Company registration number 09685974 (England and Wales)
OBRIZUM GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
OBRIZUM GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 11
OBRIZUM GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
2,030,626
1,875,000
Tangible assets
5
125,700
65,282
2,156,326
1,940,282
Current assets
Debtors
7
1,397,414
1,259,141
Cash at bank and in hand
3,556,333
6,092,579
4,953,747
7,351,720
Creditors: amounts falling due within one year
8
(1,867,191)
(965,954)
Net current assets
3,086,556
6,385,766
Total assets less current liabilities
5,242,882
8,326,048
Creditors: amounts falling due after more than one year
9
(891,067)
(746,509)
Net assets
4,351,815
7,579,539
Capital and reserves
Called up share capital
12
32,517
30,280
Share premium account
13
14,580,441
12,582,675
Revaluation reserve
1,350,723
1,850,904
Profit and loss reserves
(11,611,866)
(6,884,320)
Total equity
4,351,815
7,579,539
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 1 August 2024 and are signed on its behalf by:
C Agley
Director
Company Registration No. 09685974
OBRIZUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Obrizum Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Dukes Court, 54-62 Newmarket Road, Cambridge, CB5 8DZ.
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.
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
There was a further Series A fundraise in March 2023, giving rise to approximately £2.0m of equity being raised. A further fundraise took place post year end in April 2024 of approximately £4.1m. As a result of this funding, the directors anticipate a positive impact on the financial position of the company and are confident that the company is well-positioned to accelerate the growth initiatives, expand market presence, and further invest in product development.
The directors have carefully reviewed the cash requirements of the business through to the end of the 2025 financial year, and taking those requirements into account they are confident there is adequate financial resource and access to capital, which, along with its established revenue streams and ongoing operations, support its ability to continue operating for at least 12 months from the date of approval of these financial statements.
The cash flow forecasts reviewed by the directors contemplate multiple scenarios and include sensitivity analysis across anticipated revenue, anticipated costs, capex, working capital cycles, and loan repayment scheduling. As stated above, the directors are satisfied that the current cash runway is more than sufficient for the company to be considered a going concern, and that they have alternative strategies available to extend that cash runway still further if required.
Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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, 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 contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
OBRIZUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
The company has recognised in intangible fixed assets expenditure relating to the development and protection of intellectual property, and subsequently revalued the amounts relating to those intangible assets pursuant to the provision to the directors of a valuation report. FRS 102 requires that for a revalued amount to be reported there should be both an observable fair value and the presence of an active market for the assets concerned. It is not clear that these conditions exist however it is the directors' view that to carry these assets at historic cost would not be reflective of the future economic benefits that are expected to accrue and therefore this would not present a true and fair view to users of the financial statements. The revalued amounts are being amortised in accordance with the rates stated below. It is not be noted that the original cost of the expenditure initially recognised is stated at Note 4.
The costs of acquiring or developing software are recorded as intangible assets and stated at cost less accumulated amortisation and impairment losses. The costs include the payroll costs of employees directly associated with the project and other direct external material and service costs. Costs are capitalised only where there is an identifiable project that will bring future economic benefit.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Trademarks
33% straight line
Intellectual property
12.5% straight line
Software development
Straight line over the useful life of the project (between 1 and 8 years)
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:
Land and buildings Leasehold
20% straight line
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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).
OBRIZUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
1.7
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments 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.
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.
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.
OBRIZUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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.
1.13
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.
OBRIZUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
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.
Valuation of intellectual property
The company's intellectual property was valued by a suitably qualified expert in 2019 and is amortised over the useful economic life envisaged in the expert's report. The valuation included several assumptions in relation to revenue growth, profit margins, royalty rates and discount rates. These assumptions were necessarily subjective and the actual experience has differed from that forecast. This has led the directors to perform an impairment review and the conclusion of this review was that the expected present value of future cash flows attributable to the intellectual property is slightly below the carrying value and consequently an impairment loss has been recorded in the period.
Share based payments
Share based payments include share options issued in the previous years, in return for the provision of services to the company over a period of three years. These services consisted of a variety of introductions to potential customers, and other strategic assistance, with the services valued at what was considered to be equivalent to a market rate. The directors consider that the remaining carrying value of services to be supplied remains reflective of market rates.
There have also been a number of unapproved share options awarded in the period, please see note 11 for further detail on the fair value of the options awarded.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
52
37
OBRIZUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Intangible fixed assets
Trademarks
Intellectual property
Software development
Total
£
£
£
£
Cost or valuation
At 1 January 2023
4,300
3,000,000
-
3,004,300
Additions
670,089
670,089
At 31 December 2023
4,300
3,000,000
670,089
3,674,389
Amortisation and impairment
At 1 January 2023
4,300
1,125,000
-
1,129,300
Amortisation charged for the year
375,000
9,463
384,463
Impairment losses
130,000
-
130,000
At 31 December 2023
4,300
1,630,000
9,463
1,643,763
Carrying amount
At 31 December 2023
1,370,000
660,626
2,030,626
At 31 December 2022
1,875,000
-
1,875,000
The company's intellectual property consists of technology underpinned by patents pending, know-how, and trade secrets. It was independently valued on 31 December 2019 by St James Valuation whom the directors considered to be suitably qualified and experienced valuers.
The valuation contemplates a number of methods:
a) The relief from royalty method with key assumptions being company prepared forecasts, a royalty rate of 14%, and, due to the early stage of the company, a discount rate of 60% has been assumed. A terminal value is calculated at 8 years, using Gordon’s growth model with a standard cost of equity for a software company of 12% and a growth rate into perpetuity of 3% (only 30% of the terminal value is included in the valuation of the technology as it exists today);
b) A cost plus investor return assuming a money multiple range of 2x to 3x; and
c) Reference to anecdotal evidence on comparable transactions.
As is invariably the case, actual experience has differed from what was forecast in the relief from royalty method, and consequently the directors have performed an impairment review in respect of the carrying value of the intellectual property. The outcome of that review is that the present value of future cash flows attributable to the intellectual property is slightly below what would have been the carrying value and consequently an impairment loss of £130,000 has been booked.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2023
2022
£
£
Cost
38,553
38,553
Accumulated amortisation
19,276
14,457
Carrying value
19,277
24,096
OBRIZUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
11,904
107,483
119,387
Additions
88,902
88,902
At 31 December 2023
11,904
196,385
208,289
Depreciation and impairment
At 1 January 2023
8,928
45,177
54,105
Depreciation charged in the year
2,380
26,104
28,484
At 31 December 2023
11,308
71,281
82,589
Carrying amount
At 31 December 2023
596
125,104
125,700
At 31 December 2022
2,976
62,306
65,282
6
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Obrizum Group USA LLC
USA
Digital learning technology and analytics
N/a
100.00
The investments in subsidiaries are all stated at cost.
The above subsidiary is dormant and did not trade during the year.
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
777,504
335,014
Amounts owed by group undertakings
48,269
17,045
Other debtors
571,641
907,082
1,397,414
1,259,141
OBRIZUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
226,965
86,389
Taxation and social security
300,463
97,690
Other creditors
1,339,763
781,875
1,867,191
965,954
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
891,067
746,509
10
Loans and overdrafts
2023
2022
£
£
Other loans
1,100,092
1,060,046
Payable within one year
209,025
313,537
Payable after one year
891,067
746,509
The loans are secured by a fixed and floating charge over all assets of the company issued on 18 May 2020 in favour of Innovate UK Loans Limited.
OBRIZUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
11
Share-based payment transactions
The company has in issue options awarded to certain employees under an Enterprise Management Incentive (EMI) scheme as well as unapproved share options.
Each option holder is entitled to acquire shares in the event that the company or business is sold or listed. The number of shares that option holders are entitled to acquire is subject to vesting schedules and to risks of forfeiture.
At the beginning of the year, options over 126,322 shares were potentially exercisable. During the year options over a further 204,167 shares were granted and options over 41,740 shares lapsed. No share options were exercised during the year. At the balance sheet date therefore options over a total of 288,749 shares were in existence.
The EMI based options have been valued at £nil on the basis of the market value of the shares under options agreed with HM Revenue & Customs in 2018 being equal to the exercise price. Further EMI based options have been awarded in current year which have also been valued at £nil. In respect of unapproved share options, the exercise price has remained at a level which equates to the market value agreed in 2018 and 2023. The directors consider that in light of the continuing losses being made by the company, and the non-influential scale of the shareholdings concerned, the fair value of the shares over which options have been granted in the year is not appreciably different to the exercise price. The directors do not consider the value of the equity issued during the year to be representative of the value in the hands of option holders. Consequently, the directors do not consider the options to have held any material intrinsic value at the various dates of the option grants and there is therefore no amount to expense in relation to share based payments.
12
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
3,251,700
3,027,988
32,517
30,280
During the year a total of 223,714 Ordinary £0.01 shares have been issued, as follows:
On 24 March 2023 223,714 Ordinary £0.01 shares were issued at a premium of £8.93. The total amount paid per share was £8,94.
13
Share premium account
Included in the share premium account is £1,997,766 relating to the issue of shares detailed at Note 13.
14
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.
Senior Statutory Auditor:
James Price FCA
Statutory Auditor:
UHY Hacker Young (East) Limited
Date of audit report:
5 August 2024
OBRIZUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
15
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
54,406
103,063
16
Events after the reporting date
A further Series A fundraise took place post year end in April 2024, raising approximately £4.1m as part of the first tranche of investments, with a further £4m expected in December 2024.
17
Related party transactions
Transactions with related parties
During the year, the company received services from Beaubridge (UK) Limited, a corporate director, of £36,000 (2022: £39,270). At the year end, within trade creditors is £3,000 (2022: £3,000) due to Beaubridge (UK) Limited.
During the year, the company carried out transactions with Obrizum Group USA LLC, Obrizum Group Ltd's subsidiary, of £31,224 (2022: £5,786). At the year end, a debtor balance was due of £48,269 (2022: £17,045).
These loans are interest free and there are no terms for repayment.
18
Controlling party
The company is owned by a number of private shareholders and companies, none of whom own more than 20% of the issued share capital of the company. Accordingly there is no parent entity and the directors of the company are considered to be the ultimate controlling parties.
OBRIZUM GROUP LIMITED
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
£
£
Administrative expenses
Wages and salaries
2,625,861
1,539,121
Social security costs
463,212
244,281
Staff commissions payable
124,489
66,869
Staff recruitment costs
210,747
161,727
Staff pension costs defined contribution
39,576
24,003
Other staff costs
20,139
2,299
Directors' remuneration
496,182
345,102
Rent
101,055
61,969
Rates
23,135
22,999
Security costs
27,341
12,040
Property repairs and maintenance
17,788
8,168
Insurance
25,764
12,541
Computer running costs
62,038
43,838
Travelling expenses
40,583
26,174
Legal and professional fees
294,577
593,228
Consultancy fees
764,117
845,838
Accountancy
13,210
22,829
Audit fees
16,000
15,000
Bank and credit card charges
1,332
1,108
Printing and stationery
832
107
Advertising
283,107
62,425
Telecommunications
6,994
717
Entertaining
109,374
34,234
Sundry expenses
41,438
3,979
Amortisation
384,463
375,398
Depreciation
28,485
16,167
Profit or loss on foreign exchange
25,780
10,246
6,247,619
4,552,407
2023-12-312023-01-01false05 August 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedC AgleyS AchouriJ FinkBeaubridge (UK) LimitedM BunnA RickardsMr D GallweyMr P TrivediMr P Budgefalsefalse096859742023-01-012023-12-31096859742023-12-31096859742022-12-3109685974core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-3109685974core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2023-12-3109685974core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-3109685974core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2022-12-3109685974core:LandBuildings2023-12-3109685974core:OtherPropertyPlantEquipment2023-12-3109685974core:LandBuildings2022-12-3109685974core:OtherPropertyPlantEquipment2022-12-3109685974core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3109685974core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3109685974core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3109685974core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3109685974core:CurrentFinancialInstruments2023-12-3109685974core:CurrentFinancialInstruments2022-12-3109685974core:ShareCapital2023-12-3109685974core:ShareCapital2022-12-3109685974core:SharePremium2023-12-3109685974core:SharePremium2022-12-3109685974core:RevaluationReserve2023-12-3109685974core:RevaluationReserve2022-12-3109685974core:RetainedEarningsAccumulatedLosses2023-12-3109685974core:RetainedEarningsAccumulatedLosses2022-12-3109685974bus:Director12023-01-012023-12-3109685974core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3109685974core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-012023-12-3109685974core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2023-01-012023-12-3109685974core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill2023-01-012023-12-3109685974core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-3109685974core:FurnitureFittings2023-01-012023-12-3109685974core:ComputerEquipment2023-01-012023-12-31096859742022-01-012022-12-3109685974core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-3109685974core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2022-12-31096859742022-12-3109685974core:LandBuildings2022-12-3109685974core:OtherPropertyPlantEquipment2022-12-3109685974core:LandBuildings2023-01-012023-12-3109685974core:OtherPropertyPlantEquipment2023-01-012023-12-3109685974core:WithinOneYear2023-12-3109685974core:WithinOneYear2022-12-3109685974core:Non-currentFinancialInstruments2023-12-3109685974core:Non-currentFinancialInstruments2022-12-3109685974bus:PrivateLimitedCompanyLtd2023-01-012023-12-3109685974bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3109685974bus:FRS1022023-01-012023-12-3109685974bus:Audited2023-01-012023-12-3109685974bus:Director22023-01-012023-12-3109685974bus:Director32023-01-012023-12-3109685974bus:Director42023-01-012023-12-3109685974bus:Director52023-01-012023-12-3109685974bus:Director62023-01-012023-12-3109685974bus:Director72023-01-012023-12-3109685974bus:Director82023-01-012023-12-3109685974bus:Director92023-01-012023-12-3109685974bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP