Company registration number 10867907 (England and Wales)
ATOM LEARNING LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ATOM LEARNING LTD
COMPANY INFORMATION
Directors
A Hatvany
J O'Keeffe
M Ohrstrand
Company number
10867907
Registered office
Fox Court
14 Gray's Inn Road
London
WC1X 8HN
Auditor
Mercer & Hole LLP
21 Lombard Street
London
EC3V 9AH
ATOM LEARNING LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 27
ATOM LEARNING LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Principal activities

The principal activity of the company continued to be that of providing learning materials through:

 

i) an online learning platform, Atom Home, primarily designed for Key Stage 2 students and their parents; and

ii) assessments for UK and international schools under its Quest Assessments brand.

Review of the business

In 2024, the company returned to profit following a small loss in the previous year.

 

The company continued to execute it's strategy of delivering profitable growth: software sales increased by 25% year-on-year and the company maintained a strong gross margin of 81%.

 

Tuition revenues declined as the company discontinued tuition sales and marketing activities, which had previously weighed on profitability. Although overall revenue decreased, profitability improved.

 

The company has continued to operate more efficiently, reducing headcount as the company streamlined operations and began integrating AI into it's systems and workflows.

 

The directors remain committed to significant investment in research and development, aiming to grow revenue while sustaining profitability. At the end of 2024, the company launched it's new assessments business, which has been well received by the market and is showing encouraging early momentum.

 

The company's core product, Atom Home, has maintained its position as the leading solution for parents preparing their children for senior school entrance exams.

Market

The pandemic and the subsequent shift to remote learning have accelerated the adoption of e-learning and digital tools both at home and in schools. We expect this trend to continue as schools increasingly adopt digital solutions and move away from paper-based testing.

 

Outlook

We are optimistic about the future of Atom Learning, both within our core exam preparation market and our new assessments business, and we are excited by the opportunities that AI brings for further innovation and growth.

Principal risks and uncertainties

Macroeconomic pressures and uncertainties - in a cost of living crisis and a high inflationary environment there is a risk that we see increased churn from our customers as they seek to reduce expenses.

 

Data security - as with any technology and online product, our systems are at risk of cyber security attacks and breaches, which could lead to system failures or ransom attacks.

 

Safeguarding - as a platform which is used by a large number of children, we have to ensure we have the correct controls and processes in place to protect our users from malicious influences.

ATOM LEARNING LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Key performance indicators

Turnover increased by 19.5% from £11.0m in 2023 to £13.2m in 2024, while EBITDA improved significantly to £2.7m (2023: £0.64m loss), driven by higher revenues and improved operating efficiency. The company reported a net profit of £2.7m compared with a loss of £0.5m in 2023, marking a return to profitability and reflecting a strong performance compared to the prior year.

2024
2023
£m
£m
Turnover
13.15
11.01
EBITDA
2.70
(0.64)
Net profit/(loss)
2.70
(0.47)

On behalf of the board

J O'Keeffe
Director
27 August 2025
ATOM LEARNING LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final 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 Hatvany
J O'Keeffe
M Ohrstrand
Post reporting date events

Following the year-end, on 4 March 2025, the company completed a capital reorganisation whereby the entire balance of the share premium account amounting to £12,491,613 was transferred to the profit and loss reserves in accordance with the provisions of the Companies Act 2006.

 

On 11 March 2025, the company repurchased and subsequently cancelled 37,714 shares with a total nominal value of £3.77.

 

These events are classified as a non-adjusting post balance sheet events under FRS 102 Section 32. Accordingly, the financial statements for the year ended 31 December 2024 have not been adjusted to reflect these transactions.

Auditor

Mercer & Hole LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors 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 company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
J O'Keeffe
Director
27 August 2025
ATOM LEARNING LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ATOM LEARNING LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ATOM LEARNING LTD
- 5 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

ATOM LEARNING LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ATOM LEARNING LTD (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which they operate and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006, employment law, and tax legislation.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.

