Company registration number 03902436 (England and Wales)
JUBILEE STREET LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
JUBILEE STREET LIMITED
COMPANY INFORMATION
Directors
Dr L Xiaohui
Madam S Jiaohua
Company number
03902436
Registered office
66 Prescot Street
London
E1 8NN
Auditor
Gravita Audit II Limited
66 Prescot Street
London
E1 8NN
JUBILEE STREET LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
Independent auditor's report
2 - 4
Statement of comprehensive income
5
Balance sheet
6
Statement of changes in equity
7
Statement of cash flows
8
Notes to the financial statements
9 - 16
JUBILEE STREET LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2022.
Principal activities
The principal activity of the company continued to be that of property management.
Results and dividends
The results for the year are set out on page 6.
The directors do not recommend payment of an ordinary dividend (31.12.2021: £Nil).
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Dr L Xiaohui
Madam S Jiaohua
On behalf of the board
Dr L Xiaohui
Director
4 October 2023
JUBILEE STREET LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JUBILEE STREET LIMITED
- 2 -
Opinion
We have audited the financial statements of Jubilee Street Limited (the 'company') for the year ended 31 December 2022 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:
give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
JUBILEE STREET LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JUBILEE STREET LIMITED
- 3 -
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 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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report.
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.
JUBILEE STREET LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JUBILEE STREET LIMITED
- 4 -
We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. The laws and regulations applicable to the company were identified through discussions with directors and other management, and from our commercial knowledge and experience of real estate business. Of these laws and regulations, we focused on those that we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, anti-money-laundering, employment, environmental and health and safety legislation. The extent of compliance with these laws and regulations identified above was assessed through making enquiries of management and inspecting legal correspondence. The identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
understanding the design of the company’s remuneration policies.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance; and
enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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.
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.
Robin Davis
Senior Statutory Auditor
For and on behalf of Gravita Audit II Limited
4 October 2023
Chartered Accountants
Statutory Auditor
66 Prescot Street
London
E1 8NN
JUBILEE STREET LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
Year
Period
ended
ended
31 December
31 December
2022
2021
Notes
£
£
Turnover
2
20,350
16,958
Administrative expenses
(19,817)
(13,931)
Operating profit
3
533
3,027
Interest receivable and similar income
5
59
7
Interest payable and similar expenses
6
(5)
Profit before taxation
587
3,034
Tax on profit
7
(1,138)
(576)
Profit/(Loss) for the financial period/year
(551)
2,458
JUBILEE STREET LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 6 -
31 December
31 December
2022
2021
Notes
£
£
£
£
Current assets
Debtors
8
16,991
16,991
Cash at bank and in hand
61,098
40,849
78,089
57,840
Creditors: amounts falling due within one year
9
(15,209)
(9,456)
Net current assets
62,880
48,384
Creditors: amounts falling due after more than one year
10
(6,202,388)
(6,187,341)
Net liabilities
(6,139,508)
(6,138,957)
Capital and reserves
Called up share capital
12
1,000
1,000
Profit and loss reserves
(6,140,508)
(6,139,957)
Total equity
(6,139,508)
(6,138,957)
The financial statements were approved by the board of directors and authorised for issue on 4 October 2023 and are signed on its behalf by:
Dr L Xiaohui
Director
Company Registration No. 03902436
JUBILEE STREET LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 March 2021
1,000
(6,142,415)
(6,141,415)
Period ended 31 December 2021:
Profit and total comprehensive income for the period
-
2,458
2,458
Balance at 31 December 2021
1,000
(6,139,957)
(6,138,957)
Period ended 31 December 2022:
Loss and total comprehensive income for the period
-
(551)
(551)
Balance at 31 December 2022
1,000
(6,140,508)
(6,139,508)
JUBILEE STREET LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
Year
Period
ended
ended
31 December
31 December
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
15
5,724
(13,169)
Interest paid
(5)
Income taxes paid
(576)
(1,372)
Net cash inflow/(outflow) from operating activities
5,143
(14,541)
Investing activity
Interest received
59
7
Net cash generated from investing activity
59
7
Financing activity
Repayment of loan
-
(60,000)
New borrowings
15,047
13,752
Net cash generated from/(used in) financing activity
15,047
(46,248)
Net increase/(decrease) in cash and cash equivalents
20,249
(60,782)
Cash and cash equivalents at beginning of year
40,849
101,631
Cash and cash equivalents at end of year
61,098
40,849
JUBILEE STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
1
Accounting policies
Company information
Jubilee Street Limited is a private company limited by shares incorporated in England and Wales. The registered office is 66 Prescot Street, London, E1 8NN. The business address is 24/F, Jardine House, 1 Connaught Place, Central, Hong Kong.
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
Atruet 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 services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Turnover represents ground rent receivable.
1.4
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand.
1.5
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.
JUBILEE STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 10 -
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.
Basic financial liabilities
Basic financial liabilities, including creditors, loans from fellow group companies, 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.
JUBILEE STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 11 -
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.7
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.
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.
1.8
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.
2
Turnover and other revenue
An analysis of the company's turnover is as follows:
Year
Period
ended
ended
31 December
31 December
2022
2021
£
£
Turnover analysed by class of business
Rent receivable
20,350
16,958
Year
Period
ended
ended
31 December
31 December
2022
2021
£
£
Other revenue
Interest income
59
7
JUBILEE STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 12 -
3
Operating profit
Year
Period
ended
ended
31 December
31 December
2022
2021
Operating profit for the period is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
8,760
8,520
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
2
2
5
Interest receivable and similar income
Year
Period
ended
ended
31 December
31 December
2022
2021
£
£
Interest income
Interest on bank deposits
59
7
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
59
7
6
Interest payable and similar expenses
Year
Period
ended
ended
31 December
31 December
2022
2021
£
£
Other finance costs:
Other interest
5
JUBILEE STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 13 -
7
Taxation
Year
Period
ended
ended
31 December
31 December
2022
2021
£
£
Current tax
UK corporation tax on profits for the current year
1,138
576
JUBILEE STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
7
Taxation
(Continued)
- 14 -
Year
Period
ended
ended
31 December
31 December
2022
2021
£
£
Profit before taxation
587
3,034
Expected tax charge based on the standard rate of corporation tax in the UK of 19% (2021: 19%)
112
576
Tax effect of expenses that are not deductible in determining taxable profit
1,026
Taxation charge for the period
1,138
576
8
Debtors
Year
Period
ended
ended
31 December
31 December
2022
2021
Amounts falling due within one year:
£
£
Other debtors
33
33
Prepayments and accrued income
16,958
16,958
16,991
16,991
9
Creditors: amounts falling due within one year
Year
Period
ended
ended
31 December
31 December
2022
2021
£
£
Trade creditors
5,311
360
Corporation tax
1,138
576
Accruals and deferred income
8,760
8,520
15,209
9,456
JUBILEE STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 15 -
10
Creditors: amounts falling due after more than one year
Year
Period
ended
ended
31 December
31 December
2022
2021
Note
£
£
Other borrowings
11
6,202,388
6,187,341
11
Loans and overdrafts
Year
Period
ended
ended
31 December
31 December
2022
2021
£
£
Other loans
6,202,388
6,187,341
Payable within one year
Payable after one year
6,202,388
6,187,341
12
Share capital
Year
Period
ended
ended
31 December
31 December
2022
2021
£
£
Ordinary share capital
Issued and fully paid
967 (2021: 967) Ordinary A of £1 each
967
967
33 (2021: 33) Ordinary B of £1 each
33
33
1,000
1,000
Each class of shares ranks pari passu in all respects.
13
Related party transactions
The following amount was outstanding at the reporting end date:
Year
Period
ended
ended
31 December
31 December
2022
2021
Amount due to related party
£
£
Entities with control, joint control or significant influence over the company
6,202,388
6,187,341
JUBILEE STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 16 -
14
Ultimate controlling party
Finsbay Investment Limited (incorporated in British Virgin Islands) is regarded by the directors as being the company’s parent company. The ultimate parent company, by way of shareholding, is The Sincere Company Limited, incorporated in Hong Kong, which is the highest point where the results are consolidated. The group statements are available from 24/F, Jardine House, 1 Connaught Place, Central, Hong Kong.
15
Cash generated from/(absorbed by) operations
Year
Period
ended
ended
31 December
31 December
2022
2021
£
£
(Loss)/profit for the year after tax
(551)
2,458
Adjustments for:
Taxation charged
1,138
576
Finance costs
5
Investment income
(59)
(7)
Movements in working capital:
Increase in debtors
(16,958)
Increase in creditors
5,191
762
Cash generated from/(absorbed by) operations
5,724
(13,169)
16
Analysis of changes in net debt
1 January 2022
Cash flows
31 December 2022
£
£
£
Cash at bank and in hand
40,849
20,249
61,098
Borrowings excluding overdrafts
(6,187,341)
(15,047)
(6,202,388)
(6,146,492)
5,202
(6,141,290)
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