K2 Intelligence Limited
Annual Report and Financial Statements
For the year ended 31 December 2022
Company Registration No. 07019101 (England and Wales)
K2 Intelligence Limited
Company Information
Director
J M Kroll
Company number
07019101
Registered office
5th Floor Cunard House
15 Regent Street
St James's
London
United Kingdom
SW1Y 4LR
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
K2 Intelligence Limited
Contents
Page
Director's report
1 - 2
Independent auditor's report
3 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 31
K2 Intelligence Limited
Director's Report
For the year ended 31 December 2022
Page 1

The director presents her 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 risk management services.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

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

J M Kroll
Auditor

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of director's responsibilities

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

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is 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 director is required to:

 

 

The director is 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. She is 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.

K2 Intelligence Limited
Director's Report (Continued)
For the year ended 31 December 2022
Page 2
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.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
J M Kroll
Director
19 February 2024
K2 Intelligence Limited
Independent Auditor's Report
To the Members of K2 Intelligence Limited
Page 3
Opinion

We have audited the financial statements of K2 Intelligence 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.

Emphasis of matter - trade debtors

We draw attention to note 2 of the financial statements which describes the factors management have applied in judging whether certain trade debtor balances are recoverable. Our opinion is not modified in respect of this matter.

Material uncertainty relating to going concern

We draw attention to note 1.3 in the financial statements which indicates that while the director has received written assurances from the ultimate parent company that they will provide additional financial support to the group the forecasts used in assessing the wider group’s financial position require management to make assessments about the probability of revenue coming to fruition across project matters that are both contracted for and are at various stages of completion in sales pipeline. The forecasts therefore, rely on a sales pipeline which is subjective. These events or conditions, along with the other matters as set forth in note 1.3 indicate that a material uncertainty exists that may cast significant doubt on the group's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

K2 Intelligence Limited
Independent Auditor's Report (Continued)
To the Members of K2 Intelligence Limited
Page 4

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 director is 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

Notwithstanding our disclaimer of an opinion on the financial statements, 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 Director's 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 director

As explained more fully in the Director's Responsibilities Statement, the director is 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 director determines 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 director is responsible for assessing the group's and 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 director either intends to liquidate the group or parent company or to cease operations, or has no realistic alternative but to do so.

K2 Intelligence Limited
Independent Auditor's Report (Continued)
To the Members of K2 Intelligence Limited
Page 5
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.

 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

K2 Intelligence Limited
Independent Auditor's Report (Continued)
To the Members of K2 Intelligence Limited
Page 6

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

 

The objectives of our audit in respect of 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 to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the group.

 

Our approach was as follows:

 

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 for no purpose other than to draw to the attention of the company’s members those matters which we are required to include in an auditor’s report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the company and company’s members as a body, for our work, for this report, or for the opinions we have formed

Thomas Moore (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
19 February 2024
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
K2 Intelligence Limited
Group Statement of Comprehensive Income
For the year ended 31 December 2022
Page 7
2022
2021
Notes
£
£
Turnover
3
11,137,075
9,445,227
Cost of sales
(9,933,414)
(7,013,986)
Gross profit
1,203,661
2,431,241
Administrative expenses
(3,139,047)
(3,042,818)
Other operating income
3,840
-
Exceptional item
4
(5,717,032)
-
0
Operating loss
6
(7,648,578)
(611,577)
Interest payable and similar expenses
8
-
0
(426)
Loss before taxation
(7,648,578)
(612,003)
Tax on loss
9
(57,983)
66,125
Loss for the financial year
(7,706,561)
(545,878)
Other comprehensive income
Currency translation loss taken to retained earnings
(21,942)
(1,283)
Total comprehensive income for the year
(7,728,503)
(547,161)
Loss 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.
K2 Intelligence Limited
Group Balance Sheet
As at 31 December 2022
Page 8
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
10
111,158
189,805
Current assets
Debtors
13
8,613,577
11,032,755
Cash at bank and in hand
957,474
622,399
9,571,051
11,655,154
Creditors: amounts falling due within one year
14
(13,646,324)
(8,270,163)
Net current (liabilities)/assets
(4,075,273)
3,384,991
Total assets less current liabilities
(3,964,115)
3,574,796
Provisions for liabilities
Provisions
17
(152,689)
(188,545)
(152,689)
(188,545)
Net (liabilities)/assets
(4,116,804)
3,386,251
Capital and reserves
Called up share capital
18
1
1
Other reserves
898,628
673,180
Profit and loss reserves
(5,015,433)
2,713,070
Total equity
(4,116,804)
3,386,251
The financial statements were approved and signed by the director and authorised for issue on 19 February 2024
19 February 2024
J M Kroll
Director
K2 Intelligence Limited
Company Balance Sheet
As at 31 December 2022
31 December 2022
Page 9
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
10
111,158
189,805
Investments
11
-
0
201,448
111,158
391,253
Current assets
Debtors
13
8,573,040
11,024,028
Cash at bank and in hand
886,973
534,370
9,460,013
11,558,398
Creditors: amounts falling due within one year
14
(13,475,381)
(8,127,017)
Net current (liabilities)/assets
(4,015,368)
3,431,381
Total assets less current liabilities
(3,904,210)
3,822,634
Provisions for liabilities
Provisions
17
(152,689)
(188,545)
(152,689)
(188,545)
Net (liabilities)/assets
(4,056,899)
3,634,089
Capital and reserves
Called up share capital
18
1
1
Other reserves
898,628
673,180
Profit and loss reserves
(4,955,528)
2,960,908
Total equity
(4,056,899)
3,634,089

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £7,916,436 (2021 - £444,454 loss).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 19 February 2024
19 February 2024
J M Kroll
Director
Company Registration No. 07019101
K2 Intelligence Limited
Group Statement of Changes in Equity
For the year ended 31 December 2022
Page 10
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2021
(120,192)
419,580
3,260,231
3,559,619
Year ended 31 December 2021:
Loss for the year
-
-
(545,878)
(545,878)
Other comprehensive income:
Currency translation differences
-
-
(1,283)
(1,283)
Total comprehensive income for the year
-
-
(547,161)
(547,161)
Issue of share capital
18
120,193
-
-
120,193
Credit to equity for equity settled share-based payments
-
253,600
-
253,600
Balance at 31 December 2021
1
673,180
2,713,070
3,386,251
Year ended 31 December 2022:
Loss for the year
-
-
(7,706,561)
(7,706,561)
Other comprehensive income:
Currency translation differences
-
-
(21,942)
(21,942)
Total comprehensive income for the year
-
-
(7,728,503)
(7,728,503)
Credit to equity for equity settled share-based payments
-
225,448
-
225,448
Balance at 31 December 2022
1
898,628
(5,015,433)
(4,116,804)
K2 Intelligence Limited
Company Statement of Changes in Equity
For the year ended 31 December 2022
Page 11
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2021
1
419,580
3,405,362
3,824,943
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
-
(444,454)
(444,454)
Credit to equity for equity settled share-based payments
-
253,600
-
253,600
Balance at 31 December 2021
1
673,180
2,960,908
3,634,089
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(7,916,436)
(7,916,436)
Credit to equity for equity settled share-based payments
-
225,448
-
225,448
Balance at 31 December 2022
1
898,628
(4,955,528)
(4,056,899)
K2 Intelligence Limited
Group Statement of Cash Flows
For the year ended 31 December 2022
Page 12
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
380,960
495,703
Interest paid
-
0
(426)
Income taxes paid
(301)
(332,314)
Net cash inflow from operating activities
380,659
162,963
Investing activities
Purchase of tangible fixed assets
(23,642)
(18,936)
Net cash used in investing activities
(23,642)
(18,936)
Net increase in cash and cash equivalents
357,017
144,027
Cash and cash equivalents at beginning of year
622,399
479,655
Effect of foreign exchange rates
(21,942)
(1,283)
Cash and cash equivalents at end of year
957,474
622,399
K2 Intelligence Limited
Notes to the Financial Statements
For the year ended 31 December 2022
Page 13
1
Accounting policies
Company information

K2 Intelligence Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Albemarle House, 1 Albemarle Street, London, W1S 4HA.

 

The group consists of K2 Intelligence Limited and its subsidiary.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company K2 Intelligence Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

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.

1.3
Going concern

At 31 December 2022 the group had net liabilities of £4,116,804 (2021: net assets of £3,386,251) and made a loss for the period of £7,728,503 (2021: £547,161). This loss follows the reassessment by management of a key project matter coming to fruition and resulting in a provision against work in progress previously recognised of £5,717,032. In addition, the group owed £10,252,650 to fellow group undertakings at the year end. The group is therefore, reliant on the ultimate parent company, K2 Integrity Holdings Inc for ongoing financial support and forbearance on these loans. The director has received written assurances from K2 Integrity Holdings Inc that they will continue to provide additional financial and not call in the loans for repayment to enable the group to continue to trade and meet its liabilities as they fall due for a period of at least one year from the date of signature of the audit report. K2 Integrity Holdings Inc have also confirmed that they will guarantee the amounts owed to the group by companies under its control of £710,187 should those companies not be in a position to repay these balances in full. For these reasons the director has prepared the accounts on a going concern basis.

K2 Intelligence Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 14
1.4
Turnover

Revenue comprises revenue recognition by the company in respect of services supplied in the period, exclusive of Value Added Tax. The company generates the majority of its revenue from providing services under time and material and fixed billing contracts.

 

Revenue is recognised on time and material billing contracts based on the number of hours worked at the contracted billing rate as the work is performed. Revenue is recognised on fixed billing contracts on a stage of completion basis based on output measures or if output measures are not available the straight line method over the term of the contract. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

 

Revenue billed in advance of services being provided is deferred and recorded as revenue earned over the term of the contract. Revenue that has been earned but not yet billed is included in accrued income at the reporting date.

 

On those client engagements where the right to receive consideration is contingent on factors outside the control of the entity, where the conditions at the balance sheet date are such that the right to revenue appears probable, revenue is recognised to the value of the best estimate of the likely future revenue relating to services provided as at the year end. Where there is less than probable likelihood, no revenue is recognised until the contingent event has occurred.

1.5
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:

Fixtures and fittings
Over 5 years
Computer equipment
Over 3 years

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.

1.6
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

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.

K2 Intelligence Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 15

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

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

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
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.

K2 Intelligence Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 16
1.8
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.

1.9
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

K2 Intelligence Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 17
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.10
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.

1.11
Taxation

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

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.

K2 Intelligence Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 18
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.

1.12
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

 

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

K2 Intelligence Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 19

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.16
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.

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.

K2 Intelligence Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 20
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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.

Revenue recognition

Management conduct ongoing conversations between the finance team and the operations team to determine the percentage of a job that is complete to recognise revenue. The finance and operations teams use their judgement based on historical knowledge of the business, knowledge of the client and experience in their field. Where contracts include a right to revenue which is contingent upon certain matters, an assessment is performed by management as to whether the conditions at the balance sheet date are such that the right to revenue appears probable and if it does, revenue is recognised to the value of a best estimate of the likely future revenue relating to the services provided as at the year end. Where there is considered to be a less than probable likelihood of revenue being earned, no revenue is recognised.

Bad debt provision

Our policy is to provide for bad and doubtful debts when there is evidence that the balance will not be recoverable. One of the factors taken into account is the age of the debt. Included within trade debtors as at 31 December 2022 of £3,518,239 are balances totalling £325,777 which have not yet been received at the date of the audit report. The directors, taking into account past payment practices of these customers and on-going discussions, have not provided for these amounts.

Useful economic lives

Management assess the useful lives of the assets held at each year end and determine whether a provision should be calculated. This is based upon their knowledge of the asset and the future economic benefit it is generating.

Provisions

Management reviews the operations of the business to determine whether they deem any provisions need to be taken. This is based on their knowledge of the business and historical trends.

Impairment of subsidiary

Management assess the carrying value of the investment in subsidiaries on an annual basis by reference to the performance in the period and net asset position to determine whether the investment value should be impaired. The investment in K2 Intelligence (Switzerland) Sarl was impaired and any outstanding balances owed to the company were provided for at the year end following this annual impairment review.

K2 Intelligence Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 21
3
Turnover
2022
2021
£
£
Turnover analysed by class of business
Fee income
11,137,075
9,445,227
2022
2021
£
£
Turnover analysed by geographical market
United Kingdom
10,792,890
9,390,808
Switzerland
344,185
54,419
11,137,075
9,445,227
4
Exceptional item
2022
2021
£
£
Expenditure
Exceptional item
5,717,032
-

The exceptional item relates to the reassessment by management of a key project matter coming to fruition. As the probability of revenue being recognised cannot be determined with sufficient accuracy a provision against work in progress of £5,717,032 has been made during the period.

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
43,038
36,000
6
Operating loss
2022
2021
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange gains
(924,445)
(34,334)
Depreciation of owned tangible fixed assets
102,289
125,643
Share-based payments
225,448
253,600
Operating lease charges
465,009
465,010
K2 Intelligence Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 22
7
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
Employees
54
55
54
55

Their aggregate remuneration comprised:

Group
Company
2022
2021
2022
2021
£
£
£
£
Wages and salaries
5,332,505
4,835,826
5,332,505
4,835,826
Social security costs
643,110
516,347
643,110
516,347
Pension costs
203,095
176,153
203,095
176,153
6,178,710
5,528,326
6,178,710
5,528,326

Included in wages and salaries is an equity share based payment of £225,448 (2021: £253,600) in relation to the employee share option scheme. The wages and salaries amount also includes other staff costs of £160,644 (2021: 136,891) relating to staff benefits.

8
Interest payable and similar expenses
2022
2021
£
£
Other finance costs:
Other interest
-
426
9
Taxation
2022
2021
£
£
Current tax
Adjustments in respect of prior periods
-
0
(28,575)
Foreign current tax on profits for the current period
302
3,977
Total current tax
302
(24,598)
Deferred tax
Origination and reversal of timing differences
57,681
(41,527)
Total tax charge/(credit)
57,983
(66,125)
K2 Intelligence Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
9
Taxation
(Continued)
Page 23

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

2022
2021
£
£
Loss before taxation
(7,648,578)
(612,003)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
(1,453,230)
(116,281)
Tax effect of expenses that are not deductible in determining taxable profit
4,498
1,784
Gains not taxable
-
0
(243)
Unutilised tax losses carried forward
1,394,257
-
0
Change in unrecognised deferred tax assets
57,681
18,758
Permanent capital allowances in excess of depreciation
12,110
17,923
Other non-reversing timing differences
(470)
7,957
Share based payment charge
42,835
-
0
Foreign taxes
302
3,977
Taxation charge/(credit)
57,983
(66,125)
10
Tangible fixed assets
Group
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 January 2022
705,682
330,362
1,036,044
Additions
4,059
19,583
23,642
At 31 December 2022
709,741
349,945
1,059,686
Depreciation and impairment
At 1 January 2022
568,503
277,736
846,239
Depreciation charged in the year
63,297
38,992
102,289
At 31 December 2022
631,800
316,728
948,528
Carrying amount
At 31 December 2022
77,941
33,217
111,158
At 31 December 2021
137,179
52,626
189,805
K2 Intelligence Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
10
Tangible fixed assets
(Continued)
Page 24
Company
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 January 2022
705,682
330,362
1,036,044
Additions
4,059
19,583
23,642
At 31 December 2022
709,741
349,945
1,059,686
Depreciation and impairment
At 1 January 2022
568,503
277,736
846,239
Depreciation charged in the year
63,297
38,992
102,289
At 31 December 2022
631,800
316,728
948,528
Carrying amount
At 31 December 2022
77,941
33,217
111,158
At 31 December 2021
137,179
52,626
189,805
11
Fixed asset investments
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
-
0
201,448
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 January 2022 and 31 December 2022
201,448
Impairment
At 1 January 2022
-
Impairment losses
201,448
At 31 December 2022
201,448
Carrying amount
At 31 December 2022
-
At 31 December 2021
201,448
K2 Intelligence Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 25
12
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of shares held
% Held
Direct
K2 Intelligence (Switzerland) Sarl
Switzerland
Risk Management Services
Ordinary shares
100.00

The net liabilities held by the subsidiary at 31 December 2022 amounted to £387,784 (2021: £247,837). The company made a loss during the year to 31 December 2022 of £139,997 (2021: £102,706). The registered office of the subsidiary is Rue de Jargonnant 2, c/o N.A.T. Services SA, 1207 Genève.

13
Debtors
Group
Company
2022
2021
2022
2021
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,518,239
1,390,453
3,495,481
1,383,392
Corporation tax recoverable
243,859
243,860
243,859
243,860
Amounts owed by group undertakings
710,187
1,531,562
716,025
1,532,848
Other debtors
148,393
17,783
126,386
17,360
Prepayments and accrued income
3,846,187
7,644,704
3,844,577
7,642,175
8,466,865
10,828,362
8,426,328
10,819,635
Amounts falling due after more than one year:
Other debtors
146,712
146,712
146,712
146,712
Deferred tax asset (note 16)
-
0
57,681
-
0
57,681
146,712
204,393
146,712
204,393
Total debtors
8,613,577
11,032,755
8,573,040
11,024,028
K2 Intelligence Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 26
14
Creditors: amounts falling due within one year
Group
Company
2022
2021
2022
2021
£
£
£
£
Trade creditors
441,115
117,463
419,818
88,969
Amounts owed to group undertakings
10,252,650
7,319,044
10,191,685
7,320,978
Other taxation and social security
220,458
201,367
162,670
167,456
Other creditors
42,608
118,591
42,608
47,035
Accruals and deferred income
2,689,493
513,698
2,658,600
502,579
13,646,324
8,270,163
13,475,381
8,127,017
15
Registration of charge

There is a fixed and floating charge over the assets of the company in respect of a loan facility made available to the parent company.

16
Deferred taxation

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

Assets
Assets
2022
2021
Group
£
£
Accelerated capital allowances
-
(28,924)
Share based payments
-
82,052
Pension provision
-
4,553
-
57,681
Assets
Assets
2022
2021
Company
£
£
Accelerated capital allowances
-
(28,924)
Share based payments
-
82,052
Pension provision
-
4,553
-
57,681
K2 Intelligence Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
16
Deferred taxation
(Continued)
Page 27
Group
Company
2022
2022
Movements in the year:
£
£
Asset at 1 January 2022
(57,681)
(57,681)
Charge to profit or loss
57,681
57,681
Asset at 31 December 2022
-
-
17
Provisions for liabilities
Group
Company
2022
2021
2022
2021
£
£
£
£
Dilapidations provision
152,689
152,689
152,689
152,689
Holiday accrual
-
35,856
-
35,856
152,689
188,545
152,689
188,545
Movements on provisions:
Dilapidations provision
Holiday accrual
Total
Group and Company
£
£
£
At 1 January 2022
152,689
35,586
188,275
Transferred to accruals
-
(35,586)
(35,586)
At 31 December 2022
152,689
-
152,689
18
Share capital
Group and company
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
100
100
1
1
K2 Intelligence Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 28
19
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
176,153
126,312

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.

K2 Intelligence Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 29
20
Share-based payment transactions
Group and company
Number of share options
Weighted average exercise price
2022
2021
2022
2021
Number
Number
£
£
Outstanding at 1 January 2022
723,125
210,000
2.11
1.49
Granted
-
520,000
-
2.35
Forfeited
(58,125)
(6,875)
2.13
1.73
Outstanding at 31 December 2022
665,000
723,125
2.10
2.11
Exercisable at 31 December 2022
541,666
354,997
2.16
2.00

The options outstanding at 31 December 2022 had an exercise price ranging from $0.42 to $2.56, and a maximum remaining contractual life of 10 years. Fair value was measured using Black-Scholes option pricing model.

2022
2021
Weighted average share price
2.10
2.18
Weighted average exercise price
2.10
2.18
Expected volatility
0.51
0.54
Expected life
5.69
5.65
Risk free rate
1.08
1.38
Group
Company
2022
2021
2022
2021
£
£
£
£
Arising from equity settled share based payment transactions
225,448
253,600
225,448
253,600

K2 Intelligence operates an equity-settled share based remuneration scheme for employees and consultants. Some UK employees are eligible to participate in the long term incentive scheme, the only vesting condition being that the individual remains an employee of the group over the vesting period.

 

The Black-Scholes option pricing model and a format valuation provided by a third party were used to value the share-based payment awards as it was considered that this approach would result in a materially accurate estimate of the fair value of options granted.

 

The group did not enter into any share-based payment transactions with parties other than employees and consultants during the current or previous periods.

K2 Intelligence Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 30
21
Other Reserves

The other reserve relates to the share based payment reserve.

22
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2022
2021
2022
2021
£
£
£
£
Within one year
577,746
577,746
577,746
577,746
Between two and five years
39,572
617,318
39,572
617,318
617,318
1,195,064
617,318
1,195,064
K2 Intelligence Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 31
23
Related party transactions
Transactions with related parties

The company has taken advantage of the exemption available in accordance with FRS 102 section 33 'Related Party Disclosures' not to disclose transactions entered into between two or more members of the group, as the company is a wholly owned subsidiary undertaking of the group with which it is party to the transactions.

24
Controlling party

The immediate controlling party is K2 Intelligence Holdings, Inc., registered in the United States of America. Consolidated financial statements can be obtained from the company at 730 Third Avenue, 9th Floor, New York, NY 10017. The ultimate parent company is K2 Integrity Holdings, Inc., registered in the United States of America.

25
Cash generated from group operations
2022
2021
£
£
Loss for the year after tax
(7,706,561)
(545,878)
Adjustments for:
Taxation charged/(credited)
57,983
(66,125)
Finance costs
-
0
426
Depreciation and impairment of tangible fixed assets
102,289
125,643
Equity settled share based payment expense
225,448
253,600
(Decrease)/increase in provisions
(35,856)
31,014
Movements in working capital:
Decrease/(increase) in debtors
2,361,496
(2,560,666)
Increase in creditors
5,376,161
3,257,689
Cash generated from operations
380,960
495,703
26
Analysis of changes in net funds - group
1 January 2022
Cash flows
Exchange rate movements
31 December 2022
£
£
£
£
Cash at bank and in hand
622,399
357,017
(21,942)
957,474
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