41
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
2024-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
1,041
1,041
1,041
9,795
8,831
18,626
xbrli:pure
xbrli:shares
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08766928
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2024-12-31
08766928
2023-12-31
08766928
2023-01-01
2023-12-31
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2023-12-31
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2024-12-31
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2024-12-31
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2024-12-31
08766928
core:WithinOneYear
2024-12-31
08766928
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08766928
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08766928
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2024-12-31
08766928
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2023-12-31
08766928
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08766928
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08766928
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2023-12-31
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08766928
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COMPANY REGISTRATION NUMBER:
08766928
|
Filleted Unaudited Financial Statements |
|
Year ended 31 December 2024
|
Accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
4 |
|
|
|
Statement of financial position |
5 |
|
|
|
Notes to the financial statements |
7 |
|
|
Year ended 31 December 2024
The directors present their report and the unaudited financial statements of the company for the year ended
31 December 2024
.
Principal activities
The principal activity of the company during the year was software design and development.
Directors
The directors who served the company during the year were as follows:
|
Mr D L King |
|
|
Mr J S Bridges |
|
|
Mr O Tikhturov |
|
|
Mr M A Gifford |
|
|
Mr W J Volckaert |
|
|
Mr M R D Reith |
|
|
Mr A F B A B Al-Hussein |
(Appointed
22 February 2024) |
|
Mr J P Soberg |
(Appointed
6 February 2024) |
|
Mr R De Wasseige |
(Appointed
22 February 2024) |
|
|
Our business
Artificial is an InsurTech company focused on transforming the underwriting of specialty risks through advanced technology. Our core platform enables algorithmic underwriting and is powered by Brossa, a bespoke domain-specific programming language for insurance. In 2024, we expanded our offering to serve both underwriters and brokers, delivering technology that enables efficient data capture, risk marketing, and portfolio decision-making across the entire insurance placement lifecycle.
Business Review
During the year, we restructured our product portfolio to address the distinct needs of brokers and insurers. This led to the formal launch of two core offerings:
-
Smart Placement
(broker-focused): A configurable toolkit that enables data-first placement, risk marketing, placement optimisation, and structured data capture from initial client engagement. It also includes contract digitalisation capabilities via full integration with our Contract Builder product.
-
Smart Underwriting
(insurer-focused): A platform for algorithmic lead and follow underwriting, featuring real-time portfolio optimisation, modular pricing, public APIs, and a developer IDE for Brossa configuration. A major advancement this year was the addition of scenario simulation tools, enabling underwriters to evaluate the impact of appetite changes against historical data.
To support the expansion of these products, we adopted a refined product development framework inspired by Shape Up, and leaned heavily into AI-first engineering to increase velocity without expanding headcount.
We achieved 100% customer retention during the period, renewing all existing contracts with no churn. In addition, we secured further significant contract wins and successfully launched Smart Placement as a new product, winning a major, material customer that marks a transformative milestone for the business.
Financial Performance
Turnover for the year increased to £2.55m (2023: £0.98m), reflecting continued commercial momentum. The company recorded an operating loss of £4.77m (2023: £4.51m), aligned with our planned investment in product and team growth. Following a successful Series A2 funding round in February 2024, we ended the year with a strengthened balance sheet and £3.04m in cash reserves.
Key Developments
-
Successful launch of Smart Placement and evolution of Smart Underwriting.
-
Significant upgrades to our Contract Builder and Brossa developer tooling.
-
Adoption of AI-first development workflows.
-
Implementation of a Shape Up-style planning process.
-
Headcount increased from 28 to 41, with emphasis on product, engineering, and customer success.
-
Introduction of forward-deployed engineers to support client implementation.
-
Leadership transition with the addition of a Chief Growth Officer.
Risks and Uncertainties
We continue to monitor external competitive trends, including the rise of LLMs and agentic AI. In response, we have embedded AI into our core development practices to maintain our technical edge. No material new legal, commercial, or regulatory risks were identified during the period.
Environmental, Employee, and Social Matters
Artificial maintained ISO27001 compliance and Cyber Essentials Plus certification. We reduced our environmental footprint through remote work practices and efficient cloud infrastructure use. Internally, we prioritised employee development and wellbeing through a supportive and inclusive culture.
Externally, we expanded our market visibility at global InsurTech events, notably ITC in Las Vegas.
Future Outlook
Our focus in 2025 is to scale adoption of Smart Placement and Smart Underwriting through commercial growth. With validated technology and expanding customer interest, we are well-positioned to drive deeper market penetration, expand internationally, and continue evolving our platform's configurability, AI integration, and interoperability.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
8 August 2025
and signed on behalf of the board by:
|
Registered office: |
|
1-3 Frederick's Place |
|
London |
|
EC2R 8AE |
|
|
Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Artificial Labs Ltd |
|
Year ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Artificial Labs Ltd for the year ended 31 December 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the Board of Directors of Artificial Labs Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Artificial Labs Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Artificial Labs Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Artificial Labs Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Artificial Labs Ltd. You consider that Artificial Labs Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Artificial Labs Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
BAILHACHE LINTON LLP
Accountants
Bourne House
475 Godstone Road
Whyteleafe
Surrey
CR3 0BL
8 August 2025
|
Statement of Financial Position |
|
31 December 2024
|
2024 |
2023 |
|
|
(restated) |
|
Note |
£ |
£ |
|
|
|
Fixed assets
|
Tangible assets |
5 |
92,030 |
57,822 |
|
Investments |
6 |
1,041 |
1,041 |
|
-------- |
-------- |
|
93,071 |
58,863 |
|
|
|
|
Current assets
|
Debtors |
7 |
1,548,431 |
1,559,208 |
|
Cash at bank and in hand |
3,039,008 |
48,897 |
|
------------ |
------------ |
|
4,587,439 |
1,608,105 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
807,847 |
1,601,847 |
|
------------ |
------------ |
|
Net current assets |
3,779,592 |
6,258 |
|
------------ |
-------- |
|
Total assets less current liabilities |
3,872,663 |
65,121 |
|
|
|
|
|
Provisions |
9 |
18,626 |
9,795 |
|
------------ |
-------- |
|
Net assets |
3,854,037 |
55,326 |
|
------------ |
-------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
11 |
492 |
445 |
|
Share premium account |
23,651,633 |
16,062,293 |
|
Profit and loss account |
(
19,798,088) |
(
16,007,412) |
|
------------- |
------------- |
|
Shareholders funds |
3,854,037 |
55,326 |
|
------------- |
------------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
|
Statement of Financial Position (continued) |
|
31 December 2024
These financial statements were approved by the
board of directors
and authorised for issue on
8 August 2025
, and are signed on behalf of the board by:
Company registration number:
08766928
|
Notes to the Financial Statements |
|
Year ended 31 December 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1-3 Frederick's Place, London, EC2R 8AE.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of services is recognised when the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the Statement of Comprehensive Income.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
25% straight line |
|
Computer Equipment |
- |
25% straight line |
|
Leasehold improvements |
- |
Over 5 years, being the term of the lease |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
41
(2023:
28
).
5.
Tangible assets
|
Fixtures and fittings |
Equipment |
Leasehold improve- ments |
Total |
|
£ |
£ |
£ |
£ |
|
Cost |
|
|
|
|
|
At 1 January 2024 (as restated) |
47,692 |
191,777 |
27,764 |
267,233 |
|
Additions |
4,924 |
60,434 |
– |
65,358 |
|
Disposals |
– |
(
1,771) |
(
27,764) |
(
29,535) |
|
-------- |
--------- |
-------- |
--------- |
|
At 31 December 2024 |
52,616 |
250,440 |
– |
303,056 |
|
-------- |
--------- |
-------- |
--------- |
|
Depreciation |
|
|
|
|
|
At 1 January 2024 |
38,223 |
143,424 |
27,764 |
209,411 |
|
Charge for the year |
4,247 |
25,336 |
– |
29,583 |
|
Disposals |
– |
(
204) |
(
27,764) |
(
27,968) |
|
-------- |
--------- |
-------- |
--------- |
|
At 31 December 2024 |
42,470 |
168,556 |
– |
211,026 |
|
-------- |
--------- |
-------- |
--------- |
|
Carrying amount |
|
|
|
|
|
At 31 December 2024 |
10,146 |
81,884 |
– |
92,030 |
|
-------- |
--------- |
-------- |
--------- |
|
At 31 December 2023 |
9,469 |
48,353 |
– |
57,822 |
|
-------- |
--------- |
-------- |
--------- |
|
|
|
|
|
6.
Investments
|
Shares in group undertakings |
|
£ |
|
Cost |
|
|
At 1 January 2024 as restated and 31 December 2024 |
1,041 |
|
------- |
|
Impairment |
|
|
At 1 January 2024 as restated and 31 December 2024 |
– |
|
------- |
|
|
|
Carrying amount |
|
|
At 31 December 2024 |
1,041 |
|
------- |
|
At 31 December 2023 |
1,041 |
|
------- |
|
|
7.
Debtors
|
2024 |
2023 |
|
|
(restated) |
|
£ |
£ |
|
Trade debtors |
– |
633,558 |
|
Other debtors |
1,548,431 |
925,650 |
|
------------ |
------------ |
|
1,548,431 |
1,559,208 |
|
------------ |
------------ |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
|
(restated) |
|
£ |
£ |
|
Trade creditors |
218,894 |
599,455 |
|
Corporation tax |
– |
202 |
|
Social security and other taxes |
133,991 |
142,980 |
|
Other loans |
– |
100,000 |
|
Other creditors |
454,962 |
759,210 |
|
--------- |
------------ |
|
807,847 |
1,601,847 |
|
--------- |
------------ |
|
|
|
9.
Provisions
|
Deferred tax |
|
£ |
|
At 1 January 2024 (as restated) |
9,795 |
|
Additions |
8,831 |
|
-------- |
|
At 31 December 2024 |
18,626 |
|
-------- |
|
|
10.
Prior period restatement
The comparative year figures have been restated for a reclassification of the cost of sales and administrative expenses. There is no net effect to the loss after taxation or retained earnings in the comparative year.
11.
Called up share capital
Allotted, issued and fully paid:
|
|
No. |
2024 |
No. |
2023 |
|
|
|
£ |
|
£ |
|
Ordinary shares of £0.000025 each |
6,046,744 |
151 |
7,411,874 |
185 |
|
A Ordinary shares of £0.000025 each |
109,045 |
3 |
109,045 |
3 |
|
B Ordinary shares of £0.000025 each |
785,021 |
20 |
785,021 |
20 |
|
Preference A shares of £0.000025 each |
4,133,200 |
103 |
4,133,200 |
103 |
|
Series A shares of £0.000025 each |
5,169,760 |
129 |
5,331,357 |
133 |
|
Series A non-voting shares of £0.000025 each |
42,655 |
1 |
42,655 |
1 |
|
Series A2 shares of £0.000025 each |
3,394,853 |
85 |
– |
– |
|
|
------------- |
---- |
------------- |
---- |
|
|
19,681,278 |
492 |
17,813,152 |
445 |
|
|
------------- |
---- |
------------- |
---- |
|
|
|
|
|
|
The company operates an employee option pool for the purposes of staff retention and motivation. During the year, 8,870 ordinary shares were issued. The pool has a total of 2,307,855 (2023: 2,316,725) share options available for issuance.
12.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
|
(restated) |
|
£ |
£ |
|
Not later than 1 year |
421,805 |
119,513 |
|
Later than 1 year and not later than 5 years |
785,961 |
33,080 |
|
------------ |
--------- |
|
1,207,766 |
152,593 |
|
------------ |
--------- |
|
|
|
13.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
|
2024 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mr D L King |
599 |
29,889 |
(
340) |
30,148 |
|
Mr J S Bridges |
1 |
25,208 |
– |
25,209 |
|
|
---- |
-------- |
---- |
-------- |
|
|
600 |
55,097 |
(
340) |
55,357 |
|
|
---- |
-------- |
---- |
-------- |
|
|
|
|
|
|
|
2023 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mr D L King |
6,110 |
3,532 |
(
9,043) |
599 |
|
Mr J S Bridges |
5,042 |
165 |
(
5,206) |
1 |
|
|
-------- |
------- |
-------- |
---- |
|
|
11,152 |
3,697 |
(
14,249) |
600 |
|
|
-------- |
------- |
-------- |
---- |
|
|
|
|
|
|
14.
Related party transactions
The company has no overall controlling party. No. 9 Investments Limited, of which Mr J S Bridges wife, Mrs H McCarthy-Bridges is a director and shareholder, holds 1,379,600 Preferred A, 679,837 Series A shares and 117,426 Series A2 shares at the year end (2023: 1,379,600 Preferred A shares and 679,837 Series A shares).