Company Registration No. 04259588 (England and Wales)
MERIDIAN RISK SOLUTIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
Affinia
Swift House
Ground Floor
18 Hoffmanns Way
Chelmsford
Essex
UK
CM1 1GU
MERIDIAN RISK SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 14
MERIDIAN RISK SOLUTIONS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
5
214,012
247,365
Tangible assets
6
23,082
57,063
237,094
304,428
Current assets
Debtors
8
13,964,471
8,550,162
Cash at bank and in hand
8,106,632
8,885,015
22,071,103
17,435,177
Creditors: amounts falling due within one year
10
(19,283,655)
(15,504,759)
Net current assets
2,787,448
1,930,418
Total assets less current liabilities
3,024,542
2,234,846
Creditors: amounts falling due after more than one year
11
(2,035,965)
(99,569)
Provisions for liabilities
-
0
(85,000)
Net assets
988,577
2,050,277
Capital and reserves
Called up share capital
14
1,142,868
1,142,868
Share premium account
15
63,120
63,120
Capital contribution reserve
16
236,152
138,965
Capital contribution share based payment reserve
22,500
22,500
Profit and loss reserves
(476,063)
682,824
Total equity
988,577
2,050,277

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.

MERIDIAN RISK SOLUTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 July 2025 and are signed on its behalf by:
Mr C D Kingaby
Director
Company Registration No. 04259588
MERIDIAN RISK SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies and company information
Company information

Meridian Risk Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Fenchurch Street, London, EC3M 4BS.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have assessed a period of at least 12 months from the signing of these financial statements. The board of the immediate parent company, Vector Investment Capital (Holdings) Limited, has committed to providing financial support to ensure the company can continue to meet its obligations as they fall due for at least the next 12 months. The parent company has a number of strategic options it can utilise to maintain this support, inclusive of further shareholder support, realising funds if suitable asset sale opportunities present themselves, and continuing to improve cost efficiencies across the group. Shareholder support as recent as June 2025 demonstrates that this remains a key funding option.

 

Based on the above, the financial statements continue to be prepared on a going concern basis.

1.3
Turnover

Turnover represents commission income earned from the arrangement of both marine insurance policies and other non marine policies. Commission is recognised when the policy is placed and when it is reasonably certain that it will be received. The company acts as an intermediary and earns income from insurers. Income is recognised on a net basis, as the company does not bear the underlying insurance risk

 

Due to the long term nature of some of the services provided by the Company to its clients, obligations can arise for the performance of post-placement activities. Where these are not covered by additional income, a relevant portion of brokerage is deferred and recognised in the periods in which these activities take place.

 

Alterations to brokerage income arising from premium adjustments are taken into account as and when such adjustments are made. Adjustments to brokerage have been made where a return of premium and brokerage is made, or may be made, subsequent to the end of the financial year.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

MERIDIAN RISK SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies and company information
(Continued)
- 4 -

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:

Fixtures and fittings
20% - 33% straight line
Computers
20% - 33% 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 profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible (including goodwill) 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.

1.7
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.

1.8
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.

MERIDIAN RISK SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies and company information
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

1.9
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.

1.10
Forward currency contracts

The company enters into derivatives in the form of forward currency contracts. These contracts are valued at the fair value of that contract until such time as they are realised and any profit or loss arising from the realisation or revaluation of such contracts is reflected in the profit and loss account.”

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.

MERIDIAN RISK SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies and company information
(Continued)
- 6 -
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 share 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.

 

The Group incentivises people employed by Meridian Risk Solutions Limited through the use of share option agreements. The minority interest discount cost of the share options are included in the financial statements.

1.13
Retirement benefits

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

1.14
Leases

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

1.15
Foreign exchange

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

MERIDIAN RISK SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies and company information
(Continued)
- 7 -
1.16

Presentation of Insurer Debtors, Insurer Creditors, and NST Accounts

The company acts as an insurance intermediary and is generally classified as an agent for accounting purposes. As such, it does not assume underwriting risk or control over insurance products. Revenue is recognised on a commission basis, and premiums and claims handled on behalf of insurers are not recognised as income or expenses.

Insurer-related balances are presented gross on the balance sheet. This includes:

 

Gross presentation has been applied as there is no legally enforceable right of set-off and no intention to settle on a net basis. NST accounts are included within cash and cash equivalents, with corresponding liabilities recognised under insurer creditors.

1.17

Claims handling

The company provides claims handling services in respect of insurance policies. Where the company does not hold or control any claims funds and does not bear any financial risk, no related balances are shown in the balance sheet outside administrative timing differences.

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.

 

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

 

Deferred income

The company has a specific policy for the calculation of deferred income, based on time and cost needed in the future to process current income.

 

3
Employees

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

2024
2023
Number
Number
Total
56
42
MERIDIAN RISK SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(47,703)
Adjustments in respect of prior periods
-
0
(297)
Total current tax
-
0
(48,000)
Deferred tax
Origination and reversal of timing differences
(85,000)
(43,000)
Total tax credit
(85,000)
(91,000)
5
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
333,526
Amortisation and impairment
At 1 January 2024
86,161
Amortisation charged for the year
33,353
At 31 December 2024
119,514
Carrying amount
At 31 December 2024
214,012
At 31 December 2023
247,365
MERIDIAN RISK SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
6
Tangible fixed assets
Computer and office equipment
£
Cost
At 1 January 2024
422,680
Disposals
(346,554)
At 31 December 2024
76,126
Depreciation and impairment
At 1 January 2024
365,617
Depreciation charged in the year
25,164
Eliminated in respect of disposals
(337,737)
At 31 December 2024
53,044
Carrying amount
At 31 December 2024
23,082
At 31 December 2023
57,063
MERIDIAN RISK SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
7
Forward currency contracts
Within other debtors in note 9 are the following amounts which represent the value of forward contracts.
Carrying amount of financial assets
2023
2022
£
£
Instruments measured at fair value through profit or loss
36,136
317,167

The Company enters into time options currency contracts to mitigate the exchange rate risk for certain foreign currency receivables.

 

These contracts all mature within in February 2026. The Company is committed to sell USD $4m and CAD $3m at a fixed exchange rate. The forward currency contracts are measured at fair value, which is determined using the year end market exchange rate which is the key assumption used in valuing the exchange rates gain/loss for GBP:USD and GBP:CAD.

 

8
Debtors
2024
2023
Amounts falling due within one year:
£
£
As restated
Insurer debtors
12,475,646
6,799,694
Corporation tax recoverable
47,703
47,703
Amounts owed by group undertakings
28,602
726,302
Other debtors
1,412,520
976,463
13,964,471
8,550,162
print
9
Insurance debtors and creditors
print

All insurance funds are held in non-statutory trust accounts (NST). As 31 December 2024 the funds held in NST accounts amounted to £6,815,895 (2023: £8,596,573).

 

In accordance with accounting policy 1.16, the following amounts are included in trade debtors, bank balances and insurer creditors.

print
print
2024
2023
print
£
£
print
print
Gross insurance debtors
12,475,646
6,799,694
print
Funds held in non-statutory trust accounts
6,815,895
8,596,573
print
Gross insurance creditors
(17,389,212)
(13,767,971)
print
print
1,902,329
1,628,296
print
print
print
The balance of £1,902,329 (2023: £1,628,296) represents the brokerage earned by the company and not taken to its own funds.  Brokerage is drawn when cash is received.
MERIDIAN RISK SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
10
Creditors: amounts falling due within one year
2024
2023
£
£
As restated
Bank loans
6,213
124,356
Trade creditors
120,522
200,417
Insurer creditors
17,389,212
13,767,971
Amounts owed to group undertakings
183,442
-
0
Taxation and social security
218,384
149,310
Other creditors
1,365,882
1,262,705
19,283,655
15,504,759
11
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
27,420
99,569
Amounts owed to group undertakings
2,008,545
-
0
2,035,965
99,569

Included within amounts owed to group undertakings is a subordinated loan of £2,008,545 (2023: £nil) which accrues interest at 4% over the Bank of England base rate. Repayment of the loan cannot be less than 2 years from the date that the company gives notice to the Lender and the FCA and therefore the loan is not repayable until 1 June 2026 at the earliest.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
2,568
8,781
12
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
-
15,000
Revaluations
-
70,000
-
85,000
MERIDIAN RISK SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Deferred taxation
(Continued)
- 12 -
2024
Movements in the year:
£
Liability at 1 January 2024
85,000
Credit to profit or loss
(85,000)
Liability at 31 December 2024
-
13
Share-based payment transactions
Liabilities and expenses

During the year, the company recognised total share-based payment expenses of £97,187 (2023 : £45,165) which related to equity settled share based payment transactions.

Group share-based payments

The company also participates in a group share based payment plan, and recognises and measures its share based payment expense on the basis of a reasonable allocation of the expense recognised for the group. The allocation is based on the number of employees benefiting from the share based payment plan employed by each group entity.

14
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
11,428,679
11,428,679
1,142,868
1,142,868
15
Share premium account
2024
2023
£
£
At the beginning and end of the year
63,120
63,120
16
Capital contribution reserve
2024
2023
£
£
At the beginning of the year
93,800
93,800
Prior year adjustment
45,165
-
0
As restated
138,965
93,800
Additional capital contribution
97,187
45,165
At the end of the year
236,152
138,965
MERIDIAN RISK SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
17
Operating lease commitments
Lessee

On 20 December 2022 ICV (Consulting) Limited (the group service company) entered into a new 4.5 year operating lease.

 

Meridian Risk Solutions Limited is provided services by ICV (Consulting) Limited and pays for the lease obligations for premises as and when they arise from time to time but has no formal lease obligation.

 

ICV (Consulting) Limited is the service company of the group and payments of the lease are guaranteed by Vector Investment Capital (Holdings) Limited.

18
Events after the reporting date

Subsequent to the balance sheet date, the final technical calculation of the regulatory reserves was £0.2 million short of the FCA requirement. On 25 March 2025, the Company converted £1.25 million of the subordinated loan into equity by way of a share issue of 12,500,000 Ordinary shares of 10p each at nominal value. This conversion resolved the regulatory gap at the end of 2024 and also strengthened capital resources for future requirements.

19
Parent company

The ultimate parent undertaking is Vector Investment Capital (Holdings) Limited, 71 Fenchurch Street, London, United Kingdom, EC3M 4BS.

 

There is no ultimate controlling party of Vector Investment Capital (Holdings) Limited.

20
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:
Michael Warman
Statutory Auditor:
Affinia (Chelmsford)
Date of audit report:
10 July 2025
MERIDIAN RISK SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
21
Prior period adjustment
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2023
£
£
£
Administrative expenses
(7,367,134)
(45,165)
(7,412,299)
Loss for the financial period
(491,268)
(45,165)
(536,433)
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Understated bonus accrual
(45,165)
Total adjustments
(45,165)
Loss as previously reported
(491,268)
Loss as adjusted
(536,433)
Notes to reconciliation
Change of accounting policy

In the current year, the company reassessed the presentation of insurer-related balances in accordance with FRS 102. Historically, insurer debtors and creditors, including non-statutory trust (NST) bank accounts, were presented on a net basis. Following a review of the agent vs principal relationship and the absence of a legally enforceable right of set-off, it was determined that gross presentation is more appropriate.

 

As a result, the prior year balance sheet has been restated to present insurer debtors and creditors gross. This change has no impact on net assets or profit for the year. Comparative figures have been updated accordingly, and further details are provided in the relevant balance sheet notes.

 

Accrued income

 

The company has also reassessed the treatment off accrued income within debtors, where in previous years this has been included within trade debtors but has now been separated within other debtors.

 

Capital contribution reserve

 

In the prior year it was noted that the movement in the capital contribution reserve of £45,165 was omitted. In order to amend the prior year figure to the correct amount, a debit to the profit and loss account of £45,165 has been provided.

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