Company registration number 07139099 (England and Wales)
FOOTBALL RADAR LIMITED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2022
Century House
Wargrave Road
Henley-on-Thames
Oxfordshire
United Kingdom
RG9 2LT
FOOTBALL RADAR LIMITED
CONTENTS
Page
Company information
1
Strategic report
2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11 - 12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 33
FOOTBALL RADAR LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr. A. Reedtz
Mr. C. Reedtz
Company number
07139099
Registered office
1 Craven Hill
London
United Kingdom
W2 3EN
Auditor
Verallo
Century House
Wargrave Road
Henley-on-Thames
Oxfordshire
United Kingdom
RG9 2LT
FOOTBALL RADAR LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -

The directors present the strategic report for the year ended 31 December 2022.

 

Football Radar continues to develop their strategic plan and this is reviewed on a regular basis. The Group’s vision is constantly referred to when making decisions and that vision is to become the number one expert in football. This vision is achieved by developing the Group’s unique approach and creating a collaborative and highly skilled working environment.

Fair review of the business

The principal activity of the Group continued to be that of statistical research and football modelling services. The year under review has been a year of improvement and success and the Group continues to regularly review the day to day operations to ensure they remain at the forefront of their industry.

 

Key performance indicators

The turnover and profitability for 2022 is comparable with the performance of 2021 and is in line with forecasts. The Group recovered well from the challenges that COVID-19 brought to the industry in 2020, which is supported by the consistent operating profit of £2,230,668 in 2022 compared to £2,007,355 in 2021.

Principal risks and uncertainties

The Management of the Group are continually monitoring the key risks facing the Group and review these risks on an ongoing basis to ensure there is little to no risk of exposure. The principal risks and uncertainties facing the Group are identified as the following:

 

Loss of key personnel – replacing key personnel comes at a significant cost in terms of time and financial and therefore Management ensures that personnel are appropriately remunerated and rewarded for their continued high levels of performance.

 

Technology – Management recognises that the industry they operate within is fast moving and therefore they remain at the forefront of technology and continue to invest into the IT infrastructure.

 

On behalf of the board

Mr. C. Reedtz
Director
17 October 2023
FOOTBALL RADAR LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2022.

Principal activities

The principal activity of the company and group continued to be that of providing statistical research and football modelling services to clients.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were declared and paid on 16 December 2022 amounting to £400,000 (£1.992806 per Ordinary A Share and £37.871615 per Ordinary B Share). The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr. A. Reedtz
Mr. C. Reedtz
Auditor

Verallo (formerly Taylorcocks Thames Valley Limited) were re-appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FOOTBALL RADAR LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr. C. Reedtz
Director
17 October 2023
FOOTBALL RADAR LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FOOTBALL RADAR LIMITED
- 5 -
Opinion

We have audited the financial statements of Football Radar Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

FOOTBALL RADAR LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FOOTBALL RADAR LIMITED
- 6 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

FOOTBALL RADAR LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FOOTBALL RADAR LIMITED
- 7 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

 

Our approach was as follows:

 

 

Auditor’s response to risks identified

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included; testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls by management. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor's report.

 

