Company registration number 08671303 (England and Wales)
LIGHTSPEED NETWORKS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
LIGHTSPEED NETWORKS LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
4 - 13
LIGHTSPEED NETWORKS LTD
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
5
379,566
274,333
Tangible assets
6
57,679,078
9,614,739
58,058,644
9,889,072
Current assets
Stocks
7
1,067,311
333,459
Debtors
8
748,027
1,281,299
Cash at bank and in hand
720,259
93,944
2,535,597
1,708,702
Creditors: amounts falling due within one year
9
(22,882,701)
(11,836,369)
Net current liabilities
(20,347,104)
(10,127,667)
Total assets less current liabilities
37,711,540
(238,595)
Creditors: amounts falling due after more than one year
10
(44,157,971)
Net liabilities
(6,446,431)
(238,595)
Capital and reserves
Called up share capital
12
100
100
Profit and loss reserves
(6,446,531)
(238,695)
Total equity
(6,446,431)
(238,595)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 September 2023 and are signed on its behalf by:
Liam Hickey
Director
Company Registration No. 08671303
LIGHTSPEED NETWORKS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2021
100
(10,366)
(10,266)
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
(228,329)
(228,329)
Balance at 31 December 2021
100
(238,695)
(238,595)
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
(6,207,836)
(6,207,836)
Balance at 31 December 2022
100
(6,446,531)
(6,446,431)
LIGHTSPEED NETWORKS LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
(3,809,775)
9,969,888
Net cash (outflow)/inflow from operating activities
(3,809,775)
9,969,888
Investing activities
Purchase of intangible assets
(105,233)
(274,333)
Purchase of tangible fixed assets
(48,605,290)
(9,615,606)
Proceeds from disposal of tangible fixed assets
25,167
Interest received
7,390
Net cash used in investing activities
(48,677,966)
(9,889,939)
Financing activities
Proceeds from borrowings
53,114,056
Net cash generated from/(used in) financing activities
53,114,056
-
Net increase in cash and cash equivalents
626,315
79,949
Cash and cash equivalents at beginning of year
93,944
13,995
Cash and cash equivalents at end of year
720,259
93,944
LIGHTSPEED NETWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
1
Accounting policies
Company information
Lightspeed Networks Ltd is a private company limited by shares incorporated in England and Wales on 2 September 2013. The registered office is Fulney Hall, Holbeach Road, Spalding, Lincolnshire, PE12 6ER.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company incurred a loss during the year of £6.2m (2021: £228k). The company is currently in the initial phase of growth as its constructing the fibre network and commencing operations in different towns. The company's activities are financed by its shareholders, related parties and other borrowings.true
At the reporting date, the company was in a net liability position of £6.4m (2021: £239k), had a a net current liability position of £20.3m (2021: £10.1m) and bank position of £720k (2021: £94k). During the year, the company's parent raised £45m (2021: £22m) from its shareholders to build the fibre network and launch its operations in different towns. As at the signing date of these financial statements, the total loans committed to the group by its shareholders for the network build costs and operations amounted to £62.4m.
Based on the management accounts as at 30 April 2023, the group had a bank position of £10m and a net current asset position of £3.7m. As of the signing date of these financial statements, the group had raised a new loan facility of £12.4m from Kompass Global Ventures, LLC of which £10m had been drawn at the date of the approval of the financial statements.
the parent company have confirmed that the loans will not be withdrawn within the next 12 months.
The directors have made an assessment of the group's ability to continue as a going concern which included the group's cash resources, borrowing facilities, planned network costs, and other expenditure.
In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. For this basis they have reviewed the financial and cash flow projections for the next 12 months from the date of the approval of the financial statements.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. 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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
LIGHTSPEED NETWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
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.
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:
Software
5 years Straight line method
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.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over the lease term
Plant and equipment
25% Straight line method
Fixtures and fittings
33% straight line methos
IT equipment
33% Straight line method
Motor vehicles
25% straight line method
Network Build
Enter depreciation rate via StatDB - cd99989
Assets in the course of construction are not depreciated
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 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.
