Company registration number 01112808 (England and Wales)
ITAB INTERIORS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ITAB INTERIORS LTD
COMPANY INFORMATION
Directors
R T French
U E Bergmo Sköld
U A Elgaard
N Hughes
Secretary
A J Tweddle
Company number
01112808
Registered office
Itab House Swallowdale Lane
Hemel Hempstead Industrial Estate
Hemel Hempstead
Hertfordshire
HP2 7EA
Auditor
Grant Thornton UK LLP
Victoria House
199 Avebury Boulevard
Milton Keynes
MK9 1AU
Bankers
Nordea Bank AB
6th Floor
5 Aldermanbury Square
London
EC2V 7AZ
ITAB INTERIORS LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 17
ITAB INTERIORS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their strategic report for the year ended 31 December 2023.

 

The company ceased trading in 2019 and is in the process of realising its assets and settling its liabilities in full. The principal activity of the wider group during the year was the design, manufacture and installation of specialist equipment for use in retail stores, such as digital displays, checkouts, related products, and entrance/exit control solutions, combined with project management, aftercare service and maintenance.

 

Review of business

Given that the wider group continues to support the company it is considered that the net book value of debtors in the company's balance sheet at 31st December 2023 will be realised in full.

 

The profit for the year after taxation was £19,280 (2022: £1,089). No dividend was paid during the year (2022: £Nil).

 

No key performance indicators are reported as the company has ceased to take on new contracts.

Principal risks and uncertainties

The company's principal risks and uncertainties arise around its ability to realise the book value of assets in its balance sheet. However, with the support of sister companies who will manage any issues arising in 2024 it appears to the directors that these assets are recoverable as stated.

 

Company policies on credit risk noted below are such that it is unlikely that any debtor will be unable to discharge its obligation.

 

Credit risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. Company policies are aimed at minimising such losses, and require that deferred terms are only granted to customers who have reliable payment history and satisfy credit checks. The company supplies mainly blue chip retailers and accordingly this risk is minimised as much as possible.

 

Liquidity risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations as they fall due. The company has considerable financial resources available through its larger group.

 

Price risk

Price risk arises on material and labour prices which is managed by close price monitoring and contractual terms.

 

Currency risk

The company has no exposure to currency risk at the end of 2023.

 

On behalf of the board

R T French
Director
14 May 2024
ITAB INTERIORS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present their annual report and financial statements of the company for the year ended 31 December 2023.

Principal activities

The principal activity of the company was the provision of shop and office fit-out services and the manufacture and supply of associated specialist joinery. The company ceased trading in 2019 and is in the process of realising its assets and settling its liabilities in full.

Results and dividends

No dividends will be distributed for the year ended 31 December 2023 (2022: £nil).

Directors

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

R T French
U E Bergmo Sköld
U A Elgaard
N Hughes
Financial instruments

The company finances its activities with a combination of cash, bank loans, intercompany loans and operating leases. Overdrafts are used to satisfy short term cash flow requirements. Other financial assets and liabilities, such as trade debtors and trade creditors, arise directly from the company's operating activities.

 

Financial instruments give rise to foreign currency, credit price and liquidity risk. In accordance with S414C (11) of the Companies Act 2006, the directors have presented information of financial risk management objectives and policies in the strategic report.

Future developments

The company ceased trading and is in the process of reducing its assets and settling its liabilities in full.

Qualifying indemnity provision for directors

The group to which the company belongs has provided qualifying indemnity provisions in respect of the directors which were in force during the year.

Statement of disclosure to auditor

The directors confirm that:

 

 

Auditors

The auditors, Grant Thornton UK LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ITAB INTERIORS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
On behalf of the board
R T French
Director
14 May 2024
ITAB INTERIORS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors are responsible for preparing the Strategic Report, Directors' 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, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and profit or loss of the company and 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 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. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ITAB INTERIORS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ITAB INTERIORS LTD
- 5 -
Opinion

We have audited the financial statements of ITAB Interiors Ltd (the 'company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including a summary of 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:

 

 

 

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 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.

Emphasis of matter - basis of preparation of the financial statements

We draw attention to Note 1.1 to the financial statements, which describes the basis of preparation of the financial statements. As described in that note, the company ceased trading in 2019 and accordingly the directors have prepared the financial statements on a break-up basis. Our opinion is not modified in this respect of this matter.

Other information

The other information comprises the information included in the strategic report, directors’ report and financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is 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 the audit:

 

 

ITAB INTERIORS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ITAB INTERIORS LTD
- 6 -

Matters on which we are required to report under the Companies Act 2006

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.

Matters on which we are required to report by exception

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 set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

 

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

 

 

 

 

 

ITAB INTERIORS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ITAB INTERIORS LTD
- 7 -

 

 

 

 

 

 

 

 

 

 

 

 

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

 

 

 

ITAB INTERIORS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ITAB INTERIORS LTD
- 8 -

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.

Hannah Cox
Senior Statutory Auditor
For and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
Milton Keynes
14 May 2024
ITAB INTERIORS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
-
14,498
Cost of sales
28,100
-
0
Gross profit
28,100
14,498
Administrative expenses
(11,246)
(13,659)
Operating profit
4
16,854
839
Interest receivable and similar income
6
8,349
1,903
Profit before taxation
25,203
2,742
Tax on profit
7
(5,923)
(1,653)
Profit for the financial year
19,280
1,089
Other comprehensive income
-
-
Total comprehensive income for the year
19,280
1,089

All activities derive from discontinued operations.

ITAB INTERIORS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
Current assets
Debtors
8
196,827
204,924
Cash at bank
192,798
208,645
389,625
413,569
Creditors: amounts falling due within
one year
9
(61,776)
(105,000)
Net current assets
327,849
308,569
Net assets
327,849
308,569
Capital and reserves
Called up share capital
10
550
550
Capital redemption reserve
450
450
Retained earnings
326,849
307,569
Total equity
327,849
308,569
The financial statements were approved by the Board of Directors and authorised for issue on 14 May 2024 and are signed on its behalf by:
R T French
Director
Company registration number 01112808 (England and Wales)
ITAB INTERIORS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Capital redemption reserve
Retained earnings
Total
£
£
£
£
Balance at 1 January 2022
550
450
306,480
307,480
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
1,089
1,089
Balance at 31 December 2022
550
450
307,569
308,569
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
19,280
19,280
Balance at 31 December 2023
550
450
326,849
327,849
ITAB INTERIORS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information

The financial statements of ITAB Interiors Ltd (the "company") for the year ended 31 December 2023 were authorised for issue by the board of directors on 14 May 2024, and the balance sheet was signed on the board's behalf by R T French. ITAB Interiors Ltd is registered and domiciled in England and Wales.

 

The principal accounting policies adopted by the Company are specified below.

1.1
Accounting convention

The company ceased trading in 2019 and as a result, the financial statements are prepared on a break-up basis. The financial statements are prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and 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 company has taken advantage of the following disclosure exemptions in preparing these financial statements as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

 

 

This information is included in the consolidated financial statements of ITAB Shop Concept AB as at 31 December 2023.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied, net of discounts and value added taxes.

 

The company recognises turnover when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of turnover can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to each of the company's sales channels have been met, which is performance of the management services to the customer.

 

ITAB INTERIORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.3
Impairment of non-financial assets

At each balance sheet date non-financial assets not carried at fair value are assessed to determine whether there is an indication that the asset may be impaired. If there is such an indication the recoverable amount of the asset is compared to the carrying amount of the asset.

 

The recoverable amount of the asset is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the assets continued use. These cash flows are discounted using a pre-tax discount rate that represents the current market risk free rate and the risks inherent in the asset.

 

If the recoverable amount of the asset is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the statement of comprehensive income, unless the asset has been revalued then the amount is recognised in other comprehensive income to the extent of any previously recognised revaluation. Thereafter any excess is recognised within profit or loss.

 

If an impairment loss is subsequently reversed, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined (net of depreciation or amortisation) had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the statement of comprehensive income.

 

Goodwill is allocated on acquisition to the cash generating unit expected to benefit from the synergies of the combination. Goodwill is included in the carrying value of cash generating units for impairment testing.

 

Financial assets that are held at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

 

For financial assets recognised at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cashflows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

 

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

1.4
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
1.5
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
1.6
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
ITAB INTERIORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.7
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

 

Current or deferred taxation assets and liabilities are not discounted.

 

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

 

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

 

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.8

Interest payable and similar expenses

Interest payable and similar expenses are charged to the statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

1.9

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

2
Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and amounts reported for revenues and expenses during the year. However, the nature of judgements, estimations and assumptions means that actual outcomes could differ.

 

Critical accounting judgements in applying the company's accounting policies

Management do not consider there to be any areas of critical judgement.

 

Sources of estimation uncertainty

Bad debt provisions are based on the likely recovery of debtor balances.

 

ITAB INTERIORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
3
Turnover

The turnover is attributable to the one principal activity of the company.

 

An analysis of turnover by geographical market is given below:

2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
-
14,498
-
14,498
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Auditors' remuneration
6,050
5,665
5
Employees and Directors

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Administration
4
4
The aggregate payroll costs of the above were:
2023
2022
£
£
Wages and salaries
-
0
-
0
Social security costs
-
-
Pension costs
-
0
-
0
-
0
-
0

The directors of the company are also directors of other undertakings within the ITAB group of which ITAB Interiors Ltd is a subsidiary. Their remuneration was paid by other group undertakings and the directors have concluded that none of this remuneration relates to their incidental services to the company in the current year (2022: Nil).

6
Interest receivable and similar income
2023
2022
£
£
Interest income
Bank interest
8,349
1,903
ITAB INTERIORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
7
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
5,923
1,653

The actual charge 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
25,203
2,742
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
5,923
521
Adjustments in respect of prior years
-
0
1,653
Group relief
-
0
(521)
Taxation charge for the year
5,923
1,653
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
196,827
204,924

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

2023
2022
£
£
Contracts in progress at the balance sheet date:
Amounts recoverable on contracts included in trade and other receivables
-
-

The aggregate amount of costs incurred plus recognised profits (less recognised losses) for all contracts in progress at the balance sheet date was £Nil (2022: £Nil). Retentions held by customer for contract work amounted to £Nil (2022: £Nil).

ITAB INTERIORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,977
6,976
Corporation tax
-
0
2,174
Accruals and deferred income
54,799
95,850
61,776
105,000
10
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
550
550
550
550

The company has one class of ordinary shares which carry no rights to fixed income.

 

11
Ultimate controlling party

ITAB Shop Concept AB (incorporated in Sweden) is regarded by the directors as being the company's ultimate parent company.

 

The company's immediate parent undertaking is ITAB Holdings UK Ltd, a company incorporated in England and Wales.

 

The largest and smallest group in which the results of the company are consolidated is that headed by ITAB Shop Concept AB.

 

Copies of ITAB Shop Concept AB financial statements can be obtained from the company secretary at Box 9054, SE-550. 09 Jönköping, Sweden.

12
Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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