Company Registration No. 04088165 (England and Wales)
Mutual Vision Technologies Limited
Annual report and financial statements
for the year ended 31 December 2024
Mutual Vision Technologies Limited
Company information
Directors
Timothy Bowen
Katrina Harman
(Appointed 10 April 2024)
Sebastian Gray
(Appointed 31 October 2024)
Rosa Howard
(Appointed 31 October 2024)
Secretary
Katrina Harman
Company number
04088165
Registered office
Unit 7 Bollin Walk
Wilmslow
SK9 1BJ
Independent auditor
Saffery LLP
Trinity
16 John Dalton Street
Manchester
M2 6HY
Mutual Vision Technologies Limited
Contents
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 9
Income statement
10
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 30
Mutual Vision Technologies Limited
Strategic report
For the year ended 31 December 2024
1
The directors present the strategic report for the year ended 31 December 2024.
Business Review
Mutual Vision has proudly delivered comprehensive core banking solutions for over 20 years, offering stability, credibility, and reassurance to both existing and prospective institutions.
Our mission is to empower small and mid-sized purpose driven financial services firms to thrive in the digital era by giving them a future proof banking platform that delivers neo bank grade member experiences, aggregates and orchestrates best in class services, and preserves their independence and community focus through the digital amplification of their purpose.
Mutual Vision enables scalable growth for small and mid-sized, mutual and private institutions through the provision of a full stack banking proposition including front and back-office solutions. This is provided by Mutual Vision through both its own IP as well as aggregated and fully integrated partnerships with best-in-class providers where appropriate.
The Mutual Vision Core Transformation Programme progressed in 2024 as planned, in close collaboration with our existing customer base. This initiative remains on track to deliver a next-generation product suite that will redefine core banking services across our target sectors.
Upon its anticipated completion in 2026, the Mutual Vision product suite comprising MV Core (Core Banking), MV Originate (Loan Origination), and MV Engage (Consumer Experience) will be uniquely positioned as a market-leading solution for small and mid-sized, mutual and private institutions.
The financial results for 2024 reflect the significant investment in the development of MV Core. While revenue from existing products continues to show reliable growth, increased expenditure reflects the strategic expansion of the business to support the build-out and initial production phases of MV Core.
The Company achieved turnover for the year of £8.2m (2023: £6.3m) an increase of 29% on prior year. Of the £8.2m, 84% relates to recurring revenue.
The Company recorded a loss before taxation of £1.1m (2023: loss of £0.1m). £0.6m of the loss relates to an exceptional item for an onerous contract. Further detail can be found in note 4 to the financial statements.
During the year, Mutual Vision received £37k (2023: £178k) from HMRC in respect of the R&D claim relating to the financial year ended December 2023. The R&D claim for 2024 is still being finalised.
Future developments
The development of the product suite including MV Core (Core Banking), MV Originate (Loan Origination) and MV Engage (Consumer Experience) will continue throughout 2025 with full Go Live planned for Q4 of 2026. The MV Product Suite will be well positioned as the market leading core banking solution for small and mid-sized, mutual and private institutions.
MV Core will retain the highly configurable functionality in which Mutual Vision has historically excelled, while introducing advanced capabilities. These include an intuitive user interface, improved performance, automated workflows, streamlined data views, and enhanced analytics. Collectively, these enhancements will support regulatory compliance and empower institutions to derive meaningful insights, enabling more informed strategic decisions and improved customer service.
Mutual Vision Technologies Limited
Strategic report (continued)
For the year ended 31 December 2024
2
Principal Risks and Uncertainties
The following are the principal risks that may impact Mutual Vision’s ability to achieve its strategic objectives:
1. Customer Retention
Customer attrition presents a risk. However, the contractual and operational complexities associated with transitioning away from Mutual Vision significantly mitigates this. Moreover, buy-in from existing customers regarding the Core Transformation Programme further reduces this risk.
2. Talent and Resourcing
Dependence on key personnel with specialised technical expertise is a common challenge in the technology sector. To address this, Mutual Vision actively monitors resourcing risks and has implemented robust knowledge transfer processes and succession planning initiatives to ensure continuity and reduce dependency on individual employees.
3. Legislative and Regulatory Compliance
While Mutual Vision itself is not a regulated entity, its clients operate within a highly regulated environment overseen by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). As such, Mutual Vision maintains a dedicated compliance and regulatory monitoring team. This team conducts horizon scanning and reviews FCA consultations and updates, ensuring products remain compliant. Findings are shared with internal teams and customers, informing product development and updates to ensure continued adherence to regulatory requirements.
4. Liquidity and Financial Resilience
Access to adequate funding is critical. Mutual Vision maintains a rolling five-year cash flow forecast, updated monthly and reviewed at Board level, to ensure sound financial planning. The business has secured sufficient investment to fully support the delivery of the Core Transformation Programme, further strengthening its financial position.
5. Cybersecurity
Given the nature of its operations, Mutual Vision faces significant exposure to cyber threats. This risk is actively managed through a range of measures, including regular penetration testing, the appointment of a dedicated Information Security Officer, and adherence to ISO 27001 and SOC 2 standards. In addition, employees are required to complete regular mandatory training on cyber and information security to ensure a high level of awareness across the organisation.
Mutual Vision Technologies Limited
Strategic report (continued)
For the year ended 31 December 2024
3
Key performance indicators (KPIs)
Mutual Vision Technologies Limited
Strategic report (continued)
For the year ended 31 December 2024
4
Disabled employees
Mutual Vision is committed to promoting equality, diversity, and inclusion across its workforce. The company provides equal opportunities to disabled individuals in recruitment, training, and career development, subject only to any practical limitations arising directly from the nature of a specific disability.
In cases where an existing employee becomes disabled, Mutual Vision takes all practical and reasonable steps to support their continued employment. This may include making adjustments to the working environment, modifying duties, or providing assistive technologies and additional training, in order to enable the individual to continue contributing effectively to the business
Branches outside of the UK
Mutual Vision has one office which is located at Unit 7 Bollin Walk, Wilmslow, England, SK9 1BJ.
Political donations and expenditure
There were no political donations made or expenditure incurred during 2024.
Timothy Bowen
Director
27 May 2025
Mutual Vision Technologies Limited
Directors' report
For the year ended 31 December 2024
5
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activities of the company continued to be that of the development, sale and support of software and the provision of associated professional services for the financial services industry.
Results and dividends
The Company recorded a loss before taxation of £1.1m (2023: £0.1m).
The Directors do not recommend the payment of a dividend (2023: £nil). This reflects the shareholder policy of re-investing profits for the development of the business and its products and services for the benefit of all customers.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Sarah Pierman
(Resigned 31 October 2024)
Stephen Mitcham
(Resigned 31 October 2024)
Kevin Mountford
(Resigned 31 October 2024)
Michael Fisher
(Resigned 31 October 2024)
Timothy Bowen
Katrina Harman
(Appointed 10 April 2024)
Sebastian Gray
(Appointed 31 October 2024)
Rosa Howard
(Appointed 31 October 2024)
Qualifying third party indemnity provisions
The Company holds Directors and Officers Liability insurance.
Financial instruments
The Company’s main financial instruments are cash and trade receivables. The Company does not use derivative financial instruments.
Going concern
Mutual Vision’s operations are supported by strong and growing levels of recurring revenue, providing a solid foundation for long-term sustainability. The Board is actively pursuing a new strategic direction of the company’s core banking platform and is heavily investing in this Core Transformation Programme.
This programme represents a pivotal step in the company's growth strategy, positioning Mutual Vision to capitalise on opportunities within both its existing customer base and adjacent market segments. The Board anticipates that, upon successful completion of the programme, the business will generate sustainable, year-on-year profitability.
In light of this strong financial foundation, the strategic investment in future growth, and the outlook for continued revenue generation, the Board considers it appropriate to prepare the financial statements on a going concern basis.
Cautionary statement
Any forward-looking statements included in this report and the strategic report have been made by the Directors in good faith based on their knowledge and information available at the time. Such statements should be treated with caution due to the inherent risks and uncertainties relating to such information.
Auditor
Saffery LLP have expressed their willingness to continue in office.
Mutual Vision Technologies Limited
Directors' report (continued)
For the year ended 31 December 2024
6
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statement 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 statement 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 statement 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:
• Select suitable accounting policies and then apply them consistently.
• Make judgement and accounting estimates that are reasonable and prudent:
• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that
the company will continue in business.
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 statement 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.
Strategic Review
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of Principal risks and uncertainties and future developments.
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 have individually taken all appropriate actions, commensurate with their role as directors, to make themselves aware of all relevant audit information and to establish that the company’s auditor is provided with and made aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Timothy Bowen
Director
27 May 2025
Mutual Vision Technologies Limited
Independent auditor's report
To the members of Mutual Vision Technologies Limited
7
Opinion
We have audited the financial statements of Mutual Vision Technologies Limited (the 'company') for the year ended 31 December 2024 which comprise the income statement, the statement of comprehensive income, 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 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:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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.
Mutual Vision Technologies Limited
Independent auditor's report (continued)
To the members of Mutual Vision Technologies Limited
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:
the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement set out on page 6, 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.
Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.
Mutual Vision Technologies Limited
Independent auditor's report (continued)
To the members of Mutual Vision Technologies Limited
9
Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
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. 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.
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.
Diane Petit-Laurent FCA
Senior Statutory Auditor
For and on behalf of Saffery LLP
27 May 2025
Statutory Auditors
Trinity
16 John Dalton Street
Manchester
M2 6HY
Mutual Vision Technologies Limited
Income statement
For the year ended 31 December 2024
10
2024
2023
as restated
Notes
£
£
Turnover
3
8,215,213
6,347,206
Cost of sales
(5,098,276)
(4,054,203)
Gross profit
3,116,937
2,293,003
Administrative expenses
(3,553,725)
(2,481,039)
Other operating income
136
Exceptional item
4
(723,976)
Operating loss
8
(1,160,764)
(187,900)
Interest receivable and similar income
9
62,766
39,057
Loss before taxation
(1,097,998)
(148,843)
Tax on loss
10
110,403
231,634
(Loss)/profit for the financial year
(987,595)
82,791
The income statement has been prepared on the basis that all operations are continuing operations.
Mutual Vision Technologies Limited
Statement of comprehensive income
For the year ended 31 December 2024
11
2024
2023
£
£
(Loss)/profit for the year
(987,595)
82,791
Other comprehensive income
-
-
Total comprehensive income for the year
(987,595)
82,791
Mutual Vision Technologies Limited
Statement of financial position
As at 31 December 2024
12
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
3,130,986
2,000,484
Tangible assets
12
158,665
152,701
3,289,651
2,153,185
Current assets
Debtors
13
1,581,956
1,322,054
Cash at bank and in hand
3,572,597
5,655,756
5,154,553
6,977,810
Creditors: amounts falling due within one year
14
(1,302,482)
(1,532,907)
Net current assets
3,852,071
5,444,903
Total assets less current liabilities
7,141,722
7,598,088
Provisions for liabilities
Provisions
15
468,256
35,000
Deferred tax liability
16
78,651
151,552
(546,907)
(186,552)
Deferred income
17
(5,653,188)
(5,482,314)
Net assets
941,627
1,929,222
Capital and reserves
Called up share capital
20
1,397
1,397
Share premium account
982,579
982,579
Profit and loss reserves
21
(42,349)
945,246
Total equity
941,627
1,929,222
The financial statements were approved by the board of directors and authorised for issue on 27 May 2025 and are signed on its behalf by:
Timothy Bowen
Director
Company Registration No. 04088165
Mutual Vision Technologies Limited
Statement of changes in equity
For the year ended 31 December 2024
13
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
1,397
982,579
804,125
1,788,101
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
82,791
82,791
Credit to equity for equity settled share-based payments
19
-
-
58,330
58,330
Balance at 31 December 2023
1,397
982,579
945,246
1,929,222
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
(987,595)
(987,595)
Issue of share capital
20
93
9,221
-
9,314
Purchase of own shares
(93)
(9,221)
-
(9,314)
Balance at 31 December 2024
1,397
982,579
(42,349)
941,627
Mutual Vision Technologies Limited
Statement of cash flows
For the year ended 31 December 2024
14
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
27
(171,774)
2,141,967
Income taxes refunded
217,016
Net cash (outflow)/inflow from operating activities
(171,774)
2,358,983
Investing activities
Purchase of intangible assets
(1,877,370)
(750,884)
Purchase of tangible fixed assets
(96,781)
(107,185)
Proceeds from disposal of tangible fixed assets
29
Interest received
62,766
39,057
Net cash used in investing activities
(1,911,385)
(818,983)
Net (decrease)/increase in cash and cash equivalents
(2,083,159)
1,540,000
Cash and cash equivalents at beginning of year
5,655,756
4,115,756
Cash and cash equivalents at end of year
3,572,597
5,655,756
Mutual Vision Technologies Limited
Statement of cash flows (continued)
For the year ended 31 December 2024
15
1
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Capitalisation of development costs
Management capitalises a percentage of salary costs related to development of their software intangible asset. The percentage capitalised is based on a combination of management estimate and timesheet data.
Impairment of intangible assets
Management has conducted a review for impairment losses for its software intangible asset when a product no longer has value in use. The review is based on a proportion of the total capitalised development cost based on the number of employees working on the development of the product for the period in which the development has taken place, compared to the total number of employees working on development. No impairment losses have been identified.
2
Accounting policies
Company information
Mutual Vision Technologies Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 7 Bollin Walk, Wilmslow, SK9 1BJ.
2.1
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, modified to include the revaluation of share options granted at fair value. The principal accounting policies adopted are set out below.
2.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.
Mutual Vision Technologies Limited
Notes to the financial statements
For the year ended 31 December 2024
2
Accounting policies (continued)
16
2.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Training sales - turnover is recognised as the service is provided.
Licence and maintenance sales - sales are invoiced for the duration of the contract. The sales invoice is initially released as deferred income and then recognised in the profit and loss account on a monthly straight line basis.
Project/professional services - sales are recognised on a percentage completion or time spent basis.
2.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
2.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets in relation to development of software are recognised at the date incurred where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Internally generated software
5- 7 years
2.6
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:
Office fitout
10 years
Fixtures and fittings
3 to 5 years
Equipment
3 years
Motor vehicles
25% reducing balance
Software
3 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Mutual Vision Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
2
Accounting policies (continued)
17
2.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
2.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Mutual Vision Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
2
Accounting policies (continued)
18
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
2.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.11
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 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.
Mutual Vision Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
2
Accounting policies (continued)
19
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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.
2.12
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
2.13
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 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.
2.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2.15
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 Monte Carlo Simulation model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
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.
2.16
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 leases asset are consumed.
Mutual Vision Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
20
3
Turnover and other revenue
2024
2023
£
£
Other revenue
Interest income
62,766
39,057
4
Exceptional items
2024
2023
£
£
Expenditure
Legal fees
154,898
-
Onerous contract
569,078
-
723,976
-
The financial statements include exceptional costs that have been separately disclosed in order to provide a clear understanding of the company’s financial performance. The exceptional costs relate to material expenses incurred during the year that are considered to be outside of the principal activities of the business and non-recurring.
The exceptional costs are in relation to the following: £154,898 recognised in FY24 are legal fees incurred in relation to the sale of Mutual Vision Technologies Limited, £428,256 in relation to the recognition of a provision for an onerous contract detailed in note 15 and £140,822 in relation to a prepayment for the onerous contract which has now been recognised as an expense.
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was.
2024
2023
Number
Number
Employees
89
74
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
4,954,959
3,779,741
Social security costs
510,388
348,553
Pension costs
222,015
203,652
5,687,362
4,331,946
Mutual Vision Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
21
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
529,519
478,532
Company pension contributions to defined contribution schemes
27,998
60,354
557,517
538,886
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023: 3).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
175,000
265,595
Company pension contributions to defined contribution schemes
16,042
55,104
191,042
320,699
7
Retrospective application of a change in accounting policy
The prior year financial statements have been restated to adjust for the classification of wages, which were previously recorded entirely in administrative expenses on the Income Statement. The adjustment reallocates a portion of these wages to the cost of sales to improve the accuracy of the financial statements and ensure that the costs are presented in a manner that more closely aligns with the company's operations. As a result, £3,057,071 of expenditure was reallocated from administrative expenses to cost of sales on the Income Statement in the prior year.
Changes to the income statement
As previously reported
Adjustment
As restated
Period ended 31 December 2023
£
£
£
Cost of sales
(997,132)
(3,057,071)
(4,054,203)
Administrative expenses
(5,538,110)
3,057,071
(2,481,039)
Profit for the financial period
82,791
-
82,791
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Mutual Vision Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
22
8
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange losses
262
Research and development costs
(1,877,370)
(750,884)
Fees payable to the company's auditor for the audit of the company's financial statements
21,470
19,440
Fees payable for non-audit services
3,520
3,332
Depreciation of owned tangible fixed assets
90,817
69,095
Amortisation of intangible assets
746,868
594,758
Operating lease charges
82,333
81,102
9
Interest receivable and similar income
2024
2023
£
£
Interest on bank deposits
62,766
39,057
10
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(37,502)
(217,016)
Deferred tax
Origination and reversal of timing differences
(72,901)
(14,618)
Total tax credit
(110,403)
(231,634)
Mutual Vision Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
10
Taxation (continued)
23
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
(1,097,998)
(148,843)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
(274,500)
(35,008)
Tax effect of expenses that are not deductible in determining taxable profit
39,333
20,667
Adjustments in respect of prior years
(37,502)
(217,016)
Deferred tax adjustments in respect of prior years
119,305
625
Remeasurement of deferred tax for changes in tax rates
(902)
Trade losses adjustments
42,961
Taxation credit for the year
(110,403)
(231,634)
In 2024 the research and development claim for December 2023 has been finalised and submitted to HMRC. Therefore this has been provided for.
11
Intangible fixed assets
Internally generated software
£
Cost
At 1 January 2024
7,914,628
Additions
1,877,370
At 31 December 2024
9,791,998
Amortisation and impairment
At 1 January 2024
5,914,144
Amortisation charged for the year
746,868
At 31 December 2024
6,661,012
Carrying amount
At 31 December 2024
3,130,986
At 31 December 2023
2,000,484
Mutual Vision Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
24
12
Tangible fixed assets
Office fitout
Fixtures and fittings
Equipment
Motor vehicles
Software
Total
£
£
£
£
£
£
Cost
At 1 January 2024
37,160
84,729
387,292
69,783
578,964
Additions
38,281
58,500
96,781
Disposals
(69,783)
(69,783)
At 31 December 2024
37,160
84,729
425,573
58,500
605,962
Depreciation and impairment
At 1 January 2024
26,290
72,262
257,928
69,783
426,263
Depreciation charged in the year
3,948
5,987
79,468
1,414
90,817
Eliminated in respect of disposals
(69,783)
(69,783)
At 31 December 2024
30,238
78,249
337,396
1,414
447,297
Carrying amount
At 31 December 2024
6,922
6,480
88,177
57,086
158,665
At 31 December 2023
10,870
12,467
129,364
152,701
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
758,997
982,913
Corporation tax recoverable
37,502
Other debtors
5,884
Prepayments and accrued income
779,573
339,141
1,581,956
1,322,054
14
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
28,597
14,701
Taxation and social security
695,320
1,197,736
Other creditors
6,868
9,322
Accruals and deferred income
571,697
311,148
1,302,482
1,532,907
Mutual Vision Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
25
15
Provisions for liabilities
2024
2023
£
£
Dilapidations provision
40,000
35,000
Onerous Contract
428,256
-
468,256
35,000
Movements on provisions:
Dilapidations provision
Onerous Contract
Total
£
£
£
At 1 January 2024
35,000
-
35,000
Additional provisions in the year
5,000
428,256
433,256
At 31 December 2024
40,000
428,256
468,256
As of 31 December 2024, a provision of £428,256 has been recognised in the financial statements in respect of an onerous contract. This provision is a result of a post balance sheet event that occurred after the reporting date but before the signing of the financial statements.
The contract has been classified as onerous due to the unavoidable costs of meeting the contract's obligations exceeding the expected economic benefits. As such, the provision reflects the estimated losses associated with fulfilling the contract. The provision for the onerous contract has been calculated based on the anticipated future costs to fulfil the contract obligations.
The provision is subject to uncertainty, as it depends on any potential renegotiations of the contract terms. The provision will be reviewed at each reporting date and adjusted as necessary to reflect changes in circumstances.
16
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
766,514
483,950
Tax losses
(687,863)
(319,786)
Short term timing differences
-
(12,612)
78,651
151,552
Mutual Vision Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
16
Deferred taxation (continued)
26
2024
Movements in the year:
£
Liability at 1 January 2024
151,552
Credit to profit or loss
(72,901)
Liability at 31 December 2024
78,651
The deferred tax credit set out above is not expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.
The deferred tax liability set out above and £187,977 is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
17
Deferred income
2024
2023
£
£
Deferred income
5,653,188
5,482,314
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
222,015
203,652
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.
19
Share-based payment transactions
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 January 2024
9,314
10,866
1.00
1.00
Exercised
(9,314)
1.00
Expired
-
(1,552)
1.00
Outstanding at 31 December 2024
9,314
1.00
Exercisable at 31 December 2024
Mutual Vision Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
19
Share-based payment transactions (continued)
27
Liabilities and expenses
During the year, the company recognised total share-based payment expenses of £nil (2023: £32,811) which related to equity settled share based payment transactions.
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 1p each
139,713
139,713
1,397
1,397
Reconciliation of movements during the year:
B Ordinary shares
Number
At 1 January 2024
-
Issue of fully paid shares
9,314
Cancellation of shares
(9,314)
At 31 December 2024
-
9,314 Ordinary B shares were allotted for cash on 21 May 2024 at £0.01 per share and then subsequently cancelled on 1 November 2024 due to the company being wholly acquired on this date.
21
Profit and loss reserves
Profit and loss reserves represents profits to date, share based payment transactions less dividends paid.
Share premium account represents consideration paid for share in excess of nominal value.
22
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
84,454
84,454
Between two and five years
76,167
160,621
160,621
245,075
Mutual Vision Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
28
23
Events after the reporting date
As of 31 December 2024, a provision of £428,256 has been recognised in the financial statements in respect of an onerous contract. This provision is a result of a post balance sheet event that occurred after the reporting date but before the signing of the financial statements. The basis behind the onerous contract provision has been detailed in note 15.
24
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Entities with control, joint control or significant influence over the company
575,257
588,377
41,096
Other related parties
2,692,851
2,021,555
-
-
The following amounts were outstanding at the reporting end date:
2024
2023
As restated
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
583,031
Other related parties
-
2,285,676
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
-
726
Other related parties
333,904
443,349
Amounts due to related parties in the prior year included sales invoices raised in advance for FY24 to customers who had a shareholding in Mutual Vision Technologies Ltd totalling £2,857,270. However, as the company was acquired on 31 October 2024 by the acquirer, there are no longer any customers that have a shareholding in Mutual Vision Technologies Ltd. Therefore, Related Party Transactions has reduced significantly during the year.
Mutual Vision Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
29
25
Ultimate controlling party
The Company's immediate parent company is MV Tech Bidco Limited, a company incorporated in England and Wales and whose registered address is 22 Charterhouse Square, London, EC1M 6DX. The Company was acquired by MV Tech Bidco Limited on 31 October 2024 and is 100% owned by the new parent company.
The Company's ultimate parent company is Charterhouse Digital Limited, a company incorporated in England and Wales and whose registered address is 22 Charterhouse Square, London, EC1M 6DX, by way of its majority shareholding of the group in which the Company and immediate parent company are wholly a part of.
The smallest group in which the company are consolidated, and the smallest in which they are publicly available is that of Bigger Perspective UK Limited, incorporated in England and Wales. No other UK group financial statements include the result of the company.
The consolidated financial statements may be obtained from 22 Charterhouse Square, London, EC1M 6DX.
The largest group in which the company are consolidated, and the largest in which they are publicly available is that of Charterhouse Digital Limited, incorporated in England and Wales. No other UK group financial statements include the result of the company.
The consolidated financial statements may be obtained from 22 Charterhouse Square, London, EC1M 6DX.
The ultimate controlling party is Ross Boyd by way of his 100% shareholding in the ultimate parent company, Charterhouse Digital Limited.
26
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
5,655,756
(2,083,159)
3,572,597
Mutual Vision Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
30
27
Cash (absorbed by)/generated from operations
2024
2023
£
£
(Loss)/profit for the year after tax
(987,595)
82,791
Adjustments for:
Taxation credited
(110,403)
(231,634)
Investment income
(62,766)
(39,057)
Amortisation and impairment of intangible assets
746,868
594,758
Depreciation and impairment of tangible fixed assets
90,817
69,095
Equity settled share based payment expense
-
32,811
Increase in provisions
433,256
5,000
Movement in share based payments
-
25,519
Movements in working capital:
(Increase)/decrease in debtors
(222,400)
934,317
(Decrease)/increase in creditors
(230,425)
166,551
Increase in deferred income
170,874
501,816
Cash (absorbed by)/generated from operations
(171,774)
2,141,967
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