A Guest post, by a talented composer of sweets:
ALL ABOUT FUDGE
In common with caramel and toffee, fudge has three ingredients - 
sugar, water, and fat. Milk is fat and water. Golden syrup is sugar and 
water. Condensed milk is all three, which is why you can make caramel 
out of it without adding anything else. So it's pretty simple. Simple is
 not the same as easy.
Sugar, water
The sugar-to-water ratio makes your caramel more or less runny. Equal parts by volume gives you simple syrup.
Sugar, water, fat
Adding fat (butter, unless you don't eat cow-juice, 
in which case probably coconut oil behaves the same way) changes the way
 the finished thing behaves. Fudge breaks into chunks, while toffee 
stretches a bit before breaking. Those gorgeous long crisp filaments 
that simple syrup makes if you cook it golden? That's what happens with no 
fat at all. It's similar to the way that shortcrust pastry breaks while 
bread dough stretches out. It's called shortening for a reason*
Sugar, water, fat, heat
Heat
 alters organic things. Proteins denature, and sugars caramelise. 
Applying heat for longer does two things - it drives off water, making a 
thicker finished product, and it caramelises the sugar. The colour 
changes to gold and then to brown, and the taste deepens and gets richer 
and more complex. Just don't go too far and let it burn.
Sugar, water, fat, heat, stirring
When
 sugar is liquid it is very, very hot. When it cools it wants to 
crystallise again, but in a smooth pan of itself that's difficult. When 
you stir, you start off lots of little crystalline nubbles that grow 
more crystals. So the whole thing gets that good fudgey texture. If you 
add chopped nuts or raisins, you effectively make the stirring stirrier 
so you needn't do it for as long.
The recipe, at last
1 lb demerara sugar
2 oz butter
1/2 pint milk or cream or a mixture of milk and cream
A few drops of vanilla extract
Line a tin with baking paper. Put all the 
ingredients except the vanilla in a large pot. Melt them over a low 
heat. Gently increase the heat until it starts boiling, then reduce the 
heat again so it simmers. Now, it'll rise up in a huge froth of bubbles 
which can be a little alarming, but don't worry; it's supposed to be 
doing that. Keep stirring it gently, every now and then, so the bottom 
doesn't burn.
After ten minutes or so, start testing it (it could 
take another twenty minutes to be done, though, so don't get impatient 
here.) Now, this is the point where the recipe books start talking about
 the soft ball stage, and I am here to tell you that there is no such 
thing.
If you're of a sensitive disposition, skip this paragraph and buy a sugar thermometer instead.
Testing
 fudge for done-ness results in something remarkably like a poo. Early 
on - before enough water has been boiled off - the stuff will disperse 
in the cup of water like the kebab you should have known better than to 
eat in the first place. If you overcook it, the fudge will hit the 
bottom of the cup in a scatter of hard little nuggets. And when you see 
in the bottom of the cup a smooth, comfortable turd shape - a poo you 
wouldn't mind having yourself, and don't pretend not to know what I mean
 - then your fudge is done. If you're not sure, reach in and gather it 
up with your fingers. It should hold together and feel soft almost chewy
 when you eat it, assuming you still want to do such a thing.
Or just wait until a sugar thermometer reads between 112 and 116 C.
Anyway,
 when you've arrived at this happy state of affairs, take the fudge off 
the heat, add a dash of vanilla, and stir like a maniac. At first it'll 
seem as if you're just sloshing liquid around for no good reason, but 
then it will thicken and start to look creamy. The track left by the 
spoon will be slow to close up. At this point you can pour it into a tin
 and let it set. By all means lick the pan, but for goodness' sake let 
it cool first.
If it doesn't set properly, don't worry. Just use it
 as delicious caramel sauce and next time, cook it a bit longer or stir 
it a bit more. If it sets too much and is a crumbly mess, bash it up 
some more and sprinkle it on icecream, and next time stop cooking a bit 
sooner or stir a bit more gently.
* I have no idea whether this is the real reason 
it's called shortening, or if there's any relation between the effect 
butter has on pastry and the effect it has on fudge. It could all be a 
string of coincidences.
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