Company registration number 07167872 (England and Wales)
SPHERE FLUIDICS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SPHERE FLUIDICS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 13
SPHERE FLUIDICS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
6
23,132
Tangible assets
7
3,308,025
1,484,548
3,331,157
1,484,548
Current assets
Stocks
1,713,141
1,291,714
Debtors
8
3,055,756
2,372,764
Cash at bank and in hand
7,593,914
15,717,435
12,362,811
19,381,913
Creditors: amounts falling due within one year
9
(2,882,864)
(2,428,945)
Net current assets
9,479,947
16,952,968
Total assets less current liabilities
12,811,104
18,437,516
Creditors: amounts falling due after more than one year
10
(1,345,077)
(1,769,809)
Provisions for liabilities
(827,006)
(282,064)
Net assets
10,639,021
16,385,643
Capital and reserves
Called up share capital
1,168
1,150
Share premium account
41,733,860
40,977,878
Profit and loss reserves
(31,096,007)
(24,593,385)
Total equity
10,639,021
16,385,643
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
Mr D Levitzke
Director
Company Registration No. 07167872
SPHERE FLUIDICS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2022
1,150
40,747,687
(20,469,858)
20,278,979
Period ended 31 December 2022:
Loss and total comprehensive income
-
-
(4,123,527)
(4,123,527)
Other movements
-
230,191
-
230,191
Balance at 31 December 2022
1,150
40,977,878
(24,593,385)
16,385,643
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(6,502,622)
(6,502,622)
Issue of share capital
18
-
18
Other movements
-
755,982
-
755,982
Balance at 31 December 2023
1,168
41,733,860
(31,096,007)
10,639,021
SPHERE FLUIDICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Sphere Fluidics Limited is a private company limited by shares incorporated in England and Wales. The registered office is Building One, Granta Centre, Granta Park, Great Abington, Cambridge, CB21 6AL.
1.1
Reporting period
These financial statements are prepared for a shorter period of 11 months to better fit with the company's internal operations. They are therefore not entirely comparable with the financial statements for the prior period.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Going concern
Sphere Fluidics sells microfluidic instruments and consumables for single cell analysis by the Life Sciences industry. The Company has around 30 products and is revenue-generating with over 350 customers worldwide. We have an E-commerce site, direct sales offices in the UK with international sales driven by thirteen different distributors.
In October 2024 the Company raised £6.4 million in an investment round. The Directors have prepared forecasts covering the period from the date of signing these financial statements to 31 December 2028. These forecasts provide a reasonable expectation that the company will have access to adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future.
The financial statements have been prepared under the going concern assumption and reflect a material uncertainty related to going concern due to the operational expenditure exceeding the revenue generated within twelve months from the date of signing of the financial statement and the company not currently having sufficient cash to fund all operational expenses.
Under the going concern assumption, and entity is ordinarily viewed as continuing in business for the foreseeable future with neither the intention nor the necessity of liquidation, ceasing trading or seeking protection from creditors pursuant to laws or regulations.
In assessing whether the going concern assumption is appropriate, the Directors take into account all available information for the foreseeable future, in particular for the twelve months from the date of approval of the financial statements. In October 2024, the company raised gross proceeds of over £6.4 million before costs by way of share placings. These funds compliment the company’s existing cash resources and have been used partly to fund the company’s programme of growth as well as ensuring adequate resources remain available for the day to day running of the business.
Following the review of ongoing performance and cash flows prepared to 31 December 2028, the Directors have a reasonable expectation that the company has adequate resources to continue operational existence in the foreseeable future.
The auditors have made reference to going concern by way of a material uncertainty within their audit report.
SPHERE FLUIDICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods (the Cytomine instrument, other research instruments and consumables) is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer upon satisfactory installation and when the goods are ready for use the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from service contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.5
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
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.
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
50% 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
5 years
Plant and equipment
50% / 25% straight line
Fixtures and fittings
25% 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.
SPHERE FLUIDICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Impairment of fixed assets
At each reporting period end date, the company 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.
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.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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.
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
SPHERE FLUIDICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.12
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.
1.13
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SPHERE FLUIDICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
SPHERE FLUIDICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
1.16
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
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 over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
1.17
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.18
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
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.
The directors do not consider there to be any significant accounting estimates or any material judgemental areas in applying the accounting policies.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
3,027,077
3,249,578
Sale of services
494,559
177,237
Research and development collaboration
1,002,421
349,473
4,524,057
3,776,288
SPHERE FLUIDICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 9 -
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
437,958
597,044
European Union
1,955,666
559,412
Rest of World
2,130,433
2,619,832
4,524,057
3,776,288
2023
2022
£
£
Other revenue
Interest income
310,634
63,826
Grants received
133,414
-
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
64
41
5
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(482,674)
(424,157)
Deferred tax
Origination and reversal of timing differences
544,942
282,064
Total tax charge/(credit)
62,268
(142,093)
The current tax credit of £482,674 (2022: £424,157) as shown above represents the R&D tax credit. In the prior period, this was classified as other income.
SPHERE FLUIDICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
6
Intangible fixed assets
Other
£
Cost
At 1 January 2023
6,110
Additions
34,482
At 31 December 2023
40,592
Amortisation and impairment
At 1 January 2023
6,110
Amortisation charged for the year
11,350
At 31 December 2023
17,460
Carrying amount
At 31 December 2023
23,132
At 31 December 2022
7
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
903,215
2,177,419
3,080,634
Additions
1,755,154
602,126
2,357,280
Disposals
(660)
(23,779)
(24,439)
At 31 December 2023
2,657,709
2,755,766
5,413,475
Depreciation and impairment
At 1 January 2023
51,495
1,544,591
1,596,086
Depreciation charged in the year
240,184
292,995
533,179
Eliminated in respect of disposals
(36)
(23,779)
(23,815)
At 31 December 2023
291,643
1,813,807
2,105,450
Carrying amount
At 31 December 2023
2,366,066
941,959
3,308,025
At 31 December 2022
851,720
632,828
1,484,548
SPHERE FLUIDICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
911,756
1,324,370
Corporation tax recoverable
482,552
424,035
Other debtors
980,285
516,580
2,374,593
2,264,985
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
681,163
107,779
Total debtors
3,055,756
2,372,764
9
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
18,442
Trade creditors
969,397
646,044
Taxation and social security
120,051
100,030
Other creditors
1,774,974
1,682,871
2,882,864
2,428,945
10
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
1,345,077
1,769,809
11
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
827,006
282,064
SPHERE FLUIDICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
12
Share-based payment transactions
The company operates an Enterprise Management Investment Scheme. The scheme consists of share options granted to employees, which typically vest over three years and gives rise to equity settled share based payment transactions when all vesting conditions are met. During the period, no options were granted to individuals where the exercise price was below the contemporary market value. Similarly, there were no options granted in previous periods which have given rise to an expense in the current period. For this reason, no share based payment expense has been recognised in the financial statements.
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 January 2023
8,043
5,995
11.84
14.86
Granted
6,249
2,216
3.00
3.00
Forfeited
(1,250)
(168)
51.33
3.00
Outstanding at 31 December 2023
13,042
8,043
3.82
11.84
Exercisable at 31 December 2023
7,427
5,975
3.00
14.90
The options outstanding at 31 December 2023 had an exercise price ranging from £3 to £51.33 and a contractual life of 10 years.
The estimated fair value of the shares was calculated by applying the discounted market value model. The valuation was then agreed with HMRC. A Black Scholes model was used to calculate the share based payment charge.
13
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Peter Woodhall FCA
Statutory Auditor:
TC Audit Limited
Date of audit report:
30 January 2025
14
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Total commitment within 5 years
4,242,476
573,789
SPHERE FLUIDICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
15
Capital commitments
At the reporting end date the company had capital commitments for the purchase of tangible fixed assets as follows:
2023
2022
£
£
Acquisition of tangible fixed assets
-
1,557,180
16
Post balance sheet events
In October 2024, the company raised gross proceeds of over £6.4 million before costs by way of share placings. These funds compliment the company’s existing cash resources and have been used partly to fund the company’s programme of growth as well as ensuring adequate resources remain available for the day to day running of the business.
In November 2024 an extension to the convertible loan was signed thus extending the loan repayment date to 29 November 2027.
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