Company registration number 11611409 (England and Wales)
AKOYA BIOSCIENCES UK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
AKOYA BIOSCIENCES UK LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
6
7,332
6,673
Current assets
Debtors
7
1,004,239
804,705
Cash at bank and in hand
105,027
224,189
1,109,266
1,028,894
Creditors: amounts falling due within one year
8
(589,344)
(588,962)
Net current assets
519,922
439,932
Net assets
527,254
446,605
Capital and reserves
Called up share capital
12
8
8
Other reserves
13
252,827
176,292
Profit and loss reserves
14
274,419
270,305
Total equity
527,254
446,605
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 16 August 2024 and are signed on its behalf by:
Mr J Ek
Director
Company Registration No. 11611409
AKOYA BIOSCIENCES UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Akoya Biosciences UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 Minton Place, Victoria Road, Bicester, Oxfordshire, OX26 6QB. There is no permanent trading address in the UK; all employees work remotely from home.
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.
This 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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: The disclosure requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b), and 12.29A;
Section 26 'Share Based Payment': The disclosure requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Akoya Biosciences Inc. These consolidated financial statements are available from its registered office,100 Campus Drive, 6th Floor Marlborough, MA 01752 .
1.2
Prior period error
The company recognises a prior period adjustment in the event of a material error, whether caused by a change of accounting policy, estimation technique or other error.
Please refer to note 19 for the financial effect to prior periods.
AKOYA BIOSCIENCES UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.3
Going concern
At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue to meet its liabilities as they fall due for at least 12 mounts following the date of approval of these financial statements.
Accordingly they continue to adopt the going concern basis in preparing these financial statements and reports.
The directors have considered the continued cost plus arrangement as well as the continued support provided by its parent company.
At the 31st December 2023 the parent company had cash resources in excess of three times those used in its operations for the year, despite an accumulated deficit.
Future success will depend on the ability of the group to successfully commercialise and launch products.
1.4
Turnover
The company is controlled by its ultimate parent, Akoya Biosciences Inc, to provide sales and marketing services within specific contracted regions. The company is remunerated by its parent for these services. The total turnover of the company for the year has been derived from its principal activity undertaken in the UK and the rest of Europe.
Intercompany revenue is based on a cost plus service agreement at cost plus 5%. External revenue is recognised when the relevant services are provided to third parties.
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:
IT equipment
33% - 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 profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company 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.
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.
AKOYA BIOSCIENCES UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
1.7
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.
1.8
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 balance sheet 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 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.
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 company 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.
AKOYA BIOSCIENCES UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company 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 company.
1.10
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 company’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 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.
AKOYA BIOSCIENCES UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Share-based payments
The company participates in a group share-based payment arrangement granted to its employees. The company has elected to recognise and measure its share-based payment expense on the basis of a reasonable allocation of the expense for the group recognised in its consolidated accounts. The directors identify the number of unvested options granted to the company's employees and the share based payment expense allocated in the group accounts in respect of these employees. This is considered to be a reasonable basis of allocating an expense to the company.
The expense in relation to options over the 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.
In the case of options granted, fair value is measured by a Black-Scholes-Merton pricing model.
1.14
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.
AKOYA BIOSCIENCES UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’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.
Share based payments
The charge recognised in relation to share-based payments granted to employees is recognised based on the fair value of the award at grant date as an expense over the period when the awards are expected to vest. The fair value at grant date is measured based on the market value of equity issued by the parent company. The charge is adjusted based on the probability of the options being exercised. The fair value at grant date is not subsequently adjusted. However, the expense is adjusted for the number of awards that are expected to vest.
3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
6,615
6,300
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
29
26
5
Directors' remuneration
The current directors of Akoya Biosciences UK Ltd are also the directors or officers of other group companies. As such, these directors' services to the company are incidental to their duties as directors and officers of those other group companies. Therefore, there is no remuneration to be disclosed for these directors for the current and comparative years in the financial statements of the company, the portion of the directors' time spent on services to the company is not considered significant.
AKOYA BIOSCIENCES UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
7,768
Additions
4,042
At 31 December 2023
11,810
Depreciation and impairment
At 1 January 2023
1,095
Depreciation charged in the year
3,383
At 31 December 2023
4,478
Carrying amount
At 31 December 2023
7,332
At 31 December 2022
6,673
7
Debtors
2023
2022
as restated
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
897,673
640,650
Other debtors
69,127
88,990
Prepayments and accrued income
7,311
7,892
974,111
737,532
Deferred tax asset (note 9)
30,128
67,173
1,004,239
804,705
Amounts owed by group undertakings are repayable on demand and not subject to interest charges.
AKOYA BIOSCIENCES UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
8
Creditors: amounts falling due within one year
2023
2022
as restated
£
£
Trade creditors
93,588
86,114
Corporation tax
72,477
55,709
Other taxation and social security
75,930
78,244
Deferred income
2,077
3,337
Other creditors
12,632
29,874
Accruals
332,640
335,684
589,344
588,962
Amounts owed to group undertakings are repayable on demand and not subject to interest charges.
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2023
2022
Balances:
£
£
Accelerated capital allowances
(1,833)
(1,668)
Retirement benefit obligations
2,824
1,951
Share based payments
26,586
64,584
Remuneration obligations
2,551
2,306
30,128
67,173
2023
Movements in the year:
£
Asset at 1 January 2023
(67,173)
Charge to profit or loss
37,045
Asset at 31 December 2023
(30,128)
Included in the deferred tax asset set out above is £1,850 which is expected to reverse within 12 months. Therefore, carried forward beyond 12 months is a deferred tax asset of £28,278 which is in relation to accelerated capital allowances, remuneration obligations and share based payments.
AKOYA BIOSCIENCES UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
10
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
125,004
127,632
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
At the balance sheet date the company had unpaid contributions of £13,435 (2022: £12,144).
11
Share-based payment transactions
The company participates in a Non Qualifying (NQ) and Restricted Stock Unit (RSU) group share-based payment arrangement granted to its employees. The company has elected to recognise and measure its share-based payment expense on the basis of a reasonable allocation of the expense for the group recognised in its consolidated accounts. The directors identify the number of unvested options granted to the company's employees and the share based payment expense allocated in the group accounts in respect of these employees. This is considered to be a reasonable basis of allocating an expense to the company.
Options are granted to employees with a 4 year vesting schedule with a 1 year cliff.
A summary of the NQ stock options is included below:
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 January 2023
83,559
104,803
5.72
6.12
Granted
12,000
2,600
9.66
8.96
Forfeited
(23,844)
9.91
Exercised
(6,477)
0.47
Expired
(6,250)
10.48
Outstanding at 31 December 2023
82,832
83,559
6.34
6.01
Exercisable at 31 December 2023
56,992
55,432
4.77
4.54
The options outstanding at 31 December 2023 had an exercise price ranging from £0.35 to £12.69, and a remaining contractual life of up to 10 years.
AKOYA BIOSCIENCES UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Share-based payment transactions
(Continued)
- 11 -
The weighted average fair value of options granted in the year was determined using the Black-Scholes-Merton option pricing model. The Black-Scholes-Merton model is considered to apply the most appropriate valuation method due to the relatively short contractual lives of the options and the requirement to exercise within a short period after the employee becomes entitled to the shares (the “vesting date”).
The expected life used in the model has been adjusted, based on management’s best estimate, for the effect of non-transferability, exercise restrictions, and behavioural considerations.
Non-vesting conditions and market conditions are taken into account when estimating the fair value of the option at grant date. Service conditions and non-market performance conditions are taken into account by adjusting the number of options expected to vest at each reporting date.
Inputs were as follows:
2023
2022
Expected volatility
53.10
49.80
Expected life
6.10
5.90
Risk free rate
4.05
1.89
Expected dividends yields
0
0
Expected volatility - The parent company uses an average historical stock price volatility of comparable public companies within a group of similar entities that were deemed to be representative of future stock price trends as the parent company does not have sufficient trading history for its common stock. The parent company will continue to apply this process until a sufficient amount of historical information regarding volatility of its own stock price options becomes available.
Expected term - The parent company derived the expected term using the “simplified” method (the expected term is determined as the average of the time-to-vesting and the contractual life of the options), as the parent company had limited historical information to develop expectations about future exercise patterns and post vesting employment termination behaviour.
Risk-free interest rate - The risk-free interest rate is based on U.S. Treasury zero-coupon issues with remaining terms similar to the expected term on the options.
Dividend yield - The parent company has never paid any dividends and does not plan to pay dividends in the foreseeable future, and, therefore, used an expected dividend yield of zero in the valuation model.
AKOYA BIOSCIENCES UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Share-based payment transactions
(Continued)
- 12 -
A summary of the RSU stock options is included below:
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 January 2023
-
-
-
-
Granted
25,265
-
-
-
Forfeited
-
-
-
Released
(262)
-
Expired
(1,100)
-
Outstanding at 31 December 2023
23,903
-
-
-
Exercisable at 31 December 2023
23,903
-
-
-
The fair value of the RSUs has been calculated at the stock price at the date of grant.
12
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1000 Ordinary of $0.01 each
8
8
13
Other reserves - capital contribution reserve
£
At the beginning of the prior year
94,422
Additions
77,102
Other movements - deferred tax
4,768
At the end of the prior year
176,292
Additions
109,841
Other movements - deferred tax
(33,306)
At the end of the current year
252,827
AKOYA BIOSCIENCES UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
14
Profit and loss reserves
2023
2022
as restated
£
£
At the beginning of the year
270,305
208,222
Profit for the year
4,114
62,083
At the end of the year
274,419
270,305
15
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Sarah Flint BSc FCA
The auditor was Benee Consulting Limited.
16
Events after the reporting date
There were no significant events after the Balance Sheet date.
17
Related party transactions
The company has taken advantage of the exemption available per paragraph 33.1A of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
18
Parent company
During the year the company was under the control of its parent company, Akoya Biosciences Inc, by virtue of their 100% shareholding.
Akoya Biosciences UK Ltd. is included within the consolidated accounts of Akoya Biosciences Inc.
Akoya Biosciences Inc. is a company registered in the U.S.A, the registered address is: 100 Campus Drive 6th Floor Marlborough, MA 01752.
There is no ultimate controlling party.
AKOYA BIOSCIENCES UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
19
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2022
£
Total adjustments
-
Profit as previously reported
62,083
Profit as adjusted
62,083
Notes to reconciliation
Prior period adjustment of Related Party balances
The prior period has been adjusted to net off the debtor and creditor amounts due to/from the parent company. This has resulted in a decrease in liabilities and assets of £8,646,145.
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