Company Registration No. 10145333 (England and Wales)
Ripple Markets UK Limited
Annual report and financial statements
for the year ended 31 December 2023
Ripple Markets UK Limited
Company information
Directors
Mr C Myers
(Appointed 5 June 2023)
Mr N Khakoo
(Appointed 5 June 2023)
Mr T Sawyer
(Appointed 30 November 2023)
Mr E P V Miltenburg
(Appointed 30 November 2023)
Mrs C J Craddock-Ball
(Appointed 30 November 2023)
Company number
10145333
Registered office
1 Angel Court
London
EC2R 7HJ
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Ripple Markets UK Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditor's report
6 - 9
Income statement
10
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 31
Ripple Markets UK Limited
Strategic report
For the year ended 31 December 2023
1

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

Review of the business

Ripple provides global financial settlement based on blockchain technology to enable the world to exchange value like it already exchanges information – giving rise to an Internet of Value (“IoV”). Ripple offers a set of enterprise blockchain and cryptocurrency solutions for global payments, and an open-source platform for developers, called RippleX, to provide tools, services, and programs that accelerate the IoV. Both of Ripple’s offerings utilize XRP, the digital asset native to the distributed open-source public XRP Ledger, for on-demand liquidity in global payments.

 

The Company is a wholly owned subsidiary of Ripple Labs Inc. (the “Parent”), a company incorporated in the State of Delaware in the United States.

 

The principal activity of the Ripple Markets UK Limited (the “Company”) is to provide sales and marketing support, technical support, research and development and general and administrative support to the Parent and other sister companies (“Affiliates") under common control of the Parent. There have been no significant changes in the nature of these activities during the financial year. The accompanying financial statements may not necessarily be indicative of conditions that would have existed or the results of the operations if the Company had been operating as an unaffiliated entity.

Principal risks and uncertainties

The Company’s profitability is subject to substantial risks. Our operating expenses primarily related to our business of software and provision of financial settlement solutions to customers. The Company’s profitability may depend on profitability of the Parent and Affiliates.

 

The Company engages in business related to digital currency, an area in which there are substantial uncertainties, and there can be no assurance that applications of existing or potential future rules and regulation to the Company’s business will not adversely impact the Company. As the market develops, additional regulations governing digital assets to be issued by various domestic and foreign regulatory bodies could subject the Company to additional regulatory burdens or curtail certain aspects of our operations.

 

Outlook and future developments

The principal activity of the Ripple Markets UK Limited (the “Company”) is to provide sales and marketing support, technical support, research and development and general and administrative support to the Parent and other sister companies (“Affiliates") under common control of the Parent. There have been no significant changes in the nature of these activities during the financial year. The accompanying financial statements may not necessarily be indicative of conditions that would have existed or the results of the operations if the Company had been operating as an unaffiliated entity.

 

Key performance indicators

The key KPIs that the business monitors are turnover and profit. These are monitored at minimum on a monthly basis. The KPIs are presented below:

 

2023 2022

Turnover £53,540,492 £23,611,007

Profit before tax £2,834,663 £1,255,488

Profit for the year £2,825,494 £659,635

 

Ripple Markets UK Limited
Strategic report (continued)
For the year ended 31 December 2023
2

On behalf of the board

Mr E P V Miltenburg
Director
4 October 2024
Ripple Markets UK Limited
Directors' report
For the year ended 31 December 2023
3

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

Principal activities

The principal activity of the company continued to be that of business and domestic software development.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. 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 B Garlinghouse
(Resigned 3 April 2023)
Mrs S Young
(Resigned 1 November 2023)
Mr C Myers
(Appointed 5 June 2023)
Mr N Khakoo
(Appointed 5 June 2023)
Mrs K Campbell
(Appointed 5 June 2023 and resigned 22 September 2023)
Mr D Phelan
(Appointed 5 June 2023 and resigned 30 August 2024)
Mr T Sawyer
(Appointed 30 November 2023)
Mr C P Perrin
(Appointed 30 November 2023 and resigned 21 May 2024)
Mr E P V Miltenburg
(Appointed 30 November 2023)
Mrs C J Craddock-Ball
(Appointed 30 November 2023)
Financial instruments
Treasury operations and financial instruments

The company provides a treasury function to assist in managing the liquidity risks associated with Ripple's activities.

 

The company has various financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations.

Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Foreign currency risk

The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Price risk

This is continually evaluated by the Board in light of the overall parent company position.

Ripple Markets UK Limited
Directors' report (continued)
For the year ended 31 December 2023
4
Auditor

Saffery LLP have expressed their willingness to continue in office.

Energy and carbon report
2023
Energy consumption
kWh
Aggregate of energy consumption in the year
150,333
2023
Emissions of CO2 equivalent
metric tonnes
Scope 1 - direct emissions
- Gas combustion
3.70
- Fuel consumed for owned transport
-
3.70
Scope 2 - indirect emissions
- Electricity purchased
26.90
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
0.10
Total gross emissions
30.70
Intensity ratio
Tonnes CO2e per employee
0.32
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting. No comparatives have been provided as the company was not required to report SECR information in the prior year.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.

Measures taken to improve energy efficiency

We have installed smart meters across all sites and increased video conferencing technology for staff meetings, to reduce the need for travel between sites.

Ripple Markets UK Limited
Directors' report (continued)
For the year ended 31 December 2023
5
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 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.

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 directors are confident that the accounts should be prepared on the going concern basis. The company operates with the support of its parent company and there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Management has considered the consequences of the economic environment and other events and conditions, and it has determined that they do not create a material uncertainty that casts significant doubt upon the entity’s ability to continue as a going concern.

Medium-sized companies exemption

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

On behalf of the board
Mr E P V Miltenburg
Director
4 October 2024
Ripple Markets UK Limited
Independent auditor's report
To the members of Ripple Markets UK Limited
6
Opinion

We have audited the financial statements of Ripple Markets UK Limited (the 'company') for the year ended 31 December 2023 which comprise the income statement, the statement of comprehensive income, 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 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.

Ripple Markets UK Limited
Independent auditor's report (continued)
To the members of Ripple Markets UK Limited
7

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

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 or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.

Ripple Markets UK Limited
Independent auditor's report (continued)
To the members of Ripple Markets UK Limited
8

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

 

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Ripple Markets UK Limited
Independent auditor's report (continued)
To the members of Ripple Markets UK Limited
9
Lucy Brennan
Senior Statutory Auditor
For and on behalf of Saffery LLP
6 October 2024
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Ripple Markets UK Limited
Income statement
For the year ended 31 December 2023
10
2023
2022
Notes
£
£
Turnover
3
53,540,492
23,611,007
Administrative expenses
(50,717,405)
(22,355,519)
Operating profit
4
2,823,087
1,255,488
Interest receivable and similar income
8
11,576
-
0
Profit before taxation
2,834,663
1,255,488
Tax on profit
9
(9,169)
(595,853)
Profit for the financial year
2,825,494
659,635

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

Ripple Markets UK Limited
Statement of comprehensive income
For the year ended 31 December 2023
11
2023
2022
£
£
Profit for the year
2,825,494
659,635
Other comprehensive income
-
-
Total comprehensive income for the year
2,825,494
659,635
Ripple Markets UK Limited
Statement of financial position
As at 31 December 2023
12
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,050,103
1,317,338
Current assets
Debtors
11
45,214,186
10,398,096
Cash at bank and in hand
1,870,108
4,952,199
47,084,294
15,350,295
Creditors: amounts falling due within one year
12
(18,105,164)
(8,671,444)
Net current assets
28,979,130
6,678,851
Total assets less current liabilities
30,029,233
7,996,189
Creditors: amounts falling due after more than one year
13
(853,047)
(646,621)
Provisions for liabilities
Deferred tax liability
14
177,011
104,244
(177,011)
(104,244)
Net assets
28,999,175
7,245,324
Capital and reserves
Called up share capital
17
1
1
Other reserves
18
23,505,228
4,576,871
Profit and loss reserves
5,493,946
2,668,452
Total equity
28,999,175
7,245,324
The financial statements were approved by the board of directors and authorised for issue on 4 October 2024 and are signed on its behalf by:
Mr E P V Miltenburg
Director
Company Registration No. 10145333
Ripple Markets UK Limited
Statement of changes in equity
For the year ended 31 December 2023
13
Share capital
Other reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
1
2,332,223
2,008,817
4,341,041
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
659,635
659,635
Credit to equity for equity settled share-based payments
-
2,244,648
-
2,244,648
Balance at 31 December 2022
1
4,576,871
2,668,452
7,245,324
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
2,825,494
2,825,494
Credit to equity for equity settled share-based payments including modification
-
12,715,971
-
12,715,971
Credit to equity for settlement of equity settled share-based payments
-
6,212,386
-
6,212,386
Balance at 31 December 2023
1
23,505,228
5,493,946
28,999,175
Ripple Markets UK Limited
Statement of cash flows
For the year ended 31 December 2023
14
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
23
(1,495,984)
4,673,226
Income taxes paid
(1,327,000)
(20,000)
Net cash (outflow)/inflow from operating activities
(2,822,984)
4,653,226
Investing activities
Purchase of tangible fixed assets
(270,683)
(408,747)
Interest received
11,576
-
0
Net cash used in investing activities
(259,107)
(408,747)
Net (decrease)/increase in cash and cash equivalents
(3,082,091)
4,244,479
Cash and cash equivalents at beginning of year
4,952,199
707,720
Cash and cash equivalents at end of year
1,870,108
4,952,199
Ripple Markets UK Limited
Notes to the financial statements
For the year ended 31 December 2023
15
1
Accounting policies
Company information

Ripple Markets UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Angel Court, London, EC2R 7HJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

This 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:

 

 

The financial statements of the company are consolidated in the financial statements of Ripple Labs Inc. These consolidated financial statements are available from its registered office 600 Battery Street, San Francisco, CA 94111.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have received confirmation from the Parent that they will continue to provide support. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Turnover is calculated on a mark up basis on operating expenses which are recharged to a related party.

 

1.4
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. Items under $1,000 are deemed to be trivial and are expensed.

Ripple Markets UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
16

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
14.29% straight line
Fixtures and fittings
33% straight line
Computers
33% straight line

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

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

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

 

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

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

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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 statement of financial position 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.

Ripple Markets UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
17
Basic financial assets

Basic financial assets, which include debtors, 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.

 

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 and loans from fellow group companies 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.

 

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.

Ripple Markets UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
18
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 company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company 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 company.

1.9
Taxation

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

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.

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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.

Ripple Markets UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
19
1.10
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.

1.11
Retirement benefits

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

Ripple Markets UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
20
1.12
Share-based payments

The equity-settled share based-payments are granted at the "grant date". The units subsequently vest with 25% being awarded after 12 months of service following the vesting commencement date then an additional 6.25% vest after each subsequent quarter. The annual merit grants vest quarterly from vesting commencement. Under FRS102 we have elected to use an alternative equivalent framework which is US GAAP applying straight line amortisation.

 

In FY23 we have enhanced our accounting estimation technique approach to Share Based Compensation (SBC) and have incorporated an attrition rate of 10% to account for leavers of the UK entity which applies only to the unvested tranches of awards for employees. Employees with vested awards are not applicable for the purposes of applying the attrition rate. We will review the attrition percentage to be applied on an annual basis to ensure that it is appropriate. The fair value of restricted stock units ("RSU") is based on the estimated fair value of the Parent's common stock on the modification date.

 

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised immediately. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

 

In relation to tender offers i.e. settlement, the difference between the expense recognised to date and the expected total expense to be recognised for outstanding units is recognised in the same period as the tender offer resulting in all remaining share-based payment expense being recognised.

 

Details regarding the determination of the fair value of equity-settled share-based transactions are set out in note 16.

 

1.13
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.14
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.

Ripple Markets UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
21
2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

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

Share based payments

For the share options granted the fair value is determined at the grant date and spread across the vesting period in the profit and loss account. In addition to the above, cancellations or settlements are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately. This is a key judgemental area due to the fair value being measured by a Black-Scholes model.

 

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Rendering of services
53,540,492
23,611,007
2023
2022
£
£
Turnover analysed by geographical market
USA
53,540,492
23,611,007
2023
2022
£
£
Other revenue
Interest income
11,576
-
Ripple Markets UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
22
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Exchange losses
380,484
4,042
Depreciation of owned tangible fixed assets
537,918
428,988
Share-based payments
12,715,971
2,244,648
Operating lease charges
927,885
1,246,950
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 company
52,500
30,900
6
Employees

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

2023
2022
Number
Number
Employees
97
71

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
37,822,871
14,757,167
Social security costs
5,434,055
1,713,052
Pension costs
608,408
2,407
43,865,334
16,472,626
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
1,937,732
60,729
Amounts receivable under long term incentive schemes
2,887,049
82,237
Company pension contributions to defined contribution schemes
51,605
2,407
4,876,386
145,373
Ripple Markets UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
7
Directors' remuneration (continued)
23

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2022 - 1).

The number of directors who are entitled to receive shares under long term incentive schemes during the year was 5 (2022 - 1).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
220,868
145,374
Amounts receivable under long term incentive schemes
923,347
82,237
Company pension contributions to defined contribution schemes
10,321
2,408
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
11,576
-
0
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
11,576
-
0
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
3,277,529
642,688
Deferred tax
Origination and reversal of timing differences
(3,268,360)
(46,835)
Total tax charge
9,169
595,853
Ripple Markets UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
9
Taxation (continued)
24

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

2023
2022
£
£
Profit before taxation
2,834,663
1,255,488
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
708,666
238,543
Tax effect of expenses that are not deductible in determining taxable profit
2,996,745
513,180
Change in unrecognised deferred tax assets
(3,341,127)
-
0
Effect of change in corporation tax rate
(41,760)
-
0
Other non-reversing timing differences
(436,633)
(63,591)
Under/(over) provided in prior years
(403)
(13,258)
Deferred tax adjustments in respect of prior years
(26,101)
-
0
Fixed asset differences
121,253
(15,622)
Deferred tax liability movement
(72,767)
-
0
Remeasurement of deferred tax for changes in tax rate
10,068
(11,241)
Other timing differences
91,228
(52,158)
Taxation charge for the year
9,169
595,853
10
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2023
1,986,526
538,669
855,676
3,380,871
Additions
74,121
-
0
196,562
270,683
Disposals
-
0
-
0
(275,807)
(275,807)
At 31 December 2023
2,060,647
538,669
776,431
3,375,747
Depreciation and impairment
At 1 January 2023
1,037,914
518,678
506,941
2,063,533
Depreciation charged in the year
328,731
10,882
198,305
537,918
Eliminated in respect of disposals
-
0
-
0
(275,807)
(275,807)
At 31 December 2023
1,366,645
529,560
429,439
2,325,644
Carrying amount
At 31 December 2023
694,002
9,109
346,992
1,050,103
At 31 December 2022
948,612
19,991
348,735
1,317,338
Ripple Markets UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
25
11
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
22,200
Unpaid share capital
1
1
Amounts owed by group undertakings
40,254,361
9,315,169
Other debtors
1,326,147
405,175
Prepayments and accrued income
195,584
558,585
41,776,093
10,301,130
Deferred tax asset (note 14)
3,438,093
96,966
45,214,186
10,398,096
12
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
271,787
904,369
Amounts owed to group undertakings
1,615,652
3,842,067
Corporation tax
2,521,966
571,437
Other creditors
9,793,774
98,469
Accruals and deferred income
3,901,985
3,255,102
18,105,164
8,671,444
13
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
853,047
646,621
14
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
Accelerated capital allowances
177,011
104,244
-
-
Share based payments
-
-
3,438,093
96,966
177,011
104,244
3,438,093
96,966
Ripple Markets UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
14
Deferred taxation (continued)
26
2023
Movements in the year:
£
Liability at 1 January 2023
7,278
Credit to profit or loss
(3,268,360)
Asset at 31 December 2023
(3,261,082)

The deferred tax asset set out above is expected to reverse within 12 months and relates to the share based payment deductions expected in the future. The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

15
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
608,408
2,407

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Ripple Markets UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
27
16
Share-based payment transactions

The Parent provides restricted stock units (RSUs) to employees employed by the Company. All unvested RSUs contain both a vesting condition, which is service-based, and a non-vesting condition to receive the underlying common stock of the Parent. The service-based vesting period is four years. The non-vesting condition will be satisfied on either: (1) a change in control event, such as a sale of the parent company assets or a merger involving the sale of a majority of the outstanding shares of the parent company voting capital stock, or (2) the effective date of the registration statement in connection with a qualifying initial public offering.

In September 2023, the Parent announced the intent to waive the liquidity event condition of all unvested RSUs, and RSUs that had met the service-based condition on the date in which the Parent announced the intent to waive the liquidity event condition (the “modification date”) became probable of vesting; the effective date of the waiver was January 1, 2024. As a result, the Company recognized £12,715,971 in incremental stock-based compensation during the year ended December 31, 2023 in connection with the modification. Stock-based compensation is recognized as RSUs vest over the remaining service term on a straight line basis. The fair value of restricted stock units (“RSU”) is based on the estimated fair value of the Parent’s common stock on the modification date.

The number of shares expected to vest is estimated based on the non-market vesting conditions. The estimates are revised at the end of each reporting period, and adjustments are recognised in profit or loss and the share-based payment reserve. Where shares are forfeited due to a failure by the employee to satisfy the service conditions, any expenses previously recognised in relation to such shares are reversed with effect from the date of the forfeiture.

 

The parent company has a share based option scheme for certain employees employed by Ripple Markets UK Limited.    

                

Options are exercisable at a price equal to the estimated fair value of the company's shares on the date of the grant. The vesting period is four years and the options can be exercised any time before its expiration of ten years. Options are forfeited if the employee leaves the company before the options vest.    

Details of the share options outstanding at the period end are as follows:

 

Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at start of period
113,129
143,171
0.72
0.98
Exercised
(113,129)
(30,042)
0.72
1.97
Outstanding at end of period
-
0
113,129
-
0
0.72
Exercisable at end of period
-
0
474,419
-
0
0.11

The fair value of the share options at the grant date was calculated using the Black Scholes model, which is considered to be the most appropriate generally accepted valuation method of measuring the fair value of options.

Ripple Markets UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
16
Share-based payment transactions (continued)
28

During the year, the company recognised total share-based payment expenses of £12,715,971 (2022: £2,244,648), related to equity settled share based payment transactions.     

        

The company granted 1,399,571 RSUs (2022: 650,557) and 121,033 RSUs were forfeited (2022: 56,351). All RSUs contain time based conditions only post lifting of the liquidity trigger to vest in the underlying common stock of the parent company.

 

17
Share capital
2023
2022
£
£
Ordinary share capital
Issued and not fully paid
100  of £0.01 each
1
1

The company has one class of ordinary share which carry no right to fixed income. Shareholders are not entitled to vote at AGMs unless Director permission is given.

18
Other reserves

 

Options have been granted by the Ripple Labs Inc under the stock plan to subscribe for ordinary shares. In addition, RSUs have been issued by Ripple Labs Inc. Other reserves comprises of the fair value of both shares at the year end.

 

Ripple Markets UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
29
19
Financial commitments, guarantees and contingent liabilities

SEC legal case

On December 22, 2020, the SEC filed a civil enforcement action against Ripple Labs Inc., Chris Larsen, and Brad Garlinghouse in the U.S. District Court for the Southern District of New York. The SEC alleged that Defendants violated federal securities laws by selling or otherwise distributing XRP without registering those sales with the SEC in accordance with applicable registration requirements. Ripple disputed the SEC’s allegations. On July 13, 2023, the court granted Defendants’ motion for summary judgment finding that Defendants did not violate securities laws with respect to sales on exchanges by any defendant and other distributions of XRP (including distributions to developers, to charities, and to employees); and the court granted the SEC’s motion for summary judgment as to certain historical “Institutional Sales” (i.e., certain sales to institutional investors) of XRP. Critically, the court ruled that XRP is not a security as a matter of law. The court found a triable issue of fact as to the SEC’s aiding and abetting claim against the individual defendants, which the SEC voluntarily dismissed with prejudice on October 19, 2023, thereby obviating the need for trial which had been scheduled for April 23, 2024.

The SEC applied to the Court for remedies from Ripple Labs in connection with the historical Institutional Sales. The remedies sought by the SEC included disgorgement, penalties, and an injunction. On August 7, 2024, the court ruled on the SEC’s remedies request and issued judgment in the case, thereby ending the litigation at the district court. Specifically, while the SEC requested approximately $2 billion in combined disgorgement and penalties, the Court awarded the SEC substantially less – zero disgorgement and approximately $125 million in penalties. Ripple is in a position to fulfill this fine from its current balance sheet. In addition, the Court issued an injunction against Ripple restraining Ripple from violating the registration requirements of the U.S. Securities Act going forward. Ripple respects the Court’s judgment and does not anticipate that this order will impact its operations going forward. The parties have until October 7, 2024 to decide whether to appeal the judgment.

 

Contingent liability

Following the removal of the “liquidity trigger” and modification, Ripple Inc issued a tender offer (FY24 event, no FY23 impact) to buy back the vested RSUs with the obligation to settle in cash with Ripple Inc. The January 2024 tender offer was deemed to be a contingent liability in the FY23 financial statements as the offering itself closed (and any offer was accepted by Ripple) in January 2024 and prior to that time, any offer could have been modified or canceled. On this basis it was not possible to estimate the amount to include in the FY23 financial statements.

 

20
Operating lease commitments
Lessee

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

2023
2022
£
£
Within one year
1,205,008
1,333,460
Between two and five years
4,261,474
5,333,840
In over five years
-
0
777,852
5,466,482
7,445,152
Ripple Markets UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
30
21
Related party transactions

The following related party transactions have been disclosed as the transactions are between entities which are under common control.

 

At the year end, the intercompany debtor balance was £25,772,253 due from Ripple Labs Inc (2022: £nil due to Ripple Labs Inc).

 

At the year end, the intercompany creditor balance was £1,396,321 due to Ripple Labs Inc (2022: £3,768,270 due to Ripple Labs Inc).

 

At the year end the intercompany debtor balance at year end was £14,429,674 was due from Ripple Services Inc (2022: £9,218,170).

 

At the year end the intercompany creditor balance at year end was £219,331 was due from Ripple Services Inc (2022: £nil).

 

Directors have been deemed to be Key Management Personnel and so the disclosure exemption under FRS 102 33.7A has been applied.

22
Ultimate controlling party

The parent company of Ripple Markets UK Limited is Ripple Labs Incorporated, a company registered at 600 Battery Street, San Francisco, CA 94111.

The ultimate holding company of Ripple Markets UK Limited is Ripple Labs Incorporated, a company registered at 600 Battery Street, San Francisco, CA 94111. Ripple Labs is the parent of the largest group which draws up consolidated financial statements.

 

23
Cash (absorbed by)/generated from operations
2023
2022
£
£
Profit for the year after tax
2,825,494
659,635
Adjustments for:
Taxation charged
9,169
595,853
Investment income
(11,576)
-
0
Depreciation and impairment of tangible fixed assets
537,918
428,988
Equity settled share based payment expense
12,715,971
2,244,648
Settlement of share based compensation
6,212,386
-
Movements in working capital:
Increase in debtors
(31,474,963)
(1,625,898)
Increase in creditors
7,689,617
2,370,000
Cash (absorbed by)/generated from operations
(1,495,984)
4,673,226
Ripple Markets UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
31
24
Analysis of changes in net funds
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
4,952,199
(3,082,091)
1,870,108
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100Mr B GarlinghouseMrs S YoungMr C MyersMr N KhakooMrs K CampbellMr D PhelanMr T SawyerMr C P PerrinMr E P V MiltenburgMrs C J Craddock-Ballfalsefalse101453332023-01-012023-12-3110145333bus:Director32023-01-012023-12-3110145333bus:Director42023-01-012023-12-3110145333bus:Director72023-01-012023-12-3110145333bus:Director92023-01-012023-12-3110145333bus:Director102023-01-012023-12-3110145333bus:Director12023-01-012023-12-3110145333bus:Director22023-01-012023-12-3110145333bus:Director52023-01-012023-12-3110145333bus:Director62023-01-012023-12-3110145333bus:Director82023-01-012023-12-3110145333bus:RegisteredOffice2023-01-012023-12-31101453332023-12-31101453332022-01-012022-12-3110145333core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3110145333core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31101453332022-12-3110145333core:LeaseholdImprovements2023-12-3110145333core:FurnitureFittings2023-12-3110145333core:ComputerEquipment2023-12-3110145333core:LeaseholdImprovements2022-12-3110145333core:FurnitureFittings2022-12-3110145333core:ComputerEquipment2022-12-3110145333core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3110145333core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3110145333core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3110145333core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3110145333core:CurrentFinancialInstruments2023-12-3110145333core:CurrentFinancialInstruments2022-12-3110145333core:ShareCapital2023-12-3110145333core:ShareCapital2022-12-3110145333core:OtherMiscellaneousReserve2023-12-3110145333core:OtherMiscellaneousReserve2022-12-3110145333core:RetainedEarningsAccumulatedLosses2023-12-3110145333core:RetainedEarningsAccumulatedLosses2022-12-3110145333core:ShareCapital2021-12-3110145333core:ForeignCurrencyTranslationReserve2021-12-3110145333core:RetainedEarningsAccumulatedLosses2021-12-3110145333core:ForeignCurrencyTranslationReserve2022-12-3110145333core:ForeignCurrencyTranslationReserve2023-12-31101453332022-12-31101453332021-12-3110145333core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3110145333core:FurnitureFittings2023-01-012023-12-3110145333core:ComputerEquipment2023-01-012023-12-3110145333core:UKTax2023-01-012023-12-3110145333core:UKTax2022-01-012022-12-311014533312023-01-012023-12-311014533312022-01-012022-12-311014533322023-01-012023-12-311014533322022-01-012022-12-311014533332023-01-012023-12-311014533332022-01-012022-12-311014533342023-01-012023-12-311014533342022-01-012022-12-311014533352023-01-012023-12-311014533352022-01-012022-12-3110145333core:LeaseholdImprovements2022-12-3110145333core:FurnitureFittings2022-12-3110145333core:ComputerEquipment2022-12-3110145333core:LeaseholdImprovements2023-01-012023-12-3110145333core:Non-currentFinancialInstruments12023-12-3110145333core:Non-currentFinancialInstruments12022-12-3110145333core:WithinOneYear2023-12-3110145333core:WithinOneYear2022-12-3110145333core:BetweenTwoFiveYears2023-12-3110145333core:BetweenTwoFiveYears2022-12-3110145333core:MoreThanFiveYears2023-12-3110145333core:MoreThanFiveYears2022-12-3110145333bus:PrivateLimitedCompanyLtd2023-01-012023-12-3110145333bus:FRS1022023-01-012023-12-3110145333bus:Audited2023-01-012023-12-3110145333bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP