Company registration number 12828514 (England and Wales)
MOOLEC SCIENCE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
MOOLEC SCIENCE LIMITED
COMPANY INFORMATION
Directors
Mr G Paladini
J Lopez Lecube
Secretary
EBS Corporate Services Limited
Company number
12828514
Registered office
Innovation Centre  
Gallows Hill  
Warwick  
Warwickshire  
CV34 6UW
Auditor
TC Group
Celixir House
Stratford Business &Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
MOOLEC SCIENCE LIMITED
CONTENTS
Page
Directors' report
1 - 2
Statement of financial position
3
Statement of changes in equity
4 - 5
Notes to the financial statements
6 - 16
MOOLEC SCIENCE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company continued to be that of producing animal proteins in plants aiming to heal the meat production system.

Results and dividends

The results for the year are set out on page 7.

 

Business Review

The loss for the year after taxation amounted to $2,802,059 (2023: $6,076,130). The results are set out on page 7.

 

Going concern

The directors have evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about Moolec Science Limited ability to continue as a going concern after the accompanying Financial Statements are issued. These financial statements have been prepared on a going concern basis. The director's confirm the financial support of its main shareholder for a minimum period of twelve months from the date of these financial statements. The director's conclude it will, for the next 12 months from the issuance of these financial statements, the Company will be able to realise its assets and discharge its liabilities in the normal course of operations. 

 

Future Developments

The Directors do not anticipate any significant changes to the Company's activity in the foreseeable future.

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 J Lopez Lecube
Mr G Paladini
Auditor

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

MOOLEC SCIENCE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
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.

Small companies exemption

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

On behalf of the board
..............................................
Mr G Paladini
Director
3 March 2025
MOOLEC SCIENCE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2024
30 June 2024
- 3 -
2024
2023
as restated
Notes
$
$
$
$
Non-current assets
Intangible assets
3
2,979,806
3,084,976
Property, plant and equipment
4
5,521
7,220
Investments
5
1,606,117
1,608,508
4,591,444
4,700,704
Current assets
Trade and other receivables
8
12,004,211
14,711,130
Cash and cash equivalents
111,149
2,003,866
12,115,360
16,714,996
Current liabilities
9
(12,361,086)
(14,360,627)
Net current (liabilities)/assets
(245,726)
2,354,369
Total Assets less Current liabilities
4,345,718
7,055,073
Equity
Called up share capital
13
669,182
669,182
Share premium account
14
18,538,181
18,538,181
Stock Option Reserve account
15
698,196
605,492
Retained earnings
(15,559,841)
(12,757,782)
Total equity
4,345,718
7,055,073

The directors of the company have elected not to include a copy of the income statement within the financial statements.

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 3 March 2025 and are signed on its behalf by:
..............................................
Mr G Paladini
Director
Company registration number 12828514 (England and Wales)
MOOLEC SCIENCE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
Share capital
Share premium account
Stock Option Reserve account
Retained earnings
Total
Total
Notes
$
$
$
$
$
$
Balance at 30 June 2022
638,297
6,961,704
838,576
(6,834,243)
1,604,334
Total comprehensive loss
-
-
-
(5,923,539)
(5,923,539)
466,168
Equity settled-share based payment
-
-
(233,084)
-
(233,084)
(466,168)
Issuance of shares
30,885
11,576,477
11,607,362
As restated
-
Balance at 30 June 2023
669,182
18,538,181
605,492
(12,757,782)
7,055,073
Total comprehensive loss
-
-
-
(2,802,059)
(2,802,059)
(5,923,539)
Equity settled share-based payment
-
-
92,704
-
92,704
Balance at 30 June 2024
669,182
18,538,181
698,196
(15,559,841)
4,345,718
(233,084)
7,055,849
MOOLEC SCIENCE LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
Share capital
Share premium account
Stock Option Reserve account
Retained earnings
Total
Total
Notes
$
$
$
$
$
$
- 5 -
(2,802,059)
Balance at June 2024
669,182
18,538,181
698,196
(15,559,841)
4,345,718
8,691,436
5,889,377
4,346,495
MOOLEC SCIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
1
Accounting policies
Company information

Moolec Science Limited is a private company limited by shares incorporated in England and Wales. The registered office is Innovation Centre, Gallows Hill, Warwick, Warwickshire, CV34 6UW. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

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

The principal accounting policies adopted are set out below.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

Where required, equivalent disclosures are give in the Consolidated annual accounts of Moolec Science SA.

 

Moolce Science SA is a public entity listed on the Nasdaq Stock Market LLC. As a result, the Company is subject to specific reporting and regulatory requirements set by the US Securities and Exchange Commission (SEC), which can be consulted in the SEC's official webpage.

1.2
Going concern

The directors have evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about Moolec Science Limited ability to continue as a going concern after the accompanying Financial Statements are issued. These financial statements have been prepared on a going concern basis. The director's confirm the financial support of its main shareholder for a minimum period of twelve months from the date of these financial statements. The director's conclude it will, for the next 12 months from the issuance of these financial statements, the Company will be able to realise its assets and discharge its liabilities in the normal course of operations. true

MOOLEC SCIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 7 -
1.3
Intangible 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.

 

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:

1.4
Property, plant and equipment

Property, plant and equipment 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:

Plant and equipment
16% On cost

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 income statement.

1.5
Impairment of tangible and intangible assets

At each reporting 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. 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.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

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.

 

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.

MOOLEC SCIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 8 -
1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial assets

Trade receivables and other receivables

 

Trade receivables represent amounts owing for goods supplied by the Company prior to the end of the financial period which remain unpaid. They arise from transactions in the normal operating activities of the Company.

 

Trade receivables are carried at amortized cost, net of expected credit losses. The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognizes its retained interest in the asset and an associated liability for amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds received.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial assets held at amortised cost

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

MOOLEC SCIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 9 -
Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

 

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

Impairment of financial assets

Financial assets carried at amortised cost and fair value through other comprehensive income (FVOCI) are assessed for indicators of impairment at each reporting end date.

 

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

 

For trade receivables, the simplified approach is applied, which requires expected lifetime losses to be recognised from initial recognition of the receivables.

Derecognition of financial assets

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

1.8
Financial liabilities

Trade and other Payables

Trade and other payables are recognized when the Company has a legal or a constructive obligation, as a result of a past event, and it is probable that there may be an outflow of resources embodying economic benefits to settle the obligation and the obligation can be measured reliably. These amounts represent liabilities for goods and services provided to the Company prior to the end of financial year which are unpaid.

MOOLEC SCIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 10 -
Financial liabilities(continued)

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

Derecognition of financial liabilities

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

1.9
Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.
1.10
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, 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.

1.11
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
MOOLEC SCIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 11 -
1.12
Share-based payment arrangements
Share-based compensation benefits are provided to certain key employees under the Company Compensation Plan. Under this agreement, some employees and members of the executive management team as defined by the Board of Directors of its parent, were granted share options and restricted stock units ("RSU") in return for their services.

The Company receives services in exchange for the parent's equity instruments and does not have any obligation to settle the obligation with cash, so the plan is classified as equity settled. The only condition to be met is the delivery of service by the employee or member of the executive team during a certain period as defined in the Agreements.

The fair value of options granted under the plan is measured at grant date and recognized in accordance with the requirements of IFRS 2, as an employee benefits expense, with a corresponding increase in equity.

The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

When the options are exercised, it will be issued the shares to the employee and members to the executive team. The proceeds received, net of any directly attributable transaction costs, are credited directly to equity.
1.13
Foreign exchange

Transactions in currencies other than US Dollar 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.

1.14

Expenses

The Company recognizes expenses in the period in which these costs are incurred. Administrative expenses primarily comprise professional fees (mainly related to consultancy, accountancy and legal expenses), payroll, research and development cost and share based compensation to certain executives.

2
Employees

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

2024
2023
Number
Number
Average number of employees
1
1
MOOLEC SCIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
3
Intangible fixed assets
Assets
$
Cost
At 30 June 2023
3,084,976
At 30 June 2024
3,084,976
Amortisation and impairment
Charge for the year
(105,170)
At 30 June 2024
105,170
Carrying amount
At 30 June 2024
2,979,806
At 30 June 2023
3,084,976
4
Property, plant and equipment
Plant and equipment
$
Cost
At 30 June 2023
10,617
At 30 June 2024
10,617
Accumulated depreciation and impairment
At 1 July 2023
3,397
Charge for the year
1,699
At 30 June 2024
5,096
Carrying amount
At 30 June 2024
5,521
At 30 June 2023
7,220
MOOLEC SCIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
5
Investments
Current
Non-current
2024
2023
2024
2023
$
$
$
$
Investments in subsidiaries
-
-
1,626,057
1,608,508
Investments in joint ventures
-
-
(19,940)
-
-
0
-
0
1,606,117
1,608,508

Certain disclosures of the comparative financial statements have been modified. These modifications do not affect the previously reported comprehensive result.

 

Fair value of financial assets carried at amortised cost

The directors consider that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.

Movements in non-current investments
Shares in subsidiaries and joint ventures
$
Cost or valuation
At 30 June 2023
1,608,508
Valuation changes
(2,391)
At 30 June 2024
1,606,117
Carrying amount
At 30 June 2024
1,606,117
At 30 June 2023
1,608,508
6
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
AG Biomolecules LLC
USA
Ordinary
100.00
MOOLEC SCIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
7
Joint ventures

Details of the company's joint ventures at 30 June 2024 are as follows:

Name of undertaking
Registered office
Interest
% Held
held
Direct
Microfoods
Spain
Ordinary
50.00
8
Trade and other receivables
2024
2023
$
$
Amounts owed by fellow group undertakings
1,830,041
5,946,965
Other receivables
10,173,079
8,763,054
Prepayments
1,091
1,111
12,004,211
14,711,130
9
Liabilities
2024
2023
Notes
$
$
Other Liabilities
10
794,301
677,000
Trade and other payables
11
11,563,726
13,682,076
Taxation and social security
3,059
1,551
12,361,086
14,360,627
10
Other Liabilities
2024
2023
$
$
Borrowings held at amortised cost:
Other loans
794,301
677,000

The Loans do not have any security terms.

MOOLEC SCIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
11
Trade and other payables
2024
2023
$
$
Trade payables
347,766
3,039,788
Amounts owed to fellow group undertakings
10,685,023
10,623,644
Accruals and deferred income
14,906
17,868
Other payables
516,031
776
11,563,726
13,682,076
12
Retirement benefit schemes
2024
2023
Defined contribution schemes
$
$
Charge to profit or loss in respect of defined contribution schemes
3,382
1,837

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.

13
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary of 0.01p each
51,016,524
51,016,524
669,182
669,182
14
Share premium account
2024
2023
$
$
At the beginning of the year
18,538,181
6,961,704
Issue of new shares
-
11,576,477
At the end of the year
18,538,181
18,538,181
MOOLEC SCIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
15
Stock Option Reserve Account
2024
2023
$
$
At the beginning of the year
605,492
838,576
Equity settled share-based payment
92,704
(233,084)
At the end of the year
698,196
605,492
16
Comparative figures

Certain disclosures of the comparative financial statements have been modified. These modifications do not affect the previously reported comprehensive results.

17
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:
Mark Bullock FCA
Date of audit report:
3 March 2025
18
Related party transactions

The company has taken advantage of the exemptions granted to wholly owned subsidiaries not to disclose transactions with group companies under the provisions of FRS 101. No other related party transactions were made in the year.

19
Controlling party

The immediate and ultimate parent company is Moolec Science SA, registered in Luxembourg.

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