Company registration number 13983015 (England and Wales)
ICAPITAL UK INTERNATIONAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ICAPITAL UK INTERNATIONAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Review of the business

The company did not trade during the reporting period.

 

The company incurred certain property and software costs in relation to a fellow group company which were reimbursed at cost.

Principal risks and uncertainties

Given the minimal activity in the company, the directors are of the opinion that there are no principal risks and uncertainties to disclose for the reporting period.

Development and performance

The company commenced trade in March 2024.

 

The principal activity of the company will be the provision of relationship management services to UK based customers belonging to the wider group.

 

The company will be remunerated for these services on a cost plus basis with a 12% mark up.

Key performance indicators

The company did not trade during the period and therefore it does not have any key performance indicators to report.

Promoting the success of the company

 

The directors acknowledge their duty under s.172 of the Companies Act 2006 and consider that they have, both individually and together, acted in the way that, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole. In doing so, they have had regard to:

 

 

 

- 1 -
ICAPITAL UK INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

On behalf of the board

Mr S Jacobs
Director
17 September 2024
- 2 -
ICAPITAL UK INTERNATIONAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Principal activities

The company did not trade during the reporting period, however, the company incurred office and software costs on behalf of group companies which were reimbursed.

Results and dividends

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

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors
Mr M F Bizzozero
Mr S Jacobs
Mr T Slocock
Post reporting date events

There were no further significant events after the Balance Sheet date.

Future developments

As noted in the Strategic Report, the company commenced trade in March 2024.

 

The principal activity of the company from March 2024 is the provision of relationship management services to UK based customers belonging to the wider group.

 

The company is remunerated for these services on a cost plus basis with a 12% mark up.

Independent Auditor

In accordance with the company's articles, a resolution proposing that Benee Consulting Limited be appointed as auditor of the company will be put at a General Meeting.

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.

Going concern

The company is reliant on its ultimate parent company for support in meeting its obligations as they fall due. Therefore, the ultimate parent company has confirmed to the directors that it will continue to support the company for at least 12 months after the date of signing these accounts.

On behalf of the board
Mr S Jacobs
Director
17 September 2024
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ICAPITAL UK INTERNATIONAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

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 company and of the profit or loss of the company 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.

- 4 -
ICAPITAL UK INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ICAPITAL UK INTERNATIONAL LIMITED
Opinion
- 5 -

We have audited the financial statements of iCapital UK International 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:

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.

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 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:

ICAPITAL UK INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF ICAPITAL UK INTERNATIONAL LIMITED
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 strategic report and 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 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.

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

- 6 -
ICAPITAL UK INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF ICAPITAL UK INTERNATIONAL LIMITED

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Sarah Flint BSc FCA (Senior Statutory Auditor)
For and on behalf of Benee Consulting Limited
17 September 2024
Chartered Accountants
Statutory Auditor
48 Durrell Drive
Rugby
Warwickshire
CV22 7GW
- 7 -
ICAPITAL UK INTERNATIONAL LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
Year
Period
ended
ended
31 December
31 December
2023
2022
Notes
£
£
Administrative expenses
(340,117)
(168,432)
Other operating income
327,584
163,872
Loss before taxation
(12,533)
(4,560)
Tax on loss
5
-
0
-
0
Loss for the financial year / period
(12,533)
(4,560)

 

- 8 -
ICAPITAL UK INTERNATIONAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
Year
Period
ended
ended
31 December
31 December
2023
2022
£
£
Loss for the year / period
(12,533)
(4,560)
Other comprehensive income
-
-
Total comprehensive loss for the year / period
(12,533)
(4,560)
- 9 -
ICAPITAL UK INTERNATIONAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
2023
2022
Notes
£
£
£
£
Current assets
Debtors
7
152,997
93,290
Cash and cash equivalents
1
1
152,998
93,291
Creditors: amounts falling due within one year
8
(170,090)
(97,850)
Net current liabilities
(17,092)
(4,559)
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
10
(17,093)
(4,560)
Total equity
(17,092)
(4,559)
The financial statements were approved by the board of directors and authorised for issue on 17 September 2024 and are signed on its behalf by:
Mr S Jacobs
Director
Company Registration No. 13983015
- 10 -
ICAPITAL UK INTERNATIONAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 17 March 2022
-
0
-
0
-
Period ended 31 December 2022:
Loss and total comprehensive income for the period
-
(4,560)
(4,560)
Issue of share capital
9
1
-
1
Balance at 31 December 2022
1
(4,560)
(4,559)
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(12,533)
(12,533)
Balance at 31 December 2023
1
(17,093)
(17,092)
- 11 -
ICAPITAL UK INTERNATIONAL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
Year ended
Period ended
31 December
31 December
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
-
-
Financing activities
Proceeds from issue of shares
-
0
1
Net cash (used in)/generated from financing activities
-
1
Net increase in cash and cash equivalents
-
1
Cash and cash equivalents at beginning of year / period
1
-
0
Cash and cash equivalents at end of year / period
1
1
- 12 -
ICAPITAL UK INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
Company information

iCapital UK International Limited is a private company limited by shares incorporated in England and Wales. The registered office is 25 Wilton Road, Victoria, London, SW1V 1LW. The company did not trade during the reporting period and therefore does not have a trading address.

1.1
Reporting period

The comparative reporting period is a short period of account from 17th March 2022 to 31st December 2022.

1.2
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.

All amounts are expressed in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound sterling.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

The company is reliant trueon its ultimate parent company for support in meeting its obligations as they fall due. Therefore, the ultimate parent company has confirmed to the directors that it will continue to support the company for at least 12 months after the date of signing these accounts.

1.4
Other operating income

Other income includes reimbursed office and software related expenses from its group companies. Expenses are recharged in full and without a mark-up being applied.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

 

The company considers all highly liquid investments with original maturity of three months or less to be cash equivalents.

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.

- 13 -
ICAPITAL UK INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
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 company 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 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

- 14 -
ICAPITAL UK INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.8
Taxation
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 when the company has 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.

1.9
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
Operating loss
Year ended
Period ended
31 December
31 December
2023
2022
Operating loss for the year is stated after charging:
£
£
Operating lease charges
297,244
163,872
3
Auditor's remuneration
Year ended
Period ended
31 December
31 December
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
2,500
1,800
4
Employees

The company did not have any employees during the current or prior reporting period.

- 15 -
ICAPITAL UK INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Taxation

The UK Government announced an increase in the main UK corporation tax rate from 19% to 25% with effect from 1 April 2023.

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:

Year ended
Period ended
31 December
31 December
2023
2022
£
£
Loss before taxation
(12,533)
(4,560)
Expected tax credit based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
(2,945)
(866)
Tax effect of expenses that are not deductible in determining taxable profit
482
-
0
Pre trading expenses carried forward
2,463
866
Taxation charge for the year / period
-
-

At the reporting date the company had pre-trading tax losses totalling £15,041 (2022: £4,560). The company had an unrecognised deferred tax asset on these losses totalling £3,760, (2022: £1,140). This asset is not recognised on the basis that the timing of the future reversal of the underlying timing difference is uncertain.

 

6
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
45,118
40,830
Carrying amount of financial liabilities
Measured at amortised cost
170,090
97,850
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
97,151
40,830
Prepayments and accrued income
55,846
52,460
152,997
93,290

A deferred tax asset in relation to tax losses at the end of the period amounting to £3,760 (2022: £1,140) has not been recognised on the basis that the timing of the future reversal of the underlying timing difference is uncertain.

 

- 16 -
ICAPITAL UK INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
30,549
52
Amounts owed to group undertakings
134,091
93,238
Accruals
5,450
4,560
170,090
97,850

Amounts due to group undertakings are unsecured, interest free and repayable on demand.

9
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
1
1
1
1

On incorporation 1 £1 Ordinary share was subscribed for £1 cash consideration.

10
Profit and loss reserves
2023
2022
£
£
At the beginning of the year / period
(4,560)
-
0
Loss for the year / period
(12,533)
(4,560)
At the end of the year / period
(17,093)
(4,560)
11
Operating lease commitments
Lessee

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

2023
2022
£
£
Land and buildings
135,354
122,489
12
Events after the reporting date

There were no further significant events after the Balance Sheet date.

- 17 -
ICAPITAL UK INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Related party transactions

The company has taken advantage of the exemption available per paragraph 33.1A of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

14
Ultimate controlling party

The company is under the control of its parent company iCapital Network International Limited a company registered in Malta due to its 100% shareholding.

 

The ultimate parent is iCapital, Inc a company registered in the United States of America.

 

There is no ultimate controlling party as there is no single person or entity with a 25% interest in the ultimate controlling party.

 

15
Cash absorbed by operations
Year ended
Period ended
31 December
31 December
2023
2022
£
£
Loss for the year / period after tax
(12,533)
(4,560)
Movements in working capital:
Increase in debtors
(59,707)
(93,290)
Increase in creditors
72,240
97,850
Cash absorbed by operations
-
-
16
Analysis of changes in net funds
1 January 2023
31 December 2023
£
£
Cash at bank and in hand
1
1
- 18 -
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