Company registration number 03472097 (England and Wales)
MGM TELEVISION (EUROPE) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
MGM TELEVISION (EUROPE) LIMITED
CONTENTS
Page
Company information
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 16
MGM TELEVISION (EUROPE) LIMITED
COMPANY INFORMATION
- 1 -
Directors
D Clapham
A Patel
Secretary
United Artists Corporation Limited
A Patel
Company number
03472097
Registered office
12 Helmet Row
LONDON
EC1V 3QJ
Auditor
S&W Partners Audit Limited (formerly CLA Evelyn Partners Limited)
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
MGM TELEVISION (EUROPE) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The directors of MGM Television (Europe) Limited (“the Company”) present the annual report containing their Directors’ Report and the financial statements for the year ended 31 December 2024. In accordance with S414B of the Companies Act 2006, the directors have taken advantage of the small companies exemption from preparing a Strategic Report.

Directors

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

D Clapham
L Freeman
(Resigned 5 August 2024)
A Patel
(Appointed 5 August 2024)

No directors held any interest in the share capital of the Company during the year.

Dividend

The directors do not recommend the payment of any dividends (2023: £nil).

Qualifying third party indemnity provisions

Qualifying third party indemnity provisions are in place to indemnify all directors and officers of the Company.

Principal activity

The principal activity of the Company is the provision of services to other group companies.

Principal risks and uncertainties

The Company is dependent on the continued success of the Amazon group companies. The principal risks and uncertainties they face include, among others, risks related to competition, management of growth, new products, services and technologies, potential fluctuations in operating results, international expansion, outcomes of legal proceedings and claims, fulfillment centre optimisation, seasonality, commercial agreements, acquisitions and strategic transactions, foreign exchange rates, system interruption, government regulation and taxation, and fraud. More information about the principal risks and uncertainties facing the group are included in Amazon.com, Inc.’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended 31 December 2024, and subsequent filings.

Future developments

The directors aim to maintain the management policies and processes that support the principal activity of the Company. The Company is continually reviewing and refining these policies to improve the framework of financial control and manage costs effectively.

Disclosure of information to the auditor

The directors who held office at the date of approval of this annual report confirm that so far as they are aware, there is no relevant audit information of which the Company’s auditor is unaware, and each director has taken all steps that ought to have been taken as director to make themselves aware of any relevant audit information and to establish that the Company’s auditor is aware of that information.

Auditor

The auditor, S&W Partners Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

MGM TELEVISION (EUROPE) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
On behalf of the board
D Clapham
Director
22 May 2025
MGM TELEVISION (EUROPE) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors are responsible for preparing the Directors’ 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ 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 those 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 to 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.

 

Under applicable law and regulations, the directors are also responsible for preparing a directors' report that complies with that law and those regulations. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website.

MGM TELEVISION (EUROPE) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MGM TELEVISION (EUROPE) LIMITED
- 5 -
Opinion

We have audited the financial statements of MGM Television (Europe) Limited (the 'Company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

MGM TELEVISION (EUROPE) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MGM TELEVISION (EUROPE) LIMITED (CONTINUED)
- 6 -
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 in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either are 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

Given the cost plus basis of the entity, it is our assessment that the company's financial statements are not highly susceptible to material misstatement due to fraud. Expenditure is approved at group level in order for payments to be made, and all expenditure is recharged at a fixed mark up on a monthly basis. Periodic reconciliations are conducted to ensure all costs have been recharged appropriately. Additionally, the company does not hold significant assets susceptible to misappropriation.

MGM TELEVISION (EUROPE) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MGM TELEVISION (EUROPE) LIMITED (CONTINUED)
- 7 -

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

 

We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector. We focused on specific laws and regulations which we considered may have a direct material effect on the financial on the financial statements or the operations of the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment and health and safety legislation.

 

We did not identify any laws and regulations as being significant in the context of the entity, apart from those company laws and regulations usually applicable to a company operating within the United Kingdom.

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

We obtained an understanding how the entity is complying with the relevant legal and regulatory framework by making enquiries with management and reviewing legal and professional fee invoices.

To address the risk of fraud through management override of controls, we:

There are inherent limitations in the audit procedures described above. The more removed the laws and regulations are from financial transactions, the less likely it is that we would be aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if there is any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

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

Keir Singleton
Senior Statutory Auditor
For and on behalf of S&W Partners Audit Limited
23 May 2025
Chartered Accountants
Statutory Auditor
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
MGM TELEVISION (EUROPE) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£000's
£000's
Turnover
2
3
1,385
Cost of sales
(2)
(46)
Gross profit
1
1,339
Net administrative expenses
136
(1,115)
Operating profit
3
137
224
Interest receivable and similar income
8
4
Interest payable and similar expenses
5
(12)
-
Profit before taxation
133
228
Tax on profit
6
(17)
(21)
Profit and Total Comprehensive Income for the Year
116
207
MGM TELEVISION (EUROPE) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£000's
£000's
Current assets
Debtors: amounts falling due within one year
7
9,672
9,817
Cash at bank and in hand
814
1,143
10,486
10,960
Creditors: amounts falling due within one year
8
(4,438)
(5,028)
Net current assets
6,048
5,932
Capital and reserves
Share capital
9
-
0
-
0
Retained earnings
6,048
5,932
Total equity
6,048
5,932

These financial statements have been prepared 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 22 May 2025 and are signed on its behalf by:
D Clapham
Director
Company Registration No. 03472097
MGM TELEVISION (EUROPE) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
£000's
£000's
£000's
Balance at 1 January 2023
-
0
3,830
3,830
Year ended 31 December 2023:
Profit and total comprehensive income
-
207
207
Transfers
-
1,895
1,895
Balance at 31 December 2023
-
0
5,932
5,932
Year ended 31 December 2024:
Profit and total comprehensive income
-
116
116
Balance at 31 December 2024
-
0
6,048
6,048
MGM TELEVISION (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Statement of compliance

MGM Television (Europe) Limited ("the Company") is a limited company incorporated and domiciled in England and Wales. The registered office of the Company is 12 Helmet Row, LONDON, EC1V 3QJ.

 

The Company’s financial statements have been prepared in compliance with Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (“FRS 102”), and with the Companies Act 2006.

1.1
Basis of preparation

The financial statements have been prepared in accordance with applicable accounting standards and under the historical cost convention. The functional currency of the Company's operations in the United Kingdom is pound sterling. The financial statements are presented in pound sterling and are rounded to the nearest thousand pound sterling (£'000).

The Company has taken advantage of the following disclosure exemptions in FRS 102:

 

 

The exemptions stated above are available to the Company as it is a member of a group where the parent of that group prepares publicly available consolidated financial statements.

Pronouncements recently adopted

In July 2023, the Financial Reporting Council issued amendments to Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" International tax reform - Pillar two model rules (the "Amendments"). The Amendments provide a mandatory temporary exception to accounting for deferred taxes arising from the implementation of the Pillar Two model rules; and disclosure requirements for affected entities to help users of the financial statements better understand an entity's exposure to Pillar Two income taxes arising from that legislation. The Directors adopted the Amendments on 1 January 2023 with no material impact to the financial statements.

 

On 11 July 2023, the UK enacted new global minimum tax rules to align with the Organization for Economic Co-operation and Development Base Erosion and Profit Shifting (“BEPS”) Pillar Two model rules. The enacted law includes the implementation of the multinational top-up tax (“MTUT”) and domestic minimum top-up tax (“DTT”). The MTUT and DTT are effective for fiscal years beginning on or after 31 December 2023. The UK has also adopted the Transitional Country by Country Safe Harbor guidance applicable for fiscal years beginning on or before 31 December 2026. The Transitional Country by Country Safe Harbors will provide relief from the application of the global minimum tax rules within a jurisdiction should certain criteria be met. We have applied the temporary, mandatory exception provided under Section 29 - Income Taxes to neither recognise nor disclose information on deferred tax assets and liabilities related to Pillar 2 income taxes.

 

MGM TELEVISION (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.2
Going concern

During the year ended 31 December 202true4, the Company's operations generated a profit after tax and an increase to net assets and are expected to continue to do so through the Company’s principal activity, which is to provide services to other group companies. As referenced in the Directors’ Report on page 2, the Company is dependent on, and contributes to, the continued success of the Amazon.com Inc. group. The directors have concluded that the Amazon.com Inc. group, based on its reported results, has sufficient financial resources to support the Company either by providing financial and operational services to support its activities, or by continuing its investment in the Company’s operations, but only to the extent that the Company is not otherwise able. The directors have a reasonable expectation that the Company has adequate resources to continue as an operational business for the foreseeable future, being twelve months from the approval of the financial statements (until the end of May 2026). This period is deemed appropriate due to the nature of the principal activities of the business and Amazon.com Inc.’s ongoing commitment and proven ability to support the Company’s operations. Although the Company transferred employees to another group company during the year, the Company is not expected to cease within the next twelve months and the financial statements have therefore been prepared on a going concern basis.

 

The principal accounting policies applied in the preparation of the financial statements are set out below. These policies have been consistently applied to all the years presented.

1.3
Turnover

Turnover is measured at the fair value of the consideration received and represents the amount receivable for goods supplied, net of returns, discounts and value added taxes. Turnover represents reimbursement for the costs of providing services to negotiate and facilitate sales of television rights to the world on behalf of the Company's parent, plus a mark-up on these costs. Revenue is recognised based on when these costs accrue.

1.4
Cash and cash equivalents

All highly liquid instruments with an original maturity of three months or less are classified as cash equivalents.

1.5
Financial instruments
Financial assets

Basic financial assets, including loans to customers/ other receivables/ cash and bank balances are initially recognised at fair value. Loans to customers are subsequently carried at amortised cost using the effective interest method.

 

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated net cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in Statement of Comprehensive Income.

Financial liabilities

Financial liabilities include debt loans payable to group undertakings initially at fair value net of transaction costs and subsequently carried at amortised cost using the effective interest method.

1.6
Taxation

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

Current tax

Current tax is the amount of income tax payable with respect to the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the end of the year.

MGM TELEVISION (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Deferred tax

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is recognised on all timing differences at the reporting date with the exception that deferred tax assets are recognised only to the extent that the directors consider that it is probable that they will be recovered against the reversal of deferred tax liabilities or future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted at the reporting date and that are expected to apply to the reversal of the timing difference.

1.7
Pension costs

The Company operates a defined contribution pension scheme. Contributions are charged to the Statement of Comprehensive Income as they become payable in accordance with the rules of the scheme.

1.8
Foreign exchange

Transactions denominated in foreign currencies are initially recorded at the rates of exchange on the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates at the reporting date.

 

Non-monetary assets and liabilities that are measured based on historical cost in a foreign currency are translated using the exchange rates as at the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated into the functional currency using the exchange rates at the date when the fair value was determined.

 

Currency translation differences are recorded in the Statement of Comprehensive Income.

1.9

Debtors

Short term debtors are measured at transaction price, less any impairment.

1.10

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest rate method.

2
Turnover and other revenue

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

2024
2023
£000's
£000's
Turnover analysed by class of business
Operating expenditure re-charged
-
1,335
Other income
3
50
3
1,385
MGM TELEVISION (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Turnover and other revenue
(Continued)
- 14 -
2024
2023
£000's
£000's
Turnover analysed by geographical market
Territories outside of Europe
-
1,335
Territories inside of Europe
3
50
3
1,385
2024
2023
£000's
£000's
Other revenue
Interest income
8
4

Interest receivable is recognised using the effective interest rate method.

3
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£000's
£000's
Auditor's remuneration - audit of the financial statements
(17)
19
4
Staff costs

The average monthly number of persons employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0

Their aggregate remuneration comprised:

2024
2023
£000's
£000's
Wages and salaries
-
0
(51)
Social security costs
-
26
Pension costs
-
0
1
-
0
(24)
5
Interest payable and similar expenses
2024
2023
£000's
£000's
Other interest
12
-
0
MGM TELEVISION (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
6
Taxation
2024
2023
£000's
£000's
Current tax
UK corporation tax on profits for the current period
17
21

The items accounting for differences between tax on profit computed at the UK statutory rate and recorded for tax on profit are as follows:

2024
2023
£000's
£000's
Profit before taxation
133
228
Tax computed at the UK statutory rate
33
54
Group relief
(16)
(21)
Deferred tax not recognised
-
0
(13)
Change in deferred tax rate
-
0
1
Taxation charge for the year
17
21

As at 31 December 2024, the company had unpaid pension contributions of £nil (2023: £548). No deferred tax asset has been recognised as at 31 December 2024.

 

The UK corporation tax rate for the year ended 31 December 2024 is 25% (2023: 25%).

7
Debtors: amounts falling due within one year
2024
2023
Trade debtors
-
0
4
Corporation tax receivable
18
-
0
Amounts owed by group undertakings
9,654
9,810
Prepayments and accrued income
-
0
3
9,672
9,817
8
Creditors: amounts falling due within one year
2024
2023
£000's
£000's
Amounts owed to group undertakings
4,438
4,579
Corporation tax
-
0
50
Other taxation and social security
-
0
380
Accruals and deferred income
-
0
19
4,438
5,028
MGM TELEVISION (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
9
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£000's
£000's
Issued and fully paid
Ordinary shares of £1 each
100
100
-
-
100
100
-
0
-
0
10
Ultimate controlling party

The immediate parent company is Metro-Goldwyn-Mayer Studios Inc., (MGM) a company which is incorporated in United Stated of America. The address of this company is 245 N Beverly Drive, Beverly Hills, CA 90210-5317, USA.

 

The Company regards Amazon.com, Inc., a company which is incorporated in the United States of America, as its ultimate holding company and controlling party. The largest and the smallest group in which the results of the Company are consolidated is headed by Amazon.com, Inc.. Copies of the group consolidated financial statements of Amazon.com, Inc. are available at 410 Terry Avenue North, Seattle, WA 98109-5210, USA.

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