, England.
2
Compliance with accounting standards
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 principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared under the historical cost convention.
The principal activity of the company in the period under review was that of software development for automation.
The accounts are presented in £ sterling.
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
3 years straight line
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 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.
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.
Indus Fusion Ltd
Notes to the Accounts
for the year ended 29 February 2024
Foreign currency transactions are translated into 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.
Other revenue includes grants received. A grant that does not impose specified future performance-related conditions are recognised in income when the grant proceeds are received or receivable.
In the case of performance-related grants, income is recognised only when the performance-related conditions are met.
Contributions to defined contribution plans are expensed 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 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.
Share options
The company operates an EMI qualifying share option scheme, and as at the year end, the company had granted 0 (2023: 81,447) EMI qualifying share options to employees of the company. During the year 0 share options vested (2023: 73,795), 81,447 share options lapsed (2023: 2,450) and 0 were exercised (2023: 0). At the statement of financial position date, of the 81,447 share options granted, 0 had vested (2023: 76,516), 0 had been exercised (2023: 0) and 81,447 had lapsed (2023: 2,450).
During the year an amount of £340,738 has been credited to the income statement in respect of the EMI share option scheme as there are no more EMI share options within the company.
Indus Fusion Ltd
Notes to the Accounts
for the year ended 29 February 2024
The Company has chosen to adopt the 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 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 case of an out right 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 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.
The financial statements have been prepared on a going concern basis. The company incurred losses during the year however, the directors believe that cash on hand together with fund raising opportunities identified will enable the company to meet its obligations, if and when, they become due. The directors are therefore of the opinion that they should continue to adopt the going concern basis of accounting in preparing the financial statements.
Critical estimates and judgements
Share-based payments have been made to the employees of the company. As disclosed in the Share-based payments accounting policy note, the fair value of share options is recognised in the income statement over the course of the vesting period. The fair value of the share options is estimated with the use of a Black Scholes model. The fair value of ordinary shares in issue at the date of granting the options is used as the main input into the model.
There have been no other significant judgements or estimates applied to the numbers contained within these financial statements.
The company has adopted the method of using a black scholes model (BSM) to calculate the fair value of share options, using the relevant price paid for a share close to the time of granting the option, as the initial market value input into the black scholes model. The company has adopted the BSM technique so as to more accurately reflect the fair value of its share options in the statement of financial position, recognising that the BSM technique is widely recognised as being the most appropriate valuation technique for valuing options.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Indus Fusion Ltd
Notes to the Accounts
for the year ended 29 February 2024
4
Tangible fixed assets
Plant & machinery
At 29 February 2024
14,391
Amounts falling due within one year
Accrued income and prepayments
88
305
Other debtors
49,997
60,792
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
2,069
-
Taxes and social security
48,458
6,077
Other creditors
135,723
78,051
Loans from directors
26,753
-
7
Average number of employees
During the year the average number of employees was 4 (2023: 7).