Addionics Ltd Filleted Accounts Cover
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Company No. 10704570
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Addionics Ltd Directors Report Registrar
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The Directors present their report and the accounts for the year ended 31 December 2021.
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Principal activities
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Directors
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The Directors who served at any time during the year were as follows:
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M. Biton
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T. Cohen
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E. Kishon
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Signed on behalf of the board
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M. Biton
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Director
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02 August 2022
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Addionics Ltd Balance Sheet Registrar
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at
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Company No.
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Notes
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2021
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2020
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£
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£
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Fixed assets
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Intangible assets
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5
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Tangible assets
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6
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Investments
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7
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Current assets
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Debtors
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8
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Cash at bank and in hand
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Creditors: Amount falling due within one year
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9
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(
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(
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Net current assets
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Total assets less current liabilities
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Net assets
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Capital and reserves
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Called up share capital
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Share premium account
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13
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Other reserve
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10
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Profit and loss account
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13
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(
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(
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Total equity
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As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
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Approved by the board on 02 August 2022
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And signed on its behalf by:
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M. Biton
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Director
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02 August 2022
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Addionics Ltd Notes to the Accounts Registrar
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for the year ended 31 December 2021
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1
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General information
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Its registered number is: 10704570
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Its registered office is:
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2
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Accounting policies
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Turnover
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Fee revenue:
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Turnover is recognised at the fair value of the consideration received for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
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Revenue from subsidiary services:
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Share based payments
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Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the Profit and Loss Account over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Balance Sheet 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 marketing vesting condition.
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The fair value of the award also takes into account non-vesting conditions. There are either factors beyond the control of either party (such as the company keeping the scheme open or the employee
maintaining any contributions required by the scheme).
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Where the terms and conditions of options are modified before they best, the increase in the fair value of options, measure immediately before and after the modification, is also charged to the Profit and Loss
Account over the remaining vesting period.
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Investments
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Foreign currencies
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Amortisation
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Amortisation is provided on all intangible fixed assets evenly over a 5-year period.
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Depreciation
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Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Plant & machinery
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20%
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20%
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3
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Employees
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2021
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2020
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Number
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Number
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The average monthly number of employees (including directors) during the year was:
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4
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Taxation
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2021
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2020
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£
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£
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Domestic current year tax
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Prior year tax adjustment
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-
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(15,589)
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Current year Research and Development claim
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46,999
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29,798
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Current tax charge
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46,999
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14,209
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5
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Intangible fixed assets
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Other
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Total
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£
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£
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Cost
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Additions
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At 31 December 2021
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Amortisation and impairment
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Charge for the year
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At 31 December 2021
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Net book values
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At 31 December 2021
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6
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Tangible fixed assets
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Plant and machinery
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Fixtures, fittings and equipment
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Total
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£
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£
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£
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Cost or revaluation
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At 1 January 2021
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Additions
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At 31 December 2021
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Depreciation
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At 1 January 2021
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Charge for the year
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At 31 December 2021
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Net book values
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At 31 December 2021
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At 31 December 2020
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7
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Investments
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Investment in Subsidiaries
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Total
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£
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£
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Cost or valuation
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Additions
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At 31 December 2021
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Provisions/Impairment
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Net book values
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At 31 December 2021
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8
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Debtors
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2021
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2020
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£
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£
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Amounts owed by group undertakings
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Corporation tax recoverable
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VAT recoverable
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Other debtors
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Prepayments and accrued income
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9
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Creditors:
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amounts falling due within one year
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2021
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2020
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£
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£
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Trade creditors
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Other taxes and social security
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Other creditors
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Accruals and deferred income
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10
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Share based payments
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The company operates an employee share option plan, 16,566 options have been granted in 2021 (2020: )
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Details of the share options outstanding during the year are as follows:
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Weighted average exercise price 2021
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Number 2021
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Weighted average exercise price 2020
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Number 2020
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Outstanding as at beginning of year
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-
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-
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-
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-
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Granted during the year
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0.77
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16,566
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-
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-
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Cancelled during the year
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-
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-
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-
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-
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Outstanding as the end of the year
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0.77
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16,566
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-
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-
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2021
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2020
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£
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£
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Option pricing model used
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Black and Scholes
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Black and Scholes
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Share price
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0.770
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Excercise price
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0.770
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Contractual life (years)
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6
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Expected volatility
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69.81%
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Risk-free interest rate
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1.05%
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2021
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2020
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£
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£
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Equity-settled schemes
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-
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11
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Statement of movements in profit and loss account
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Profit & loss account
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£
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Balance at 1 January 2021
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(320,944)
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Profit/ (loss) for financial period
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(371,460)
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Balance at 31 December 2021
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(692,404)
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12
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Share capital
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2021
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2020
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£
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£
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Allotted, called up and fully paid
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3,000,000 Ordinary shares of £0.001 each
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3,000
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3,000
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523,557 Preferred Seed-1 Shares of £0.001 each
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524
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524
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1,367,485 Preferred Seed Shares of £0.001 each
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1,367
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136
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2,920,408 Preferred A Shares of £0.001 each
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2,920
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-
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7,811
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3,660
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13
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Reserves
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Other reserve
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Total other reserves
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£
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£
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Movement in other reserve
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At 31 December 2021
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14
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Related party disclosures
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2021
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2020
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Transactions with related parties
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£
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£
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Name of related party
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Description of relationship between the parties
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100% owned subsidiary
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Amount due from/(to) the related party
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