FOOTBALL RADAR LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FOOTBALL RADAR LIMITED
- 8 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Michelle Hewitt-Dutton (Senior Statutory Auditor)
For and on behalf of Verallo
Statutory Auditor
Office: Henley-on-Thames
26 October 2023
FOOTBALL RADAR LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
2022
2021
Notes
£
£
Turnover
3
10,983,040
11,493,600
Cost of sales
(4,803,410)
(5,006,542)
Gross profit
6,179,630
6,487,058
Administrative expenses
(3,949,169)
(4,547,729)
Other operating income
207
68,026
Operating profit
4
2,230,668
2,007,355
Interest receivable and similar income
8
90,689
52,753
Profit before taxation
2,321,357
2,060,108
Tax on profit
9
(424,072)
(200,309)
Profit for the financial year
20
1,897,285
1,859,799
Other comprehensive income
Currency translation differences
4,740
(30,429)
Total comprehensive income for the year
1,902,025
1,829,370
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
The notes on pages 16 to 33 form part of these financial statements
FOOTBALL RADAR LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 10 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
11
76,659
64,971
Current assets
Debtors
14
9,716,920
6,751,789
Cash at bank and in hand
2,797,854
3,791,096
12,514,774
10,542,885
Creditors: amounts falling due within one year
15
(2,177,241)
(1,250,173)
Net current assets
10,337,533
9,292,712
Total assets less current liabilities
10,414,192
9,357,683
Provisions for liabilities
Deferred tax liability
16
6,125
975
(6,125)
(975)
Net assets
10,408,067
9,356,708
Capital and reserves
Called up share capital
18
106
106
Other reserves
19
(912,881)
(546,381)
Profit and loss reserves
20
11,320,842
9,902,983
Total equity
10,408,067
9,356,708
The financial statements were approved by the board of directors and authorised for issue on
17 October 2023
17 October 2023
and are signed on its behalf by:
Mr. C. Reedtz
Director
The notes on pages 16 to 33 form part of these financial statements
FOOTBALL RADAR LIMITED
COMPANY BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 11 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
11
69,999
56,123
Investments
12
92,834
92,834
162,833
148,957
Current assets
Debtors
14
9,693,840
6,834,059
Cash at bank and in hand
2,213,176
3,264,744
11,907,016
10,098,803
Creditors: amounts falling due within one year
15
(2,231,986)
(1,292,885)
Net current assets
9,675,030
8,805,918
Total assets less current liabilities
9,837,863
8,954,875
Provisions for liabilities
Deferred tax liability
16
9,594
3,988
(9,594)
(3,988)
Net assets
9,828,269
8,950,887
Capital and reserves
Called up share capital
18
106
106
Other reserves
19
(883,128)
(516,628)
Profit and loss reserves
20
10,711,291
9,467,409
Total equity
9,828,269
8,950,887

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,728,048 (2021 - £1,876,249 profit).

FOOTBALL RADAR LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
- 12 -
The financial statements were approved by the board of directors and authorised for issue on
17 October 2023
17 October 2023
and are signed on its behalf by:
Mr. C. Reedtz
Director
Company Registration No. 07139099
The notes on pages 16 to 33 form part of these financial statements
FOOTBALL RADAR LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 13 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2021
106
(395,911)
8,093,735
7,697,930
Year ended 31 December 2021:
Profit for the year
-
-
1,859,799
1,859,799
Other comprehensive income:
Currency translation differences
-
-
(30,429)
(30,429)
Total comprehensive income for the year
-
-
1,829,370
1,829,370
Deemed distribution
-
(170,592)
(20,122)
(190,714)
Other reserve movements
-
20,122
-
20,122
Balance at 31 December 2021
106
(546,381)
9,902,983
9,356,708
Year ended 31 December 2022:
Profit for the year
-
-
1,897,285
1,897,285
Other comprehensive income:
Currency translation differences
-
-
4,740
4,740
Total comprehensive income for the year
-
-
1,902,025
1,902,025
Dividends
10
-
-
(400,000)
(400,000)
Deemed distribution
-
(450,666)
(84,166)
(534,832)
Other reserve movements
-
84,166
-
84,166
Balance at 31 December 2022
106
(912,881)
11,320,842
10,408,067
FOOTBALL RADAR LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 14 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2021
106
(396,587)
7,641,711
7,245,230
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
1,876,249
1,876,249
Deemed distribution
-
(170,592)
(50,551)
(221,143)
Other reserve movements
-
50,551
-
50,551
Balance at 31 December 2021
106
(516,628)
9,467,409
8,950,887
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
1,728,048
1,728,048
Dividends
10
-
-
(400,000)
(400,000)
Deemed distribution
-
(450,666)
(84,166)
(534,832)
Other reserve movements
-
84,166
-
84,166
Balance at 31 December 2022
106
(883,128)
10,711,291
9,828,269
FOOTBALL RADAR LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 15 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
24
(752,438)
1,141,908
Income taxes refunded/(paid)
211,494
(252,204)
Net cash (outflow)/inflow from operating activities
(540,944)
889,704
Investing activities
Purchase of tangible fixed assets
(67,332)
(50,379)
Proceeds on disposal of tangible fixed assets
3,895
16,088
Non-operating income treated as investing activity
(84,166)
(50,551)
Interest received
90,689
52,753
Net cash used in investing activities
(56,914)
(32,089)
Financing activities
Dividends paid to equity shareholders
(400,000)
-
Net cash used in financing activities
(400,000)
-
Net (decrease)/increase in cash and cash equivalents
(997,858)
857,615
Cash and cash equivalents at beginning of year
3,791,096
2,964,054
Effect of foreign exchange rates
4,616
(30,573)
Cash and cash equivalents at end of year
2,797,854
3,791,096
FOOTBALL RADAR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 16 -
1
Accounting policies
Company information

Football Radar Limited (“the company”) is a private company limited by shares domiciled and incorporated in England and Wales, company registration no. 07139099. The registered office is 1 Craven Hill, London, W2 3EN.

 

The group consists of Football Radar Limited and its subsidiary, Football Radar EOOD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

FOOTBALL RADAR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 17 -
1.3
Basis of consolidation

The consolidated financial statements incorporate those of Football Radar Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

All financial statements are made up to 31 December 2022. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Football Radar EOOD has been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows of Football Radar EOOD from its incorporation on 5 October 2017.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the truegroup has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. In reaching this conclusion the directors have considered the ongoing contract in place with its key client, which is in place for the foreseeable future.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of services to external customers in the ordinary nature of the business. The fair value consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue is recognised when it can be reliably measured and it is probable future economic benefits will flow to the entity. Revenue for the provision of consulting services is recognised in line with work performed. Revenue for performance fees is conditional and is only recognised when the conditions attached to it have been met.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
straight line over the life of the lease
Fixtures and fittings
straight line over 3 years
Computer equipment
straight line over 3 years
FOOTBALL RADAR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 18 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

FOOTBALL RADAR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 19 -
1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

FOOTBALL RADAR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 20 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

FOOTBALL RADAR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 21 -
1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment review of Connected Party Loan

The directors review the loan to a connected party for impairment on an annual basis. To date the directors do not believe that impairment is required, due to support from a related entity, however should this support be removed, a significant impairment would be recognised in the financial statements.

Discount of Connected Company Loan Facility

The directors consider the appropriate discount rate of the loan to be 2% above the rate set by Barclays Bank at the time the original agreement was entered into. This rate is in accordance with the loan agreement, and in line with the directors consideration over loss of bank interest to the company.

 

Any change to this rate would potentially give rise to a material amendment to the distribution value.

FOOTBALL RADAR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 22 -
3
Turnover and other revenue
2022
2021
£
£
Turnover analysed by class of business
Football analysis services
10,983,040
11,493,600
2022
2021
£
£
Other revenue
Interest income
90,689
52,753
Grants received
-
68,026
4
Operating profit
2022
2021
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
100,141
44,822
Government grants
-
(68,026)
Depreciation of owned tangible fixed assets
54,660
156,722
(Profit)/loss on disposal of tangible fixed assets
(2,787)
95,809
Operating lease charges
185,086
409,045
5
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
29,500
28,100
FOOTBALL RADAR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 23 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2022
2021
2022
2021
Number
Number
Number
Number
Football analysis and development
224
217
102
107
Senior management
8
8
8
8
Total
232
225
110
115

Their aggregate remuneration comprised:

Group
Company
2022
2021
2022
2021
£
£
£
£
Wages and salaries
5,616,371
5,706,205
4,273,106
4,507,998
Social security costs
669,937
663,525
420,320
441,386
Pension costs
202,822
218,744
202,822
218,744
6,489,130
6,588,474
4,896,248
5,168,128
7
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
200,000
200,000
Company pension contributions to defined contribution schemes
10,000
10,000
210,000
210,000
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2022
2021
£
£
Remuneration for qualifying services
310,250
110,250
FOOTBALL RADAR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 24 -
8
Interest receivable and similar income
2022
2021
£
£
Interest income
Interest on bank deposits
772
915
Other interest income
89,917
51,838
Total income
90,689
52,753

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
84,938
51,466
9
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
418,466
37,936
Deferred tax
Origination and reversal of timing differences
5,606
162,373
Total tax charge
424,072
200,309
FOOTBALL RADAR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
9
Taxation
(Continued)
- 25 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2022
2021
£
£
Profit before taxation
2,321,357
2,060,108
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
441,058
391,421
Tax effect of expenses that are not deductible in determining taxable profit
8,422
53,330
Effect of change in corporation tax rate
2,303
-
Research and development tax credit
-
(246,505)
Effect of overseas tax rates
(32,155)
3,125
Deferred tax adjustments in respect of prior years
6,131
-
Super deduction
(1,636)
(1,062)
Provisions
(51)
-
Taxation charge
424,072
200,309
10
Dividends
2022
2021
Recognised as distributions to equity holders:
£
£
Final paid
400,000
-

Ordinary dividends were declared and paid on 16 December 2022 amounting to £400,000, £1.992806 per Ordinary A Share and £37.871615 per Ordinary B Share.

FOOTBALL RADAR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 26 -
11
Tangible fixed assets
Group
Leasehold land and buildings
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2022
-
369,186
396,446
765,632
Additions
25,599
8,241
33,492
67,332
Disposals
-
(94,084)
(5,822)
(99,906)
Exchange adjustments
-
102
914
1,016
At 31 December 2022
25,599
283,445
425,030
734,074
Depreciation and impairment
At 1 January 2022
-
351,639
349,022
700,661
Depreciation charged in the year
-
17,555
37,105
54,660
Eliminated in respect of disposals
-
(94,084)
(4,714)
(98,798)
Exchange adjustments
-
69
823
892
At 31 December 2022
-
275,179
382,236
657,415
Carrying amount
At 31 December 2022
25,599
8,266
42,794
76,659
At 31 December 2021
-
17,547
47,424
64,971
FOOTBALL RADAR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
11
Tangible fixed assets
(Continued)
- 27 -
Company
Leasehold land and buildings
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2022
-
364,935
358,218
723,153
Additions
25,599
8,167
28,998
62,764
Disposals
-
(94,084)
(5,822)
(99,906)
At 31 December 2022
25,599
279,018
381,394
686,011
Depreciation and impairment
At 1 January 2022
-
348,752
318,278
667,030
Depreciation charged in the year
-
17,555
30,225
47,780
Eliminated in respect of disposals
-
(94,084)
(4,714)
(98,798)
At 31 December 2022
-
272,223
343,789
616,012
Carrying amount
At 31 December 2022
25,599
6,795
37,605
69,999
At 31 December 2021
-
16,183
39,940
56,123
12
Fixed asset investments
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Investments in subsidiaries
13
-
-
92,834
92,834
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2022 and 31 December 2022
92,834
Carrying amount
At 31 December 2022
92,834
At 31 December 2021
92,834
FOOTBALL RADAR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 28 -
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2022 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Football Radar EOOD
65A Svoboda Blvd, Office Park Plovdiv Phase 1, 4002 Plovdiv, Bulgaria
Ordinary
100
14
Debtors
Group
Company
2022
2021
2022
2021
Amounts falling due within one year:
£
£
£
£
Corporation tax recoverable
-
212,718
-
212,718
Amounts owed by group undertakings
-
-
4,117
155,125
Other debtors
3,734,331
3,678,530
3,707,133
3,605,675
Prepayments and accrued income
615,717
127,168
615,718
127,168
4,350,048
4,018,416
4,326,968
4,100,686
Amounts falling due after more than one year:
Other debtors
5,366,872
2,733,373
5,366,872
2,733,373
Total debtors
9,716,920
6,751,789
9,693,840
6,834,059
15
Creditors: amounts falling due within one year
Group
Company
2022
2021
2022
2021
£
£
£
£
Trade creditors
23,208
34,229
21,553
32,707
Corporation tax payable
417,698
-
417,698
-
Other taxation and social security
201,536
190,142
199,180
200,981
Other creditors
1,372,667
864,333
1,258,703
718,827
Accruals and deferred income
162,132
161,469
334,852
340,370
2,177,241
1,250,173
2,231,986
1,292,885
FOOTBALL RADAR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 29 -
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2022
2021
Group
£
£
Accelerated capital allowances
6,125
975
Liabilities
Liabilities
2022
2021
Company
£
£
Accelerated capital allowances
9,594
3,988
Group
Company
2022
2022
Movements in the year:
£
£
Liability at 1 January 2022
975
3,988
Charge to profit or loss
5,150
5,606
Liability at 31 December 2022
6,125
9,594
17
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
202,822
218,744

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

FOOTBALL RADAR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 30 -
18
Share capital
Group and Company
2022
2021
Ordinary share capital
£
£
Issued and fully paid
100,361 (2021: 103,624) Ordinary A shares of 0.1p each
101
104
5,281 (2021: 2,018) Ordinary B shares of 0.1p each
5
2
106
106

On 27 April 2022, Football Radar Limited re-designated 5,181 A shares into B shares, and re-designated 1,918 B shares into A shares. The ownership remains unchanged.

 

The "Ordinary A" shares and "Ordinary B" shares are ranked pari passu.

19
Other reserves
Distribution reserve
Foreign exchange reserve
Total
Group
£
£
£
At the beginning of the prior year
(396,587)
676
(395,911)
Additions
(170,592)
-
(170,592)
Other movements
50,551
(30,429)
20,122
At the end of the prior year
(516,628)
(29,753)
(546,381)
Additions
(450,666)
-
(450,666)
Other movements
84,166
-
84,166
At the end of the current year
(883,128)
(29,753)
(912,881)
FOOTBALL RADAR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
19
Other reserves
(Continued)
- 31 -
Distribution reserve
Foreign exchange reserve
Total
Company
£
£
£
At the beginning of the prior year
(396,587)
-
(396,587)
Additions
(170,592)
-
(170,592)
Other movements
50,551
-
50,551
At the end of the prior year
(516,628)
-
(516,628)
Additions
(450,666)
-
(450,666)
Other movements
84,166
-
84,166
At the end of the current year
(883,128)
-
(883,128)

The distribution reserve relates to the present value discounting of the connected parties loan, which is deemed a distribution.

 

The loan of £6,250,000 (2021: £3,250,000), has been discounted to £5,366,872 (2021: £2,733,373), on the basis that is is due for repayment in March 2031. The loan has been subject to a discount rate of 2.1% being Barclays base rate plus 2%.

 

The discounting has been unwound by £84,166 (2021: £50,551) during the year.

20
Profit and loss reserves
Group
Company
2022
2021
2022
2021
£
£
£
£
At the beginning of the year
9,902,983
8,093,735
9,467,409
7,641,711
Profit for the year
1,897,285
1,859,799
1,728,048
1,876,249
Dividends
(400,000)
-
(400,000)
-
Transfer to reserves
(84,166)
(20,122)
(84,166)
(50,551)
Currency translation differences
4,740
(30,429)
-
-
At the end of the year
11,320,842
9,902,983
10,711,291
9,467,409
21
Events after the reporting date

On 22 February 2023 an additional £1 million was drawn down in relation to the loan agreement to a connected company.

FOOTBALL RADAR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 32 -
22
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2022
2021
£
£
Aggregate compensation
200,000
200,000

Dividends paid to directors.

Transactions with related parties under common control

 

On 15 April 2020, Football Radar Limited entered into a ten year loan agreement with a company which is connected by mutual control. The agreement grants the borrower, a connected party, a loan facility of £10million. As at the year end £6,250,000 (2021: £3,250,000) has been drawn down by the connected company in relation to this loan agreement. The financial statements disclose the present value of this loan as other debtors due in more than one year. The loan is interest free.

 

In addition to the above agreement, at the year end, Football Radar Limited was owed £3,500,000 (2021: £3,500,000) from a connected party, this amount is shown within other debtors. The original loan is interest free and repayable on demand.

 

A letter of support has been provided by the directors in the event of non-payment of the above loan facilities.

 

During the year the company sold services to a companies connected by mutual control, totalling £10,778,865 (2021: £11,465,125). At the year end Football Radar Limited owed a connected company £1,180,480 (2021: £654,919).

 

Further related party transactions

 

The group and company has taken advantage of the exemption conferred by paragraph 33.1A of FRS 102 "Related Party Disclosures" not to disclose transactions with other group entities, whose voting rights are 100% controlled within the group,

23
Controlling party

The company is controlled by Mr. C. Reedtz by virtue of his majority shareholding.

FOOTBALL RADAR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 33 -
24
Cash (absorbed by)/generated from group operations
2022
2021
£
£
Profit for the year after tax
1,897,285
1,859,799
Adjustments for:
Taxation charged
424,072
200,309
Investment income
(90,689)
(52,753)
Non-operating income treated as investing activity
84,166
50,551
(Gain)/loss on disposal of tangible fixed assets
(2,787)
95,809
Depreciation and impairment of tangible fixed assets
54,660
156,722
Movements in working capital:
Increase in debtors
(3,628,515)
(281,518)
Increase/(decrease) in creditors
509,370
(887,011)
Cash (absorbed by)/generated from operations
(752,438)
1,141,908
25
Analysis of changes in net funds - group
1 January 2022
Cash flows
Exchange rate movements
31 December 2022
£
£
£
£
Cash at bank and in hand
3,791,096
(997,858)
4,616
2,797,854
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