TAMPNET UK LIMITED
8979990
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
TAMPNET UK LIMITED
COMPANY INFORMATION
Directors
Christian Grinde
Elie Hanna
Company number
8979990
Registered office
1 Park Row
Leeds
Yorkshire
England
LS1 5AB
Independent auditors
Ernst & Young LLP
Manchester
M2 3DF
Business address
12A Carden Place
Aberdeen
AB10 1UR
Bankers
SEB United Kingdom
One Carter Lane
London
EC4V 5AN
TAMPNET UK LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 26
TAMPNET UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report and the audited financial statements on Tampnet UK Limited (also referred to as the "company") for the year ended 31 December 2023.
Review of the business
The company was incorporated on 4 April 2014 following the Tampnet group’s focus to extend business on the UK continental shelf, and started trading on 1 August 2014. The principal activity of the company is the provision of high speed communication networks offshore and to offer future-oriented communication solutions to oil and gas operators. The services are provided through the Tampnet group's infrastructure in the North Sea consisting of submarine fibre optic cables, radio links and 4G base stations.
The profit for the financial year ended 31 December 2023 was £37,476,669 and net assets at that date were £117,516,637.
Going concern
The company and group are supported through being self-sufficient on future cashflows in order to secure continued operations. The company and the group meet its day-to-day working capital requirements through its bank facilities. The current economic conditions continue to create uncertainty, due to geopolitical developments, but we also saw a continued good level of oil and gas demand and oil and gas prices leading to increased demand for the group’s products. The group’s forecasts and projections, considering reasonably possible changes in trading performance, show that the group should be able to operate within the level of its current and recently extended bank facilities.
Having assessed the principal risks and the other relevant matters, the directors consider it appropriate to adopt the going concern basis of accounting in preparing its financial statements. Most of the income is contracted and fixed and scenarios have been run assuming very little income from variable revenue, but which still demonstrate liquidity and compliance within debt covenants.
The group's telecom infrastructure plays a key role in enabling new and cost-effective ways of operating offshore assets. The modern oil industry is developing remote and intelligent operations where more manpower and expertise can be placed onshore and decision making is both improved and accelerated. Consequently, the offshore market demand for low latency, high capacity and reliable telecommunication services is fundamentally strong. In 2023 the market started well and has been strong throughout the the year. As a result, investments and the activity level has been high in general in the offshore industry. This does not only relate to the Oil and Gas Industry but also especially in the energy transition areas such as windfarms as well as early signs of demand coming in the Carbon Capture area. Decommissioning of fixed production units are normal and exploration activity has been on a normal level. These factors have impacted our revenue growth positively.
The group has high expectations for the increasing coverage of the group's 4G network which continued in 2023 as well as starting to plan for the rollout of 5G for the future, in addition to the increased coverage from further extending our Fibre Optic Cable (FOC) network. We have also started to make inroads using new satellite technology, LEO, especially for the Rig market.
Entering the offshore renewable energy sector is a key strategic priority and although early in our development, successful inroads were made into these new markets during the year and we are expecting this development to accelerate during the year.
Our network operations centre performed well delivering continued high-quality services and uptimes to our clients and proving the robustness of our well invested network infrastructure, despite the usual weather related challenges.
The Board of Directors are satisfied with the development of group and the company and results for the period.
TAMPNET UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal risks and uncertainties
The company aims to deliver sustainable value by identifying and responding successfully to risks. Risk management is integrated into the process of planning and performance management at a group level. Monitoring and accountability for the management of these risks occur through quarterly performance reviews at a group level.
Prices and markets
Being a provider of telecommunication services to the oil industry the group is susceptible to changes in the oil price. Oil, gas, product prices and margins can be very volatile, and are subject to international supply and demand. A decrease in these prices is likely to have an adverse effect on revenues for our customers, with an increasing risk of delay of offshore projects, decommissioning of oil producing installations or possible insolvency of clients. The company actively seeks to enter into long term agreements with its clients and has a base of such agreements with highly solvent clients.
Compliance and control risks
Regulatory
The company remains exposed to changes in the regulatory environment such as new laws and regulations (whether imposed by international treaty whereby national or local government in the jurisdiction in which it operates), changes in tax or royalty regimes. Such factors could reduce the company's profitability, limit its opportunities for new access, require it to divest or write down certain assets or curtail certain operations, or affect the adequacy of its provisions, tax, environmental and legal liabilities.
Reporting
External reporting of financial and non-financial data is reliant on the integrity of systems and people. Failure to report data accurately and in compliance with external standards could result in regulatory action, legal liability and damage to the company's reputation.
Safety and operational risks
The nature of the company’s operations exposes the company to a limited range of health, safety, security and environmental risks. In many of the group’s major structural projects, risk allocation and management is shared with third parties, such as contractors, sub-contractors and associates.
Key performance indicators
The company revenue is driven by the total capacity of telecommunication services provided annually to the offshore industry. In 2023 the market started well and has been stable throughout the year. As a result, investments have returned to normal, and the activity level has been high in general in the offshore industry. This does not only relate to the Oil and Gas Industry but also especially in the energy transition areas such as windfarms as well as early signs of demand coming in the Carbon Capture area. Decommissioning of fixed production units are back to normal and exploration activity has been on a fairly high level. These factors have impacted our revenue growth positively.
The group has continued to identify and acquire new contract opportunities in the sector and continues to create sales initiatives that are increasing the total capacity of offshore telecommunication services provided to customers.
TAMPNET UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Non-financial information statement
Environmental matters
The company's subsidiaries provide telecommunications through fibre optic cables and antennas. The company has HESQ procedures and policies in place and manages HESQ issues accordingly. Our activity shall always be in accordance with applicable environmental laws and regulations, regardless of where we operate. No environmental or human incidents have been registered in the last 5 years.
Tampnet has established an ESG strategy approved by the board describing Tampnet's contribution to sustainable operation by ensuring our customers access to affordable, reliable, sustainable and modern telecommunications solutions.
Our most important contribution is to offer services that enable digitization and remote offshore operations, with the goal of reducing carbon footprint. In addition to increased and systematic awareness internally, we require that our suppliers and partners commit themselves to the UN's Sustainable Development Goals.
The company has a limited environmental impact from travel, office activities, including waste management, energy consumption, CO2 emissions and others. Despite a limited carbon footprint, we have identified areas for improvement. For this, data is collected, analysed and reported systematically.
The company's employees
The company has 12 employees. Gender equality and equal opportunities are ensured through our policies and procedures. The company has 2 Directors where all are male, and none are female. The company focus on the employees’ health and well-being and have achieved a sick leave percentage below average for 2023. The retention rate in the company is very high resulting in a stable, skilled and driven workforce.
Community issues
The company and the subsidiaries contribute to the communities in which it operates by its activities, including employment of staff, rental of property, purchase of goods and services, and payment of taxes.
Social matters and Respect for human rights
The company have adopted policies to support the UN sustainability targets including social matters for the communities in which we operate.
Anti-corruption and anti-bribery matters
The company has established and implemented anti-corruption and anti-bribery policies, including whistle-blower policy.
Christian Grinde
Director
3 May 2024
TAMPNET UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
The directors present their Directors' report and the audited financial statements on Tampnet UK Limited (also referred to as the "company") for the year ended 31 December 2023.
Principal activities
The principal activity of the company is the provision of telecommunication services to offshore installations.
Results and dividends
The results for the year are set out on page 11.
The company has continued to develop its infrastructure and telecom service contracts during the financial year. This confirms the company’s competitiveness in the offshore market place, and that there are long-term contract opportunities available in the market which supports the company’s growth and investment plans.
The Board of Directors are satisfied with the development of the company and results for the year.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Christian Grinde
Elie Hanna
Qualifying third party indemnity provisions
The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.
Financial instruments
Liquidity risk
Liquidity risk arises as a result of the repayments related to bank borrowings. As the group has agreed debt covenants with the credit facility providers and deems that the operating funds are sufficient to meet cash flow demands, liquidity risk is considered to be acceptable. No covenant breaches are forecast.
Interest rate risk
The group uses interest swaps to reduce interest risk related to bank funding. The majority proportion of the group's loans are hedged by such swaps, changing the interest rates from floating to fixed, and as such reducing the group's total interest rate movement exposure to a minimum.
Foreign currency risk
Financial risk management is dealt with at a group level. The group has operations with significant exposure in GBP and USD. The risk arising from currency fluctuations is hedged by financing the operations in the corresponding currency. The unhedged currency risk is assessed to be insignificant for the group.
Credit risk
Credit risk is assessed to be insignificant as the group does not have any significant concentrations of credit risk and receives upfront payments on the majority of its contracts.
Future developments
In 2023 the market started well and has been stable throughout the year. As a result, investments levels are stable, and the activity level has been good in general in the offshore industry. This does not only relate to the Oil and Gas Industry but also especially in the energy transition areas such as windfarms as well as early signs of demand coming in the Carbon Capture area. Decommissioning of fixed production units are normal and exploration activity has been on a good level. These factors have impacted our revenue growth positively.
TAMPNET UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Auditor
Ernst & Young LLP were appointed auditors to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
On behalf of the board
Christian Grinde
Director
3 May 2024
TAMPNET UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
state whether applicable United Kingdom Accounting Standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;
make judgements and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006.
Directors’ confirmations
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 company’s auditor 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 company’s auditor is aware of that information.
TAMPNET UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TAMPNET UK LIMITED
- 7 -
Opinion
We have audited the financial statements of Tampnet UK Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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:
give a true and fair view of the company’s affairs as at 31 December 202 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for the period to 30 June 2024.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as a going concern.
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this 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 the other information, we are required to report that fact.
We have nothing to report in this regard.
TAMPNET UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TAMPNET UK LIMITED
- 8 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and directors’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
TAMPNET UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TAMPNET UK LIMITED
- 9 -
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 irregularities, including fraud. 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are the Companies Act 2006, UK tax legislation, and UK Health & Safety legislation.
Review of all minutes of management meetings held during the year through the most recent meeting held prior to the approval of these financial statements;
Review of the Company’s code of conduct in their employee handbook setting out the key principles and requirements for all staff in relation to compliance with laws and regulations;
Review of accounting policies and disclosures for compliance with FRS 102 and Companies Act 2006 requirements; and
Review of relevant correspondence received from regulatory bodies.
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by holding a discussion within the audit team which included identification of related parties, understanding the Company’s business and its control environment, and assessing the inherent risk for relevant assertions at the significant account level. We also held discussions with management to gain an understanding of those areas of the financial statements which were susceptible to fraud, as identified by management. Following these procedures, the fraud risk identified was around manipulation of revenue recognition to increase revenue. We then considered the controls that the Company established to address risks identified by the entity or that otherwise seek to prevent, deter, or detect fraud. We gained an understanding of the entity level controls and policies that the Company applies.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved performing detailed analytical reviews, reviewing accounting estimates for evidence of management bias, testing of journal entries and enquiries of management regarding their knowledge of any instances of non-compliance with laws and regulations that could impact the financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
TAMPNET UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TAMPNET UK LIMITED
- 10 -
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Jamie Dixon (Senior Statutory Auditor)
For and on behalf of Ernst & Young LLP
Chartered Accountants
Statutory Auditor
Manchester
M2 3DF
7 May 2024
TAMPNET UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
Notes
£
£
Turnover
3
38,039,854
33,613,507
Cost of sales
(2,934,652)
(2,403,216)
Gross profit
35,105,202
31,210,291
Administrative expenses
(6,460,634)
(6,701,453)
Other operating income
2,924
1,633
Operating profit
4
28,647,492
24,510,471
Interest receivable from group undertakings
7
9,632,604
5,265,105
Other interest receivable and similar income
7
740,999
112,367
Interest payable and similar expenses
8
(241,951)
(464,513)
Profit before taxation
38,779,144
29,423,430
Tax on profit
9
(1,302,475)
(3,885,832)
Profit for the financial year
37,476,669
25,537,598
Other comprehensive income
-
-
Total comprehensive income for the year
37,476,669
25,537,598
The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
TAMPNET UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
19,361,575
18,592,363
Investments
11
8,788
8,189
19,370,363
18,600,552
Current assets
Debtors
12
110,727,809
62,311,105
Cash at bank and in hand
6,974,761
18,028,766
117,702,570
80,339,871
Creditors: amounts falling due within one year
13
(17,478,924)
(17,024,676)
Net current assets
