Boiled Fruitcake

This morning I had a dream about a boiled fruitcake.  I love baking fruitcakes as well as other creations.  I was wondering how to make a boiled fruitcake with some knowledge.  In other words, I just want to know what I am doing.  Christmas is my favorite time of the year and I don't want to waste any money with a screwed up recipe.  Last Christmas was one of the best ever.  I was satisfied and so was everyone else.

Here is a recipe for boiled fruitcake:

200 g sugar
225 ml water
30 g margarine
375 g mixed fruit
1 teaspoon bicarbonate of soda
275 g self raising flour
1 teaspoon mixed spice
1 egg
1 pinch salt

1
Place the sugar, water,margarine, bicarbonate of soda and dried fruit in a medium saucepan and slowly bring to the boil. As soon as it starts to boil, remove and leave to completely cool.
2
Add the well beaten egg, mixed spice, pinch of salt, and the flour; mix well.
3
Line a 9-inch cake tin. Cook at approximately 170°C for about an hour to an hour and a quarter.
4
To stop it drying out while cooling, it’s advisable to drape a clean tea towel over the cake after about half an hour.
5
NB - if you are in a hurry for the fruit to cool - place saucepan in some cold water in the sink, it will cool in under half the time.

Source:
http://www.food.com/recipe/fabulous-boiled-fruitcake-155227