Company registration number SC577920 (Scotland)
VULCAN COMPLETION PRODUCTS UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
VULCAN COMPLETION PRODUCTS UK LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 13
VULCAN COMPLETION PRODUCTS UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
703,188
535,128
Tangible assets
5
161,533
26,202
864,721
561,330
Current assets
Stocks
6
2,835,422
2,349,876
Debtors
7
2,656,813
2,887,373
Cash at bank and in hand
1,093,150
81,608
6,585,385
5,318,857
Creditors: amounts falling due within one year
8
(4,155,293)
(2,241,029)
Net current assets
2,430,092
3,077,828
Total assets less current liabilities
3,294,813
3,639,158
Creditors: amounts falling due after more than one year
9
(1,494,643)
(1,951,303)
Net assets
1,800,170
1,687,855
Capital and reserves
Called up share capital
11
192
192
Capital contribution reserve
2,684,686
2,684,686
Profit and loss reserves
(884,708)
(997,023)
Total equity
1,800,170
1,687,855

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 11 June 2025 and are signed on its behalf by:
I A Kirk
Director
Company Registration No. SC577920
VULCAN COMPLETION PRODUCTS UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Capital Contribution reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
192
2,684,686
(1,318,095)
1,366,783
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
321,072
321,072
Balance at 31 December 2023
192
2,684,686
(997,023)
1,687,855
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
112,315
112,315
Balance at 31 December 2024
192
2,684,686
(884,708)
1,800,170
VULCAN COMPLETION PRODUCTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Vulcan Completion Products UK Limited is a private company, limited by shares, incorporated in Scotland. The registered office is 1st Floor, Blenheim House, Fountainhall Road, Aberdeen, United Kingdom, AB15 4DT.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in Pounds 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.

1.2
Going concern

As part of their consideration of going concern the directors have reviewed the group's future cash flow forecasts covering the period of at least 12 months from the date of approval of the financial statements, including plausible downside scenarios. true

Based on their assessment of the company's prospects and viability the directors have formed a judgement, at the time of approving the financial statements, that there are no material uncertainties that cast doubt on the group's going concern status and that there is a reasonable expectation that the company has adequate resources to continue in operational existence for at least twelve months from the date of approval of the financial statements. The directors therefore consider it appropriate to adopt the going concern basis of accounting in preparing its financial statements.

Subsequent to the balance sheet date, the wider Sawafi group has performed a restructure of aspects of the groups lending facilities. This has resulted in the full repayment of £2,034,541 due to Sawafi Al Jazeera Oilfield Products & Services Co. Limited on 7 February 2025 (See note 8). It has also resulted in an amount due by the company to its immediate parent company, Sawafi Vulcan Newco Limited of £1,917,161 as being recognised at the same date. This amount is unsecured, non-interest bearing and repayable on demand and is still outstanding at the date of approval of these financial statements. The directors have therefore obtained assurances in writing that repayment of this intercompany amount will not be demanded for a period of at least 12 months from the date of approval of these financial statements where such repayment would, in the reasonable opinion of the Vulcan Completion Products Limited directors, impair the company's ability to meet it's liabilities as they fall due or to continue it's forecasted operations.

As with any company placing reliance on other group entities for financial support, the directors acknowledge that these written assurances are not legally binding and there can be no certainty this support will continue. However, at the date of approval of these financial statements, they have no reason to believe this will not be the case.

1.3
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.

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

VULCAN COMPLETION PRODUCTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Research and development expenditure

Research expenditure is written off the statement of profit or loss as incurred.

1.5
Intangible assets and amortisation

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Expenditure on development activities may be capitalised if the product or process is commercially feasible and the company intends and has the technical ability and sufficient resources to complete development, future economic benefits are probable and if the company can measure reliably the expenditure attributable to the intangible asset during its development. Development activities involve design for, construction or testing of the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate portion of overheads and capitalised borrowing costs. Other development expenditure is recognised in the Statement of Profit and Loss as an expense as incurred. Capitalised development expenditure is stated at cost less accumulated amortisation and less accumulated impairment losses.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives. Intangible assets under construction are not amortised.

 

Intangible assets held are amortised on the following bases:

Software
4 years straight line
Trademarks, patents and licences
15-25 years straight line
Development costs
3-5 years straight line
1.6
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. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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
Length of lease held straight line
Plant and machinery
1-3 years straight line
Fixtures and fittings
5 years straight line
Office equipment
2-3 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 credited or charged to the statement profit and loss.

VULCAN COMPLETION PRODUCTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.7
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.

Recoverable amount is the higher of net realisable value 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 is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the statement of profit and loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

For assets where the recoverable amount increases as a result of a change in economic conditions or in the expected use of the asset then the resultant reversal of the impairment loss is recognised in the current period.

 

An impairment loss is reversed only to the extend that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in the statement of profit and loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held with banks.

VULCAN COMPLETION PRODUCTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.10
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 it's financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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 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.

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, bank loans, and loans from fellow group companies, 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.

1.11
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.

VULCAN COMPLETION PRODUCTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -
1.12
Taxation

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

Current tax

Current tax is the expected tax payable or receivable on the taxable income or loss for the year using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date.

Deferred tax

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

 

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 when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
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.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.14
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.

1.15
Retirement benefits

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

1.16
Leases

Payments made under operating leases, including any lease incentives received, are charged to the statement of profit and 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.

VULCAN COMPLETION PRODUCTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 8 -
1.17
Foreign exchange

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.

 

Exchange differences are recognised in the statement of profit and loss in the period in which they arise.

1.18

Finance costs

Finance costs are charged to the statement of profit and loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2
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.

 

The critical judgements that the directors have made in the process of applying the company's policies that have the most significant effect on the amounts recognised in the statutory financial statements are:

 

Assessing indicators of impairment

In assessing whether there have been indicators of impairment of assets, including intangible assets, the directors have considered both external and internal sources of information such as market conditions, technological changes, asset performance against forecasts, and evidence of obsolescence.

 

Where an indication of impairment does exist, the directors will carry out an impairment review to determine the recoverable amount, which is the value in use. The value in use calculation requires the directors to estimate the future cash flows expected to arise from the asset or the cash generating unit and a suitable discount rate in order to calculate present value.

 

There has been no indication of impairment identified in the current reporting period.

 

Carrying value of stocks

The directors assess the recoverability of stock and if a provision is required. When calculating any required provision, management considers the nature and condition of stock, as well as applying assumptions around the anticipated saleability of finished goods and future usage of raw materials. See note 6 for the net carrying value of stock.

 

There has been no stock provision recognised in the current reporting period.

 

VULCAN COMPLETION PRODUCTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
3
Employees

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

2024
2023
Number
Number
Total
24
17
4
Intangible fixed assets
Software
Trademarks, patents and licences
Development costs
Total
£
£
£
£
Cost
At 1 January 2024
33,738
340,609
778,299
1,152,646
Additions
10,675
102,404
168,629
281,708
At 31 December 2024
44,413
443,013
946,928
1,434,354
Amortisation and impairment
At 1 January 2024
6,597
29,024
581,897
617,518
Amortisation charged for the year
7,749
16,384
89,515
113,648
At 31 December 2024
14,346
45,408
671,412
731,166
Carrying amount
At 31 December 2024
30,067
397,605
275,516
703,188
At 31 December 2023
27,141
311,585
196,402
535,128
VULCAN COMPLETION PRODUCTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
5
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures and fittings
Office equipment
Total
£
£
£
£
£
Cost
At 1 January 2024
-
0
15,309
13,316
73,252
101,877
Additions
5,655
161,794
933
20,663
189,045
At 31 December 2024
5,655
177,103
14,249
93,915
290,922
Depreciation and impairment
At 1 January 2024
-
0
15,309
10,283
50,083
75,675
Depreciation charged in the year
1,870
34,795
1,036
16,013
53,714
At 31 December 2024
1,870
50,104
11,319
66,096
129,389
Carrying amount
At 31 December 2024
3,785
126,999
2,930
27,819
161,533
At 31 December 2023
-
0
-
0
3,033
23,169
26,202
6
Stocks
2024
2023
£
£
Raw materials
134,761
132,421
Finished goods
2,700,661
2,217,455
2,835,422
2,349,876
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,765,541
2,048,714
Corporation tax recoverable
-
0
2,789
Amounts owed by group undertakings
70,123
-
0
Other debtors
131,197
111,924
Prepayments and accrued income
168,383
156,298
2,135,244
2,319,725
VULCAN COMPLETION PRODUCTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Debtors
(Continued)
- 11 -
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 10)
521,569
567,648
Total debtors
2,656,813
2,887,373

Amounts owed by group undertakings are not interest bearing, unsecured, and are repayable on demand.

8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Loans from directors
775,250
350,000
Trade creditors
555,316
1,324,825
Amounts owed to group undertakings
2,449,785
389,077
Taxation and social security
42,528
29,212
Other creditors
322,414
137,915
4,155,293
2,241,029

Bank loans represent a Bounce Back Loan (“BBL”). Repayments commenced on 28 June 2021, with an interest rate of 2.5% per annum. The initial 12 months interest is payable by the UK government. The BBL is underpinned by a guarantee from the UK Government to the lender, but the company remains liable for the repayment of the BBL in full. At the balance sheet date, there is £14,167 total outstanding, of which £10,000 is repayable within 12 months of the balance sheet date.

 

Included within the amounts owed to group undertakings is £2,034,541 relating to amounts drawn down on an intercompany revolving credit facility, provided by another group subsidiary, Sawafi Al-Jazeera Oilfield Products & Services Co. Limited. The revolving credit facility was entered into on 28 January 2024 with a limit of $5,000,000 with interest accruing at a fixed rate of 2.25%, plus 3-month SIBOR on amounts drawn. The remaining balance of £415,243 presented in amounts owed to group undertakings is non-interest bearing, unsecured and repayable on demand.

VULCAN COMPLETION PRODUCTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
4,167
14,167
Loan from directors
1,490,476
1,937,136
1,494,643
1,951,303

Loans from directors’ balance relates to an interest free loan due to the director, Ian Kirk, of £2,500,000. In line with FRS 102, section 11, this loan has been discounted to the present value of future payments using an appropriate market rate of interest of 6%.

 

Repayment on the loan of £2,500,000 commenced on 7 January 2025, with an initial repayment amount of £200,000 followed by twelve quarterly installments of £191,750 commencing on 30 June 2025.

 

Finance costs in the year relating to interest recognised on this loan totalled £128,590.

10
Deferred taxation

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

Assets
Assets
2024
2023
Balances:
£
£
Fixed asset timing differences
(46,742)
(26,253)
Tax losses
556,098
585,077
Short term timing differences
12,213
8,824
521,569
567,648
2024
Movements in the year:
£
Asset at 1 January 2024
(567,648)
Charge to profit or loss
46,079
Asset at 31 December 2024
(521,569)

The deferred tax asset set out above relates to the utilisation of tax losses against future expected profits of the same period.

11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
192
192
192
192
VULCAN COMPLETION PRODUCTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report was unqualified.

Senior Statutory Auditor:
Angus Cowie
Statutory Auditor:
Azets Audit Services
13
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
77,000
21,583
Between two and five years
257,667
148,000
334,667
169,583
14
Parent company

The immediate parent undertaking is Sawafi Vulcan Newco Limited, a company incorporated in the United Kingdom.

 

The ultimate parent undertaking and controlling party is Khalid Ali Alturki & Sons Holding Company, a company incorporated in the Kingdom of Saudi Arabia.

 

Khalid Ali Alturki and Sons Holding Company is the largest group for which consolidated financial statements are prepared which include these results. A copy of the consolidated financial statements may be obtained from the registered office.

 

Alturki Business Park,

12 & 13th Floor

Prince Faisal Bin Fahad Rd.

P.O. Box 31775,

Alkhobar,

31952

2024-12-312024-01-01falsefalsefalse11 June 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityI A KirkM DundeeW W RamadanT A AlzoubiJ H MistryT KachouriK MirzayevC D CampbellD BellSC5779202024-01-012024-12-31SC5779202024-12-31SC5779202023-12-31SC577920core:ComputerSoftware2024-12-31SC577920core:PatentsTrademarksLicencesConcessionsSimilar2024-12-31SC577920core:DevelopmentCostsCapitalisedDevelopmentExpenditure2024-12-31SC577920core:ComputerSoftware2023-12-31SC577920core:PatentsTrademarksLicencesConcessionsSimilar2023-12-31SC577920core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-12-31SC577920core:LeaseholdImprovements2024-12-31SC577920core:PlantMachinery2024-12-31SC577920core:FurnitureFittings2024-12-31SC577920core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-12-31SC577920core:LeaseholdImprovements2023-12-31SC577920core:PlantMachinery2023-12-31SC577920core:FurnitureFittings2023-12-31SC577920core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-12-31SC577920core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-31SC577920core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-31SC577920core:Non-currentFinancialInstrumentscore:AfterOneYear2024-12-31SC577920core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-31SC577920core:CurrentFinancialInstruments2024-12-31SC577920core:CurrentFinancialInstruments2023-12-31SC577920core:Non-currentFinancialInstruments2024-12-31SC577920core:Non-currentFinancialInstruments2023-12-31SC577920core:ShareCapital2024-12-31SC577920core:ShareCapital2023-12-31SC577920core:CapitalRedemptionReserve2024-12-31SC577920core:CapitalRedemptionReserve2023-12-31SC577920core:RetainedEarningsAccumulatedLosses2024-12-31SC577920core:RetainedEarningsAccumulatedLosses2023-12-31SC577920core:ShareCapital2022-12-31SC577920core:CapitalRedemptionReserve2022-12-31SC577920core:RetainedEarningsAccumulatedLosses2022-12-31SC577920core:ShareCapitalOrdinaryShareClass12024-12-31SC577920core:ShareCapitalOrdinaryShareClass12023-12-31SC577920bus:Director12024-01-012024-12-31SC577920core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31SC5779202023-01-012023-12-31SC577920core:RetainedEarningsAccumulatedLosses2024-01-012024-12-31SC577920core:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-31SC577920core:PatentsTrademarksLicencesConcessionsSimilar2024-01-012024-12-31SC577920core:DevelopmentCostsCapitalisedDevelopmentExpenditure2024-01-012024-12-31SC577920core:LeaseholdImprovements2024-01-012024-12-31SC577920core:PlantMachinery2024-01-012024-12-31SC577920core:FurnitureFittings2024-01-012024-12-31SC577920core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-01-012024-12-31SC577920core:ComputerSoftware2023-12-31SC577920core:PatentsTrademarksLicencesConcessionsSimilar2023-12-31SC577920core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-12-31SC5779202023-12-31SC577920core:ComputerSoftwarecore:InternallyGeneratedIntangibleAssets2024-01-012024-12-31SC577920core:PatentsTrademarksLicencesConcessionsSimilarcore:InternallyGeneratedIntangibleAssets2024-01-012024-12-31SC577920core:DevelopmentCostsCapitalisedDevelopmentExpenditurecore:InternallyGeneratedIntangibleAssets2024-01-012024-12-31SC577920core:InternallyGeneratedIntangibleAssets2024-01-012024-12-31SC577920core:ComputerSoftware2024-01-012024-12-31SC577920core:LeaseholdImprovements2023-12-31SC577920core:PlantMachinery2023-12-31SC577920core:FurnitureFittings2023-12-31SC577920core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-12-31SC577920bus:OrdinaryShareClass12024-01-012024-12-31SC577920bus:OrdinaryShareClass12024-12-31SC577920bus:OrdinaryShareClass12023-12-31SC577920core:WithinOneYear2024-12-31SC577920core:WithinOneYear2023-12-31SC577920core:BetweenTwoFiveYears2024-12-31SC577920core:BetweenTwoFiveYears2023-12-31SC577920bus:PrivateLimitedCompanyLtd2024-01-012024-12-31SC577920bus:SmallCompaniesRegimeForAccounts2024-01-012024-12-31SC577920bus:FRS1022024-01-012024-12-31SC577920bus:Audited2024-01-012024-12-31SC577920bus:Director22024-01-012024-12-31SC577920bus:Director32024-01-012024-12-31SC577920bus:Director42024-01-012024-12-31SC577920bus:Director52024-01-012024-12-31SC577920bus:Director62024-01-012024-12-31SC577920bus:Director72024-01-012024-12-31SC577920bus:Director82024-01-012024-12-31SC577920bus:Director92024-01-012024-12-31SC577920bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP