Company registration number 08132590 (England and Wales)
STUDIO GOBO LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
STUDIO GOBO LIMITED
COMPANY INFORMATION
Directors
Mr G Duranti
Mr F Sioli
Mr J Hauck
Mr X Xiaojun
Company number
08132590
Registered office
4th Floor
110 High Holborn
London
WC1V 6JS
Auditor
BDO Statutory Audit Firm
Block 3, Miesian Plaza
50-58 Baggot Street Lower
Dublin 2
Ireland
Business address
Unit 8, Hove Business Centre
Fonthill Road
Hove
United Kingdom
BN3 6HA
STUDIO GOBO LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group profit and loss account
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Notes to the financial statements
13 - 28
STUDIO GOBO 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 business

The principal activity of the company and group during the year was that of outsourced software development for video game projects.

 

After making enquiries, the Directors consider it appropriate to continue to adopt the going concern basis in preparing the financial statements.

Principal risks and uncertainties

As a company in the Keywords group of companies (the “Keywords Group”), the company leverages the Keywords Group’s resources, infrastructure and processes to help manage and mitigate risks. A detailed review on the business risks and uncertainties of the Keywords Group can be found on pages 54 to 60 of the Keywords Studios plc 2023 Annual Report and Accounts which do not form part of these financial statements. A copy can be found on Companies House.

 

Applying these to Studio Gobo Limited and its subsidiary, Bitsy SG Limited, we consider the main risks to be as follows:

 

Failure to deliver services

 

Description & Impact

The company's services are of a time-critical nature with delays or service delivery failures potentially impacting the development or launch plans for games or lost contracts & idle capacity.

 

Mitigation

Timely delivery and the resource flexibility to enable delivery to tight deadlines is an integral part of the company’s service, in line with the Keywords Group’s approach. Client contracts enable hybrid working capability to provide flexibility to deliver services from a variety of locations. Prevention of data loss is a key part of the company’s risk programme and business continuity plans have been developed to mitigate any potential disruption.

Tax credits withdrawal risk

 

Description & Impact

The company receives video games tax relief (VGTR) in the UK relating to qualify costs, a regime designed to promote growth and investment. Any reduction or cancellation of these tax credits could increase the cost base of the business and make the business less competitive.

 

Mitigation

The Keywords Group works closely with regulators and the government in relation to the tax credits and there is no indication at the date of this report that these tax credits will be removed in the medium term.

 

Sudden business interruption

 

Description & Impact

The company and its subsidiary, being part of the Keywords Group, needs to minimise business interruptions and be able to continue servicing customer. This threat could be internal such as a major failure in its IT systems but also external such as a pandemic or geopolitical instability.

 

 

Mitigation

The group is structured in a way that ensures continuity in production due to adoption of the hybrid working model which minimises disruption. Business continuity plans have been developed to mitigate any potential disruption.

Key performance indicators

The company and group generated a profit before taxation for the year of £447,956 (2022 - £1,012,566). The net asset position of the group increased to £5,379,205 (2022 - £5,295,555) reflecting the impact of profit in the year and dividends paid.

Dividends of £3,000,000 (2022: £Nil) were paid by the company and group during the year. The directors do not recommend a final dividend.

STUDIO GOBO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Other performance indicators

A standard set of key performance indicators, including revenue, expense and gross profit margin metrics are consistently applied at the company. Financial control is exercised through a rigorous annual budgeting process, timely monthly financial reporting and monthly financial review meetings. The directors are satisfied that reviews of such business and financial results reflect good business practice and that such reviews are performed in a timely manner to allow any required necessary corrective action to be taken.

Other information and explanations

The company is a subsidiary of Keywords Studios plc, a company listed on the AIM Stock Exchange. The company operates in the video games industry and contracts with large gaming developers worldwide which continually presents the company and its subsidiary with significant opportunities.

 

Future development

The directors are of the opinion that the group’s activities will continue on a similar basis for the foreseeable future.

On behalf of the board

Mr J Hauck
Director
19 September 2024
STUDIO GOBO 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 and group continued to be that of software development.

Results and dividends

The group profit for the period, after taxation, amounted to £3,083,650 (2022: £1,505,076).

 

Ordinary dividends were paid amounting to £3,000,000.00. The directors do not recommend payment of a further 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 G Duranti
Mr F Sioli
Mr J Hauck
Mr X Xiaojun
Post reporting date events

There are no significant post reporting period events to report.

Future developments

The Directors are of the opinion that the group’s activities will continue on a similar basis for the foreseeable future.

Auditor

In accordance with the company's articles, a resolution proposing that BDO, Statutory Audit Firm, be reappointed as auditor of the group will be put at a General Meeting.

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 the Companies Act 2006 and Financial Reporting Standard 102 (FRS 102), issued by the Financial Reporting Council. 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.

STUDIO GOBO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
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.

Going Concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company and 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.

On behalf of the board
Mr J Hauck
Director
19 September 2024
STUDIO GOBO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STUDIO GOBO LIMITED
- 5 -
Opinion

We have audited the consolidated financial statements of Studio Gobo Limited (‘the Group’) for the year ended 31 December 2023, which comprise the Group Profit and Loss Account, Group Balance Sheet, Company Balance Sheet, Group Statement of Changes in Equity, Company Statement of Changes in Equity and the notes to the financial statements, including a summary of significant accounting policies as set out in Note 1. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in the United Kingdom by the Financial Reporting Council.

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.

STUDIO GOBO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STUDIO GOBO LIMITED
- 6 -

Other information

The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor’s Report thereon. 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.

 

In connection with our audit of the financial statements, 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 or a material misstatement of the other information. 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 audittrue:

 

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 set 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 they 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 going concerns, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

STUDIO GOBO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STUDIO GOBO LIMITED
- 7 -
Auditor's responsibilities for the audit of the financial statements

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.

 

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 Auditors' 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 objectives of our audit, in respect to fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

 

Our approach was as follows:

 

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.

Stephen McCallion (Senior Statutory Auditor)
For and on behalf of BDO Statutory Audit Firm
19 September 2024
Chartered Accountants
Statutory Auditor
Block 3, Miesian Plaza
50-58 Baggot Street Lower
Dublin 2
Ireland
STUDIO GOBO LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
14,110,605
11,947,026
Cost of sales
(10,030,256)
(7,880,996)
Gross profit
4,080,349
4,066,030
Administrative expenses
(3,860,002)
(3,194,572)
Other operating income
80,579
93,371
Operating profit
4
300,926
964,829
Interest receivable and similar income
8
159,766
53,447
Interest payable and similar expenses
9
(12,736)
(5,710)
Profit before taxation
447,956
1,012,566
Tax on profit
10
2,635,694
492,510
Profit for the financial year
3,083,650
1,505,076
Profit for the financial year is all attributable to the owner of the parent company.
STUDIO GOBO LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
12
483
2,413
Tangible assets
13
892,178
655,803
892,661
658,216
Current assets
Debtors
16
6,481,781
7,284,175
Creditors: amounts falling due within one year
17
(1,895,237)
(2,546,836)
Net current assets
4,586,544
4,737,339
Total assets less current liabilities
5,479,205
5,395,555
Provisions for liabilities
Provisions
18
100,000
100,000
(100,000)
(100,000)
Net assets
5,379,205
5,295,555
Capital and reserves
Called up share capital
22
1,067
1,067
Share premium account
6,723
6,723
Profit and loss reserves
5,371,415
5,287,765
Total equity
5,379,205
5,295,555
The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
19 September 2024
Mr J Hauck
Director
Company registration number 08132590 (England and Wales)
STUDIO GOBO LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
12
483
2,413
Tangible assets
13
892,178
655,803
Investments
14
1
1
892,662
658,217
Current assets
Debtors
16
2,990,435
4,216,172
Creditors: amounts falling due within one year
17
(1,738,120)
(2,319,345)
Net current assets
1,252,315
1,896,827
Total assets less current liabilities
2,144,977
2,555,044
Provisions for liabilities
Provisions
18
100,000
100,000
(100,000)
(100,000)
Net assets
2,044,977
2,455,044
Capital and reserves
Called up share capital
22
1,067
1,067
Share premium account
6,723
6,723
Profit and loss reserves
2,037,187
2,447,254
Total equity
2,044,977
2,455,044

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 £2,589,933 (2022 - £734,108 profit).

The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
19 September 2024
Mr J Hauck
Director
Company registration number 08132590 (England and Wales)
STUDIO GOBO LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
1,067
6,723
3,782,689
3,790,479
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
1,505,076
1,505,076
Balance at 31 December 2022
1,067
6,723
5,287,765
5,295,555
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
3,083,650
3,083,650
Dividends
11
-
-
(3,000,000)
(3,000,000)
Balance at 31 December 2023
1,067
6,723
5,371,415
5,379,205
STUDIO GOBO LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
1,067
6,723
1,713,146
1,720,936
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
734,108
734,108
Balance at 31 December 2022
1,067
6,723
2,447,254
2,455,044
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
2,589,933
2,589,933
Dividends
11
-
-
(3,000,000)
(3,000,000)
Balance at 31 December 2023
1,067
6,723
2,037,187
2,044,977
STUDIO GOBO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information

Studio Gobo Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 4th Floor, 110 High Holborn, London, WC1V 6JS. The business address is Unit 8, Hove Business Centre, Fonthill Road, Hove, BN3 6HA.

 

The group consists of Studio Gobo Limited and its subsidiary, Bitsy SG Limited.

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 £. Please note that the ultimate parent company, Keywords Studios PLC, report in Euro (€).

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

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

STUDIO GOBO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Studio Gobo Limited together with its subsidiary, Bitsy SG Limited. For further details of the subsidiary, see note 15.

 

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.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company and 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.

1.5
Turnover

Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, as to that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value to the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding VAT.

 

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts, the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included within creditors.

 

Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

STUDIO GOBO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -

Amortisation 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:

Software
33.3% straight line
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over the life of the applicable lease
Computer equipment
33.3% straight line
Fixtures, fittings and equipment
10% 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.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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.

1.9
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.

1.10
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.

 

The company is a participator in the groups cash pooling arrangement, where daily excess cash balances or cash deficits are transferred to/from Keywords Studios Limited, a company registered in Ireland, who acts as the cash pool header.

STUDIO GOBO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.11
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.

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.

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.

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

Derecognition of financial liabilities

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

1.12
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.

1.13
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 is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law.

 

The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.

 

Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those which they are included in financial statements.

1.14
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.

STUDIO GOBO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.15
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.

1.16
Retirement benefits

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

1.17
Share-based payments

For cash-settled share-based payments, a liability is recognised for the goods and services acquired, measured initially at the fair value of the liability. At the balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the year.

1.18
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.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

In preparing these financial statements, the directors have made the following judgements:

Determine whether there are indicators of impairment of the company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected financial performance of the asset.

Determine whether leases entered into by the company either as a lessor or a lessee are operating or financial leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

 

 

 

 

 

 

 

STUDIO GOBO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
12,284,565
-
United States
1,322,250
6,925,000
Netherlands
503,790
5,022,026
14,110,605
11,947,026
2023
2022
£
£
Other revenue
Interest income
159,766
53,447
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Exchange losses
28,100
3,108
Depreciation of owned tangible fixed assets
312,275
244,312
Loss on disposal of tangible fixed assets
6,286
-
Amortisation of intangible assets
1,930
1,929
Share-based payments
310,283
386,755
Operating lease charges
370,708
320,965
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
12,299
14,805
Audit of the financial statements of the company's subsidiaries
2,617
3,391
14,916
18,196
6
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
123
125
123
125
STUDIO GOBO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
7,603,877
6,531,932
7,603,877
6,531,932
Social security costs
46,045
40,817
46,045
40,817
Pension costs
262,251
216,022
262,251
216,022
7,912,173
6,788,771
7,912,173
6,788,771
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
363,958
243,019
Company pension contributions to defined contribution schemes
11,000
7,134
374,958
250,153
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

 

8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest receivable from group companies
102,288
52,858
Other interest income
57,478
589
Total income
159,766
53,447
9
Interest payable and similar expenses
2023
2022
£
£
Interest payable to group undertakings
12,736
5,710
STUDIO GOBO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(2,693,717)
(448,412)
Adjustments in respect of prior periods
(17,011)
-
0
Total current tax
(2,710,728)
(448,412)
Deferred tax
Origination and reversal of timing differences
75,034
(44,098)
Total tax credit
(2,635,694)
(492,510)

The actual 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
447,956
1,012,566
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
105,270
192,388
Tax effect of expenses that are not deductible in determining taxable profit
149,870
121,487
Adjustments in respect of prior years
-
0
(11,265)
Group relief
4,829
(92,144)
Depreciation on assets not qualifying for tax allowances
(86,184)
(16,442)
Research and development tax credit
-
0
(24,658)
Tax relief on share options
(742)
-
0
Share based payment charge
(173,043)
(58,620)
Under/(over) provided in prior years
(17,011)
211,810
Video games tax relief
(2,693,717)
(770,968)
Deferred tax
75,034
(44,098)
Taxation credit
(2,635,694)
(492,510)
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
3,000,000
-
STUDIO GOBO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
12
Intangible fixed assets
Group
Software
£
Cost
At 1 January 2023 and 31 December 2023
7,593
Amortisation and impairment
At 1 January 2023
5,180
Amortisation charged for the year
1,930
At 31 December 2023
7,110
Carrying amount
At 31 December 2023
483
At 31 December 2022
2,413
Company
Software
£
Cost
At 1 January 2023 and 31 December 2023
7,593
Amortisation and impairment
At 1 January 2023
5,180
Amortisation charged for the year
1,930
At 31 December 2023
7,110
Carrying amount
At 31 December 2023
483
At 31 December 2022
2,413
STUDIO GOBO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
13
Tangible fixed assets
Group
Leasehold improvements
Computer equipment
Fixtures, fittings and equipment
Total
£
£
£
£
Cost
At 1 January 2023
618,205
730,062
195,516
1,543,783
Additions
207,747
341,763
5,941
555,451
Disposals
-
0
(47,250)
(6,462)
(53,712)
At 31 December 2023
825,952
1,024,575
194,995
2,045,522
Depreciation and impairment
At 1 January 2023
259,335
508,740
119,905
887,980
Depreciation charged in the year
118,159
194,979
(863)
312,275
Eliminated in respect of disposals
-
0
(43,656)
(3,255)
(46,911)
At 31 December 2023
377,494
660,063
115,787
1,153,344
Carrying amount
At 31 December 2023
448,458
364,512
79,208
892,178
At 31 December 2022
358,870
221,322
75,611
655,803
Company
Leasehold improvements
Computer equipment
Fixtures, fittings and equipment
Total
£
£
£
£
Cost
At 1 January 2023
618,205
730,062
195,516
1,543,783
Additions
207,747
341,763
5,941
555,451
Disposals
-
0
(47,250)
(6,462)
(53,712)
At 31 December 2023
825,952
1,024,575
194,995
2,045,522
Depreciation and impairment
At 1 January 2023
259,335
508,740
119,905
887,980
Depreciation charged in the year
118,159
194,979
(863)
312,275
Eliminated in respect of disposals
-
0
(43,656)
(3,255)
(46,911)
At 31 December 2023
377,494
660,063
115,787
1,153,344
Carrying amount
At 31 December 2023
448,458
364,512
79,208
892,178
At 31 December 2022
358,870
221,322
75,611
655,803
STUDIO GOBO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
1
1
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
1
Carrying amount
At 31 December 2023
1
At 31 December 2022
1
15
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
Bitsy SG Limited
4th Floor, 110 High Holborn, London, WC1V 6JS
Ordinary
100.00

All the above subsidiaries are included in the consolidated accounts prepared by the ultimate parent, Keywords Studios PLC.

STUDIO GOBO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,576,126
1,142,690
1,576,126
1,142,690
Corporation tax recoverable
3,564,685
3,067,693
100,000
-
0
Amounts owed by group undertakings
983,240
2,713,073
984,193
2,713,073
Other debtors
75,899
46,805
48,285
46,495
Prepayments and accrued income
216,077
173,126
216,077
173,126
6,416,027
7,143,387
2,924,681
4,075,384
Amounts falling due after more than one year:
Deferred tax asset (note 19)
65,754
140,788
65,754
140,788
Total debtors
6,481,781
7,284,175
2,990,435
4,216,172
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Trade creditors
201,480
39,841
33,351
37,981
Amounts owed to group undertakings
355,511
1,101,439
408,177
880,634
Corporation tax payable
-
0
17,011
-
0
17,011
Other taxation and social security
458,976
192,787
458,976
192,787
Deferred income
20
-
0
503,790
-
0
503,790
Other creditors
13,194
7,610
13,194
7,610
Accruals and deferred income
866,076
684,358
824,422
679,532
1,895,237
2,546,836
1,738,120
2,319,345
STUDIO GOBO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
18
Provisions for liabilities
Group
Company
2023
2022
2023
2022
£
£
£
£
100,000
100,000
100,000
100,000
Movements on provisions:
Group
£
At 1 January 2023 and 31 December 2023
100,000
Dilapidations provison
Company
£
At 1 January 2023 and 31 December 2023
100,000
19
Deferred taxation

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

Assets
Assets
2023
2022
Group
£
£
Accelerated capital allowances
65,754
140,788
Assets
Assets
2023
2022
Company
£
£
Accelerated capital allowances
65,754
140,788
Group
Company
2023
2023
Movements in the year:
£
£
Asset at 1 January 2023
(140,788)
(140,788)
Charge to profit or loss
75,034
75,034
Asset at 31 December 2023
(65,754)
(65,754)
STUDIO GOBO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
20
Deferred income
Group
Company
2023
2022
2023
2022
£
£
£
£
Other deferred income
-
503,790
-
503,790
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
262,251
216,022

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.

22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 10p each
5,010
5,010
501
501
Ordinary B shares of 10p each
990
990
99
99
Ordinary C shares of 10p each
1,000
1,000
100
100
Ordinary D shares of 10p each
3,000
3,000
300
300
Ordinary G shares of 10p each
450
450
45
45
Ordinary shares of 10p each
215
215
22
22
10,665
10,665
1,067
1,067

Each share is entitled to one vote in any circumstances, with the exception of Ordinary shares and Ordinary G shares which carry no votes and no rights to receive notice of or attend any general meeting of the company.

 

Each class of share has a separate entitlement to dividends as determined by the board of directors.

STUDIO GOBO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
23
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
Company
2023
2022
2023
2022
£
£
£
£
Within one year
224,480
224,480
224,480
224,480
Between two and five years
355,427
579,907
355,427
579,907
579,907
804,387
579,907
804,387
24
Related party transactions

As a wholly owned subsidiary undertaking of Keywords Studios PLC, the company has taken advantage of the exemption under Financial Reporting Standard 102, paragraph 33.1A, not to disclose transactions with other group companies.true

25
Controlling party

The immediate parent undertaking is Keywords UK Holdings Limited, a company incorporated in England & Wales, who's registered office is 4th Floor, 110 High Holborn, London, WC1V 6JS.

The ultimate parent undertaking is Keywords Studios PLC and its registered office is 4th Floor, 110 High Holborn, London, WC1V 6JS. Keywords Studios PLC heads the group for which consolidated financial statements are prepared, that include the results of the company. Copies can be obtained from the Companies House website.

2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100Mr T BeckwithMr J CallinMr P J AyliffeMr T WilliamsMr D J BroderickMr G DurantiMr F SioliMr J HauckMr X Xiaojunfalsefalse08132590bus:Consolidated2023-01-012023-12-31081325902023-01-012023-12-3108132590bus:Director62023-01-012023-12-3108132590bus:Director72023-01-012023-12-3108132590bus:Director82023-01-012023-12-3108132590bus:Director92023-01-012023-12-3108132590bus:Director12023-01-012023-12-3108132590bus:Director22023-01-012023-12-3108132590bus:Director32023-01-012023-12-3108132590bus:Director42023-01-012023-12-3108132590bus:Director52023-01-012023-12-3108132590bus:RegisteredOffice2023-01-012023-12-3108132590bus:Consolidated2023-12-31081325902023-12-3108132590bus:Consolidated2022-01-012022-12-31081325902022-01-012022-12-3108132590core:OtherResidualIntangibleAssetsbus:Consolidated2023-12-3108132590core:OtherResidualIntangibleAssetsbus:Consolidated2022-12-3108132590core:OtherResidualIntangibleAssets2023-12-3108132590core:OtherResidualIntangibleAssets2022-12-3108132590core:ComputerSoftwarebus:Consolidated2023-12-3108132590core:ComputerSoftwarebus:Consolidated2022-12-3108132590core:ComputerSoftware2023-12-3108132590core:ComputerSoftware2022-12-3108132590bus:Consolidated2022-12-31081325902022-12-3108132590core:LeaseholdImprovementsbus:Consolidated2023-12-3108132590core:PlantMachinerybus:Consolidated2023-12-3108132590core:FurnitureFittingsbus:Consolidated2023-12-3108132590core:LeaseholdImprovementsbus:Consolidated2022-12-3108132590core:PlantMachinerybus:Consolidated2022-12-3108132590core:FurnitureFittingsbus:Consolidated2022-12-3108132590core:LeaseholdImprovements2023-12-3108132590core:PlantMachinery2023-12-3108132590core:FurnitureFittings2023-12-3108132590core:LeaseholdImprovements2022-12-3108132590core:PlantMachinery2022-12-3108132590core:FurnitureFittings2022-12-3108132590core:ShareCapitalbus:Consolidated2023-12-3108132590core:ShareCapitalbus:Consolidated2022-12-3108132590core:SharePremiumbus:Consolidated2023-12-3108132590core:SharePremiumbus:Consolidated2022-12-3108132590core:ShareCapital2023-12-3108132590core:ShareCapital2022-12-3108132590core:SharePremium2023-12-3108132590core:SharePremium2022-12-3108132590core:RetainedEarningsAccumulatedLosses2023-12-3108132590core:ShareCapitalbus:Consolidated2021-12-3108132590core:SharePremiumbus:Consolidated2021-12-3108132590core:RetainedEarningsAccumulatedLossesbus:Consolidated2021-12-3108132590core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-12-3108132590core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-3108132590core:ShareCapital2021-12-3108132590core:SharePremium2021-12-3108132590core:RetainedEarningsAccumulatedLosses2021-12-3108132590core:RetainedEarningsAccumulatedLosses2022-12-3108132590core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3108132590core:ComputerSoftware2023-01-012023-12-3108132590core:LeaseholdImprovements2023-01-012023-12-3108132590core:PlantMachinery2023-01-012023-12-3108132590core:FurnitureFittings2023-01-012023-12-3108132590core:UKTaxbus:Consolidated2023-01-012023-12-3108132590core:UKTaxbus:Consolidated2022-01-012022-12-3108132590bus:Consolidated12023-01-012023-12-3108132590bus:Consolidated12022-01-012022-12-3108132590bus:Consolidated22023-01-012023-12-3108132590bus:Consolidated22022-01-012022-12-3108132590bus:Consolidated32023-01-012023-12-3108132590bus:Consolidated32022-01-012022-12-3108132590bus:Consolidated42023-01-012023-12-3108132590bus:Consolidated42022-01-012022-12-3108132590core:ComputerSoftwarebus:Consolidated2022-12-3108132590core:ComputerSoftware2022-12-3108132590core:ComputerSoftwarebus:Consolidated2023-01-012023-12-3108132590core:LeaseholdImprovementsbus:Consolidated2022-12-3108132590core:PlantMachinerybus:Consolidated2022-12-3108132590core:FurnitureFittingsbus:Consolidated2022-12-3108132590bus:Consolidated2022-12-3108132590core:LeaseholdImprovements2022-12-3108132590core:PlantMachinery2022-12-3108132590core:FurnitureFittings2022-12-31081325902022-12-3108132590core:LeaseholdImprovementsbus:Consolidated2023-01-012023-12-3108132590core:PlantMachinerybus:Consolidated2023-01-012023-12-3108132590core:FurnitureFittingsbus:Consolidated2023-01-012023-12-310813259012023-01-012023-12-3108132590core:CurrentFinancialInstruments2023-12-3108132590core:CurrentFinancialInstruments2022-12-3108132590core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3108132590core:CurrentFinancialInstrumentsbus:Consolidated2022-12-3108132590core:Non-currentFinancialInstrumentsbus:Consolidated2023-12-3108132590core:Non-currentFinancialInstrumentsbus:Consolidated2022-12-3108132590core:Non-currentFinancialInstruments2023-12-3108132590core:Non-currentFinancialInstruments2022-12-3108132590core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3108132590core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-12-3108132590core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3108132590core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3108132590bus:PrivateLimitedCompanyLtd2023-01-012023-12-3108132590bus:FRS1022023-01-012023-12-3108132590bus:Audited2023-01-012023-12-3108132590bus:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3108132590bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP