FundApps Limited
Annual Report and Financial Statements
For the year ended 31 December 2024
Company Registration No. 07380035 (England and Wales)
FundApps Limited
Company Information
Directors
A P White
A L Robison
T Munch
Company number
07380035
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Business address
18th Floor, HYLO
105 Bunhill Row
London
EC1Y 8LZ
FundApps Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 34
FundApps Limited
Strategic Report
For the year ended 31 December 2024
Page 1

The directors present the strategic report for the year ended 31 December 2024.

Business review and key performance indicators

FundApps is a well-established compliance monitoring and reporting software company. Since 2010, we have become the dominant platform for the management of Shareholding Disclosure (SD), monitoring over US$26 trillion of assets under management (AuM) for some of the world’s largest hedge funds, asset managers, pension funds and investment banks. Our business model is to generate high margin recurring revenue with sustained growth, whilst continually investing in innovation and maintaining the value proposition of our product suite.

 

Over the last few years, we have expanded our product suite to include the monitoring of Sensitive Industries, exchange-imposed Position Limits, enhanced rules coverage, and better data integrations to expedite implementation and improve the overall client experience. These products further enhance clients’ ability to monitor their regulatory needs, with the next step to improve clients’ ability to report to the applicable regulators, ultimately positioning FundApps as a one-stop-shop for all such regulatory compliance monitoring and reporting.

 

We believe that trust is paramount to our business. For several years, we have achieved full SOC2 Type 1 and Type 2 accreditation, demonstrating that we have security at the heart of our processes, creating a robust and effective control environment. Furthermore, FundApps is also ISO 27001 certified, the international standard for information security. We moved to the newest version of ISO 27001 in 2024 (ISO 27001:2022) with zero non-conformities. There were no exceptions recorded on the SOC2 certification renewal.

 

Client satisfaction is a key priority for the FundApps team, and we are very grateful for the active engagement and regular feedback that we receive from our user community. Our 99%+ satisfaction with ticket resolution is consistent with prior year levels. We have a Net Promoter Score (NPS) of 58 from our clients, a strong result of which we are proud. This demonstrates the success of our approach to client services.

The board considers the group’s Key Performance Indicators (KPIs) to be Annual Contract Value (ACV), ACV per head, Net Revenue Retention (NRR), the AuM monitored by its SD service and customer satisfaction.

 

Our market leading cloud-based software solutions continued to gain momentum with a record year for new logo acquisition with 40 new clients joining the FundApps community. This resulted in our best ever year in absolute terms for ACV growth driven by record performances in North America, Europe and the Middle East - committed ACV grew 31% to £31.3mn and ACV per head grew 24% to £232k over the year. Our NRR improved from 109% to 111% as our account managers were able to successfully sell our broader product set and keep client pricing aligned with their use of the FundApps service. We believe that well-established market tailwinds within the financial services sector are helping to drive the adoption of our products, including the automation of manual processes, increasing regulatory rules and increasing regulatory complexity.

 

Turnover in the year grew 26% to £26.9mn, with particularly strong growth in North America, Europe and the Middle East. In 2023 we completed a multi-year investment in the re-architecture of our rule engine, delivering greater scalability, security and performance, whilst reducing costs. The full year impact of these efficiencies can be seen in 2024 as legacy infrastructure was removed improving our gross profit margin. The investment leaves us well positioned for continued growth and will allow us to scale efficiently in the years ahead. Our record growth and limited hiring in our Engineering and Operations teams resulted in a return to profitability significantly ahead of plan.

 

As a certified B Corporation since 2018 (renewed in 2022 with a score of 90.3), FundApps holds itself voluntarily to a higher standard of business, considering financial performance alongside our broader societal impact. In 2024, FundApps continued this strong commitment through several initiatives and investments for its people, local communities and the environment:

FundApps Limited
Strategic Report (Continued)
For the year ended 31 December 2024
Page 2

 

 

Further details are available in our recently published 2024 B Corp Impact report. FundApps is currently undergoing the B Corp recertification process, with results to be announced during 2025.

 

These initiatives, combined with our continual focus on building a culture of inclusion, engagement and performance, resulted in an Employee Net Promoter Score (eNPS) of 52, classed as “excellent”, in our September 2024 engagement survey.

Principal risks and uncertainties

There is strong demand for greater compliance automation within the industry and FundApps faces competition from third party solutions. Ease of use, domain expertise, scalable underlying technology, strong client service and an engaged user community all position FundApps very strongly to outperform the competition and meet growing demand for automated compliance services.

 

Technology

As with any rapidly scaling technology company, there are inherent risks associated with scaling the platform to service increasing client numbers. The pace of product innovation and development, early investment in the underlying infrastructure and use of cloud technologies will ensure that FundApps can meet significantly increased demand and the associated business volume.

 

Vulnerability to cyber threats

Information security threats can lead to the following adverse business outcomes:

(1) Financial and reputational impacts, particularly those related to security incidents that compromise client data, such as data breaches caused either by insiders or third parties. Other underlying risks include vulnerabilities in third-party software and business interruption due to supplier insolvency.

(2) Loss of business opportunities due to insufficient security practices,

(3) Security controls hindering FundApps productivity.

These risks are mitigated by our continued focus on our security posture, instilling a security culture across the organisation, developing security features which differentiate us from competitors and frictionlessly embedding security features by default. This is alongside proactive risk management strategies, continuous employee training, and regular security assessments to strengthen our defence against emerging threats.

 

FundApps Limited
Strategic Report (Continued)
For the year ended 31 December 2024
Page 3
Principal risks and uncertainties (continued)

 

People

FundApps relies on team members with strong industry experience and technical expertise to build, sell and support the services and company operations. The ability to attract, engage and retain these team members is vital to FundApps to support its international growth. As a certified B Corporation with strong employee engagement metrics, low employee attrition and a continuous focus on its people and culture, FundApps has positioned itself as an attractive employer for its team members across the globe.

On behalf of the board

A P White
Director
9 June 2025
FundApps Limited
Directors' Report
For the year ended 31 December 2024
Page 4

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

Principal activities

The principal activity of the company and group continued to be the production of financial services software.

Results and dividends

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

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

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

A P White
A L Robison
T Munch
Research and development

FundApps has an active R&D programme, continually improving current products and extending its product range. The 2024 year included further improvements to our Calculation Engine and further product launches such as new data redistribution using our existing product Data Adapter, and Rule 13f-2. Rule 13f-2 is a new short selling regulation put forth by the Securities and Exchange Commission originally due to start from 2nd January 2025 but subsequently pushed to 2026. FundApps cemented it's position as a leader in the RegTech space, bringing the first 13f-2 to market well before the 2nd January 2025 go live date.

Future developments

FundApps will continue to invest in its product and infrastructure to maintain our market leading position. We all know the world is moving digital and the emergence of AI has turbo charged that transformation. FundApps will embrace AI for greater productivity and bring it to bear on new product innovation as the regulatory landscape continues evolving and more investment managers seek to replace manual process and legacy systems. FundApps' continued investment in engineering and marketing capabilities ensure we are well placed to capitalise on the opportunity.

 

In particular, FundApps will be looking to build a Regulatory Reporting suite to comply with regulations outside the scope of Shareholding Disclosure. Initially focussing on Annex IV, but with a view to expanding the non Shareholding Disclosure products that FundApps can provide.

Auditor

In accordance with the company's articles, a resolution proposing that Moore Kingston Smith LLP be reappointed as auditor of the group will be put at a General Meeting.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect its fair review of the business.

FundApps Limited
Directors' Report (Continued)
For the year ended 31 December 2024
Page 5
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
A P White
Director
9 June 2025
FundApps Limited
Directors' Responsibilities Statement
For the year ended 31 December 2024
Page 6

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

We have audited the financial statements of FundApps Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

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

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

 

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

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

FundApps Limited
Independent Auditor's Report (Continued)
To the Members of FundApps Limited
Page 9
Auditor's responsibilities for the audit of the financial statements

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

 

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

 

 

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

 

 

FundApps Limited
Independent Auditor's Report (Continued)
To the Members of FundApps Limited
Page 10
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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

including fraud is detailed below.

 

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

 

Our approach was as follows:

 

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

Use of our report

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

Jonathan Sutcliffe (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
9 June 2025
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
FundApps Limited
Group Statement of Comprehensive Income
For the year ended 31 December 2024
Page 11
2024
2023
Notes
£
£
Turnover
3
26,875,265
21,355,432
Cost of sales
(2,958,533)
(3,732,648)
Gross profit
23,916,732
17,622,784
Research and development costs
(1,081,795)
(1,124,771)
Administrative expenses
(20,563,852)
(18,097,080)
Operating profit/(loss)
4
2,271,085
(1,599,067)
Interest receivable and similar income
8
337,839
148,726
Profit/(loss) before taxation
2,608,924
(1,450,341)
Tax on profit/(loss)
9
931,765
(35,939)
Profit/(loss) for the financial year
3,540,689
(1,486,280)
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
FundApps Limited
Group Balance Sheet
As at 31 December 2024
Page 12
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
117,154
115,321
Current assets
Debtors
14
4,801,696
4,627,019
Cash at bank and in hand
19,356,210
10,011,077
24,157,906
14,638,096
Creditors: amounts falling due within one year
15
(22,037,303)
(16,147,651)
Net current assets/(liabilities)
2,120,603
(1,509,555)
Total assets less current liabilities
2,237,757
(1,394,234)
Provisions for liabilities
Deferred tax liability
16
(23,646)
(24,964)
(23,646)
(24,964)
Net assets/(liabilities)
2,214,111
(1,419,198)
Capital and reserves
Called up share capital
19
1
1
Share premium account
89,453
89,453
Profit and loss reserves
2,124,657
(1,508,652)
Total equity
2,214,111
(1,419,198)
The financial statements were approved by the board of directors and authorised for issue on 9 June 2025 and are signed on its behalf by:
09 June 2025
A P White
Director
FundApps Limited
Company Balance Sheet
As at 31 December 2024
31 December 2024
Page 13
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
94,585
99,857
Investments
11
70
70
94,655
99,927
Current assets
Debtors
14
4,423,125
4,577,760
Cash at bank and in hand
9,958,107
3,993,765
14,381,232
8,571,525
Creditors: amounts falling due within one year
15
(12,934,083)
(10,384,802)
Net current assets/(liabilities)
1,447,149
(1,813,277)
Total assets less current liabilities
1,541,804
(1,713,350)
Provisions for liabilities
Deferred tax liability
16
(23,646)
(24,964)
(23,646)
(24,964)
Net assets/(liabilities)
1,518,158
(1,738,314)
Capital and reserves
Called up share capital
19
1
1
Share premium account
89,453
89,453
Profit and loss reserves
1,428,704
(1,827,768)
Total equity
1,518,158
(1,738,314)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £3,163,852 (2023 - £1,610,044 loss).

The financial statements were approved by the board of directors and authorised for issue on 9 June 2025 and are signed on its behalf by:
09 June 2025
A P White
Director
Company Registration No. 07380035
FundApps Limited
Group Statement of Changes in Equity
For the year ended 31 December 2024
Page 14
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
1
89,453
(98,734)
(9,280)
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(1,486,280)
(1,486,280)
Credit to equity for equity settled share-based payments
18
-
-
76,362
76,362
Balance at 31 December 2023
1
89,453
(1,508,652)
(1,419,198)
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
3,540,689
3,540,689
Credit to equity for equity settled share-based payments
18
-
-
92,620
92,620
Balance at 31 December 2024
1
89,453
2,124,657
2,214,111
FundApps Limited
Company Statement of Changes in Equity
For the year ended 31 December 2024
Page 15
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
1
89,453
(294,086)
(204,632)
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(1,610,044)
(1,610,044)
Credit to equity for equity settled share-based payments
18
-
-
76,362
76,362
Balance at 31 December 2023
1
89,453
(1,827,768)
(1,738,314)
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
3,163,852
3,163,852
Credit to equity for equity settled share-based payments
18
-
-
92,620
92,620
Balance at 31 December 2024
1
89,453
1,428,704
1,518,158
FundApps Limited
Group Statement of Cash Flows
For the year ended 31 December 2024
Page 16
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
9,169,586
1,169,231
Income taxes paid
(66,477)
(46,217)
Net cash inflow from operating activities
9,103,109
1,123,014
Investing activities
Purchase of tangible fixed assets
(96,715)
(38,857)
Proceeds from disposal of tangible fixed assets
900
-
Interest received
337,839
148,726
Net cash generated from investing activities
242,024
109,869
Net increase in cash and cash equivalents
9,345,133
1,232,883
Cash and cash equivalents at beginning of year
10,011,077
8,778,194
Cash and cash equivalents at end of year
19,356,210
10,011,077
FundApps Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 17
1
Accounting policies
Company information

FundApps Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

 

The group consists of FundApps Limited and its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

FundApps Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 18
1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated financial statements incorporate those of FundApps Limited and its subsidiary (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of the subsidiary to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

The group made pre tax profits of £2.6m in the financial year following two years of losses due to investment in headcount and the rules engine architecture. These profits, combined with the groups significant cash reserves at the year end, means that the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the 12 months following the date of approval of the financial statements. Thus the directors continue to adapt the going concern basis of accounting in preparing the financial statements

1.4
Turnover

Turnover received from service contracts are recognised over the period of the contract, and are shown net of VAT and other discounts.

1.5
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.

FundApps Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 19

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:

Leasehold improvements
Over term of the lease
Fixtures, fittings & equipment
3-5 years straight line
Computer & office equipment
3-5 years straight line
Vehicles
3-5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

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

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.8
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

FundApps Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 20
1.9
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 and cash and bank balances, 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.

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 group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.10
Equity instruments

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

1.11
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 profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

FundApps Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 21
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

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

1.14
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

 

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

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.

FundApps Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 22
1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.17

Research and development costs

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
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

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

Share based payments

In order to arrive at the expense recognised for the year in respect of share-based payments, the directors have to make assumptions for the various inputs to the pricing model used. These inputs are included in note 18 and represent the directors' best estimates of the likely values. A change in these assumptions would lead to the charge for the year having a different value.

3
Turnover and other revenue

All turnover of the group is attributable to its principal activity.

FundApps Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
3
Turnover and other revenue
(Continued)
Page 23
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
5,064,534
4,096,386
Europe and Middle East
5,091,698
4,427,083
North America
13,760,179
10,509,959
Asia Pacific
2,958,854
2,322,004
26,875,265
21,355,432
2024
2023
£
£
Other revenue
Interest income
337,839
148,726
4
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Exchange gains
(8,320)
(16,960)
Depreciation of owned tangible fixed assets
92,559
84,809
Loss on disposal of tangible fixed assets
3,659
-
Share-based payments
92,620
76,362
Operating lease charges
839,248
792,562
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Client Services
33
31
18
18
Research and Development
60
60
60
60
Sales and Marketing
29
30
17
18
General and Administration
13
12
12
11
Total
135
133
107
107
FundApps Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
5
Employees
(Continued)
Page 24

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
13,792,604
11,901,362
10,430,741
9,216,527
Social security costs
1,410,268
1,366,767
1,208,460
1,181,848
Pension costs
842,059
658,924
696,197
628,138
16,044,931
13,927,053
12,335,398
11,026,513
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
23,350
22,000
Audit of the financial statements of the company's subsidiary
4,600
4,500
27,950
26,500
For other services
Taxation compliance services
2,575
2,450
All other non-audit services
22,987
24,557
25,562
27,007
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
247,639
238,147
Company pension contributions to defined contribution schemes
16,965
15,000
264,604
253,147

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

FundApps Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
7
Directors' remuneration
(Continued)
Page 25
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
163,557
151,249
Company pension contributions to defined contribution schemes
16,965
15,000

The directors are considered to be key management personnel.

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
337,839
148,726

Investment income includes the following:

Interest on financial assets
337,839
148,726
9
Taxation
2024
2023
£
£
Current tax
Foreign current tax on profits for the current period
72,328
46,217
Deferred tax
Origination and reversal of timing differences
(1,004,093)
(10,278)
Total tax (credit)/charge
(931,765)
35,939
FundApps Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
9
Taxation
(Continued)
Page 26

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

2024
2023
£
£
Profit/(loss) before taxation
2,608,924
(1,450,341)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
652,231
(341,120)
Tax effect of expenses that are not deductible in determining taxable profit
65,418
22,582
Tax effect of utilisation of tax losses not previously recognised
(378,529)
-
0
Research and development tax credit
(232,586)
(326,865)
Effect of overseas tax rates
(35,524)
6,220
Movement in deferred tax not recognised
-
0
709,388
Remeasurement of deferred tax for changes in tax rates
-
0
(42,589)
Other timing differences
-
8,323
Deferred tax recognised
(1,002,775)
-
Taxation (credit)/charge
(931,765)
35,939
FundApps Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 27
10
Tangible fixed assets
Group
Leasehold improvements
Computer & office equipment
Total
£
£
£
Cost
At 1 January 2024
18,339
280,975
299,314
Additions
2,713
94,002
96,715
Disposals
(18,339)
(20,563)
(38,902)
Exchange adjustments
-
0
858
858
At 31 December 2024
2,713
355,272
357,985
Depreciation and impairment
At 1 January 2024
18,108
165,885
183,993
Depreciation charged in the year
593
91,966
92,559
Eliminated in respect of disposals
(18,339)
(16,004)
(34,343)
Exchange adjustments
-
0
(1,378)
(1,378)
At 31 December 2024
362
240,469
240,831
Carrying amount
At 31 December 2024
2,351
114,803
117,154
At 31 December 2023
231
115,090
115,321
FundApps Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
10
Tangible fixed assets
(Continued)
Page 28
Company
Leasehold improvements
Computer & office equipment
Total
£
£
£
Cost
At 1 January 2024
18,339
242,395
260,734
Additions
2,713
81,206
83,919
Disposals
(18,339)
(20,563)
(38,902)
At 31 December 2024
2,713
303,038
305,751
Depreciation and impairment
At 1 January 2024
18,108
142,769
160,877
Depreciation charged in the year
593
84,039
84,632
Eliminated in respect of disposals
(18,339)
(16,004)
(34,343)
At 31 December 2024
362
210,804
211,166
Carrying amount
At 31 December 2024
2,351
92,234
94,585
At 31 December 2023
231
99,626
99,857
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
70
70
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
70
Carrying amount
At 31 December 2024
70
At 31 December 2023
70
FundApps Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 29
12
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of shares held
% Held
Direct
FundApps Inc
276 5th Ave, 808, New York, NY10001, USA
Group sales & support
Ordinary
100.00
FundApps PTE Ltd
38 Beach Road, #29-11 South Beach Tower, Singapore 189767
Group sales & support
Ordinary
100.00

 

13
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
2,561,227
3,563,577
2,217,871
3,531,140
Carrying amount of financial liabilities
Measured at amortised cost
3,149,174
2,459,456
2,695,527
2,163,083
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,188,100
3,451,958
1,348,128
2,800,731
Amounts owed by group undertakings
-
-
579,904
677,168
Other debtors
373,127
75,678
289,839
24,658
Prepayments and accrued income
1,237,694
1,099,383
1,202,479
1,075,203
3,798,921
4,627,019
3,420,350
4,577,760
Deferred tax asset (note 16)
1,002,775
-
0
1,002,775
-
0
4,801,696
4,627,019
4,423,125
4,577,760
FundApps Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 30
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
478,806
916,026
459,219
911,382
Corporation tax payable
5,851
-
0
-
0
-
0
Other taxation and social security
600,834
352,539
543,128
331,403
Deferred income
18,281,444
13,335,656
9,695,428
7,890,316
Other creditors
407,799
186,115
358,922
100,630
Accruals
2,262,569
1,357,315
1,877,386
1,151,071
22,037,303
16,147,651
12,934,083
10,384,802
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
23,646
24,964
-
-
Tax losses
-
-
1,002,775
-
23,646
24,964
1,002,775
-
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
23,646
24,964
-
-
Tax losses
-
-
1,002,775
-
23,646
24,964
1,002,775
-
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
24,964
24,964
Credit to profit or loss
(1,004,093)
(1,004,093)
Liability/(asset) at 31 December 2024
(979,129)
(979,129)
FundApps Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
16
Deferred taxation
(Continued)
Page 31

The deferred tax liability set out above of £23,646 is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

 

The deferred tax asset set out above of £1,002,775 is expected to reverse within 12 months and relates to brought forward tax losses.

17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
842,059
658,924

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

18
Share-based payment transactions
Group and company
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 January 2024
11,669
10,519
118.27
104.23
Granted
1,500
1,150
273.65
246.68
Forfeited
(405)
-
246.68
-
Outstanding at 31 December 2024
12,764
11,669
132.46
118.27
Exercisable at 31 December 2024
9,294
8,012
273.65
246.68

The options outstanding at 31 December 2024 had an exercise price ranging from £1.36 to £273.65, and a remaining contractual life of 1 to 4 years.

 

FundApps Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
18
Share-based payment transactions
(Continued)
Page 32
Group and company

The weighted average fair value of options granted during the year was £273.65. Fair value was measured using Black-Scholes. The calculated fair value of the share options has been charged to the profit and loss account.

Inputs were as follows:
2024
2023
Weighted average share price
273.65
246.68
Weighted average exercise price
273.65
246.68
Expected volatility
30.00
30.00
Expected life
4.00
4.00
Risk free rate
4.30
3.98
Group
Company
2024
2023
2024
2023
£
£
£
£
Expenses recognised in the year
Arising from equity settled share based payment transactions
92,620
76,362
92,620
76,362
19
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £0.00001 each
74,841
74,841
1
1
Series A shares of £0.00001 each
26,310
26,310
-
-

The Ordinary and Series A shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption and are ranked pari passu with each other.

 

FundApps Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 33
20
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
835,502
390,917
579,675
296,050
Between two and five years
804,096
1,255,963
676,288
1,255,963
1,639,598
1,646,880
1,255,963
1,552,013
21
Related party transactions

During the year, there were transactions with Hermes & Balder, a company in which director T Munch holds an interest, amounting to £84,082 (2023: £86,868). These fees were in relation to the services provided as Director of the Group and have been disclosed as such within Note 7. At the year end the amounts due to Hermes & Balder were £20,680 (2023: £21,675).

 

The company has taken the exemption under Section 33 Related Party Disclosures paragraph 33.1A from disclosing transactions with other members of a wholly owned group.

22
Controlling party
The ultimate controlling party is A P White due to his majority shareholding in the company.
FundApps Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 34
23
Cash generated from group operations
2024
2023
£
£
Profit/(loss) for the year after tax
3,540,689
(1,486,280)
Adjustments for:
Taxation (credited)/charged
(931,765)
35,939
Investment income
(337,839)
(148,726)
Loss on disposal of tangible fixed assets
3,659
-
Depreciation and impairment of tangible fixed assets
92,559
84,809
Foreign exchange gains/(losses)
(8,086)
3,062
Equity settled share based payment expense
92,620
76,362
Movements in working capital:
Decrease/(increase) in debtors
828,098
(460,641)
Increase in creditors
943,864
981,168
Increase in deferred income
4,945,788
2,083,538
Cash generated from operations
9,169,586
1,169,231
24
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
10,011,077
9,345,133
19,356,210
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