Company registration number 10988545 (England and Wales)
SHAPR3D LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
SHAPR3D LIMITED
COMPANY INFORMATION
Directors
Mr I Csanady
Mr C Janz
Mr G W O'Keeffe
(Appointed 19 January 2024)
Company number
10988545
Registered office
5 New Street Square
London
United Kingdom
EC4A 3TW
Auditor
Hentons
Northgate
118 North Street
Leeds
West Yorkshire
LS2 7PN
SHAPR3D LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 27
SHAPR3D LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Review of the business
Shapr3D is the developer behind the Shapr3D, a multidevice design tool that equips design and manufacturing teams to save time throughout their workflows. Shapr3D is a venture capital backed business. In the most recent Series B investment round in Oct 2022, Shapr3D raised $10m, led by EBRD with participation of existing investors, Creandum, P9 Capital, etc.
During FY 2023, Shapr3D increased revenue by 19% to $12.5m (FY 2022 $10.5m) and reported a loss of $372,459 (FY 2022 loss of $4,790,918) in the same period. As a fast-growing venture backed technology business, this is inline with expectations and the plan for the FY to invest even further into the R&D teams.
Looking ahead to 2024, Shapr3D anticipates continued expansion. Our growth will be propelled through the augmentation of our existing user base, facilitated by the introduction of new professional grade features. Shapr3D remains committed to the ongoing enhancement of our application and is prepared to allocate significant resources to its development and invests more to B2B expansion.
Principal risks and uncertainties
Shapr3D faces challenges similar to other fast-growing SaaS technology companies:
Adverse macro-economic conditions impacting personal and business demand for software
Scaling product delivery and maintaining the quality of delivery
Recruitment and retention of software developer talent
Competition as new and emerging innovators enter the market
The ability to raise future funding
Mr I Csanady
Director
16 August 2024
SHAPR3D LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company and group continued to be the development and marketing of the Shapr3D app, an innovative 3D modelling tool for industrial designers, engineers, product managers, manufacturers and other design professionals.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr I Csanady
Mr C Janz
Mr G W O'Keeffe
(Appointed 19 January 2024)
Auditor
In accordance with the company's articles, a resolution proposing that Hentons be reappointed as auditor of the group will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
SHAPR3D LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Disclosure in the Strategic Report
The directors review of the business and their consideration of the risks and uncertainties surrounding the business maybe found the Strategic Report.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr I Csanady
Director
16 August 2024
SHAPR3D LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHAPR3D LIMITED
- 4 -
Opinion
We have audited the financial statements of Shapr3D Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2023 and of the group's loss 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 group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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 group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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 our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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 the directors' report have been prepared in accordance with applicable legal requirements.
SHAPR3D LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SHAPR3D LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud.
We also considered the company's compliance with laws and regulations that have a significant impact on the financial statements including, but not limited to, the Companies Act 2006, United Kingdom Accounting Standards and relevant tax legislation.
Our audit procedures to respond to the risks identified included the following:
SHAPR3D LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SHAPR3D LIMITED
- 6 -
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken 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.
Chris Howitt
For and on behalf of
16 August 2024
Hentons
Chartered Accountants
Statutory Auditor
Northgate
118 North Street
Leeds
West Yorkshire
LS2 7PN
SHAPR3D LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
$
$
Turnover
3
12,517,995
10,548,690
Cost of sales
(4,344,728)
(3,906,712)
Gross profit
8,173,267
6,641,978
Administrative expenses
(9,559,670)
(11,279,143)
Other operating income
36,374
40,338
Operating loss
4
(1,350,029)
(4,596,827)
Interest receivable and similar income
7
896,411
9,487
Interest payable and similar expenses
8
(193,962)
(183,995)
Loss before taxation
(647,580)
(4,771,335)
Tax on loss
9
(66,081)
(19,583)
Loss for the financial year
(713,661)
(4,790,918)
Loss for the financial year is all attributable to the owners of the parent company.
The notes on pages 15 to 27 form part of these financial statements.
