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REGISTERED NUMBER: 08209931 (England and Wales)















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: J L Hutchinson
J G Fleming
I Selwood





REGISTERED OFFICE: Engine Shed Clock Tower Yard
Temple Meads
Bristol
BS1 6QH





REGISTERED NUMBER: 08209931 (England and Wales)





ACCOUNTANTS: Randall & Payne LLP
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 4,255 5,438
Tangible assets 5 214,220 143,892
218,475 149,330

CURRENT ASSETS
Stocks - 50,000
Debtors 6 709,861 545,813
709,861 595,813
CREDITORS
Amounts falling due within one year 7 252,460 261,271
NET CURRENT ASSETS 457,401 334,542
TOTAL ASSETS LESS CURRENT
LIABILITIES

675,876

483,872

CREDITORS
Amounts falling due after more than one
year

8

101,435

199,294
NET ASSETS 574,441 284,578

CAPITAL AND RESERVES
Called up share capital 5,308 5,308
Share premium 110,690 110,690
Revaluation reserve 9 421,543 -
Share option reserve 387 387
Retained earnings 36,513 168,193
SHAREHOLDERS' FUNDS 574,441 284,578

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 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.

FUSION PROCESSING LTD (REGISTERED NUMBER: 08209931)

BALANCE SHEET - continued
30 SEPTEMBER 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 June 2025 and were signed on its behalf by:




J L Hutchinson - Director J G Fleming - Director




I Selwood - Director


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 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 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 licences are being amortised evenly over their estimated useful life of five years.

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 classDepreciation policy
Autonomous Vehicles70% on reducing balance
Fixtures & fittings20% on reducing balance
Motor vehicles25% on reducing balance
Computer equipment33% 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 20 (2023 - 20 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 October 2023 53,020
Additions 288
At 30 September 2024 53,308
AMORTISATION
At 1 October 2023 47,582
Amortisation for year 1,471
At 30 September 2024 49,053
NET BOOK VALUE
At 30 September 2024 4,255
At 30 September 2023 5,438

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 - 6,833 245,080 6,171 258,084
Additions - - - 1,289 1,289
Revaluations 421,543 - - - 421,543
Reclassification/transfer 178,457 - (178,457 ) - -
At 30 September 2024 600,000 6,833 66,623 7,460 680,916
DEPRECIATION
At 1 October 2023 - 4,349 107,223 2,620 114,192
Charge for year 341,925 497 9,368 714 352,504
Reclassification/transfer 78,075 - (78,075 ) - -
At 30 September 2024 420,000 4,846 38,516 3,334 466,696
NET BOOK VALUE
At 30 September 2024 180,000 1,987 28,107 4,126 214,220
At 30 September 2023 - 2,484 137,857 3,551 143,892

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 - 245,080 245,080
Revaluations 421,543 - 421,543
Reclassification/transfer 178,457 (178,457 ) -
At 30 September 2024 600,000 66,623 666,623
DEPRECIATION
At 1 October 2023 - 107,223 107,223
Charge for year 341,925 9,368 351,293
Reclassification/transfer 78,075 (78,075 ) -
At 30 September 2024 420,000 38,516 458,516
NET BOOK VALUE
At 30 September 2024 180,000 28,107 208,107
At 30 September 2023 - 137,857 137,857

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 363,677 273,191
Other debtors 343,936 253,061
Directors' loan accounts - 615
Prepayments and accrued income 2,040 18,738
709,653 545,605

Amounts falling due after more than one year:
Other debtors 208 208

Aggregate amounts 709,861 545,813

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 95,534 81,027
Hire purchase contracts 41,341 39,069
Trade creditors 29,636 47,600
Corporation Tax 208 208
Social security and other taxes 25,335 38,729
Pension 12,775 12,090
VAT 27,655 17,787
Other creditors 17,531 22,674
Accruals and deferred income 2,445 2,087
252,460 261,271

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 33,333 45,753
Bank loans - 2-5 years - 41,827
Hire purchase contracts 68,102 111,714
101,435 199,294

9. RESERVES
Revaluation
reserve
£   
Revaluation of AVs 421,543

At 30 September 2024 421,543

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
£    £   
J L Hutchinson
Balance outstanding at start of year 615 -
Amounts advanced - 615
Amounts repaid (615 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 615

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.