Company registration number 05952651 (England and Wales)
OXFORD LASERS GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
OXFORD LASERS GROUP LIMITED
COMPANY INFORMATION
Directors
Professor C Webb
Dr A Kearsley
Surtek Limited
Dr M Knowles
Secretary
R Morton
Company number
05952651
Registered office
Unit 8
Moorbrook Park
Didcot
Oxfordshire
OX11 7HP
Auditor
Critchleys Audit LLP
Beaver House
23-38 Hythe Bridge Street
Oxford
OX1 2EP
OXFORD LASERS GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 31
OXFORD LASERS GROUP 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

The company's principal activity during the year continued to be the design, build and use of laser-integrated tools for micromachining and imaging applications, along with offering contract services for high-precision laser cutting, drilling, milling, scribing and patterning.

During FY23 Oxford Lasers recorded strong growth on the previous year, in both laser system and service sales.

We continued to face supply chain pressures during 2023, such as increases in component prices, the availability of components, disrupted supplies and long lead times. A number of actions have been taken by the company to mitigate supply.

The company continued to invest in R&D and in our state-of-the-art micromachining systems to ensure Oxford Lasers are at the leading edge of technology, addressing challenging applications.

With a good forward orderbook, and after reviewing the company’s plans and financing arrangements, the Directors consider that the company has adequate resources and is well placed to achieve sustained growth and profitability for the foreseeable future.

Principal risks and uncertainties

The company uses various financial instruments including cash, equity, and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company’s operations.

The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below.

Currency Risk

The company is exposed to foreign exchange risk on amounts due from customers, amounts due to suppliers and amounts held in foreign currency bank accounts. The company monitors exposures to foreign exchange risks and hold foreign balances to hedge against this risk.

 

Liquidity Risk

The management's objectives are to retain sufficient liquid funds to enable it to meet its day-to-day trading requirements, to minimise the company's exposure to fluctuation customer cash flow and manage future cash flows expected to arise from the company's trading activities.

 

Interest Rate Risk

The company has exposure to interest rate risk in terms of interest received and payable.

 

Credit Risk

The principal credit risk arises from its trade debtors. In order to manage the credit risk, the company has appropriate policies concerning the credit offered to customers, requirements for advance payments and the regular monitoring of amounts outstanding. The amounts presented in the balance sheet are net of allowances for doubtful debts.

OXFORD LASERS GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Key performance indicators

We consider the key financial performance indications are those that communicate the financial performance and strength of the company, these being revenue, operating profit and profit before tax. The KPI's for the year ended 31 December 2023 with comparatives for 2022 are summarised as follows:

 

 

 

2023

£

2022

£

Revenue

8,202,022

7,267,647

Operating profit

431,306

504,079

Profit before tax

445,268

504,079

On behalf of the board

.............................................
Dr M Knowles
Director
16 September 2024
OXFORD LASERS GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their 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 the design and manufacture of lasers and associated equipment.

Results and dividends

The results for the year are set out on page 8.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Professor Colin Webb
Dr Andrew Kearsley
Surtek Limited
Dr Martyn Knowles
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.

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
..............................................
Dr M Knowles
Director
16 September 2024
OXFORD LASERS GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

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:

 

 

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.

OXFORD LASERS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OXFORD LASERS GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of Oxford Lasers Group 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:

Basis for opinion

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.

Other information

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:

OXFORD LASERS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OXFORD LASERS GROUP LIMITED
- 6 -
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:

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 assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

OXFORD LASERS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OXFORD LASERS GROUP LIMITED
- 7 -

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Use of our 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.

Katherine Wilkes FCA (Senior Statutory Auditor)
For and on behalf of Critchleys Audit LLP
19 September 2024
Chartered Accountants
Statutory Auditor
Beaver House
23-38 Hythe Bridge Street
Oxford
OX1 2EP
OXFORD LASERS GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
8,202,022
7,267,647
Cost of sales
(3,881,435)
(3,678,940)
Gross profit
4,320,587
3,588,707
Administrative expenses
(4,128,356)
(3,228,894)
Other operating income
239,075
144,266
Operating profit
4
431,306
504,079
Interest receivable and similar income
6
13,962
-
0
Profit before taxation
445,268
504,079
Tax on profit
7
(27,632)
29,880
Profit for the financial year
417,636
533,959
Profit for the financial year is all attributable to the owners of the parent company.
OXFORD LASERS GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
£
£
Profit for the year
417,636
533,959
Other comprehensive income
Currency translation (loss)/gain reclassified to profit or loss
(7,020)
7,116
Total comprehensive income for the year
410,616
541,075
Total comprehensive income for the year is all attributable to the owners of the parent company.
OXFORD LASERS GROUP LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
9
1,646,215
1,530,183
Current assets
Stocks
12
1,620,202
814,244
Debtors
13
2,676,517
1,765,504
Cash at bank and in hand
1,855,829
2,733,607
6,152,548
5,313,355
Creditors: amounts falling due within one year
14
(2,398,849)
(1,774,390)
Net current assets
3,753,699
3,538,965
Total assets less current liabilities
5,399,914
5,069,148
Provisions for liabilities
Provisions
15
244,752
289,491
Deferred tax liability
16
45,470
80,581
(290,222)
(370,072)
Net assets
5,109,692
4,699,076
Capital and reserves
Called up share capital
19
85,000
85,000
Share premium account
63,747
63,747
Other reserves
15,060
22,080
Profit and loss reserves
4,945,885
4,528,249
Total equity
5,109,692
4,699,076
The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
16 September 2024
..............................................
Dr M Knowles
Director
Company registration number 05952651 (England and Wales)
OXFORD LASERS GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
10
133,745
133,745
Current assets
Debtors
13
15,002
15,002
Net current assets
15,002
15,002
Net assets
148,747
148,747
Capital and reserves
Called up share capital
19
85,000
85,000
Share premium account
63,747
63,747
Total equity
148,747
148,747

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 £0 (2022 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
16 September 2024
..............................................
Dr M Knowles
Director
Company registration number 05952651 (England and Wales)
OXFORD LASERS GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Share premium account
Currency translation reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2022
85,000
63,747
14,964
3,994,290
4,158,001
Year ended 31 December 2022:
Profit for the year
-
-
-
533,959
533,959
Other comprehensive income:
Gains reclassified to profit or loss
-
-
7,116
-
7,116
Total comprehensive income
-
-
7,116
533,959
541,075
Balance at 31 December 2022
85,000
63,747
22,080
4,528,249
4,699,076
Year ended 31 December 2023:
Profit for the year
-
-
-
417,636
417,636
Other comprehensive income:
Gains reclassified to profit or loss
-
-
(7,020)
-
(7,020)
Total comprehensive income
-
-
(7,020)
417,636
410,616
Balance at 31 December 2023
85,000
63,747
15,060
4,945,885
5,109,692
OXFORD LASERS GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Share premium account
Total
£
£
£
Balance at 1 January 2022
85,000
63,747
148,747
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
0
Balance at 31 December 2022
85,000
63,747
148,747
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
0
Balance at 31 December 2023
85,000
63,747
148,747
OXFORD LASERS GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
21
(188,724)
1,170,661
Income taxes (paid)/refunded
(62,743)
23,273
Net cash (outflow)/inflow from operating activities
(251,467)
1,193,934
Investing activities
Purchase of tangible fixed assets
(640,273)
(240,207)
Interest received
13,962
-
0
Net cash used in investing activities
(626,311)
(240,207)
Net (decrease)/increase in cash and cash equivalents
(877,778)
953,727
Cash and cash equivalents at beginning of year
2,733,607
1,779,880
Cash and cash equivalents at end of year
1,855,829
2,733,607
OXFORD LASERS GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
OXFORD LASERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
1
Accounting policies
Company information

Oxford Lasers Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 8, Moorbrook Park, Didcot, Oxfordshire, OX11 7HP.

 

The group consists of Oxford Lasers Group 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 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
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Oxford Lasers Group 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.

1.3
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.

1.4
Turnover

Turnover consists the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

 

The company recognises revenue when:

The amount of revenue can be reliably measured;

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

 

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.

OXFORD LASERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -

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
Plant and equipment
20% and 33% straight line
Fixtures and fittings
20% and 33% straight line
Computers
20% and 33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Fixed asset investments

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.

1.7
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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

OXFORD LASERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

 

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Profit on long term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs (as defined in Stocks above) as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

1.9
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.

1.10
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.

OXFORD LASERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the 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.

OXFORD LASERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
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.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The 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.

1.13
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

OXFORD LASERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
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
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
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 leased asset are consumed.

1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

OXFORD LASERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
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.

 

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

 

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary

depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values.

 

Stock provisions

Stock is recognised at the lower of cost and net realisable value. The provision for slow moving stock are based on an analysis of stock items which have had slow or minimal turnover during the prior 24 months and an estimate of their likelihood of being used in the future. In reference to this, a slow moving provision is calculated based upon 50% for those items not sold in the last 12-24 months and 100% for those not sold in over 24 months.

 

Warranty provision

The company makes provision for potential future warranty claims on system sales. Management estimates this initially based on an analysis of expenditure from the previous 12 month period. Management will then exercise judgement from historical claims to estimate whether to increase or release the provision depending on expectations of the coming 12 month period.

 

Provision for future costs

As the company invoices its customers at specified stages of project implementation, this may not align to the extent of project implementation at the time of invoicing. Management therefore calculate a provision for future costs based upon typical and expected margins in order to reflect future costs that have not been incurred but are anticipated to be realised as the project advances.

 

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Design, manufacture and servicing of lasers
8,202,022
7,267,647
OXFORD LASERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 23 -
2023
2022
£
£
Turnover analysed by geographical market
UK
912,735
571,507
US
4,134,184
4,707,244
Rest of world
3,155,103
1,988,896
8,202,022
7,267,647
2023
2022
£
£
Other revenue
Interest income
13,962
-
Grants received
239,168
144,875
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
96,947
(168,522)
Government grants
(239,168)
(144,875)
Fees payable to the group's auditor for the audit of the group's financial statements
11,900
11,000
Depreciation of owned tangible fixed assets
524,241
624,897
Operating lease charges
188,581
173,239
5
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
64
64
-
0
-
0
OXFORD LASERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Employees
(Continued)
- 24 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
4,119,094
3,455,066
-
0
-
0
Social security costs
360,838
334,871
-
-
Pension costs
201,920
185,612
-
0
-
0
4,681,852
3,975,549
-
0
-
0
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
13,962
-
0
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
13,962
-
7
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
(18,409)
(50,951)
Foreign current tax on profits for the current period
81,152
27,678
Total current tax
62,743
(23,273)
Deferred tax
Origination and reversal of timing differences
(35,111)
(6,607)
Total tax charge/(credit)
27,632
(29,880)
OXFORD LASERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Taxation
(Continued)
- 25 -

