Company registration number 10035080 (England and Wales)
ANIMAL FRIENDS INVESTMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ANIMAL FRIENDS INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
Mr S Suri
(Appointed 31 August 2023)
Mr D Beeckman
(Appointed 31 August 2023)
Company number
10035080
Registered office
Pinnacle House
A1 Barnet Way
Borehamwood
Hertfordshire
England
WD6 2XX
Auditor
Bright Grahame Murray
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
ANIMAL FRIENDS INVESTMENTS LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Income statement
6
Statement of financial position
7
Statement of changes in equity
8
Statement of cash flows
9
Notes to the financial statements
10 - 15
ANIMAL FRIENDS INVESTMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Principal activities

The principal activity is that of a holding company.

 

It has a 100% ownership in Animal Friends Insurance Services Limited. Other than this, trading during the period under review has been limited.

Results and dividends

The results for the year are set out on page 6.

Ordinary dividends were paid amounting to £8,950,000. The directors do not recommend payment of a final dividend.

Directors

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

Mr CA Lugt
(Resigned 31 August 2023)
Mr MJ Thorpe
(Resigned 31 August 2023)
Mr S Suri
(Appointed 31 August 2023)
Mr D Beeckman
(Appointed 31 August 2023)
Auditor

The auditor, Bright Grahame Murray, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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, International Accounting Standard 1 requires that directors:

 

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.

ANIMAL FRIENDS INVESTMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

 

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr S Suri
Director
13 September 2024
ANIMAL FRIENDS INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ANIMAL FRIENDS INVESTMENTS LIMITED
- 3 -
Opinion

We have audited the financial statements of Animal Friends Investments Limited (the 'company') for the year ended 31 December 2023 which comprise the income statement, the statement of financial position, 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 UK adopted international accounting standards.

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:

ANIMAL FRIENDS INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ANIMAL FRIENDS INVESTMENTS LIMITED
- 4 -
Matters on which we are required to report by exception

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

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following

• We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act and tax legislation.

• We enquired of the directors, reviewed correspondence with HMRC and reviewed directors meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance.

• We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any incidences of fraud that had taken place during the accounting period.

• The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition, related parties outside normal course of business and management override.

ANIMAL FRIENDS INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ANIMAL FRIENDS INVESTMENTS LIMITED
- 5 -

• We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.

• We enquired of the directors about actual and potential litigation and claims.

• We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.

• In addressing the risk of fraud due to management override of internal controls, we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

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.

Robert Moore (Senior Statutory Auditor)
For and on behalf of Bright Grahame Murray
Chartered Accountants
Statutory Auditor
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
16 September 2024
ANIMAL FRIENDS INVESTMENTS LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2023
2022
Notes
£
£
Administrative expenses
(55,247)
(57,873)
Operating loss
2
(55,247)
(57,873)
Investment revenues
4
3,000,899
3,600,793
Finance costs
5
(3,642,917)
(2,716,987)
(Loss)/profit before taxation
(697,265)
825,933
Income tax income
6
696,762
251,068
(Loss)/profit and total comprehensive income for the year
(503)
1,077,001

The income statement has been prepared on the basis that all operations are continuing operations.

ANIMAL FRIENDS INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 7 -
2023
2022
Notes
£
£
Non-current assets
Investments
8
86,145,428
86,145,428
Current assets
Trade and other receivables
10
944,493
481,600
Cash and cash equivalents
1,999,241
3,598,097
2,943,734
4,079,697
Current liabilities
Trade and other payables
13
5,041,086
5,054,043
Net current liabilities
(2,097,352)
(974,346)
Non-current liabilities
Borrowings
12
-
0
40,931,250
Net assets
84,048,076
44,239,832
Equity
Called up share capital
14
2,001
2,000
Share premium account
15
57,551,266
8,792,520
Retained earnings
26,494,809
35,445,312
Total equity
84,048,076
44,239,832

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
Mr S Suri
Director
Company registration number 10035080 (England and Wales)
ANIMAL FRIENDS INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Share capital
Share premium account
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 January 2022
2,000
8,792,520
40,668,311
49,462,831
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
1,077,001
1,077,001
Transactions with owners:
Dividends
7
-
-
(6,300,000)
(6,300,000)
Balance at 31 December 2022
2,000
8,792,520
35,445,312
44,239,832
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(503)
(503)
Transactions with owners:
Issue of share capital
14, 15
1
48,758,746
-
48,758,747
Dividends
7
-
-
(8,950,000)
(8,950,000)
Balance at 31 December 2023
2,001
57,551,266
26,494,809
84,048,076
ANIMAL FRIENDS INVESTMENTS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
18
(531,097)
4,901,161
Interest paid
(3,642,917)
(2,716,987)
Income taxes refunded
696,762
251,068
Net cash (outflow)/inflow from operating activities
(3,477,252)
2,435,242
Investing activities
Interest received
899
793
Dividends received
3,000,000
3,600,000
Net cash generated from investing activities
3,000,899
3,600,793
Financing activities
Proceeds from issue of shares
48,758,747
-
0
Repayment of bank loans
(40,931,250)
225,000
Dividends paid
(8,950,000)
(6,300,000)
Net cash used in financing activities
(1,122,503)
(6,075,000)
Net decrease in cash and cash equivalents
(1,598,856)
(38,965)
Cash and cash equivalents at beginning of year
3,598,097
3,637,062
Cash and cash equivalents at end of year
1,999,241
3,598,097
ANIMAL FRIENDS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
1
Accounting policies
Company information

Animal Friends Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pinnacle House, A1 Barnet Way, Borehamwood, Hertfordshire, England, WD6 2XX. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

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.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Animal Friends Investments Limited is a wholly owned subsidiary of Pinnacle Pet Group Limited and the results of Animal Friends Investments Limited are included in the consolidated financial statements of the ultimate UK parent company, Pinnacle Pet Holdings Limited, which are available from Companies House.

1.2
Going concern

Ttruehe directors have at the time of approving the financial statements, a reasonable expectation that the company 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.

1.3
Cash and cash equivalents

Cash and cash equivalents 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.

1.4
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

ANIMAL FRIENDS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.5
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
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 income statement 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Operating loss
2023
2022
Operating loss for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
10,646
21,000
3
Employees

There were no staff or directors employed by the company during the current or prior year.

ANIMAL FRIENDS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
(Continued)
- 12 -
4
Investment income
2023
2022
£
£
Interest income
Financial instruments measured at amortised cost:
Bank deposits
899
793
Other income
Dividends from shares in group undertakings
3,000,000
3,600,000
3,000,899
3,600,793
Income above relates to assets held at amortised cost, unless stated otherwise.
5
Finance costs
2023
2022
£
£
Interest on bank overdrafts and loans
3,642,917
2,716,987
6
Income tax expense
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
(265,397)
(3,338)
Other tax reliefs
(431,365)
(247,730)
Total UK current tax
(696,762)
(251,068)
2023
2022
£
£
(Loss)/profit before taxation
(697,265)
825,933
Expected tax (credit)/charge based on a corporation tax rate of 23.50% (2022: 19.00%)
(163,857)
156,927
Effect of expenses not deductible in determining taxable profit
437,492
279,343
Income not taxable
(705,000)
(684,000)
Adjustment in respect of prior years
(265,397)
(3,338)
Taxation credit for the year
(696,762)
(251,068)
ANIMAL FRIENDS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
7
Dividends
2023
2022
2023
2022
Amounts recognised as distributions:
per share
per share
Total
Total
£
£
£
£
Ordinary shares
Final dividend paid
4,475.00
3,150.00
8,950,000
6,300,000
8
Investments
Current
Non-current
2023
2022
2023
2022
£
£
£
£
Investments in subsidiaries
-
0
-
0
86,145,428
86,145,428

The company has not designated any financial assets that are not classified as held for trading as financial assets at fair value through profit or loss.

9
Subsidiaries

Details of the company's subsidiary at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Animal Friends Insurance Services Limited
England & Wales
Ordinary
100.00
10
Trade and other receivables
2023
2022
£
£
Amounts owed by subsidiary undertakings
944,493
481,600
11
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

No significant receivable balances are impaired at the reporting end date.

ANIMAL FRIENDS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
12
Borrowings
Non-current
2023
2022
£
£
Borrowings held at amortised cost:
Bank loans
-
40,931,250

The bank loan represents a utilised facility priced at Sterling Overnight Index Average (SONIA), plus a margin contingent on the Group's total leverage, stipulated by the lender, and maturity of the facility. The loan was repaid during the year.

13
Trade and other payables
2023
2022
£
£
Trade payables
23,918
-
0
Amounts owed to group undertakings
5,000,000
5,013,800
Accruals
17,168
40,243
5,041,086
5,054,043

Other payables represent amounts due to the subsidiary which are interest free and repayable on demand. Amounts due to the parent undertaking are also interest free and repayable on demand.

14
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary shares of £1 each
2,001
2,000
2,001
2,000
Issued and fully paid
Ordinary shares of £1 each
2,001
2,000
2,001
2,000
15
Share premium account
2023
2022
£
£
At the beginning of the year
8,792,520
8,792,520
Issue of new shares
48,758,746
-
At the end of the year
57,551,266
8,792,520
16
Capital risk management

The company is not subject to any externally imposed capital requirements.

ANIMAL FRIENDS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
17
Controlling party

The company's immediate parent undertaking is Pinnacle Pet Group Limited, a company incorporated in England and Wales.

Pinnacle Pet Holdings Limited is the smallest and largest entity at which this entity is consolidated. Copies of these accounts can be found at its registered office.

18
Cash (absorbed by)/generated from operations
2023
2022
£
£
(Loss)/profit for the year before income tax
(697,265)
825,933
Adjustments for:
Finance costs
3,642,917
2,716,987
Investment income
(3,000,899)
(3,600,793)
Movements in working capital:
Increase in trade and other receivables
(462,893)
(48,292)
(Decrease)/increase in trade and other payables
(12,957)
5,007,326
Cash (absorbed by)/generated from operations
(531,097)
4,901,161
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