Company registration number 06937094 (England and Wales)
ENVIRONMENTS FOR LEARNING SANDWELL PSP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
ENVIRONMENTS FOR LEARNING SANDWELL PSP LIMITED
COMPANY INFORMATION
Directors
JS Gordon
KA Cunningham
PR Hepburn
Secretary
Resolis Limited
Company number
06937094
Registered office
1 Park Row
Leeds
LS1 5AB
Auditor
Johnston Carmichael LLP
7-11 Melville Street
Edinburgh
EH3 7PE
ENVIRONMENTS FOR LEARNING SANDWELL PSP LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditors' report
3 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 14
ENVIRONMENTS FOR LEARNING SANDWELL PSP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 30 September 2023.

Principal activities

The Company's business is that of a holding company that has provided an intercompany loan to Environments for Learning Sandwell Holdco Limited which holds the investment in Environments for Learning Sandwell PFI Limited ("Project Co"), which is a PFI entity building and maintaining an education establishment in Sandwell.

There have not been any changes in the Company's activities in the year under review, and the directors are not aware, at the date of this report, of any changes in activity for the foreseeable future.

The profit for the financial year, after taxation, amounted to £811,000 (2022: £84,000).

Going concern

The directors have reviewed budgets and business models prepared for Project Co which indicate expected distributions from Project Co to the Company and also show expected interest payments by the Company to its shareholders. These indicate that the Company will break even and will have sufficient cash resources to meet its liabilities as they fall due. Therefore, the directors, having considered the financial position of the Company and its expected future cash flows, which incorporate the payments on the Company's investment have prepared the financial statements on a going concern basis. The directors confirm that they do not intend to liquidate the Company or cease trading as we consider we have realistic alternatives to doing so.

 

The net assets of the business are positive.

 

The directors confirm the completeness of the information provided regarding events and conditions relating to going concern at the date of approval of the financial statements, including plans for future actions.

Results and dividends

The results of the Company are as set out in the statement of comprehensive income. The profit for the financial year, after taxation, amounted to £811,000 (2022: £84,000).

The company paid dividends of £811,000 (2022: £84,000).

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

JS Gordon
RJ Alcock
(Resigned 20 December 2022)
KA Cunningham
PR Hepburn
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Post reporting date events

No post balance sheet events have occurred since the year end and the date of this report.

Auditor

The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

ENVIRONMENTS FOR LEARNING SANDWELL PSP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

 

This confirmation is given and should be interpreted in accordance with the provisions of Section 418 of the Companies Act 2006.

Small companies exemption

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

On behalf of the board
KA Cunningham
Director
12 March 2024
ENVIRONMENTS FOR LEARNING SANDWELL PSP LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF ENVIRONMENTS FOR LEARNING SANDWELL PSP LIMITED
- 3 -
Opinion

We have audited the financial statements of Environments for Learning Sandwell PSP Limited (the 'company') for the year ended 30 September 2023 which comprise the statement of comprehensive income, balance sheet, statement of changes in equity 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditors' 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:

 

ENVIRONMENTS FOR LEARNING SANDWELL PSP LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF ENVIRONMENTS FOR LEARNING SANDWELL PSP LIMITED
- 4 -
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:

 

Responsibilities of directors

As explained more fully in the statement of directors' responsibilities set out on page 2, 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.

Auditors' 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 auditors' 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.

 

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

Extent the audit was considered capable of detecting irregularities, including fraud

 

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.

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

ENVIRONMENTS FOR LEARNING SANDWELL PSP LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF ENVIRONMENTS FOR LEARNING SANDWELL PSP LIMITED
- 5 -

We obtained an understanding of the legal and regulatory frameworks that are applicable to company and the sector in which it operates, focusing on provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

 

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of relevant correspondence with regulatory bodies and board meeting minutes.

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. We identified a heightened fraud risk in relation to:

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' 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.

ENVIRONMENTS FOR LEARNING SANDWELL PSP LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF ENVIRONMENTS FOR LEARNING SANDWELL PSP LIMITED
- 6 -
Grant Roger
Senior Statutory Auditor
For and on behalf of Johnston Carmichael LLP
12 March 2024
Chartered Accountants
Statutory Auditor
7-11 Melville Street
Edinburgh
EH3 7PE
ENVIRONMENTS FOR LEARNING SANDWELL PSP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
2023
2022
£'000
£'000
Income from shares in group undertakings
811
84
Interest receivable from group undertakings
57
61
Interest payable to group undertakings
(57)
(61)
Profit before taxation
811
84
Tax on profit
-
0
-
0
Profit for the financial year
811
84

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ENVIRONMENTS FOR LEARNING SANDWELL PSP LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 8 -
2023
2022
Notes
£'000
£'000
£'000
£'000
Fixed assets
Investments
4
4
4
Current assets
Debtors falling due after more than one year
6
412
418
Debtors falling due within one year
6
32
52
444
470
Creditors: amounts falling due within one year
7
(32)
(52)
Net current assets
412
418
Total assets less current liabilities
416
422
Creditors: amounts falling due after more than one year
8
(412)
(418)
Net assets
4
4
Capital and reserves
-
-
Called up share capital
4
4

These financial statements have been prepared 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 12 March 2024 and are signed on its behalf by:
KA Cunningham
Director
Company registration number 06937094 (England and Wales)
ENVIRONMENTS FOR LEARNING SANDWELL PSP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
Balance at 1 October 2021
4
-
0
4
Year ended 30 September 2022:
Profit and total comprehensive income
-
84
84
Dividends
-
(84)
(84)
Balance at 30 September 2022
4
-
0
4
Year ended 30 September 2023:
Profit and total comprehensive income
-
811
811
Dividends
-
(811)
(811)
Balance at 30 September 2023
4
-
0
4
ENVIRONMENTS FOR LEARNING SANDWELL PSP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 10 -
1
Accounting policies
Company information

Environments for Learning Sandwell PSP Limited is a private company, limited by shares, registered and incorporated in England and Wales. The Company's registered number and registered office address can be found on the Company Information page.

1.1
Accounting convention

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

 

The Company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements, mainly in relation to the presentation of a cash flow statement and financial instruments.

Consolidation

These financial statements present information about the Company alone and not of a group. Consolidated financial statements have not been prepared as provided by section 400 of the Companies Act 2006. Copies of the financial statements of Environments for Learning Limited are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ, for the year ending 30 September 2023.

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 £'000.

1.2
Going concern

The directors have reviewed budgets and business models prepared for Project Co which indicate expected distributions from Project Co to the Company and also show expected interest payments by the Company to its shareholders. These indicate that the Company will break even and will have sufficient cash resources to meet its liabilities as they fall due. Therefore, the directors, having considered the financial position of the Company and its expected future cash flows, which incorporate the payments on the Company's investment have prepared the financial statements on a going concern basis. The directors confirm that they do not intend to liquidate the Company or cease trading as we consider we have realistic alternatives to doing so.true

 

The net current assets of the business are positive.

 

The directors confirm the completeness of the information provided regarding events and conditions relating to going concern at the date of approval of the financial statements, including plans for future actions.

1.3
Investments in subsidiaries

Investments in subsidiary undertakings are stated at cost less provision for any permanent impairment in value.


The company reviews the underlying assets to monitor possible impairments on the valuation.

1.4
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.

ENVIRONMENTS FOR LEARNING SANDWELL PSP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 11 -
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.

Loans and receivables

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of the interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

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 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 receipts discounted at a market rate interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Current tax, including UK corporation and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is provided in full on timing differences, which result in an obligation at the statement of financial position date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items or income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.

Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the current or deferred tax expenses or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.

ENVIRONMENTS FOR LEARNING SANDWELL PSP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 12 -
2
Judgements and key sources of estimation uncertainty

The preparation of the financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based upon historical experience and various other factors that are believed to be reasonable under the circumstances, the result of which form the basis of making judgements about carrying values of assets and liabilities that are not readily available from other sources. 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 if the revision affects only that period or in the period of revision and future periods if the revision affects both current and future periods.

 

The recoverability of the loan receivable was identified as a critical accounting judgement for this Company.

 

Financial assets are assessed for indicators of impairment at each reporting end date.

3
Employees

The Company had no employees (2022: nil) during the period. Emoluments paid to third parties for directors' services to the Company were: £nil (2022: £nil).

4
Fixed asset investments
2023
2022
£'000
£'000
Shares in group undertakings and participating interests
4
4

The shares above reflect 80% of voting rights and a 80% economic interest in Sandwell Futures Limited whose primary activity is as a company set up to develop, manage the building and in some cases the subsequent running of educational establishments in Sandwell. All subsidiary companies are incorporated in United Kingdom.

5
Subsidiaries

Details of the company's subsidiaries at 30 September 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Sandwell Futures
1 Park Row, Leeds, United Kingdom, LS1 5AB
Direct
80.00
-
Environments for Learning Sandwell Holdco Limited
1 Park Row, Leeds, United Kingdom, LS1 5AB
Indirect
-
8.00
Environments for Learning Sandwell PFI Limited
1 Park Row, Leeds, United Kingdom, LS1 5AB
Indirect
-
8.00
6
Debtors
2023
2022
Amounts falling due within one year:
£'000
£'000
Amounts owed by group undertakings
32
52
ENVIRONMENTS FOR LEARNING SANDWELL PSP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
6
Debtors
(Continued)
- 13 -
2023
2022
Amounts falling due after more than one year:
£'000
£'000
Amounts owed by group undertakings
412
418
Total debtors
444
470

Subordinated loan made to subsidiary bearing interest at a fixed rate of 13% and is repayable in instalments between 2011 and 2036.

7
Creditors: amounts falling due within one year
2023
2022
£'000
£'000
Amounts owed to group undertakings
32
52

Subordinated loan made from shareholders bearing interest at a fixed rate of 13% and is repayable in instalments between 2011 and 2036.

8
Creditors: amounts falling due after more than one year
2023
2022
£'000
£'000
Amounts owed to group undertakings
412
418

Subordinated loan made from shareholders bearing interest at a fixed rate of 13% and is repayable in instalments between 2011 and 2036.

 

Creditors which fall due after five years are as follows:
2023
2022
£'000
£'000
Payable by instalments
393
418
9
Related party transactions

The Company has taken advantage of exemption, under the small companies regime, not to disclose related party transactions that have been concluded under normal market conditions.

ENVIRONMENTS FOR LEARNING SANDWELL PSP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 14 -
10
Parent company

The Company is wholly owned by Environments for Learning Limited, a company which is registered in England and having the same registered office as the Company.  In the opinion of the Directors, there is no ultimate controlling party.

 

The smallest and largest group in which the Company’s results are consolidated is Environments for Learning Limited, a company registered in England.  Copies of the consolidated accounts are available from Companies House.

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