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
445,268
504,079
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
111,317
95,775
Tax effect of expenses that are not deductible in determining taxable profit
2,463
325
Research and development tax credit
-
0
(62,902)
Other non-reversing timing differences
-
0
(3,205)
Effect of overseas tax rates
56,487
(8,922)
Under/(over) provided in prior years
(18,409)
(50,951)
Changes in tax rate
24,661
-
0
Adjustment in respect of prior year losses
(148,887)
-
0
Taxation charge/(credit)
27,632
(29,880)
8
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
353,769
Amortisation and impairment
At 1 January 2023 and 31 December 2023
353,769
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
OXFORD LASERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
9
Tangible fixed assets
Group
Leasehold improvements
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
£
Cost
At 1 January 2023
116,114
306,981
3,932,220
26,547
44,855
4,426,717
Additions
-
0
172,416
462,274
581
5,002
640,273
Transfers
-
0
(129,817)
129,817
-
0
-
0
-
0
At 31 December 2023
116,114
349,580
4,524,311
27,128
49,857
5,066,990
Depreciation and impairment
At 1 January 2023
109,181
-
0
2,716,553
26,547
44,253
2,896,534
Depreciation charged in the year
1,486
-
0
521,215
-
0
1,540
524,241
At 31 December 2023
110,667
-
0
3,237,768
26,547
45,793
3,420,775
Carrying amount
At 31 December 2023
5,447
349,580
1,286,543
581
4,064
1,646,215
At 31 December 2022
6,933
306,981
1,215,667
-
0
602
1,530,183
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
10
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
11
-
0
-
0
133,745
133,745
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
133,745
Carrying amount
At 31 December 2023
133,745
At 31 December 2022
133,745
OXFORD LASERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
11
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
Oxford Lasers Limited
Unit 8  
Moorbrook Park  
Didcot  
Oxfordshire  
OX11 7HP
Ordinary Shares
100.00
Oxford Lasers Incorporated
2 Shaker Road Unit A101  
Shirley, MA 01464  
USA.
Ordinary Shares
100.00
Oxford Lasers Micromachining Limited
Unit 8  
Moorbrook Park  
Didcot  
Oxfordshire  
OX11 7HP
Ordinary Shares
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Oxford Lasers Limited
4,907,496
400,126
Oxford Lasers Incorporated
192,610
17,510
Oxford Lasers Micromachining Limited
131,245
-
0
12
Stocks
Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
1,595,440
788,810
-
-
Finished goods and goods for resale
24,762
25,434
-
0
-
0
1,620,202
814,244
-
-
13
Debtors
Group
Group
Company
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,381,651
1,441,845
-
0
-
0
Amounts owed by group undertakings
-
-
15,002
15,002
Other debtors
118,969
102,431
-
0
-
0
Prepayments and accrued income
175,897
221,228
-
0
-
0
2,676,517
1,765,504
15,002
15,002
OXFORD LASERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
14
Creditors: amounts falling due within one year
Group
Group
Company
Company
2023
2022
2023
2022
Notes
£
£
£
£
Trade creditors
796,632
822,701
-
0
-
0
Other taxation and social security
82,183
94,528
-
-
Deferred income
17
21,127
81,431
-
0
-
0
Other creditors
767,439
461,572
-
0
-
0
Accruals and deferred income
731,468
314,158
-
0
-
0
2,398,849
1,774,390
-
0
-
0
15
Provisions for liabilities
Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£
244,752
289,491
-
-
Movements on provisions:
Group
£
At 1 January 2023
269,299
Utilisation of provision
(24,547)
At 31 December 2023
244,752
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
352,817
231,966
Tax losses
(299,422)
(151,385)
Other Adjustments
(7,925)
-
45,470
80,581
The company has no deferred tax assets or liabilities.
OXFORD LASERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
16
Deferred taxation
(Continued)
- 29 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
80,581
-
Credit to profit or loss
(35,111)
-
Liability at 31 December 2023
45,470
-

The amount of the overall deferred tax liability set out above expected to increase within 12 months is £71,711.

17
Deferred income
Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£
Other deferred income
21,127
81,431
-
-
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
201,920
185,612

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

19
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 20p each
112,500
112,500
22,500
22,500
"A" Ordinary shares of 20p each
312,500
312,500
62,500
62,500
425,000
425,000
85,000
85,000
OXFORD LASERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
20
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£
Within one year
222,065
225,567
-
-
Between two and five years
329,327
554,232
-
-
In over five years
-
3,372
-
-
551,392
783,171
-
-
21
Cash (absorbed by)/generated from group operations
2023
2022
£
£
Profit for the year after tax
410,616
541,075
Adjustments for:
Taxation charged/(credited)
27,632
(29,880)
Investment income
(13,962)
-
0
Depreciation and impairment of tangible fixed assets
524,241
624,897
(Decrease)/increase in provisions
(44,739)
63,598
Movements in working capital:
(Increase)/decrease in stocks
(805,958)
15,048
(Increase)/decrease in debtors
(911,013)
4,333
Increase/(decrease) in creditors
684,763
(38,521)
Decrease in deferred income
(60,304)
(9,889)
Cash (absorbed by)/generated from operations
(188,724)
1,170,661
22
Cash absorbed by operations - company
2023
2022
£
£
Profit for the year after tax
-
-
Cash absorbed by operations
-
-
OXFORD LASERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
23
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
2,733,607
(877,778)
1,855,829
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