SHAPR3D LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
$
$
Loss for the year
(713,661)
(4,790,918)
Other comprehensive income
Currency translation (loss)/gain arising in the year
(218,038)
69,028
Cash flow hedges gain arising in the year
Total comprehensive income for the year
(931,699)
(4,721,890)
Total comprehensive income for the year is all attributable to the owners of the parent company.
The notes on pages 15 to 27 form part of these financial statements.
SHAPR3D LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
$
$
$
$
Fixed assets
Intangible assets
10
4,711,483
3,437,181
Tangible assets
11
530,364
693,579
5,241,847
4,130,760
Current assets
Debtors
14
3,794,833
2,712,649
Cash at bank and in hand
7,971,418
10,418,812
11,766,251
13,131,461
Creditors: amounts falling due within one year
15
(6,964,400)
(5,830,543)
Net current assets
4,801,851
7,300,918
Total assets less current liabilities
10,043,698
11,431,678
Creditors: amounts falling due after more than one year
16
(633,229)
(1,433,247)
Net assets
9,410,469
9,998,431
Capital and reserves
Called up share capital
18
1,625
1,622
Share premium account
22,030,908
22,030,703
Other reserves
314,353
188,862
Profit and loss reserves
(12,936,417)
(12,222,756)
Total equity
9,410,469
9,998,431
The notes on pages 15 to 27 form part of these financial statements.
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 16 August 2024 and are signed on its behalf by:
16 August 2024
Mr I Csanady
Director
Company registration number 10988545 (England and Wales)
SHAPR3D LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
$
$
$
$
Fixed assets
Investments
12
20,837,400
8,555,121
Current assets
Debtors
14
81,983
7,245,306
Cash at bank and in hand
2,836,953
7,998,947
2,918,936
15,244,253
Creditors: amounts falling due within one year
15
(1,108,144)
(792,773)
Net current assets
1,810,792
14,451,480
Total assets less current liabilities
22,648,192
23,006,601
Creditors: amounts falling due after more than one year
16
(633,229)
(1,433,247)
Net assets
22,014,963
21,573,354
Capital and reserves
Called up share capital
18
1,625
1,622
Share premium account
22,030,908
22,030,703
Other reserves
793,707
450,178
Profit and loss reserves
(811,277)
(909,149)
Total equity
22,014,963
21,573,354
The notes on pages 15 to 27 form part of these financial statements.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was $97,872 (2022 - $507,279 loss).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 16 August 2024 and are signed on its behalf by:
16 August 2024
Mr I Csanady
Director
Company registration number 10988545 (England and Wales)
SHAPR3D LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Share premium account
Share based payments reserve
Currency translation reserve
Profit and loss reserves
Total
Notes
$
$
$
$
$
$
Balance at 1 January 2022
1,337
7,426,045
334,977
(330,344)
(7,431,838)
177
Year ended 31 December 2022:
Loss for the year
-
-
-
-
(4,790,918)
(4,790,918)
Other comprehensive income:
Currency translation differences
-
-
-
69,028
69,028
Total comprehensive income
-
-
-
69,028
(4,790,918)
(4,721,890)
Issue of share capital
18
285
14,604,658
-
-
-
14,604,943
Transfers
-
-
115,201
-
-
115,201
Balance at 31 December 2022
1,622
22,030,703
450,178
(261,316)
(12,222,756)
9,998,431
Year ended 31 December 2023:
Loss for the year
-
-
-
-
(713,661)
(713,661)
Other comprehensive income:
Currency translation differences
-
-
-
(218,038)
(218,038)
Total comprehensive income
-
-
-
(218,038)
(713,661)
(931,699)
Issue of share capital
18
3
205
-
-
-
208
Transfers
-
-
343,529
-
-
343,529
Balance at 31 December 2023
1,625
22,030,908
793,707
(479,354)
(12,936,417)
9,410,469
The notes on pages 15 to 27 form part of these financial statements.
