| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| FUSION PROCESSING LTD |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| FUSION PROCESSING LTD |
| FUSION PROCESSING LTD (REGISTERED NUMBER: 08209931) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| FUSION PROCESSING LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Chargrove House |
| Shurdington Road |
| Cheltenham |
| Gloucestershire |
| GL51 4GA |
| FUSION PROCESSING LTD (REGISTERED NUMBER: 08209931) |
| BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Revaluation reserve | 9 |
| Share option reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| FUSION PROCESSING LTD (REGISTERED NUMBER: 08209931) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Fusion Processing Ltd is a |
| 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 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 shorter |
| Asset class | Depreciation policy |
| Autonomous Vehicles | 70% on reducing balance |
| Fixtures & fittings | 20% on reducing balance |
| Motor vehicles | 25% on reducing balance |
| Computer equipment | 33% on reducing balance |
| Provisions |
| Provisions are recognised only where a present obligation exists as a result of a past transaction or event at or prior to the balance sheet date. In addition, a provision is only recognised where the amounts involved can be reliably estimated. 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 2024 |
| 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. |
| 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 |
| 4. | INTANGIBLE FIXED ASSETS |
| Patents |
| and |
| licences |
| £ |
| COST |
| At 1 October 2023 |
| Additions |
| At 30 September 2024 |
| AMORTISATION |
| At 1 October 2023 |
| Amortisation for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| FUSION PROCESSING LTD (REGISTERED NUMBER: 08209931) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Autonomous | and | Motor | Computer |
| Vehicles | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 October 2023 |
| Additions |
| Revaluations |
| Reclassification/transfer | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Reclassification/transfer | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| During the year, the company changed its accounting policy for a new category of fixed assets, Autonomous Vehicles, from the historical cost model to the revaluation model, in accordance with FRS 102 Section 17 Property, Plant and Equipment. This change reflects the directors' view that the revaluation model provides more relevant and reliable information regarding the fair value of this class of assets, given the specialist nature of autonomous vehicle technology. |
| As part of this change: |
| A new asset category, Autonomous Vehicles, was established within tangible fixed assets. |
| On 1 October 2023, two vehicles were transferred from the Motor Vehicles category to Autonomous Vehicles. |
| One of the transferred vehicles was revalued from its brought forward cost of £178,457 to a fair value of £600,000 at the date of transfer. |
| The second vehicle, had a brought forward net book value of £nil as at 1 October 2023, and still had no value as at the year end. |
| The directors assessed the fair value of the assets transferred based on their knowledge of the vehicles, estimated rebuild costs, and an agreed estimated fair value reached with external grant providers. |
| The resulting revaluation surplus of £421,543 has been recognised in other comprehensive income and credited to the Revaluation Reserve in accordance with FRS 102. |
| The impact of this change in accounting policy is as follows: |
| The carried forward cost of tangible fixed assets has increased by £421,543. |
| A revaluation reserve of £421,543 has been recognised within equity. |
| This change has been applied prospectively from 1 October 2023, in accordance with FRS 102.17.15B, as it relates to a new class of assets. Comparative figures have not been restated. |
| FUSION PROCESSING LTD (REGISTERED NUMBER: 08209931) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Cost or valuation at 30 September 2024 is represented by: |
| Fixtures |
| Autonomous | and | Motor | Computer |
| Vehicles | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| Valuation in 2024 | 600,000 | - | - | - | 600,000 |
| Cost | - | 6,833 | 66,623 | 7,460 | 80,916 |
| 600,000 | 6,833 | 66,623 | 7,460 | 680,916 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Autonomous | Motor |
| Vehicles | vehicles | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 October 2023 |
| Revaluations |
| Reclassification/transfer | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Reclassification/transfer | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 6. | DEBTORS |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| Directors' loan accounts | - | 615 |
| Prepayments and accrued income |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| FUSION PROCESSING LTD (REGISTERED NUMBER: 08209931) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Corporation Tax |
| Social security and other taxes |
| Pension | 12,775 | 12,090 |
| VAT | 27,655 | 17,787 |
| Other creditors |
| Accruals and deferred income |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Hire purchase contracts |
| 9. | RESERVES |
| Revaluation |
| reserve |
| £ |
| Revaluation of AVs | 421,543 |
| At 30 September 2024 |
| 10. | TRANSACTIONS WITH DIRECTORS |
| The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| No interest has been charged on the above balance and there are no set repayment terms. |
| FUSION PROCESSING LTD (REGISTERED NUMBER: 08209931) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 11. | 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. |