Company registration number 13382158 (England and Wales)
INVESTMENT ONE GLOBAL ADVISORS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
INVESTMENT ONE GLOBAL ADVISORS LIMITED
CONTENTS
Page
Director's report
1 - 2
Independent auditor's report
3 - 5
Profit and loss account
6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 17
INVESTMENT ONE GLOBAL ADVISORS LIMITED
COMPANY INFORMATION
Director
Mr N Nyamali
Company number
13382158
Registered office
6 Arlington Street
London
United Kingdom
SW1A 1RE
Auditor
Elliotts Shah
4th Floor
167 Fleet Street
London
EC4A 2EA
INVESTMENT ONE GLOBAL ADVISORS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The director presents his annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of financial advisory services.
Results and dividends
The results for the year are set out on page 6.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr N Nyamali
Auditor
In accordance with the company's articles, a resolution proposing that Elliotts Shah be reappointed as auditor of the company will be put at a General Meeting.
Statement of director's responsibilities
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is 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. He is 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.
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 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.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
INVESTMENT ONE GLOBAL ADVISORS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
On behalf of the board
Mr N Nyamali
Director
30 August 2024
INVESTMENT ONE GLOBAL ADVISORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INVESTMENT ONE GLOBAL ADVISORS LIMITED
- 3 -
Opinion
We have audited the financial statements of Investment One Global Advisors Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 company's affairs as at 31 December 2023 and of its 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 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 director's 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 a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director 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 director is 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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the director's report has been prepared in accordance with applicable legal requirements.
INVESTMENT ONE GLOBAL ADVISORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INVESTMENT ONE GLOBAL ADVISORS LIMITED (CONTINUED)
- 4 -
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 director's 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 remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the director's report and from the requirement to prepare a strategic report.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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 considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. These laws and regulations included but were not limited to compliance with the Companies Act 2006, those resulting from being authorised by the Financial Conduct Authority to undertake regulated activities and UK accounting standards.
We considered compliance with laws and regulations that could give rise to a material misstatement in the Company's financial statements. Our tests included, but were not limited to:
- agreement of the financial statement disclosures to underlying supporting documentation;
- enquiries of management; and
- testing of journal postings made during the year to identify potential management override of controls.
We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and discussed how and where these might occur and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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.
INVESTMENT ONE GLOBAL ADVISORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INVESTMENT ONE GLOBAL ADVISORS LIMITED (CONTINUED)
- 5 -
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.
Arvind Shah
Senior Statutory Auditor
For and on behalf of Elliotts Shah
30 August 2024
Chartered Accountants
Statutory Auditor
4th Floor
167 Fleet Street
London
EC4A 2EA
INVESTMENT ONE GLOBAL ADVISORS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2023
2022
Notes
£
£
Turnover
2
145,000
120,000
Administrative expenses
(311,569)
(442,114)
Loss before taxation
(166,569)
(322,114)
Tax on loss
5
Loss for the financial year
(166,569)
(322,114)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
INVESTMENT ONE GLOBAL ADVISORS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
£
£
Loss for the year
(166,569)
(322,114)
Other comprehensive income
-
-
Total comprehensive income for the year
(166,569)
(322,114)
INVESTMENT ONE GLOBAL ADVISORS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
6
4,259
6,265
Current assets
Debtors
7
39,136
32,433
Cash at bank and in hand
205,682
62,431
244,818
94,864
Creditors: amounts falling due within one year
8
(31,700)
(61,660)
Net current assets
213,118
33,204
Total assets less current liabilities
217,377
39,469
Creditors: amounts falling due after more than one year
9
(809,377)
(464,900)
Net liabilities
(592,000)
(425,431)
Capital and reserves
Called up share capital
12
100
100
Profit and loss reserves
13
(592,100)
(425,531)
Total equity
(592,000)
(425,431)
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 30 August 2024
Mr N Nyamali
Director
Company registration number 13382158 (England and Wales)
INVESTMENT ONE GLOBAL ADVISORS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
100
(103,417)
(103,317)
Year ended 31 December 2022:
Loss and total comprehensive income
-
(322,114)
(322,114)
Balance at 31 December 2022
100
(425,531)
(425,431)
Year ended 31 December 2023:
Loss and total comprehensive income
-
(166,569)
(166,569)
Balance at 31 December 2023
100
(592,100)
(592,000)
INVESTMENT ONE GLOBAL ADVISORS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
17
(200,745)
(333,585)
Investing activities
Purchase of tangible fixed assets
(481)
(7,334)
Net cash used in investing activities
(481)
(7,334)
Financing activities
Repayment of borrowings
344,477
205,000
Net cash generated from financing activities
344,477
205,000
Net increase/(decrease) in cash and cash equivalents
143,251
(135,919)
Cash and cash equivalents at beginning of year
62,431
198,350
Cash and cash equivalents at end of year
205,682
62,431
INVESTMENT ONE GLOBAL ADVISORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information
Investment One Global Advisors Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Arlington Street, London, United Kingdom, SW1A 1RE.
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 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
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues 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.
Turnover comprises financial services and investment advisory income excluding value added tax. Turnover is recognised in the period in which it is earned.
1.4
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:
Fixtures and fittings
25% on cost
Computers
Straight line over 3 years
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.
1.5
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.
INVESTMENT ONE GLOBAL ADVISORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.6
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.
1.7
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.
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
INVESTMENT ONE GLOBAL ADVISORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.10
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.
2
Turnover
Turnover in the year relates to amounts recognised as income from customers in the United Kingdom.
3
Operating loss
2023
2022
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(15,595)
444
Depreciation of owned tangible fixed assets
2,487
2,065
Operating lease charges
42,363
28,926
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Administrative
3
3
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
160,103
264,779
Social security costs
12,970
24,274
Pension costs
3,286
3,295
176,359
292,348
INVESTMENT ONE GLOBAL ADVISORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
5
Taxation
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
(166,569)
(322,114)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(31,648)
(61,202)
Tax effect of expenses that are not deductible in determining taxable profit
504
Unutilised tax losses carried forward
31,274
62,117
Capital allowances in excess of depreciation
(1,419)
Depreciation in excess of capital allowances
374
Taxation charge for the year
-
-
No liability to UK Corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022.
6
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2023
2,338
6,232
8,570
Additions
481
481
At 31 December 2023
2,819
6,232
9,051
Depreciation and impairment
At 1 January 2023
501
1,804
2,305
Depreciation charged in the year
687
1,800
2,487
At 31 December 2023
1,188
3,604
4,792
Carrying amount
At 31 December 2023
1,631
2,628
4,259
At 31 December 2022
1,837
4,428
6,265
INVESTMENT ONE GLOBAL ADVISORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,000
Other debtors
17,824
17,824
Prepayments and accrued income
16,312
14,609
39,136
32,433
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
19,153
30,163
Other creditors
639
Accruals and deferred income
12,547
30,858
31,700
61,660
9
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
10
809,377
464,900
10
Loans and overdrafts
2023
2022
£
£
Loans from group undertakings
809,377
464,900
Payable after one year
809,377
464,900
11
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
3,286
3,295
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.
INVESTMENT ONE GLOBAL ADVISORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
12
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
13
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
(425,531)
(103,417)
Loss for the year
(166,569)
(322,114)
At the end of the year
(592,100)
(425,531)
14
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
35,609
4,654
Between two and five years
5,935
156,302
41,544
160,956
15
Related party transactions
At the balance sheet date, amounts payable of £809,377 (2022:£464,900) and £14,568 (2022: £30,163) were due to the immediate parent company, Investment One Financial Services Limited, a company incorporated in Nigeria.
In the year, the Company incurred costs of £nil (2022: £9,558) for professional services from Investment One Financial Services Limited.
16
Ultimate controlling party
Daigidx Limited (incorporated in Nigeria) is regarded by the director as being the company's ultimate parent company.
The ultimate controlling party is consider to be the Director the Company, Nicholas Nyamali by virtue of his beneficial ownership of the issued share capital in the ultimate parent company, Daigidx Limited, a company registered in Nigeria.
INVESTMENT ONE GLOBAL ADVISORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
17
Cash absorbed by operations
2023
2022
£
£
Loss for the year after tax
(166,569)
(322,114)
Adjustments for:
Depreciation and impairment of tangible fixed assets
2,487
2,065
Movements in working capital:
Increase in debtors
(6,703)
(14,609)
(Decrease)/increase in creditors
(29,960)
1,073
Cash absorbed by operations
(200,745)
(333,585)
18
Analysis of changes in net debt
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
62,431
143,251
205,682
Borrowings excluding overdrafts
(464,900)
(344,477)
(809,377)
(402,469)
(201,226)
(603,695)
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