LIGHTSPEED NETWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 6 -
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
Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is based on the cost of purchase on a first in, first out basis.
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.
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.
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.
LIGHTSPEED NETWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 7 -
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.
1.10
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
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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.
1.14
There were no changes in comparative figures during the year.
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.
LIGHTSPEED NETWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
2
Judgements and key sources of estimation uncertainty
(Continued)
- 8 -
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.
The directors makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.
Useful lives, depreciation methods and residual values of tangible fixed assets and intangible fixed assets
Management reviews the useful lives, depreciation methods and residual values of the items of intangible fixed assets and tangible fixed assets on a regular basis. During the year, the directors determined no significant changes in the useful lives and residual values. The carrying amounts of intangible fixed assets and tangible fixed assets are disclosed in notes 9 and 10 respectively.
Trade Receivables
The directors review the portfolio of trade receivables on an annual basis. In determining whether receivables are impaired, the directors make judgement as to whether there is any evidence indicating that there is a measurable decrease in the estimate future cash flows expected.
3
Turnover and other revenue
2022
2021
£
£
Turnover analysed by class of business
Sales of goods
19,505
-
Sales of services
692,210
-
711,715
-
2022
2021
£
£
Other revenue
Interest income
7,390
-
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Employees
54
5
LIGHTSPEED NETWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
5
Intangible fixed assets
Software
£
Cost
At 1 January 2022
274,333
Additions
105,233
At 31 December 2022
379,566
Amortisation and impairment
At 1 January 2022 and 31 December 2022
Carrying amount
At 31 December 2022
379,566
At 31 December 2021
274,333
Amortisation is not yet recognised on developments of the website, sales order processing and customer service systems, and internal job management system. All these assets are assessed as still being in development and not in a final state. It is anticipated that all developments except the internal job management system will be in a final state by the end of 2023, with the job management system to be finalised by the end of 2024. The estimated commitment needed to bring these assets to a state of completion as at year end was £173,880.
LIGHTSPEED NETWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
6
Tangible fixed assets
Leasehold improvements
Assets under construction
Plant and equipment
Fixtures and fittings
IT equipment
Motor vehicles
Network Build
Total
£
£
£
£
£
£
£
£
Cost
At 1 January 2022
18,883
7,890,916
442,704
1,263,103
9,615,606
Additions
38,169
48,049,402
1,499
516,220
48,605,290
Disposals
(35,099)
(35,099)
Transfers
(32,972,188)
(318,181)
(1,133,321)
34,423,690
At 31 December 2022
57,052
22,968,130
124,523
1,499
129,782
481,121
34,423,690
58,185,797
Depreciation and impairment
At 1 January 2022
867
867
Depreciation charged in the year
2,828
35,508
201
19,757
55,833
395,325
509,452
Eliminated in respect of disposals
(3,600)
(3,600)
At 31 December 2022
2,828
36,375
201
19,757
52,233
395,325
506,719
Carrying amount
At 31 December 2022
54,224
22,968,130
88,148
1,298
110,025
428,888
34,028,365
57,679,078
At 31 December 2021
18,883
7,890,916
441,837
1,263,103
9,614,739
LIGHTSPEED NETWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
6
Tangible fixed assets
(Continued)
- 11 -
Network Build
This category is costs related to the construction of the superfast broadband infrastructure, where the assets so constructed are live and can be used to provide internet services to customers. The costs of construction include the labour and materials from civil and cabling efforts, electronics that facilitate the delivery of the broadband service to the point of the connected residence or business, and internal resources that are assessed as directly related to the network build.
Assets Under Construction
This category is costs related to the construction of the superfast broadband infrastructure, where the assets so constructed are not yet live and cannot be used to provide internet services to customers. The costs of construction include the labour and materials from civil and cabling efforts, electronics that facilitate the delivery of the broadband service to the point of the connected residence or business, and internal resources that are assessed as directly related to the network build.
Summary of progress
As at 31 December 2022, Lightspeed Networks Ltd had spent £57.3m on the construction of its superfast broadband infrastructure, with 148k premises passed (“PP” – meaning the number of properties for which the broadband infrastructure was constructed, but not yet available for a live internet connection). Of this spend, £34.4m related to the 93k premises that were ready for service (“RFS” – meaning the infrastructure was both constructed and available for live internet connection).
The immediate goal for the business is to achieve 229k PP by the end of July 2023, with 143k RFS. It is anticipated that this will result in a build cost of £74.8m. The company is progressing towards this goal with 214k PP and 124k RFS at the end of May 2023, having spent £63.4m in total on the build at this date, with £46.0m of this spend assessed as ready for service.
The company utilises the services of several contractors (build partners) for various phases of the network build and its commitment to any party is limited to the agreed scope of works for that phase. The company is entitle to cancel or withdraw the contract from the build partners by giving written notice at any time during the term of the contract.
7
Stocks
2022
2021
£
£
Finished goods
1,067,311
333,459
8
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
186,008
Other debtors
713,710
1,085,390
Prepayments and accrued income
34,317
9,901
748,027
1,281,299
LIGHTSPEED NETWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 12 -
9
Creditors: amounts falling due within one year
2022
2021
Notes
£
£
Other borrowings
11
11,118,722
Trade creditors
3,454,883
1,625,922
Amounts owed to group undertakings
3,240,862
9,420,882
Taxation and social security
67,078
Other creditors
11,973
96,520
Accruals and deferred income
4,989,183
693,045
22,882,701
11,836,369
10
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Other borrowings
11
44,157,971
11
Loans and overdrafts
2022
2021
£
£
Loans from group undertakings
55,276,693
Payable within one year
11,118,722
Payable after one year
44,157,971
Loans from group undertakings includes £40,144,306 from Lightspeed Fibre Group Limited which is subject to interest rate at a margin plus compounded reference rate for that day and £15,132,387 from Lightspeed Fibre Holdings Limited which is subject to interest rate at 8%.
12
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
13
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.
LIGHTSPEED NETWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
13
Audit report information
(Continued)
- 13 -
Senior Statutory Auditor:
Shilpa Chheda
Statutory Auditor:
KLSA LLP
14
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2022
2021
£
£
Within one year
277,199
265,589
Between two and five years
337,560
280,967
614,759
546,556
15
Events after the reporting date
In July 2023 Kompass Global Ventures, LLC (Kompass Kapital) acquired a controlling stake in Lightspeed Group.
16
Related party transactions
The company has taken advantage of the exemption available in FRS 102 (s33 "Related Party Disclosure"), whereby it has not disclosed transactions with the parent company or any wholly owned subsidiary undertakings of the group.
Included within debtors is an amount due to a related party, MGMT Construction Limited, of £73,464 (2021: £81,520) and included within creditors is an amount of £422,957 (2021: Nil). The company provided construction services for the network build amounting to £18,823,296 (2021: £395,075) during the year.
Included within creditors is a balance due to a company under common control, Atmosclear Investments Ltd, of £71,511 (2021: £Nil). The company provided professional services amounting to £141,876 (2021: £Nil) during the year.
17
Ultimate controlling party
The company's immediate parent undertaking is Lightspeed Fibre Group Limited. Its registered office and principal place of business is Fulney Hall, Holbeach Road, Spalding, Lincolnshire, United Kingdom, PE12 6ER.
Lightspeed Fibre Holdings Limited, a company incorporated in England and Wales, is regarded by the directors as being the company's ultimate parent company. Its registered office and principal place of business is Fulney Hall, Holbeach Road, Spalding, Lincolnshire, United Kingdom, PE12 6ER.
In the opinion of the directors, the ultimate controlling party is the Sykes family.
2022-12-312022-01-01false26 September 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedLiam HickeyGraham Robert BellJeremy William Raymond Steventon-BarnesDavid Jonathan AxamSteven Paul HainesJoanne Claire KingBrett Edward ShepherdBradley Scott BergerCourtney Michelle ConradJeffery William KonneskyHarts Limited086713032022-01-012022-12-31086713032022-12-3108671303core:OtherResidualIntangibleAssets2022-12-3108671303core:OtherResidualIntangibleAssets2021-12-3108671303core:ComputerSoftware2022-12-3108671303core:ComputerSoftware2021-12-31086713032021-12-3108671303core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3108671303core:ConstructionInProgressAssetsUnderConstruction2022-12-3108671303core:PlantMachinery2022-12-3108671303core:FurnitureFittings2022-12-3108671303core:ComputerEquipment2022-12-3108671303core:MotorVehicles2022-12-3108671303core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2022-12-3108671303core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-12-3108671303core:ConstructionInProgressAssetsUnderConstruction2021-12-3108671303core:PlantMachinery2021-12-3108671303core:FurnitureFittings2021-12-3108671303core:ComputerEquipment2021-12-3108671303core:MotorVehicles2021-12-3108671303core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2021-12-3108671303core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3108671303core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3108671303core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3108671303core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3108671303core:CurrentFinancialInstruments2022-12-3108671303core:CurrentFinancialInstruments2021-12-3108671303core:ShareCapital2022-12-3108671303core:ShareCapital2021-12-3108671303core:RetainedEarningsAccumulatedLosses2022-12-3108671303core:RetainedEarningsAccumulatedLosses2021-12-3108671303core:ShareCapital2020-12-3108671303core:RetainedEarningsAccumulatedLosses2020-12-3108671303bus:Director12022-01-012022-12-3108671303core:RetainedEarningsAccumulatedLosses2021-01-012021-12-31086713032021-01-012021-12-3108671303core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31086713032021-12-31086713032020-12-3108671303core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3108671303core:ComputerSoftware2022-01-012022-12-3108671303core:LandBuildingscore:LongLeaseholdAssets2022-01-012022-12-3108671303core:PlantMachinery2022-01-012022-12-3108671303core:FurnitureFittings2022-01-012022-12-3108671303core:ComputerEquipment2022-01-012022-12-3108671303core:MotorVehicles2022-01-012022-12-3108671303core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2022-01-012022-12-3108671303core:ConstructionInProgressAssetsUnderConstruction2022-01-012022-12-3108671303core:ComputerSoftware2021-12-3108671303core:ComputerSoftwarecore:ExternallyAcquiredIntangibleAssets2022-01-012022-12-3108671303core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-12-3108671303core:ConstructionInProgressAssetsUnderConstruction2021-12-3108671303core:PlantMachinery2021-12-3108671303core:FurnitureFittings2021-12-3108671303core:ComputerEquipment2021-12-3108671303core:MotorVehicles2021-12-3108671303core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2021-12-3108671303core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-01-012022-12-3108671303core:Non-currentFinancialInstruments2022-12-3108671303core:Non-currentFinancialInstruments2021-12-3108671303core:WithinOneYear2022-12-3108671303core:WithinOneYear2021-12-3108671303core:BetweenTwoFiveYears2022-12-3108671303core:BetweenTwoFiveYears2021-12-3108671303bus:PrivateLimitedCompanyLtd2022-01-012022-12-3108671303bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3108671303bus:FRS1022022-01-012022-12-3108671303bus:Audited2022-01-012022-12-3108671303bus:Director22022-01-012022-12-3108671303bus:Director32022-01-012022-12-3108671303bus:Director42022-01-012022-12-3108671303bus:Director52022-01-012022-12-3108671303bus:Director62022-01-012022-12-3108671303bus:Director72022-01-012022-12-3108671303bus:Director82022-01-012022-12-3108671303bus:Director92022-01-012022-12-3108671303bus:Director102022-01-012022-12-3108671303bus:CompanySecretary12022-01-012022-12-3108671303bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP