Company registration number 09351968 (England and Wales)
DP INTERNATIONAL (UK) LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
DP INTERNATIONAL (UK) LTD
COMPANY INFORMATION
Directors
Angelene Li Chen Chan
Thoe Chong Chin
Company number
09351968
Registered office
3rd Floor
Hathaway House
Popes Drive
Finchley
London
N3 1QF
Auditor
FMCB
3rd Floor Hathaway House
Popes Drive
Finchley
London
N3 1QF
DP INTERNATIONAL (UK) LTD
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Income statement
6
Statement of financial position
7
Statement of changes in equity
8
Statement of cash flows
9
Notes to the financial statements
10 - 17
DP INTERNATIONAL (UK) LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Principal activities

The principal activity of the company is the provision of architectural and other related services.

Results and dividends

The results for the year are set out on page 6.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Angelene Li Chen Chan
Thoe Chong Chin
Kailas Moorthy
(Resigned 20 June 2024)
Auditor

FMCB were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

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 International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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, International Accounting Standard 1 requires that directors:

 

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.

DP INTERNATIONAL (UK) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

 

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

On behalf of the board
Angelene Li Chen Chan
Director
5 May 2025
DP INTERNATIONAL (UK) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DP INTERNATIONAL (UK) LTD
- 3 -
Opinion

We have audited the financial statements of DP International (UK) Ltd (the 'company') for the year ended 31 December 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

DP INTERNATIONAL (UK) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DP INTERNATIONAL (UK) LTD (CONTINUED)
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

 

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

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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.

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered information including the following:

 

DP INTERNATIONAL (UK) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DP INTERNATIONAL (UK) LTD (CONTINUED)
- 5 -

As a result of considering the above we use audit procedures to respond to any potential risks. Procedures used include the following:

 

 

In addition to the above procedures the engagement team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

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

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

Gavin Zeiderman BA(Hons) FCA (Senior Statutory Auditor)
For and on behalf of FMCB, Statutory Auditor
Chartered Accountants
3rd Floor Hathaway House
Popes Drive
Finchley
London
N3 1QF
12 May 2025
DP INTERNATIONAL (UK) LTD
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2024
2023
Notes
£
£
Revenue
2
(8,000)
226,128
Cost of sales
-
0
(180)
Gross (loss)/profit
(8,000)
225,948
Administrative expenses
(377,450)
(517,061)
Operating loss
3
(385,450)
(291,113)
Other gains and losses
7
28,029
82,544
Loss before taxation
(357,421)
(208,569)
Income tax expense
-
-
Loss and total comprehensive income for the year
(357,421)
(208,569)

There are no recognised gains and losses other than those passing through the income statement.

DP INTERNATIONAL (UK) LTD
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 7 -
2024
2023
Notes
£
£
Non-current assets
Property, plant and equipment
8
-
0
974
Current assets
Trade and other receivables
9
454
271,264
Cash and cash equivalents
39,354
89,603
39,808
360,867
Current liabilities
Trade and other payables
12
2,043,313
2,007,925
Net current liabilities
(2,003,505)
(1,647,058)
Net liabilities
(2,003,505)
(1,646,084)
Equity
Called up share capital
14
1,000
1,000
Retained earnings
(2,004,505)
(1,647,084)
Total equity
(2,003,505)
(1,646,084)
The financial statements were approved by the board of directors and authorised for issue on 5 May 2025 and are signed on its behalf by:
Angelene Li Chen Chan
Director
Company registration number 09351968 (England and Wales)
DP INTERNATIONAL (UK) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 January 2023
1,000
(1,438,515)
(1,437,515)
Year ended 31 December 2023:
Loss and total comprehensive income
-
(208,569)
(208,569)
Balance at 31 December 2023
1,000
(1,647,084)
(1,646,084)
Year ended 31 December 2024:
Loss and total comprehensive income
-
(357,421)
(357,421)
Balance at 31 December 2024
1,000
(2,004,505)
(2,003,505)
DP INTERNATIONAL (UK) LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
17
(78,278)
(46,172)
Net cash outflow from operating activities
(78,278)
(46,172)
Investing activities
Purchase of property, plant and equipment
-
0
(2,371)
Net cash used in investing activities
-
(2,371)
Net decrease in cash and cash equivalents
(78,278)
(48,543)
Cash and cash equivalents at beginning of year
89,603
55,602
Effect of foreign exchange rates
28,029
82,544
Cash and cash equivalents at end of year
39,354
89,603
DP INTERNATIONAL (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
1
Accounting policies
Company information

DP International (UK) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, Hathaway House, Popes Drive, Finchley, London, N3 1QF. 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 International Financial Reporting Standards (IFRS) as adopted for use in the European Union and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, (except as otherwise stated).

 

The financial statements are prepared in Pound Sterling (£) which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest Pound Sterling.

The financial statements have been prepared on the historical cost basis modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany 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.

1.3
Revenue

Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business, net of discounts, VAT and other sales related taxes. Revenue from the provision of services is recognised when those services have been performed.

 

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:

Office equipment
3 years straight line
Computer equipment
1 year straight line
1.5
Impairment of tangible assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered a material impairment loss. If a material impairment loss arises then it is recognised in the profit and loss account or against the revaluation reserve if the asset has been revalued.

 

1.6
Fair value measurement

IFRS 13 establishes a single source of guidance for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. The resulting calculations under IFRS 13 affected the principles that the company uses to assess the fair value, but the assessment of fair value under IFRS 13 has not materially changed the fair values recognised or disclosed. IFRS 13 mainly impacts the disclosures of the company. It requires specific disclosures about fair value measurements and disclosures of fair values, some of which replace existing disclosure requirements in other standards.

DP INTERNATIONAL (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.7
Cash and cash equivalents

Cash and cash equivalents comprise cash at bank.

1.8
Financial assets

Financial assets include receivables and cash and bank balances. Receivables and cash and bank balances which are basic financial assets are measured at transaction price less any impairment. Debtors and cash and bank balances in foreign currencies are initially recorded at transaction price and subsequently at fair value less any impairment. Any changes in fair value are recognised in the profit or loss. Financial assets are assessed for indicators of impairment at each reporting end date.

1.9
Financial liabilities

Financial liabilities includes payables and debt instruments. Payables and debt instruments which are basic financial liabilities are measured at transaction price. Payables and debt instruments in foreign currencies are initially recorded at transaction price and subsequently at fair value. Any changes in fair value are recognised in the profit or loss.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
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 inventories or non-current 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.

1.12
Retirement benefits

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

1.13
Foreign exchange

Transactions in currencies other than Pound 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 are included in the income statement for the period.

2
Revenue
2024
2023
£
£
Revenue analysed by class of business
Fee income from architectural services
(8,000)
226,128
DP INTERNATIONAL (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Revenue
(Continued)
- 12 -
2024
2023
£
£
Revenue analysed by geographical market
United Kingdom
(26,000)
190,128
Far East
18,000
36,000
(8,000)
226,128
3
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Depreciation of property, plant and equipment
974
2,424
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
4,350
5,440
5
Employees

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

2024
2023
Number
Number
Professional staff
4
7

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
187,541
265,430
Social security costs
11,128
23,944
Pension costs
1,766
5,192
200,435
294,566
DP INTERNATIONAL (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
93,060
82,532
Company pension contributions to defined contribution schemes
660
1,321
93,720
83,853

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

7
Other gains and losses
2024
2023
£
£
Gain on exchange
28,029
82,544
8
Property, plant and equipment
Office equipment
Computer equipment
Total
£
£
£
Cost
At 1 January 2023
5,432
24,238
29,670
Additions
-
0
2,371
2,371
At 31 December 2023
5,432
26,609
32,041
Disposals
(5,432)
(26,609)
(32,041)
At 31 December 2024
-
0
-
0
-
Accumulated depreciation and impairment
At 1 January 2023
4,969
23,674
28,643
Charge for the year
327
2,097
2,424
At 31 December 2023
5,296
25,771
31,067
Charge for the year
136
838
974
Eliminated on disposal
(5,432)
(26,609)
(32,041)
At 31 December 2024
-
0
-
0
-
0
Carrying amount
At 31 December 2024
-
-
-
0
At 31 December 2023
136
838
974
DP INTERNATIONAL (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
9
Trade and other receivables
2024
2023
£
£
Trade receivables
-
0
35,307
Amount owed by parent undertaking
-
0
80,000
Amounts owed by fellow group undertakings
-
0
147,930
Other receivables
454
8,027
454
271,264

Trade receivables disclosed above are classified as loans and receivables and are therefore measured at amortised cost.

The amounts due by fellow group undertakings from the previous year totalling £147,930 has been fully provided for by the company and therefore is shown as nil at the year end.

10
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

No third party receivable balances were impaired at the reporting end date.

11
Market risk
Market risk management
Foreign exchange risk

The carrying amounts of the company's foreign currency denominated monetary assets and liabilities at the reporting date are as follows:

Assets
Liabilites
2024
2023
2024
2023
£
£
£
£
Amount due from and to parent undertaking
-
80,000
2,035,089
1,986,118
-
80,000
2,035,089
1,986,118

The company has not hedged against currency depreciation.

DP INTERNATIONAL (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
12
Trade and other payables
2024
2023
£
£
Trade payables
334
2,795
Amount owed to parent undertaking
2,035,089
1,986,118
Accruals
7,530
10,006
Social security and other taxation
360
9,006
2,043,313
2,007,925
13
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,766
5,192

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.

14
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
15
Financial risk management and impairment of financial assets

The company's principal financial instruments comprise cash and cash equivalents, trade and other receivables, and trade and other payables. The main purpose of cash and cash equivalent financial instruments is to finance the company's operations. The other financial assets and liabilities such as trade receivables and trade payables, arise directly from its operations.

 

Liquidity risk

Liquidity risk is the risk that the company will not have sufficient cash and cash equivalents to be able to meet its financial obligations as they fall due. The company manages its cash flow to ensure it has sufficient liquid resources to meet the operating needs of its business.

 

Foreign currency risk

The functional currency for the company's operations is Pound Sterling. With regard to payables the company has not hedged against currency depreciation.

 

Credit risk

Credit risk is the risk that a counter-party will default on its contractual obligations resulting in financial loss to the company. Receivables as at 31 December 2024 consist of trade receivables, other receivables and prepayments.

DP INTERNATIONAL (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
16
Capital risk management

The company manages its cash flow to ensure it has sufficient liquid resources to meet the operating needs of its business. The company is ultimately dependant upon the financial support of its parent undertaking, DP Architects Pte Ltd.

17
Cash absorbed by operations
2024
2023
£
£
Loss for the year before taxation
(357,421)
(208,569)
Adjustments for:
Depreciation and impairment of property, plant and equipment
974
2,424
Other gains and losses
(28,029)
(82,544)
Movements in working capital:
Decrease in trade and other receivables
270,810
395,873
Increase/(decrease) in trade and other payables
35,388
(153,356)
Cash absorbed by operations
(78,278)
(46,172)
18
Analysis of changes in net funds
1 January 2024
Cash flows
Exchange rate movements
31 December 2024
£
£
£
£
Cash at bank and in hand
89,603
(78,278)
28,029
39,354
1 January 2023
Cash flows
Exchange rate movements
31 December 2023
Prior year:
£
£
£
£
Cash at bank and in hand
55,602
(48,543)
82,544
89,603
19
Directors' transactions

During the year ended 31 December 2024 Kailas Moorthy, a director that left in the year, had expenses of £1,644 (2023: £1,662) that were reimbursed to him.

 

 

DP INTERNATIONAL (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
20
Related party transactions
Remuneration of key management personnel

The remuneration of the directors, who are key management personnel, is set out below in aggregate.

2024
2023
£
£
Short-term employee benefits
93,060
82,532
Post-employment benefits
660
1,321
93,720
83,853
Other transactions with related parties

In the three years ended 31 December 2024 DP Architects Pte Ltd, the parent company, has provided the company with financial support through the transfer of funds.

 

Turnover includes £18,000 (2023: £36,000) for services provided to DP Architects Pte Ltd.

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Parent company
2,035,089
1,906,118
Entities with joint control or significant influence over the company
-
0
(147,930)
2,035,089
1,758,188

As mentioned in note 9 above the amounts due by fellow group undertakings from the previous year totalling £147,930 has been fully provided for by the company and therefore is shown as nil at the year end.

21
Controlling party

The company's immediate and ultimate parent is DP Architects Pte Ltd, a company incorporated in Singapore.

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