 

Audit procedures performed by the engagement team included:

ATOM LEARNING LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ATOM LEARNING LTD (CONTINUED)
- 7 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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

Use of our report

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

Andrew Dean LLB ACA (Senior Statutory Auditor)
For and on behalf of Mercer & Hole LLP, Statutory Auditor
Chartered Accountants
21 Lombard Street
London
EC3V 9AH
27 August 2025
ATOM LEARNING LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
as restated
Notes
£
£
Turnover
3
13,153,936
11,006,186
Cost of sales
(2,515,771)
(1,723,110)
Gross profit
10,638,165
9,283,076
Administrative expenses
(8,273,637)
(10,133,164)
Other operating income
-
0
9,000
Operating profit/(loss)
4
2,364,528
(841,088)
Interest receivable and similar income
7
335,461
123,220
Profit/(loss) before taxation
2,699,989
(717,868)
Tax on profit/(loss)
8
-
0
250,045
Profit/(loss) for the financial year
2,699,989
(467,823)

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

The notes on pages 12 to 27 form part of these financial statements.

ATOM LEARNING LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
9
424,773
-
0
Tangible assets
10
44,235
65,261
469,008
65,261
Current assets
Debtors
11
571,768
640,275
Cash at bank and in hand
11,829,683
8,988,148
12,401,451
9,628,423
Creditors: amounts falling due within one year
12
(2,521,149)
(2,053,423)
Net current assets
9,880,302
7,575,000
Total assets less current liabilities
10,349,310
7,640,261
Creditors: amounts falling due after more than one year
13
-
0
(22,562)
Net assets
10,349,310
7,617,699
Capital and reserves
Called up share capital
18
134
134
Share premium account
19
12,491,613
12,491,613
Profit and loss reserves
19
(2,142,437)
(4,874,048)
Total equity
10,349,310
7,617,699

The notes on pages 12 to 27 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 27 August 2025 and are signed on its behalf by:
J O'Keeffe
Director
Company registration number 10867907 (England and Wales)
ATOM LEARNING LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
115
12,491,613
(4,288,726)
8,203,002
Effect of revenue recognition adjustment
-
-
0
(279,016)
(279,016)
As restated
115
12,491,613
(4,567,742)
7,923,986
Year ended 31 December 2023:
Loss and total comprehensive expense
-
-
(467,823)
(467,823)
Issue of share capital
18
19
-
0
-
19
Equity for equity settled share-based payments
17
-
-
161,517
161,517
Balance at 31 December 2023
134
12,491,613
(4,874,048)
7,617,699
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
2,699,989
2,699,989
Equity for equity settled share-based payments
17
-
-
31,622
31,622
Balance at 31 December 2024
134
12,491,613
(2,142,437)
10,349,310
As at 1 January 2024, the company had in issue 1,335,640 shares with a total aggregate nominal value of £133.5640. During the year the company issed 6,998 shares with an aggregate nominal value of £0.6998 and as at 31 December 2024 the total number of shares in issue was 1,342,638 with an aggregate nominal value of £134.2638
ATOM LEARNING LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
23
3,009,749
(411,699)
Income taxes refunded/(paid)
69,621
(69,621)
Net cash inflow/(outflow) from operating activities
3,079,370
(481,320)
Investing activities
Purchase of intangible assets
(525,689)
-
0
Purchase of tangible fixed assets
(17,822)
(6,413)
Proceeds from disposal of tangible fixed assets
3,425
-
0
Interest received
335,461
123,220
Net cash (used in)/generated from investing activities
(204,625)
116,807
Financing activities
Proceeds from issue of shares
-
0
19
Repayment of bank loans
(33,210)
(94,269)
Net cash used in financing activities
(33,210)
(94,250)
Net increase/(decrease) in cash and cash equivalents
2,841,535
(458,763)
Cash and cash equivalents at beginning of year
8,988,148
9,446,911
Cash and cash equivalents at end of year
11,829,683
8,988,148
ATOM LEARNING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

Atom Learning Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Fox Court, 14 Gray's Inn Road, London, WC1X 8HN.

1.1
Basis of preparation

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.

1.2
Going concern

The directors have prepared projected cash flow information in excess of 12 months from the date of their approval of these financial statements. The detailed projections demonstrate the company is forecast to remain cash positive and according the directors believe the company has adequate resources to continue in operational existence for the period of at least 12 months from the date of the approval of these financial statements.true

 

Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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.

 

Turnover relating to subscriptions to the company's online learning platform is recognised over the period in which the consumer has access to the platform on a straight-line basis. Schools sales and tutoring revenue are recognised at the point in which the service is provided.

1.4
Research and development expenditure

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which is typically 3 years.

 

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

1.5
Intangible fixed assets other than goodwill

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

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

ATOM LEARNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
Straight-line over 3 years
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.

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:

Computers
25%

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

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 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

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.

ATOM LEARNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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.

ATOM LEARNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Basic financial 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

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

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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ATOM LEARNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
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 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.

1.12
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

Where share options are awarded to employees, the fair value of the options at the date of the grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the company keeping the scheme open or the employee maintaining any contributions required by the scheme).

 

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options , measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

 

Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

1.15
Leases
As lessee

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

ATOM LEARNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
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.

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.

Impairment of fixed assets

The company assesses the impairment of intangible and tangible fixed assets subject to amortisation or depreciation whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors considered important that could trigger an impairment review include the following:

 

 

 

 

No impairment is deemed to be required in the current year by the directors.

Amortisation, depreciation and residual values

The directors have reviewed the asset lives and associated residual values of all intangible and tangible fixed assets and have concluded that asset lives and residual values are appropriate.

 

The actual lives of the asset and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Fair value calculations

Management believe the estimates used to establish a fair value for share based payments, using the Black Scholes pricing model, is a key source of estimation uncertainty. The inputs to the fair value model reflect management's best estimate.

3
Turnover and other revenue
2024
2023
as restated
£
£
Turnover analysed by class of business
Software
11,574,849
9,218,842
Tutoring
1,579,087
1,787,344
13,153,936
11,006,186
ATOM LEARNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 18 -
2024
2023
as restated
£
£
Turnover analysed by geographical market
United Kingdom
11,596,870
9,721,220
Rest of the world
1,557,066
1,284,966
13,153,936
11,006,186
2024
2023
£
£
Other revenue
Interest income
335,461
123,220
4
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Exchange losses
7,100
3,432
Research and development costs charged as an expense
4,330,164
4,918,540
Fees payable to the company's auditor for the audit of the company's financial statements
24,960
26,900
Depreciation of tangible fixed assets
37,980
37,389
Profit on disposal of tangible fixed assets
(2,557)
-
Amortisation of intangible assets
100,916
-
Share-based payments
31,622
161,517
Operating lease charges
277,482
267,039
5
Employees

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

2024
2023
Number
Number
Directors
3
3
Development
25
26
Administrative staff
62
74
Total
90
103
ATOM LEARNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Employees
(Continued)
- 19 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
5,373,877
6,141,598
Social security costs
594,671
699,354
Pension costs
145,834
150,618
6,114,382
6,991,570
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
200,000
200,000
Company pension contributions to defined contribution schemes
1,321
1,321
201,321
201,321

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

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
100,000
100,000
Company pension contributions to defined contribution schemes
1,321
1,321

The directors are considered to constitute the key management personnel of the company.

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
335,461
123,220
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
335,461
123,220
ATOM LEARNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
8
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
-
0
(250,045)

The actual charge/(credit) 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
as restated
£
£
Profit/(loss) before taxation
2,699,989
(717,868)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
674,997
(168,843)
Tax effect of expenses that are not deductible in determining taxable profit
10,947
38,772
Tax effect of utilisation of tax losses not previously recognised
(581,656)
-
0
Change in unrecognised deferred tax assets
(101,279)
138,109
Adjustments in respect of prior years
-
0
(250,044)
Effect of change in corporation tax rate
-
0
(8,174)
Other permanent differences
(3,009)
135
Taxation charge/(credit) for the year
-
(250,045)
9
Intangible fixed assets
Development costs
£
Cost
At 1 January 2024
-
0
Additions
525,689
At 31 December 2024
525,689
Amortisation and impairment
At 1 January 2024
-
0
Amortisation charged for the year
100,916
At 31 December 2024
100,916
Carrying amount
At 31 December 2024
424,773
At 31 December 2023
-
0
ATOM LEARNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Intangible fixed assets
(Continued)
- 21 -

The company commenced the capitalisation of development costs incurred in respect of its online learning platform during the period as the directors have prepared and reviewed cash flow forecasts which demonstrate the asset will generate probable future economic benefits.

 

The directors have assessed the carrying value of the asset at the year end and concluded that no impairment is required.

10
Tangible fixed assets
Computers
£
Cost
At 1 January 2024
159,339
Additions
17,822
Disposals
(13,927)
At 31 December 2024
163,234
Depreciation and impairment
At 1 January 2024
94,078
Depreciation charged in the year
37,980
Eliminated in respect of disposals
(13,059)
At 31 December 2024
118,999
Carrying amount
At 31 December 2024
44,235
At 31 December 2023
65,261
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
12,771
10,978
Corporation tax recoverable
-
0
69,621
Other debtors
311,997
370,169
Prepayments and accrued income
247,000
189,507
571,768
640,275
ATOM LEARNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
12
Creditors: amounts falling due within one year
2024
2023
as restated
Notes
£
£
Bank loans
14
-
0
10,648
Trade creditors
159,107
91,539
Taxation and social security
842,263
586,238
Other creditors
78,362
99,686
Accruals and deferred income
1,441,417
1,265,312
2,521,149
2,053,423
13
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
14
-
0
22,562
14
Loans and overdrafts
2024
2023
£
£
Bank loans
-
0
33,210
Payable within one year
-
0
10,648
Payable after one year
-
0
22,562

During the year the company repaid amounts totalling £33,210 in respect of the Bounce Back Loan scheme and at the balance sheet date the loan balance had been repaid in full.

 

The Bounce back Loan was repayable over 48 months in monthly instalments and had a fixed interest rate of 2.5%.

15
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
117,252
16,315
Tax losses
(117,252)
(16,315)
-
-
ATOM LEARNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Deferred taxation
(Continued)
- 23 -

At the year end, the company has tax losses of £3,087,109 (2023: £5,413,732). Deferred tax assets in respect of tax losses have been recognised to the extent that deferred tax liabilities have been recognised. Further deferred tax assets have not been recognised as, at the date of approving these financial statements, it is not probable that they will be recovered against future taxable profits.

16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
145,834
150,618

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

17
Share-based payment transactions
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 January 2024
53,252
159,705
-
0
5.69
Granted
10,165
271,479
0.62
-
0
Forfeited
(16,503)
0
(195,097)
0
-
0
4.66
Exercised
(6,998)
0
(182,835)
0
-
0
-
0
Outstanding at 31 December 2024
39,916
53,252
0.14
-
0
Exercisable at 31 December 2024
17,863
10,566
0.13
-
0
ATOM LEARNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Share-based payment transactions
(Continued)
- 24 -

Atom Learning Limited operates an equity-settled share based remuneration scheme for employees. The share options issues can only be exercised under certain conditions. Details of the options issued are shown below.

 

The following information is relevant in the determination of the fair value of options granted during the current year under equity-settled share-based remuneration scheme operated by the company. The company has adopted a share option scheme which is compliant with HMRC's Enterprise Management Incentive schemes rules. Equity-settled share-based payments are measured at fair value at the date of the grant. The fair value determined at the grant date of equity settled share-based payments is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. The fair value is measured to recent equity transactions and has been adjusted based on management's best estimate, for the effect of exercise restrictions, lack of rights and behavioural considerations.

Inputs were as follows:
2024
2023
Weighted average share price
2.97
3.51
Weighted average exercise price
0.62
-
Expected volatility (%)
50.00
50.00
Risk free rate (%)
3.38
3.36

The weighted average exercise price was £0.0001 in 2023.

Liabilities and expenses

During the year, the company recognised total share-based payment expenses of £31,622 (2023 - £161,517) which related to equity settled share based payment transactions.

18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.0001p each
1,113,887
1,106,889
111
111
Series A preferred shares of 0.0001p each
228,751
228,751
23
23
1,342,638
1,335,640
134
134

On 20 May 2024, 34 Ordinary shares were allotted at £0.0001 per share for total consideration of their nominal value.

 

On 3 June 2024, 213 Ordinary shares were allotted at £0.0001 per share for total consideration of their nominal value.

 

On 9 July 2024, 3,536 Ordinary shares were allotted at £0.0001 per share for total consideration of their nominal value.

 

On 27 August 2024, 3,178 Ordinary shares were allotted at £0.0001 per share for total consideration of their nominal value.

 

On 7 November 2024, 37 Ordinary shares were allotted at £0.0001 per share for total consideration of their nominal value.

 

All shares rank pari passu.

ATOM LEARNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
19
Reserves

Share premium account

Share premium account includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

 

Profit and loss account

The profit and loss account represents all current and prior periods' retained profit and losses.

20
Events after the reporting date

Following the year-end, on 4 March 2025, the company completed a capital reorganisation whereby the entire balance of the share premium account amounting to £12,491,613 was transferred to the profit and loss reserves in accordance with the provisions of the Companies Act 2006.

 

On 11 March 2025, the company repurchased and subsequently cancelled 37,714 shares with a total nominal value of £3.77.

 

These events are classified as a non-adjusting post balance sheet events under FRS 102 Section 32. Accordingly, the financial statements for the year ended 31 December 2024 have not been adjusted to reflect these transactions.

21
Directors' transactions

At the balance sheet date, the company was owed £351 (2023: £351) from J O'Keeffe.

22
Ultimate controlling party

The directors consider there to be no ultimate controlling party.

23
Cash generated from/(absorbed by) operations
2024
2023
as restated
£
£
Profit/(loss) after taxation
2,699,989
(467,823)
Adjustments for:
Taxation charged/(credited)
-
0
(250,045)
Investment income
(335,461)
(123,220)
Gain on disposal of tangible fixed assets
(2,557)
-
Amortisation and impairment of intangible assets
100,916
-
0
Depreciation and impairment of tangible fixed assets
37,980
37,389
Equity settled share based payment expense
31,622
161,517
Movements in working capital:
(Increase)/decrease in debtors
(1,114)
20,990
Increase in creditors
478,374
209,493
Cash generated from/(absorbed by) operations
3,009,749
(411,699)
ATOM LEARNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
24
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
8,988,148
2,841,535
11,829,683
Borrowings excluding overdrafts
(33,210)
33,210
-
8,954,938
2,874,745
11,829,683
25
Prior period adjustment
Revenue recognition

During the current financial year, the company identified that a portion of the revenue relating to its Atom Home subscriptions which is recognised on a straight line basis over the period in which the consumer has access to the platform had been incorrectly recognised at 31 December 2023 in accordance with the company's accounting policy and FRS102 section 23.

 

The error has been corrected by restating the comparative figures for the prior year and the impact of the restatement is detailed above. The adjustment reflects the deferral of Nucleus subscription revenue that had not yet been earned as at 31 December 2023.

Changes to the balance sheet
As previously reported
Adjustment at 1 Jan 2023
Adjustment at 31 Dec 2023
As restated at 31 Dec 2023
£
£
£
£
Creditors due within one year
Accruals and deferred income
(905,011)
(279,016)
(81,285)
(1,265,312)
Capital and reserves
Profit and loss reserves
(4,513,747)
(279,016)
(81,285)
(4,874,048)
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2023
£
£
£
Turnover
11,087,471
(81,285)
11,006,186
Loss for the financial period
(386,538)
(81,285)
(467,823)
ATOM LEARNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
25
Prior period adjustment
(Continued)
- 27 -
Reconciliation of changes in equity
1 January
31 December
2023
2023
£
£
Adjustments to prior year
Revenue recognition
(279,016)
(360,301)
Equity as previously reported
8,203,002
7,978,000
Equity as adjusted
7,923,986
7,617,699
Analysis of the effect upon equity
Profit and loss reserves
(279,016)
(360,301)
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Revenue recognition
(81,285)
Loss as previously reported
(386,538)
Loss as adjusted
(467,823)
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