SHAPR3D LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Share premium account
Share based payments reserve
Profit and loss reserves
Total
Notes
$
$
$
$
$
Balance at 1 January 2022
1,337
7,426,045
334,977
(401,870)
7,360,489
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
-
(507,279)
(507,279)
Issue of share capital
18
285
14,604,658
-
-
14,604,943
Transfers
-
-
115,201
-
115,201
Balance at 31 December 2022
1,622
22,030,703
450,178
(909,149)
21,573,354
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
97,872
97,872
Issue of share capital
18
3
205
-
-
208
Transfers
-
-
343,529
-
343,529
Balance at 31 December 2023
1,625
22,030,908
793,707
(811,277)
22,014,963
The notes on pages 15 to 27 form part of these financial statements.
SHAPR3D LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
$
$
$
$
Cash flows from operating activities
Cash generated from/(absorbed by) operations
19
2,070,381
(1,826,097)
Interest paid
(193,962)
(183,995)
Income taxes paid
(13,915)
(14,927)
Net cash inflow/(outflow) from operating activities
1,862,504
(2,025,019)
Investing activities
Purchase of intangible assets
(4,024,285)
(2,879,697)
Purchase of tangible fixed assets
(96,598)
(390,329)
Proceeds from disposal of tangible fixed assets
8,447
25,789
Interest received
896,411
9,487
Net cash used in investing activities
(3,216,025)
(3,234,750)
Financing activities
Proceeds from issue of shares
208
14,604,943
Repayment of borrowings
-
(4,500,001)
Proceeds from new bank loans
-
2,000,000
Repayment of bank loans
(566,753)
-
Net cash (used in)/generated from financing activities
(566,545)
12,104,942
Net (decrease)/increase in cash and cash equivalents
(1,920,066)
6,845,173
Cash and cash equivalents at beginning of year
10,418,812
2,996,711
Effect of foreign exchange rates
(527,542)
576,928
Cash and cash equivalents at end of year
7,971,204
10,418,812
Relating to:
Cash at bank and in hand
7,971,418
10,418,812
Bank overdrafts included in creditors payable within one year
(214)
-
The notes on pages 15 to 27 form part of these financial statements.
SHAPR3D LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
$
$
$
$
Cash flows from operating activities
Cash generated from/(absorbed by) operations
20
7,201,502
(4,866,828)
Interest paid
(193,960)
(183,995)
Net cash inflow/(outflow) from operating activities
7,007,542
(5,050,823)
Investing activities
Purchase of subsidiaries
(12,282,279)
(1,100,000)
Interest received
679,288
140,659
Net cash used in investing activities
(11,602,991)
(959,341)
Financing activities
Proceeds from issue of shares
208
14,604,943
Repayment of borrowings
-
(4,500,001)
Proceeds from new bank loans
-
2,000,000
Repayment of bank loans
(566,753)
-
Net cash (used in)/generated from financing activities
(566,545)
12,104,942
Net (decrease)/increase in cash and cash equivalents
(5,161,994)
6,094,778
Cash and cash equivalents at beginning of year
7,998,947
1,904,169
Cash and cash equivalents at end of year
2,836,953
7,998,947
The notes on pages 15 to 27 form part of these financial statements.
SHAPR3D LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
1
Accounting policies
Company information
Shapr3D Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 5 New Street Square, London, United Kingdom, EC4A 3TW.
The group consists of Shapr3D Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in US Dollar, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $.
The financial statements have been prepared under the historical cost convention, modified to include valuation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Shapr3D Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
SHAPR3D LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.5
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 the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, 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.
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
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:
Intangible asset
33.33% straight line
1.7
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:
Leasehold improvements
20% straight line
Office and computer equipment
33.33% straight line
Mobile devices
50% 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 recognised in the profit and loss account.
1.8
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
SHAPR3D LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.9
Impairment of fixed assets
At each reporting period end date, the group 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
SHAPR3D LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SHAPR3D LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
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.
1.15
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the fair value model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the company in profit and loss.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
SHAPR3D LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’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.
3
Turnover and other revenue
2023
2022
$
$
Turnover analysed by geographical market
United States of America
8,709,846
8,122,491
United Kingdom
3,798,154
2,320,712
Other
9,995
105,487
12,517,995
10,548,690
2023
2022
$
$
Other revenue
Interest income
896,411
9,487
4
Operating loss
2023
2022
$
$
Operating loss for the year is stated after charging/(crediting):
Exchange (gains)/losses
(987,583)
775,440
Depreciation of owned tangible fixed assets
303,131
300,263
Amortisation of intangible assets
3,007,722
1,745,213
Share-based payments
343,529
115,201
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
$
$
For audit services
Audit of the financial statements of the group and company
17,825
15,732
Audit of the financial statements of the company's subsidiaries
11,063
5,280
28,888
21,012
SHAPR3D LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
101
120
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
$
$
$
$
Wages and salaries
7,455,202
6,880,223
343,529
115,201
Social security costs
682,866
697,156
-
-
8,138,068
7,577,379
343,529
115,201
7
Interest receivable and similar income
2023
2022
$
$
Interest income
Other interest income
896,411
9,487
8
Interest payable and similar expenses
2023
2022
$
$
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
193,962
183,995
9
Taxation
2023
2022
$
$
Current tax
Corporation tax on profits for the current period
66,081
19,583
In the UK the corporation tax payable in the year is $64,201 (2022: $nil).
SHAPR3D LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
- 22 -
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
$
$
Loss before taxation
(647,580)
(4,771,335)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
(161,895)
(906,554)
Tax effect of expenses that are not deductible in determining taxable profit
122,111
75,411
Tax losses carried forward
850,726
Tax losses utilised in the year
105,865
Taxation charge
66,081
19,583
In the UK the corporation tax payable in the year is $64,201 (2022: $nil).
10
Intangible fixed assets
Group
Intangible asset
$
Cost
At 1 January 2023
6,815,185
Additions - internally developed
4,024,285
Exchange adjustments
583,807
At 31 December 2023
11,423,277
Amortisation and impairment
At 1 January 2023
3,378,004
Amortisation charged for the year
3,007,722
Exchange adjustments
326,068
At 31 December 2023
6,711,794
Carrying amount
At 31 December 2023
4,711,483
At 31 December 2022
3,437,181
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
SHAPR3D LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
11
Tangible fixed assets
Group
Leasehold improvements
Office and computer equipment
Total
$
$
$
Cost
At 1 January 2023
488,636
906,391
1,395,027
Additions
2,304
94,294
96,598
Disposals
(38,163)
(38,163)
Exchange adjustments
41,246
76,620
117,866
At 31 December 2023
532,186
1,039,142
1,571,328
Depreciation and impairment
At 1 January 2023
129,738
571,710
701,448
Depreciation charged in the year
104,158
198,973
303,131
Eliminated in respect of disposals
(29,716)
(29,716)
Exchange adjustments
12,922
53,179
66,101
At 31 December 2023
246,818
794,146
1,040,964
Carrying amount
At 31 December 2023
285,368
244,996
530,364
At 31 December 2022
358,898
334,681
693,579
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
$
$
$
$
Investments in subsidiaries
13
20,837,400
8,555,121
SHAPR3D LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Company
Shares in subsidiaries
$
Cost or valuation
At 1 January 2023
8,555,121
Additions
12,282,279
At 31 December 2023
20,837,400
Carrying amount
At 31 December 2023
20,837,400
At 31 December 2022
8,555,121
13
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Shapr3D Zrt
1051 Budapest, Bajcsy-Zsilinsky ut 12. 6/604 ajto., Hungary
Ordinary
100.00
Shapr3D USA Inc
541 Jefferson Ave, Suite 100, Redwood City, CA 94063
Ordinary
100.00
Shapr3D UK Limited
5 New Street Square, London, United Kingdom, EC4A 3TW
Ordinary
100.00
14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
$
$
$
$
Trade debtors
211,239
10,280
Amounts owed by group undertakings
-
-
-
7,000,000
Other debtors
317,498
264,387
28,152
19,127
Prepayments and accrued income
3,266,096
2,437,982
53,831
226,179
3,794,833
2,712,649
81,983
7,245,306
SHAPR3D LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
15
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
$
$
$
$
Bank loans and overdrafts
17
800,232
566,753
800,018
566,753
Trade creditors
600,398
387,984
7,028
120,132
Amounts owed to group undertakings
120,945
Corporation tax payable
66,082
13,916
64,201
Other taxation and social security
242,198
272,149
-
-
Other creditors
98
8,213
60
168
Accruals and deferred income
5,255,392
4,581,528
115,892
105,720
6,964,400
5,830,543
1,108,144
792,773
16
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
$
$
$
$
Bank loans and overdrafts
17
633,229
1,433,247
633,229
1,433,247
17
Loans and overdrafts
Group
Company
2023
2022
2023
2022
$
$
$
$
Bank loans
1,433,247
2,000,000
1,433,247
2,000,000
Bank overdrafts
214
1,433,461
2,000,000
1,433,247
2,000,000
Payable within one year
800,232
566,753
800,018
566,753
Payable after one year
633,229
1,433,247
633,229
1,433,247
The bank loans are secured by fixed and floating charge over all property and undertakings of the company.
18
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary shares of 0.0001p each
4,775,657
4,748,930
624
621
Seed shares of 0.0001p each
2,786,960
2,786,960
364
364
Series A shares of 0.0001p each
2,827,530
2,827,530
369
369
Series B shares of 0.0001p each
2,368,051
2,368,051
268
268
12,758,198
12,731,471
1,625
1,622
SHAPR3D LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
18
Share capital
(Continued)
- 26 -
19
Cash generated from/(absorbed by) group operations
2023
2022
$
$
Loss for the year after tax
(713,661)
(4,790,918)
Adjustments for:
Taxation charged
66,081
19,583
Finance costs
193,962
183,995
Investment income
(896,411)
(9,487)
Amortisation and impairment of intangible assets
3,007,722
1,745,213
Depreciation and impairment of tangible fixed assets
303,131
300,263
Equity settled share based payment expense
343,529
115,201
Movements in working capital:
Decrease in stocks
-
112,761
Increase in debtors
(1,082,184)
(615,214)
Increase in creditors
848,212
1,112,506
Cash generated from/(absorbed by) operations
2,070,381
(1,826,097)
20
Cash generated from/(absorbed by) operations - company
2023
2022
$
$
Profit/(loss) for the year after tax
97,872
(507,279)
Adjustments for:
Taxation charged
64,201
Finance costs
193,960
183,995
Investment income
(679,288)
(140,659)
Equity settled share based payment expense
343,529
115,201
Movements in working capital:
Decrease/(increase) in debtors
7,163,323
(4,719,237)
Increase in creditors
17,905
201,151
Cash generated from/(absorbed by) operations
7,201,502
(4,866,828)
SHAPR3D LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
21
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
$
$
$
Cash at bank and in hand
10,418,812
(2,447,394)
7,971,418
Bank overdrafts
(214)
(214)
10,418,812
(2,447,608)
7,971,204
Borrowings excluding overdrafts
(2,000,000)
566,753
(1,433,247)
8,418,812
(1,880,855)
6,537,957
22
Analysis of changes in net funds - company
1 January 2023
Cash flows
31 December 2023
$
$
$
Cash at bank and in hand
7,998,947
(5,161,994)
2,836,953
Borrowings excluding overdrafts
(2,000,000)
566,753
(1,433,247)
5,998,947
(4,595,241)
1,403,706
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.200Mr I CsanadyMr C JanzMr G W O’Keeffefalsefalse10988545bus:Consolidated2023-01-012023-12-31109885452023-01-012023-12-3110988545bus:Director12023-01-012023-12-3110988545bus:Director22023-01-012023-12-3110988545bus:Director32023-01-012023-12-3110988545bus:RegisteredOffice2023-01-012023-12-31109885452023-12-3110988545bus:Consolidated2023-12-3110988545bus:Consolidated2022-01-012022-12-31109885452022-01-012022-12-3110988545core:ForeignCurrencyTranslationReservebus:Consolidated2023-01-012023-12-3110988545core:ForeignCurrencyTranslationReservebus:Consolidated2022-01-012022-12-3110988545core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-01-012022-12-3110988545core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-01-012023-12-3110988545core:OtherResidualIntangibleAssetsbus:Consolidated2023-12-3110988545core:OtherResidualIntangibleAssetsbus:Consolidated2022-12-3110988545core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-12-3110988545core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2022-12-3110988545bus:Consolidated2022-12-3110988545core:LeaseholdImprovementsbus:Consolidated2023-12-3110988545core:FurnitureFittingsbus:Consolidated2023-12-3110988545core:LeaseholdImprovementsbus:Consolidated2022-12-3110988545core:FurnitureFittingsbus:Consolidated2022-12-3110988545core:ShareCapitalbus:Consolidated2023-12-3110988545core:ShareCapitalbus:Consolidated2022-12-3110988545core:SharePremiumbus:Consolidated2023-12-3110988545core:SharePremiumbus:Consolidated2022-12-3110988545core:OtherMiscellaneousReservebus:Consolidated2023-12-3110988545core:OtherMiscellaneousReservebus:Consolidated2022-12-3110988545core:ShareCapital2023-12-3110988545core:ShareCapital2022-12-3110988545core:SharePremium2023-12-3110988545core:SharePremium2022-12-3110988545core:OtherMiscellaneousReserve2023-12-3110988545core:OtherMiscellaneousReserve2022-12-3110988545core:RetainedEarningsAccumulatedLosses2023-12-3110988545core:ShareCapitalbus:Consolidated2021-12-3110988545core:SharePremiumbus:Consolidated2021-12-3110988545core:ForeignCurrencyTranslationReservebus:Consolidated2021-12-31109885452021-12-3110988545core:ForeignCurrencyTranslationReservebus:Consolidated2022-12-3110988545core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-12-3110988545core:ForeignCurrencyTranslationReservebus:Consolidated2023-12-3110988545core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-3110988545core:ShareCapital2021-12-3110988545core:SharePremium2021-12-3110988545core:RetainedEarningsAccumulatedLosses2021-12-3110988545core:RetainedEarningsAccumulatedLosses2022-12-31109885452022-12-3110988545core:ShareCapitalbus:Consolidated2022-01-012022-12-3110988545core:SharePremiumbus:Consolidated2022-01-012022-12-3110988545core:ShareCapitalbus:Consolidated2023-01-012023-12-3110988545core:SharePremiumbus:Consolidated2023-01-012023-12-3110988545core:ShareCapital2022-01-012022-12-3110988545core:SharePremium2022-01-012022-12-3110988545core:ShareCapital2023-01-012023-12-3110988545core:SharePremium2023-01-012023-12-3110988545bus:Consolidated2021-12-3110988545core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3110988545core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-012023-12-3110988545core:LeaseholdImprovements2023-01-012023-12-3110988545core:FurnitureFittings2023-01-012023-12-3110988545core:ComputerEquipment2023-01-012023-12-3110988545core:UKTaxbus:Consolidated2023-01-012023-12-3110988545core:UKTaxbus:Consolidated2022-01-012022-12-3110988545bus:Consolidated12023-01-012023-12-3110988545bus:Consolidated12022-01-012022-12-3110988545bus:Consolidated22023-01-012023-12-3110988545bus:Consolidated22022-01-012022-12-3110988545core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2022-12-3110988545core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillcore:InternallyGeneratedIntangibleAssetsbus:Consolidated2023-01-012023-12-3110988545core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-01-012023-12-3110988545core:LeaseholdImprovementsbus:Consolidated2022-12-3110988545core:FurnitureFittingsbus:Consolidated2022-12-3110988545bus:Consolidated2022-12-3110988545core:LeaseholdImprovementsbus:Consolidated2023-01-012023-12-3110988545core:FurnitureFittingsbus:Consolidated2023-01-012023-12-3110988545core:CurrentFinancialInstruments2023-12-3110988545core:CurrentFinancialInstruments2022-12-3110988545core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3110988545core:CurrentFinancialInstrumentsbus:Consolidated2022-12-3110988545core:WithinOneYearbus:Consolidated2023-12-3110988545core:WithinOneYearbus:Consolidated2022-12-3110988545core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3110988545core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3110988545core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-12-3110988545core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2022-12-3110988545core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3110988545core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3110988545core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3110988545core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-12-3110988545bus:PrivateLimitedCompanyLtd2023-01-012023-12-3110988545bus:FRS1022023-01-012023-12-3110988545bus:Audited2023-01-012023-12-3110988545bus:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3110988545bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP