Ably Realtime Limited
Annual Report and Financial Statements
For the year ended 31 January 2024
Company Registration No. 06946246 (England and Wales)
Ably Realtime Limited
Company Information
Directors
M O'Riordan
P J Bryers
K Wallington
S J Menashy
N Fiore
T B Wardi
Secretary
OHS Secretaries Limited
Company number
06946246
Registered office
9th Floor
107 Cheapside
London
United Kingdom
EC2V 6DN
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Ably Realtime Limited
Contents
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 10
Group profit and loss account
11
Group statement of comprehensive income
12
Group balance sheet
13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 31
Ably Realtime Limited
Strategic Report
For the year ended 31 January 2024
Page 1

The directors present the strategic report for Ably Realtime Limited and its subsidiary companies (together “the Group” or “Ably”) for the year ended 31 January 2024.

Overview

Ably continued to drive towards its’ vision to make the online world better with realtime experiences. We believe in our mission to become the definitive realtime experience infrastructure of the internet.

 

Globally the realtime market is worth $2.2 billion and growing. Both companies and consumers continue to demand realtime interactions in all of their communication and online experiences. Leaders in realtime adoption report improved customer engagement and retention by delivering an exceptional customer experience.

 

Realtime adoption ensure firms can increase revenue, reduce costs and mitigate risk from building and maintaining these systems themselves. Adopting a realtime solution ensures uptime and reliability, it allows firms to focus their resources on the areas that matter most.

 

In 2024, world economies faced inflation, energy challenges, higher interest rates and reduced investment budgets. We consider Ably well positioned to perform strongly despite the worsening macroeconomic environment, given we operate a critical service for our customers that can assist in a downturn.

 

Our value proposition of reducing complexity, cost and risk, meeting user experiences faster and enabling customers to build for the future with a trusted partner means our platform is fundamentally well-positioned.

 

We are optimistic for the prospects of Ably as the business continues its global expansion and growth objectives.

Review of the business

During 2024 one of our key goals was to drive adoption and realtime led transformation with new customers. We released our new Spaces product to enable customers to build collaborative environments in their applications and focussed our GTM efforts on the growing Fan Engagement space.

 

Across our global customers, including NASCAR, we are delighted to report that we reached over 1.1 billion monthly unique devices connected to the Ably platform. This demonstrates customers, and their users, strong and growing demand for realtime infrastructure.

 

The Ably platform continues to be the leading realtime infrastructure provider on the market. Providing low latency and reliability, Ably’s SDKs and APIs power realtime capabilities like Chat, Data Broadcast, Data Syncronization, Multiplayer Collaboration and Notifications.

 

Expanding the product offering will remain a key strategic priority moving forward and be critical to support the acquisition of new customers and the expansion within the accounts of our existing customers.

Ably Realtime Limited
Strategic Report (Continued)
For the year ended 31 January 2024
Page 2
Financials performance and key performance indicators

Ably continues to fuel our existing and expected future growth from the investment round in May 2021. We have continued to deploy the capital to enhance the product offering to deliver value to our customers.

 

Ably engages with its customers on a subscription basis, with a land and expand go-to-market strategy. We continue to demonstrate our ability to execute on this strategy with a significant proportion of new ARR driven by account expansion.

 

We continue to win new customer accounts across a range of industries including Sports, EdTech and Finance. North American customers continue to be the largest proportion of new revenue.

 

We are pleased to report Gross Margin improved by 22% during the year due to engineering efforts to delivering new technology and improve efficiency of the existing system.

 

We report a Group loss of £9.35m in 2024 down 41% on 2023. Incurring losses during the growth stage is common in capital backed businesses of our stage and size. This is due to the upfront investment needed to deliver a global enterprise solution. The cost of operations is primarily centred in customer acquisition and research and development, of which all expenditure is recognised in the P&L in the period in which they relate.

 

We incur upfront costs to acquire new customers, which is expected when targeting large multinational institutions with significant procurement and legal processes.

 

The Group’s focus in 2024 was on improving operational efficiency. This was achieved through reducing overhead expenditure on discretionary spend and evaluating headcount requirements across all departments.

 

We continue to closely assess our expenditure in-line with strategy and reviewed against industry benchmarks and revenue performance. All expenditure incurred is closely reviewed to align with our strategic objectives.

 

In 2024 staff costs continued to make up the majority of our operating and administrative expenditures.

 

Expenditure decreased in 2024 largely driven by our change in business strategy from people investment to product development to drive performance and growth.

 

To take us to the next level of maturity, Ably invested in product facing teams including product, engineering and developer success. We continue to invest in the GTM function.

 

We reported a score of 80 in our Employee Net Promoter Score in Quarter 3 2023 which we consider “high satisfaction” of our people. Following the COVID-19 pandemic, we introduced a flexible working policy. This continues to rank as one of the most important benefits to our people in our staff surveys.

Ably Realtime Limited
Strategic Report (Continued)
For the year ended 31 January 2024
Page 3
Principle uncertainties and risks

Macroeconomic climate

Challenging economic conditions and periods of inflation may impact the demand for our software and services. Budgets may be tightened and sales cycles could increase.

 

Our customer priorities may shift, but given our realtime software can reduce cost, improve reliability and reduce time to revenue, we believe that we are well positioned to thrive in challenging market conditions.

 

The economic climate may make it more challenging to raise capital. Ably continues to operate at a loss whilst we invest in growth. Our ability to raise capital is important to enable us to continue to grow the business.

 

Global instability

Ably’s global presence means we may be at risk from rising global instability, either directly or indirectly through our customer base, because of changing geopolitical tensions, economic volatility and regulatory changes.

 

We actively monitor any recent developments and support customers through our global service offering to ensure they can remain operational at all times.

 

Current and treasury risk

Given our global presence, we may be exposed to fluctuations in foreign exchange which could impact the business.

When the need arises, the Group holds/sells cash held in other currencies to reduce its exposures to the fluctuations on foreign exchange rates.

 

Uncertainty in banking markets heightens risk in treasury management. We will continue to conduct risk management and mitigation strategies, including diversifying our liquid assets across multiple banking partners, currencies and group companies.

 

Outlook and future developments

The financial statements have been prepared on a going concern basis, which assumes that the Group will continue in business for the forthcoming twelve-month period.

 

The Group continues to operate at a loss, with a negative operating cash flow. The timeframe for the Group to attain profitability and positive cash flows from operations is expected within the next 2 years. . Achieving a breakeven position will reduce the companies reliance on a future equity round while providing stability to continue to grow the business.

 

Our successful funding round in 2021 will continue to be utilized to drive revenue growth, customer success and global expansion. These investments put Ably in a strong position to continue to grow in 2024 and beyond, as we look to expand our product offerings and customer base.

 

 

Ably Realtime Limited
Strategic Report (Continued)
For the year ended 31 January 2024
Page 4

On behalf of the board

M O'Riordan
Director
26 January 2025
Ably Realtime Limited
Directors' Report
For the year ended 31 January 2024
Page 5

The directors present their annual report and financial statements for the year ended 31 January 2024.

Principal activities

The principal activity of the group continued to be the delivery of a platform as a service product to the technology and internet developer community.

 

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. 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:

M O'Riordan
P J Bryers
K Wallington
S J Menashy
N Fiore
T B Wardi
Auditor

The auditor, Moore Kingtston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

On behalf of the board
M O'Riordan
Director
26 January 2025
Ably Realtime Limited
Directors' Responsibilities Statement
For the year ended 31 January 2024
Page 6

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 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.

Ably Realtime Limited
Independent Auditor's Report
To the Members of Ably Realtime Limited
Page 7
Opinion

We have audited the financial statements of Ably Realtime Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the Group Profit And Loss Account, the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group 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 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.

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.

Ably Realtime Limited
Independent Auditor's Report (Continued)
To the Members of Ably Realtime Limited
Page 8

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 group and the parent company and their 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 group's and parent 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 group or parent company or to cease operations, or have no realistic alternative but to do so.

Ably Realtime Limited
Independent Auditor's Report (Continued)
To the Members of Ably Realtime Limited
Page 9
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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

Ably Realtime Limited
Independent Auditor's Report (Continued)
To the Members of Ably Realtime Limited
Page 10

Explanation as to what extent the audit was considered capable of detecting irregularities, including

fraud

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

including fraud is detailed below.

 

The objectives of our audit in respect of 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 to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

 

Our approach was as follows:

Ÿ

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. 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.

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 for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party 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.

Jamie Sherman (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
31 January 2025
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
Ably Realtime Limited
Group Profit and Loss Account
For the year ended 31 January 2024
Page 11
Year
Period
ended
ended
31 January
31 January
2024
2023
Notes
£
£
Turnover
3
9,289,781
8,997,034
Cost of sales
(3,996,461)
(5,341,788)
Gross profit
5,293,320
3,655,246
Administrative expenses
(15,040,241)
(21,026,924)
Operating loss
4
(9,746,921)
(17,371,678)
Interest receivable and similar income
8
143,103
65,641
Interest payable and similar expenses
9
(4,298)
(2,368)
Loss before taxation
(9,608,116)
(17,308,405)
Tax on loss
10
256,536
1,451,885
Loss for the financial year
(9,351,580)
(15,856,520)
Loss for the financial year is all attributable to the owners of the parent company.
Ably Realtime Limited
Group Statement of Comprehensive Income
For the year ended 31 January 2024
Page 12
Year
Period
ended
ended
31 January
31 January
2024
2023
£
£
Loss for the year
(9,351,580)
(15,856,520)
Other comprehensive income
Currency translation gain taken to retained earnings
47,005
16,112
Total comprehensive income for the year
(9,304,575)
(15,840,408)
Total comprehensive income for the year is all attributable to the owners of the parent company.
Ably Realtime Limited
Group Balance Sheet
As at 31 January 2024
Page 13
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
105,454
262,995
Current assets
Debtors
14
4,720,043
4,924,827
Cash at bank and in hand
3,431,381
12,457,172
8,151,424
17,381,999
Creditors: amounts falling due within one year
15
(1,871,436)
(2,039,071)
Net current assets
6,279,988
15,342,928
Net assets
6,385,442
15,605,923
Capital and reserves
Called up share capital
19
5,115
5,084
Share premium account
43,803,249
43,756,325
Own shares
133,880
96,741
Profit and loss reserves
(37,556,802)
(28,252,227)
Total equity
6,385,442
15,605,923
The financial statements were approved by the board of directors and authorised for issue on 26 January 2025 and are signed on its behalf by:
26 January 2025
M  O'Riordan
Director
Ably Realtime Limited
Company Balance Sheet
As at 31 January 2024
31 January 2024
Page 14
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
93,958
240,338
Investments
12
7
7
93,965
240,345
Current assets
Debtors
14
4,716,391
4,906,431
Cash at bank and in hand
2,890,016
12,266,482
7,606,407
17,172,913
Creditors: amounts falling due within one year
15
(1,829,094)
(1,922,031)
Net current assets
5,777,313
15,250,882
Net assets
5,871,278
15,491,227
Capital and reserves
Called up share capital
19
5,115
5,084
Share premium account
43,803,249
43,756,325
Own shares
133,880
96,741
Profit and loss reserves
(38,070,966)
(28,366,923)
Total equity
5,871,278
15,491,227

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £9,704,043 (2023 - £16,008,946 loss).

The financial statements were approved by the board of directors and authorised for issue on 26 January 2025 and are signed on its behalf by:
26 January 2025
M  O'Riordan
Director
Company Registration No. 06946246 (England and Wales)
Ably Realtime Limited
Group Statement of Changes in Equity
For the year ended 31 January 2024
Page 15
Share capital
Share premium account
Share based payment reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
5,070
43,725,672
38,327
(12,411,819)
31,357,250
Period ended 31 January 2023:
Loss for the period
-
-
-
(15,856,520)
(15,856,520)
Other comprehensive income:
Currency translation differences
-
-
-
16,112
16,112
Total comprehensive income for the period
-
-
-
(15,840,408)
(15,840,408)
Issue of share capital
19
14
30,653
-
-
30,667
Share based payments
-
-
58,414
-
58,414
Balance at 31 January 2023
5,084
43,756,325
96,741
(28,252,227)
15,605,923
Year ended 31 January 2024:
Loss for the year
-
-
-
(9,351,580)
(9,351,580)
Other comprehensive income:
Currency translation differences
-
-
-
47,005
47,005
Total comprehensive income for the year
-
-
-
(9,304,575)
(9,304,575)
Issue of share capital
19
31
46,924
-
-
46,955
Share based payments
-
-
37,139
-
37,139
Balance at 31 January 2024
5,115
43,803,249
133,880
(37,556,802)
6,385,442
Ably Realtime Limited
Company Statement of Changes in Equity
For the year ended 31 January 2024
Page 16
Share capital
Share premium account
Own shares
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
5,070
43,725,672
38,327
(12,357,977)
31,411,092
Period ended 31 January 2023:
Loss and total comprehensive income for the period
-
-
-
(16,008,946)
(16,008,946)
Issue of share capital
19
14
30,653
-
-
30,667
Own shares acquired
-
-
58,414
-
58,414
Balance at 31 January 2023
5,084
43,756,325
96,741
(28,366,923)
15,491,227
Year ended 31 January 2024:
Loss and total comprehensive income for the year
-
-
-
(9,704,043)
(9,704,043)
Issue of share capital
19
31
46,924
-
-
46,955
Own shares acquired
-
-
37,139
-
37,139
Balance at 31 January 2024
5,115
43,803,249
133,880
(38,070,966)
5,871,278
Ably Realtime Limited
Group Statement of Cash Flows
For the year ended 31 January 2024
Page 17
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
22
(9,212,467)
(17,682,813)
Interest paid
(4,298)
(2,368)
Income taxes (paid)/refunded
(7,284)
518,374
Net cash outflow from operating activities
(9,224,049)
(17,166,807)
Investing activities
Purchase of tangible fixed assets
(43,815)
(293,710)
Proceeds on disposal of tangible fixed assets
5,010
-
Interest received
143,103
65,641
Net cash generated from/(used in) investing activities
104,298
(228,069)
Financing activities
Proceeds from issue of shares
46,955
30,667
Net cash generated from financing activities
46,955
30,667
Net decrease in cash and cash equivalents
(9,072,796)
(17,364,209)
Cash and cash equivalents at beginning of year
12,457,172
29,805,269
Effect of foreign exchange rates
47,005
16,112
Cash and cash equivalents at end of year
3,431,381
12,457,172
Ably Realtime Limited
Notes to the Financial Statements
For the year ended 31 January 2024
Page 18
1
Accounting policies
Company information

Ably Realtime Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Ably Realtime Limited and all of its subsidiaries.

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.

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. Investments in subsidiaries are accounted for at cost less impairment.

Ably Realtime Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
Page 19
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Ably Realtime Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 January 2024. 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.

1.4
Going concern

The group made a loss for the year of £9,351,580 (2023: £15,856,520), but is well capitalised with £3,431,381 cash at bank at the balances sheet date. The group has prepared forecasts to January 2026 when it expects to become profitable on a monthly basis. The group has put together cost saving measures that include a reduction of head count in June 2023 that can be seen in note 6 combined with organic sales growth. Further operational cost reductions have been made in 2024 that will provide a reduced cash burn moving forward. The forecasts demonstrate sufficient cash to absorb any losses over the next 12 months and maintain cash reserves. At the time of approving the financial statements, the directors have a reasonable expectation that the 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
Reporting period

The parent company, Ably Realtime Limited, extended its accounting period by one month in the prior year in order to bring the accounting period end in line with that of annual planning process and stakeholder reporting cycles. Therefore the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.6
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. 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.

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:

Fixtures and fittings
straight line over 3 years
Computers
straight line over 3 years
Ably Realtime Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
Page 20

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
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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
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.

1.10
Financial instruments

The group only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

1.11
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.

1.12
Taxation

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

Ably Realtime Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
Page 21
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 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 if, and only if, there is 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.

1.13
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.

1.14
Retirement benefits

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

1.15
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.

Ably Realtime Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
Page 22

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.

 

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.

1.16
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.

1.17
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.

Ably Realtime Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
Page 23
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Share based payments

Judgement and estimation is required in determining the fair value of shares at the date of award. The fair value is estimated using valuation techniques which take into account the awards’ term, the risk-free interest rate and the expected volatility of the market price of the Company’s shares. Details of share-based payments and the assumptions applied are disclosed in note 18.

Research and development tax credit

The research and development tax credit recognised in the financial statements represents the directors best estimate of the amounts to be claimed. The claim has been calculated based on previous successful claims submitted to HMRC but given the complexity of the components making up the calculation and the assumptions required, there exists some uncertainty around the final amount to be claimed. The directors do not expect any significant changes to the claim and no amendments have been required in prior years.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Rendering of API services
9,289,781
8,997,034
2024
2023
£
£
Turnover analysed by geographical market
North America
6,422,719
6,657,805
Europe, Middle East and Africa
1,921,790
1,259,585
Asia-Pacific
916,304
989,674
Latin America
28,968
89,970
9,289,781
8,997,034
2024
2023
£
£
Other revenue
Interest income
143,103
65,641
Ably Realtime Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 24
4
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging:
Exchange losses
232,323
21,126
Depreciation of owned tangible fixed assets
145,559
151,791
Loss on disposal of tangible fixed assets
50,787
40,080
Share-based payments
37,139
58,414
Operating lease charges
505,918
611,036
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
22,600
21,500
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
75
125
75
113

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
9,930,167
12,596,801
7,966,344
10,554,365
Social security costs
929,347
1,357,737
929,347
1,357,737
Pension costs
268,957
1,018,906
268,957
1,018,906
11,128,471
14,973,444
9,164,648
12,931,008
Ably Realtime Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 25
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
451,930
478,360
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
201,032
215,142
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
143,103
65,641

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
143,103
65,641
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
4,298
2,368
10
Taxation
2024
2023
£
£
Current tax
Benefit arising from a previously unrecognised tax loss or credit
(626,473)
(1,471,702)
Tax relating to prior year adjustments recognised in profit or loss
362,653
-
0
Total UK current tax
(263,820)
(1,471,702)
Foreign current tax on profits for the current period
7,284
19,817
Total current tax
(256,536)
(1,451,885)
Ably Realtime Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
10
Taxation
(Continued)
Page 26

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

2024
2023
£
£
Loss before taxation
(9,608,116)
(17,308,405)
Expected tax credit based on the standard rate of corporation tax in the UK of 24.00% (2023: 19.00%)
(2,305,948)
(3,288,597)
Tax effect of expenses that are not deductible in determining taxable profit
43,676
32,379
Unutilised tax losses carried forward
2,284,686
3,304,057
Research and development tax credit
(263,820)
(1,451,885)
Capital allowances
(9,166)
(61,653)
Provision tax adjustment
(5,964)
13,814
Taxation credit
(256,536)
(1,451,885)
11
Tangible fixed assets
Group
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 February 2023
12,722
534,962
547,684
Additions
-
0
43,815
43,815
Disposals
-
0
(140,495)
(140,495)
At 31 January 2024
12,722
438,282
451,004
Depreciation and impairment
At 1 February 2023
8,327
276,362
284,689
Depreciation charged in the year
2,453
143,106
145,559
Eliminated in respect of disposals
-
0
(84,698)
(84,698)
At 31 January 2024
10,780
334,770
345,550
Carrying amount
At 31 January 2024
1,942
103,512
105,454
At 31 January 2023
4,395
258,600
262,995
Ably Realtime Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
11
Tangible fixed assets
(Continued)
Page 27
Company
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 February 2023
12,722
507,759
520,481
Additions
-
0
38,144
38,144
Disposals
-
0
(130,746)
(130,746)
At 31 January 2024
12,722
415,157
427,879
Depreciation and impairment
At 1 February 2023
8,327
271,816
280,143
Depreciation charged in the year
2,453
133,995
136,448
Eliminated in respect of disposals
-
0
(82,670)
(82,670)
At 31 January 2024
10,780
323,141
333,921
Carrying amount
At 31 January 2024
1,942
92,016
93,958
At 31 January 2023
4,395
235,943
240,338
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
7
7
13
Subsidiaries

Details of the company's subsidiaries at 31 January 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Ably Realtime Inc
USA
Ordinary
100.00
Ably Realtime Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 28
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,099,353
1,425,964
1,099,353
1,425,964
Corporation tax recoverable
2,669,897
2,406,077
2,669,897
2,406,077
Other debtors
198,460
186,363
196,477
177,583
Prepayments and accrued income
752,333
906,423
750,664
896,807
4,720,043
4,924,827
4,716,391
4,906,431

Corporation tax recoverable relates to R&D tax credits of £2,669,897 of which £2,043,424 has been received post year end.

15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Trade creditors
285,482
374,290
274,387
358,453
Other taxation and social security
310,863
347,251
308,801
344,595
Deferred income
16
539,138
684,024
539,138
684,024
Other creditors
124,428
94,205
124,428
94,205
Accruals and deferred income
611,525
539,301
582,340
440,754
1,871,436
2,039,071
1,829,094
1,922,031
16
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
539,138
684,024
539,138
684,024
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
268,957
1,018,906

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.

Ably Realtime Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 29
18
Share-based payment transactions

Share options typically vest over 4 years from the date of the grant, 25% after 1 year, and then monthly over the following 3 years so that on the four-year anniversary of the grant, all options are fully vested.

 

The fair value of equity-settled share options granted is estimated as the date of grant based upon the net asset value per share, discounted to take consideration of factors that may create an inability to exercise the options.

 

All options are equity settled. The group measures their value, and the corresponding increase in equity, by reference to the fair value of the equity instruments granted at the date at which they are granted. The expense is recognised over the vesting period.

 

The following table details the number and weighted average exercise prices (WAEP) of, and movements in, share options during the period.

Group and company
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 February 2023
378,352
254,277
0.63
1.53
Granted
16,590
214,019
0.63
3.65
Forfeited
(158,948)
(89,944)
0.63
1.53
Outstanding at 31 January 2024
235,994
378,352
0.63
3.09
Exercisable at 31 January 2024
97,248
113,076
0.63
1.53
Group
Company
2024
2023
2024
2023
£
£
£
£
Expenses recognised in the year
Arising from equity settled share based payment transactions
37,139
58,414
37,139
58,414
Ably Realtime Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 30
19
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1p each
2,670,975
2,640,286
2,671
2,640
Series A shares of 0.1p each
1,061,576
1,061,576
1,062
1,062
Series B1 shares of 0.1p each
972,979
972,979
973
973
Series B2 shares of 0.1p each
205,279
205,279
205
205
VV shares of 0.1p each
189,085
189,085
189
189
Deferred shares of 0.1p each
15,290
15,290
15
15
5,115,184
5,084,495
5,115
5,084

During the year the parent company, Ably Realtime Limited, issued 30,689 Ordinary 0.1p shares at a price of £1.53 per share.

 

The shares above hold different capital and dividend distribution rights that can be found in the Articles of Association.

20
Events after the reporting date

After the year end the parent company, Ably Realtime Limited, issued 10,476 Ordinary 0.1p shares at a price of £1.53 per share.

21
Related party transactions

The group had related party transactions with wholly owned subsidiaries and the parent undertaking, and as such has taken advantage of the exemption permitted under section 33.1A to not provide disclosures of transactions entered into with other wholly owned members of the group.

 

During the period the group paid £30,833 (2023: £37,917) to Casecadehill LLP for consultancy fees, a company which K Wallington is also a director. The amount outstanding at the period end was £NIL (2023: £NIL).

 

Key management compensation for the period amounts to £451,930 (2023: £478,360).

Ably Realtime Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 31
22
Cash absorbed by group operations
2024
2023
£
£
Loss for the year after tax
(9,351,580)
(15,856,520)
Adjustments for:
Taxation credited
(256,536)
(1,451,885)
Finance costs
4,298
2,368
Investment income
(143,103)
(65,641)
Loss on disposal of tangible fixed assets
50,787
40,080
Depreciation and impairment of tangible fixed assets
145,559
151,791
Equity settled share based payment expense
37,139
58,414
Movements in working capital:
Decrease/(increase) in debtors
468,604
(948,046)
Decrease in creditors
(22,749)
(36,831)
(Decrease)/increase in deferred income
(144,886)
423,457
Cash absorbed by operations
(9,212,467)
(17,682,813)
23
Analysis of changes in net funds - group
1 February 2023
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
12,457,172
(9,025,791)
3,431,381
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