Company registration number 09875556 (England and Wales)
POLYMATERIA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
POLYMATERIA LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 12
POLYMATERIA LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Non-current assets
Intangible assets
3
457,825
536,091
Property, plant and equipment
4
166,623
203,360
Investments
5
8,721
8,346
633,169
747,797
Current assets
Inventories
6
796,802
239,688
Trade and other receivables
7
2,367,862
1,063,959
Cash and cash equivalents
8,116,743
1,725,822
11,281,407
3,029,469
Current liabilities
8
(3,000,569)
(1,329,311)
Net current assets
8,280,838
1,700,158
Total assets less current liabilities
8,914,007
2,447,955
Non-current liabilities
9
(3,159,958)
(64,274)
Net assets
5,754,049
2,383,681
Equity
Called up share capital
11
2,040
1,935
Share premium account
28,808,188
19,262,122
Equity reserve
42,000
73,515
Capital contribution
1,612,240
-
0
Accumulated deficit
(24,710,419)
(16,953,891)
Total equity
5,754,049
2,383,681

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

POLYMATERIA LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 April 2024 and are signed on its behalf by:
L P Davy-Martin
Director
Company Registration No. 09875556
POLYMATERIA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
Share capital
Share premium account
Equity reserve
Capital contribution
Accumulated deficit
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2021
1,823
15,211,023
101,128
-
(11,936,436)
3,377,538
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
-
-
-
(5,017,505)
(5,017,505)
Issue of share capital
11
112
4,051,099
-
-
-
4,051,211
Transfers
-
-
(50)
-
50
-
Equity settled share based payment costs
-
-
(27,563)
-
-
(27,563)
Balance at 31 December 2021
1,935
19,262,122
73,515
-
(16,953,891)
2,383,681
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
-
-
(7,816,051)
(7,816,051)
Issue of share capital
11
105
9,546,066
-
-
-
9,546,171
Contribution in the year
-
-
-
1,671,763
-
1,671,763
Transfers
-
-
-
(59,523)
59,523
-
Equity settled share based payment costs
-
-
(31,515)
-
-
(31,515)
Balance at 31 December 2022
2,040
28,808,188
42,000
1,612,240
(24,710,419)
5,754,049
POLYMATERIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
1
Accounting policies
Company information

Polymateria Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, 5 Fleet Place, London, EC4M 7RD.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The company made losses during the year amounting to true£7,816,051 however, had net current assets of £8,280,838 and net assets of £5,754,049 at the reporting date. The company has also raised additional investment of £6.5m since the reporting date. At the date of signing, the company has cash reserves of over £2m, and the board is confident that a further funding round will be positively concluded within the next six months. The board have agreed cash flow forecasts to 31 December 2025 that show the company has sufficient resources to meet its working capital requirements.

 

As a result of the above, the directors consider that the company will continue as a going concern for a period of at least twelve months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis of accounting in preparing these financial statements.

1.3
Revenue

Revenue is recognised at the fair value of the consideration receivable for goods and services provided in the normal course of business, and is shown net of VAT. Revenue is recognised when the goods are delivered or the service is performed to the extent that it is probable that economic benefits will flow into the company.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

POLYMATERIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably.

Amortisation 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:

Patents and trademarks
20% straight line
Other intangibles
25% straight line
1.7
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost, 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:

Office and lab equipment
25% straight line

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 credited or charged to the statement of income.

1.8
Non-current investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the income statement.

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

1.9
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in the income statement.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

POLYMATERIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 6 -
1.11
Financial instruments

The company 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 company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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 trade and other receivables 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.12
Compound instruments

The component parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.

1.13
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.14
Taxation

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

POLYMATERIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 7 -
Current tax

Tax payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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. Any 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.

 

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 income statement, 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 when the company has 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.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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

1.16
Retirement benefits

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

1.17
Share-based payments

The fair value of equity-settled share based payments to employees is determined at the date of grant and is expensed on a straight-line basis over the vesting period based on the company’s estimate of shares or options that will eventually vest.

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.

The company has issued share options to certain key individuals. In accordance with Section 26 of FRS102, in the absence of an observable market price for the equity instruments granted, the fair value of the equity-settled share based payments have been determined by the directors at the date of grant by reference to the observable data available in respect of the company's equity instruments.

POLYMATERIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 8 -
1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 leases asset are consumed.

1.19
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
Employees

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

2022
2021
Number
Number
Total
34
30
3
Intangible fixed assets
Goodwill
Patents and trademarks
Other intangibles
Total
£
£
£
£
Cost
At 1 January 2022
36,000
590,573
242,397
868,970
Additions
-
99,529
-
99,529
At 31 December 2022
36,000
690,102
242,397
968,499
Amortisation and impairment
At 1 January 2022
36,000
234,396
62,483
332,879
Amortisation charged for the year
-
0
119,446
58,349
177,795
At 31 December 2022
36,000
353,842
120,832
510,674
Carrying amount
At 31 December 2022
-
0
336,260
121,565
457,825
At 31 December 2021
-
0
356,177
179,914
536,091
POLYMATERIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 January 2022
929,941
Additions
73,991
At 31 December 2022
1,003,932
Depreciation and impairment
At 1 January 2022
726,581
Depreciation charged in the year
110,728
At 31 December 2022
837,309
Carrying amount
At 31 December 2022
166,623
At 31 December 2021
203,360
5
Fixed asset investments
2022
2021
£
£
Investment in subsidiary undertakings
8,721
8,346
Movements in non-current investments
Shares in subsidiaries
£
Cost
At 1 January 2022
8,346
Additions
375
At 31 December 2022
8,721
Carrying amount
At 31 December 2022
8,721
At 31 December 2021
8,346
6
Inventories
2022
2021
£
£
Finished goods
796,802
239,688
POLYMATERIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
7
Trade and other receivables
2022
2021
£
£
Amounts falling due within one year:
Trade receivables
251,157
104,593
Corporation tax recoverable
745,000
675,000
Amounts owed by group undertakings
653,942
7,696
Other receivables
717,763
276,670
2,367,862
1,063,959

Included in other receivables are amounts falling due in more than one year totalling £40,629 (2021 - £40,629).

8
Current liabilities
2022
2021
£
£
Trade payables
1,439,951
506,492
Amounts owed to group undertakings
-
0
36,256
Taxation and social security
207,317
126,439
Other payables
1,353,301
660,124
3,000,569
1,329,311
9
Non-current liabilities
2022
2021
£
£
Convertible loan notes
3,137,865
-
0
Other payables
22,093
64,274
3,159,958
64,274

During the year, the company issued convertible loan notes amounting to £4,750,105, convertible by the issue of the company's ordinary share capital, upon issuance of a noteholder conversion notice or an exit event.

 

The company has presented these loan notes at the present value of future payments discounted at a market rate of interest for similar debt instruments in accordance with FRS 102 Section 11.13. The effective interest rate is considered to be 8%.

10
Share-based payment transactions

The company has granted options to certain employees to subscribe for Ordinary A and B shares in the company under the terms of both an Enterprise Management Incentive (EMI) scheme and an unapproved share option scheme. A summary of the principal terms and conditions of all options that existed during the year is as follows:

 

POLYMATERIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
10
Share-based payment transactions
(Continued)
- 11 -
Number of share options
Weighted average exercise price
2022
2021
2022
2021
Number
Number
£
£
Outstanding at 1 January 2022
25,100
30,300
40.59
35.01
Forfeited / cancelled
(2,700)
(200)
93.34
210.00
Exercised
-
(5,000)
0.01
0.01
Outstanding at 31 December 2022
22,400
25,100
34.23
40.59

The principal condition is that options may not be exercised after the tenth anniversary of the date of grant. In addition, all options have vesting conditions that are conditional on length of service, the company achieving specific targets and/or in the event of an acquisition or listing. All options are settled through equity.

 

Of the 22,400 share options outstanding at the reporting date, 200 have vested but have not yet been exercised. 2,700 vest based on investor specific conditions. 2,250 vest if the company is sold at a business valuation in excess of £100m. A further 2,250 vest if the business valuation is in excess of £200m. Finally, 15,000 vest if the business valuation is in excess of £300m.

 

During the year, the company recognised an equity-settled share-based payment credit of £31,515 (2021 - £27,563) which related to exercisable EMI scheme options. This was measured at fair value with reference to observable data.

 

 

11
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary 'A' shares of 1p each
174,448
163,954
1,744
1,639
Ordinary 'B' shares of 1p each
1,904
1,904
19
19
Ordinary 'C1' shares of 1p each
4,000
4,000
40
40
Ordinary 'C2' shares of 1p each
6,000
6,000
60
60
Ordinary 'D1' shares of 1p each
4,000
4,000
40
40
Ordinary 'D2' shares of 1p each
6,000
6,000
60
60
196,352
185,858
1,963
1,858
POLYMATERIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
11
Called up share capital
(Continued)
- 12 -
2022
2021
2022
2021
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference Shares of 1p each
7,685
7,685
77
77
Preference shares classified as equity
77
77
Total equity share capital
2,040
1,935

During the year, 10,494 Ordinary 'A' shares of £0.01 each were issued for a total consideration of £9,546,171.

 

After the reporting date, 7,121 Preference B shares of £0.01 each were issued for a total consideration of £6,500,000.

12
Operating lease commitments
Lessee

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

2022
2021
£
£
470,700
168,095
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