100,223,646
63,315,195
Total assets less current liabilities
119,594,009
81,915,747
Provisions for liabilities
Deferred tax liability
14
2,077,372
1,875,779
(2,077,372)
(1,875,779)
Net assets
117,516,637
80,039,968
Capital and reserves
Called up share capital
16
32,473
32,473
Share premium account
32,439,528
32,439,528
Other reserves
(35,488,326)
(35,488,326)
Profit and loss reserves
120,532,962
83,056,293
Total equity
117,516,637
80,039,968
The financial statements were approved by the board of directors and authorised for issue on 3 May 2024 and are signed on its behalf by:
Christian Grinde
Director
Company registration number 8979990 (England and Wales)
TAMPNET UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Called up share capital
Share premium account
Merger accounting reserve
Profit and loss account
Total equity
£
£
£
£
£
Balance at 1 January 2022
32,473
32,439,528
(35,488,326)
57,518,695
54,502,370
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
25,537,598
25,537,598
Balance at 31 December 2022
32,473
32,439,528
(35,488,326)
83,056,293
80,039,968
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
37,476,669
37,476,669
Balance at 31 December 2023
32,473
32,439,528
(35,488,326)
120,532,962
117,516,637
TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information
Tampnet UK Limited is a private company in the United Kingdom, limited by shares, domiciled and incorporated in England and Wales. The registered office is 1 Park Row, Leeds, Yorkshire, England, LS1 5AB. The principal place of business is 12A Carden Place, Aberdeen, AB10 1UP.
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. Accounting policies have been applied consistently in the current and previous year.
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 on the historical cost convention, except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies 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 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
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’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Colombo Investment Holdings Limited. These consolidated financial statements are available from its registered office, 1 Park Row, Leeds, England, LS1 5AB.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated financial statements. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. true
Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business i.e the provision of telecommunication services, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of services is recognised when the significant risks and rewards have passed to the buyer (as the telecommunication services are provided), the amount of revenue can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Long term contracts
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.
Costs incurred in constructing the infrastructure for such long term contracts are recorded as tangible fixed assets and subsequently depreciated over the period of the initial contract term.
1.5
Tangible fixed assets
Tangible fixed assets are stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount unless it is defined as day-to-day maintenance. The carrying amount of any component accounted for separately is derecognized when replaced. Day-to-day repairs and maintenance are charged to profit or loss as they are incurred.
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.
Assets under construction are recognised as such class of tangible fixed asset during the construction phase. Once the infrastructure has been completed, those costs are re-classified as plant and machinery. Assets under construction are not depreciated.
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:
Plant and machinery
12 years straight line
Fixtures, fittings & equipment
3 years straight line
Computer equipment
3 years 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
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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 profit or loss.
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.
TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.7
Impairment of fixed assets
At each reporting year end date, the company reviews the carrying amounts of its fixed 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 of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Cash at bank and in hand
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 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 with the exception of interest rate swaps.
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.
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.
TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
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.
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, 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
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 though 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.
TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
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.
1.11
Derivatives
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.12
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.
The company records a tax charge or credit in the profit and loss account calculated at the tax rate prevailing in the year for tax payable to HM Revenue and Customs, or for Group relief to surrender to or to be received from other Group undertakings, and for which payment may be requested.
TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
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.
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
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.16
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.
Non-monetary assets and liabilities denominated in foreign currencies are translated using rates of exchange at the date of transactions. No subsequent translations are made once this has occurred. Any foreign currency amounts outstanding at 31 December 2023 are to be translated at the relevant rate of exchange prevailing at the year end.
1.17
When a financial liability is recognised initially, the Company measures it at its fair value plus, in the case of a financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability. After initial recognition, an entity measures all financial liabilities at amortised cost using the effective interest method.
TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.18
Balances with other companies wholly owned by the Colombo Topco Limited Group are stated gross, unless both of the following conditions are met:
(i) Currently there is a legally enforceable right to set off the recognised amounts; and
(ii) There is intent either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Tangible Assets
The estimated useful life of the fibre asset cable, currently 12 years, has been provided by the directors of the company, and is assumed to have a residual value of nil.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Telecommunication services
38,039,854
33,613,507
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom continental shelf
38,039,854
33,613,507
2023
2022
£
£
Other revenue
Interest income
10,373,603
5,377,472
TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(830,312)
(532,895)
Fees payable to the company's auditor for the audit of the company's financial statements
51,295
94,025
Depreciation of owned tangible fixed assets
1,726,779
2,204,572
Operating lease charges
525,989
555,186
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Administration
13
12
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
826,565
1,119,768
Social security costs
138,822
105,314
Other pension costs
174,007
115,148
1,139,394
1,340,230
6
Directors' remuneration
The directors' remuneration is paid by the group, which makes no recharge to the entity. Both are directors of the parent and a number of fellow subsidiaries and it is not possible to make a reasonable apportionment of their compensation in respect of each of the subsidiaries. Accordingly, the above details include no compensation in respect of the directors. Their total compensation is included in the aggregate of key management personnel compensation disclosed in the consolidated financial statements of the parent.
TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
740,999
112,367
Interest receivable from group companies
9,632,604
5,265,105
Total income
10,373,603
5,377,472
Disclosed on the profit and loss account as follows:
Interest receivable from group undertakings
9,632,604
5,265,105
Other interest receivable and similar income
740,999
112,367
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank loans
2,319
343
Interest payable to group undertakings
143,582
Total interest expense
2,319
143,925
Other finance costs:
Exchange differences on financing transactions
239,632
320,588
Total finance costs
241,951
464,513
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,100,882
3,757,356
Adjustments in respect of prior periods
124,269
Total current tax
1,100,882
3,881,625
Deferred tax
Origination and reversal of timing differences
201,593
4,207
Total tax charge
1,302,475
3,885,832
TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
- 23 -
The charge for the year can be reconciled to the profit per the profit and loss account as follows:
2023
2022
£
£
Profit before taxation
38,779,144
29,423,430
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
9,120,855
5,590,452
Adjustments in respect of prior years
124,269
Group relief
(7,830,522)
(1,825,051)
Impact of rate change
12,142
1,011
Super deduction
(4,849)
Taxation charge for the year
1,302,475
3,885,832
10
Tangible assets
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
£
Cost
As at 1 January 2023
9,824,430
23,011,614
49,011
21,986
32,907,041
Additions
2,491,317
4,674
2,495,991
Transfer to plant and machinery
(1,328,437)
1,328,437
As at 31 December 2023
10,987,310
24,340,051
49,011
26,660
35,403,032
Accumulated depreciation
As at 1 January 2023
14,254,669
43,037
16,972
14,314,678
Depreciation charged in the year
1,722,911
1,790
2,078
1,726,779
As at 31 December 2023
15,977,580
44,827
19,050
16,041,457
Carrying amount
As at 31 December 2023
10,987,310
8,362,471
4,184
7,610
19,361,575
As at 31 December 2022
9,824,430
8,756,945
5,974
5,014
18,592,363
TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
11
Investments
2023
2022
£
£
Investments in group undertakings
8,788
8,189
The company has not designated any financial assets that are not classified as financial assets at fair value through profit or loss.
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2023
8,189
Additions
599
As at 31 December 2023
8,788
Carrying amount
As at 31 December 2023
8,788
As at 31 December 2022
8,189
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,112,714
4,649,380
Amounts owed by group undertakings
106,309,124
57,359,831
Other debtors
88,604
86,868
Prepayments and accrued income
217,367
215,026
110,727,809
62,311,105
Trade debtors disclosed above are measured at amortised cost.
Amounts owed by group undertakings represent loans, denominated in GBP, to other subsidiaries within the group. Amounts that are advanced to other entities within the group are unsecured and repayable on demand. Interest on these advances is charged at 10% per annum.
TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
13
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,787,734
396,989
Amounts owed to group undertakings
4,251
2,310,836
Corporation tax
1,100,882
911,920
Taxation and social security
36,106
Accruals and deferred income
12,549,951
13,404,931
17,478,924
17,024,676
Amounts owed to group undertakings at 31 December 2023 represents a loan to the company, denominated in GBP, from its immediate parent company, Colombo Bidco Limited. The loan is unsecured and repayable on demand. Interest is charged to the company at 8% per annum.
14
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
2,077,372
1,875,779
2023
Movements in the year:
£
Liability at 1 January 2023
1,875,779
Charge to profit or loss
201,593
Liability at 31 December 2023
2,077,372
15
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
174,007
115,148
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.
TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
16
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
32,473 (2022: 32,473) Ordinary shares of £1 each
32,473
32,473
There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.
17
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
275,192
275,192
Between two and five years
122,000
183,000
397,192
458,192
18
Related party transactions
In accordance with the exemption allowed by section 33.1A of FRS 102, no disclosure is made of transactions with wholly owned member companies of the trueColombo Topco Limited Group or investees of the group qualifying as related parties.
19
Ultimate controlling party
The directors regard Colombo Investment Holdings Limited as the ultimate parent undertaking, with the ultimate parent undertaking being jointly controlled by 3i Infrastructure plc and Arbejdsmarkedets Tilægspension (ATP).
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.200Christian GrindeElie Hannafalsefalse89799902023-01-012023-12-318979990bus:Director12023-01-012023-12-318979990bus:Director22023-01-012023-12-318979990bus:RegisteredOffice2023-01-012023-12-318979990bus:Agent12023-01-012023-12-3189799902023-12-3189799902022-01-012022-12-3189799902022-12-318979990core:ConstructionInProgressAssetsUnderConstruction2023-12-318979990core:PlantMachinery2023-12-318979990core:FurnitureFittings2023-12-318979990core:ComputerEquipment2023-12-318979990core:ConstructionInProgressAssetsUnderConstruction2022-12-318979990core:PlantMachinery2022-12-318979990core:FurnitureFittings2022-12-318979990core:ComputerEquipment2022-12-318979990core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-318979990core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-318979990core:CurrentFinancialInstruments2023-12-318979990core:CurrentFinancialInstruments2022-12-318979990core:ShareCapital2023-12-318979990core:ShareCapital2022-12-318979990core:SharePremium2023-12-318979990core:SharePremium2022-12-318979990core:OtherMiscellaneousReserve2023-12-318979990core:OtherMiscellaneousReserve2022-12-318979990core:RetainedEarningsAccumulatedLosses2023-12-318979990core:RetainedEarningsAccumulatedLosses2022-12-318979990core:ShareCapital2021-12-318979990core:SharePremium2021-12-318979990core:RetainedEarningsAccumulatedLosses2021-12-3189799902021-12-318979990core:PlantMachinery2023-01-012023-12-318979990core:FurnitureFittings2023-01-012023-12-318979990core:ComputerEquipment2023-01-012023-12-318979990core:UKTax2023-01-012023-12-318979990core:UKTax2022-01-012022-12-31897999012023-01-012023-12-31897999012022-01-012022-12-31897999022023-01-012023-12-31897999022022-01-012022-12-318979990core:ConstructionInProgressAssetsUnderConstruction2022-12-318979990core:PlantMachinery2022-12-318979990core:FurnitureFittings2022-12-318979990core:ComputerEquipment2022-12-3189799902022-12-318979990core:ConstructionInProgressAssetsUnderConstruction2023-01-012023-12-318979990core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2023-12-318979990core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2022-12-318979990core:WithinOneYear2023-12-318979990core:WithinOneYear2022-12-318979990core:BetweenTwoFiveYears2023-12-318979990core:BetweenTwoFiveYears2022-12-318979990bus:PrivateLimitedCompanyLtd2023-01-012023-12-318979990bus:FRS1022023-01-012023-12-318979990bus:Audited2023-01-012023-12-318979990bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP