Company registration number 12599046 (England and Wales)
HUITE CAPITAL LIMITED
Annual report and financial statements
For the year ended 31 December 2023
HUITE CAPITAL LIMITED
COMPANY INFORMATION
Director
Yu-Hsuan Lee
Company number
12599046
Registered office
45 Gresham Street
London
United Kingdom
EC2V 7BG
Auditor
MGR Weston Kay LLP
55 Loudoun Road
St John's Wood
London
NW8 0DL
HUITE CAPITAL LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditor's report
4 - 7
Consolidated statement of profit or loss and other comprehensive income
8
Consolidated statement of financial position
9
Parent company statement of financial position
10
Consolidated statement of changes in equity
11
Parent company statement of changes in equity
12
Consolidated statement of cash flows
13
Parent company statement of cash flows
14
Notes to the financial statements
15 - 31
HUITE CAPITAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The director presents the strategic report for the year ended 31 December 2023.

Review of the business

Huite Capital Limited is a relatively new property investment company, predominately investing in the Greater London area. The Company's simple business model is to acquire medium-sized properties, to renovate them to modern luxury living, and either rent them out or sell when the projects are complete.

 

Started in May 2020, Huite Capital has rapidly expanded its property portfolio, from modest 3-4 bed houses, to large scale properties with 30+ dwellings. Huite Capital's purpose is to create properties of the highest quality, with superb standards and modern designs in the meantime, incorporating eco features and always keeping the environment in mind.

 

By December 2023, Huite Capital has a portfolio of five properties: 7 Kenmont Gardens, NW10, 1346-136 Broadway W13, 422-428 Fulham Road SW6, 120 Maida Vale, London, W9, 232 King's Road and 18-20 Chelsea Manor Street. The Company's size, scale and expertise will help us to expand the supply of, and address the rising demand for quality living in the Greater London area. We are committed to driving innovative ways to create properties with modern features and comfortable living in convenient locations.

Principal risks and uncertainties

The principal risks faced by Huite are interest risk and market risk.

 

Huite finances its developments through a combination of fixed rate shareholder and related party loans and variable or fixed rate bank loans. Debt secured at fixed rates mitigates against interest rate risk arising from movements in variable interest rates. Huite manages interest rate risk from movements in variable rates by entering into short term debt arrangements. This gives Huite the opportunity to source more competitive rates on re-financing. It is not our current intention to use derivatives.

 

Huite is exposed to market risk in relation to movements in market prices for residential properties. We mitigate against this risk by investing in developments in highly desirable locations in London where we expect demand and therefore market prices to remain high.

Development and performance

The year 2023 has been challenging for the UK due to various events such as the Russia-Ukraine war, energy crisis, rising prices and interest rates, which have created a lot of uncertainty. However, we have also identified opportunities arising from the opening of new underground lines and market price adjustments. We believe that 2024 will be a booming year for the real estate industry. Huite has an advantage in cost control, enabling us to complete construction projects at a more favourable price and generate more profits.

We are still searching for more sources of funding with lower capital costs and believe that we are more effective than average. Huite Capital has implemented measures to decrease business risk, differentiating itself from other players in the market.

Key performance indicators

Huite Capital's performance is measured primarily by the estimated return on investment and cash cycle. We aim for a minimum estimated return on investment rate of 10% for each project and control related expenditures accordingly. If the investment amount for a project is less than £2 million, we aim to complete and recover the investment within one year. For investments exceeding £10 million, our target is to complete and recover the investment within three to five years.

On behalf of the board

Yu-Hsuan Lee
Director
25 March 2024
HUITE CAPITAL LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The director presents her annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activities of the Group are the investing in properties for rental income, and development of properties for resale in the private housing sector.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

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

Yu-Hsuan Lee
Supplier payment policy

The group's current policy concerning the payment of trade creditors is to:

Auditor

MGR Weston Kay LLP were appointed as auditor and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

 

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

 

On behalf of the board
Yu-Hsuan Lee
Director
25 March 2024
HUITE CAPITAL LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

 

Company law requires the director to prepare consolidated financial statements for each financial year. Under that law the director has elected to prepare the group and parent company financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. Under company law the director must not approve the financial statements unless she is 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 the consolidated financial statements, the directors are required to:

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group'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. She is 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.

HUITE CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HUITE CAPITAL LIMITED
- 4 -
Opinion

We have audited the financial statements of Huite Capital Limited (the ‘parent company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2023 which comprise the consolidated statement of comprehensive income, the consolidated and parent company statement of financial position, the consolidated and parent company statement of changes in equity, the consolidated and parent company statement of cash flows and the consolidated and parent company notes to the financial statements, including significant accounting policies.

 

The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

In our opinion:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 director's 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 group's and parent 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 director 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 auditor's report thereon. The director is 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.

HUITE CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HUITE CAPITAL LIMITED
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the director's 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 director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the parent 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 director either intends to liquidate the parent company or to cease operations, or has 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.

 

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.

HUITE CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HUITE CAPITAL LIMITED
- 6 -

Explanation as to what 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.

As part of our planning of the audit work required we obtained an understanding of the legal and regulatory frameworks that are applicable to the entity via enquiries of the company’s management, carried out analytical procedures, held discussions amongst the engagement team and using knowledge of the sector determined that the most significant laws and regulation are those that relate to:

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as IFRS and the Companies Act 2006.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with the laws and regulations and the fraud risks identified. This included enquiries with management to understand their policies and procedures for compliance with those regulations and we completed the following tests:

We also assessed the risks of material misstatement in respect of fraud as follows:

Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud. This included the risk of management bias relating to judgements and assumptions used in the valuing the inventories .

No significant issues were identified during our testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non – detection of irregularities, as these could involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

 

 

 

 

HUITE CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HUITE CAPITAL LIMITED
- 7 -

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 her 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.

Nigel Walfisz FCA (Senior Statutory Auditor)
For and on behalf of MGR Weston Kay LLP
Chartered Accountants
Statutory Auditor
55 Loudoun Road
St John's Wood
London
NW8 0DL
25 March 2024
HUITE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
as restated
Notes
£
£
Revenue
4
51,600
51,600
Gross profit
51,600
51,600
Administrative expenses
(331,392)
(231,030)
Operating loss
(279,792)
(179,430)
Investment revenues
7
38,105
2,806
Finance costs
8
(2,717,074)
(1,488,851)
Other gains and losses
9
(623,557)
(16,253,202)
Loss before taxation
(3,582,318)
(17,918,677)
Income tax expense
10
-
-
Loss and total comprehensive income for the year
(3,582,318)
(17,918,677)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The income statement has been prepared on the basis that all operations are continuing operations.

HUITE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
as restated
Notes
£
£
Non-current assets
Investment property
11
989,285
989,285
Other receivables
16
1,500,000
-
0
2,489,285
989,285
Current assets
Inventories
14
66,042,736
61,299,694
Trade and other receivables
16
206,211
56,405
Cash and cash equivalents
1,527,792
1,138,894
67,776,739
62,494,993
Current liabilities
Trade and other payables
18
3,093,774
2,770,011
Borrowings
20
43,192,972
45,627,101
46,286,746
48,397,112
Net current assets
21,489,993
14,097,881
Non-current liabilities
Borrowings
20
49,893,500
37,750,461
Net liabilities
(25,914,222)
(22,663,295)
Equity
Called up share capital
21
100
100
Share premium account
22
900
900
Capital contribution reserve
24
5,728,275
5,396,885
Retained earnings
(31,643,497)
(28,061,180)
Total equity
(25,914,222)
(22,663,295)
The company has taken advantage of the exemption available under section 408 of the Companies Act 2006 and elected not to present its own Statement of Comprehensive Income in these financial statements.
The company's loss for the period was £3,724,454.
The financial statements were approved and signed by the director and authorised for issue on 25 March 2024
Yu-Hsuan Lee
Director
Company registration number 12599046 (England and Wales)
HUITE CAPITAL LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
as restated
Notes
£
£
Non-current assets
Investment property
989,285
989,285
Other receivables
17
8,020,000
7,000,000
9,009,285
7,989,285
Current assets
Inventories
15
59,522,736
54,299,694
Trade and other receivables
17
27,141
43,780
Cash and cash equivalents
1,510,377
1,026,726
61,060,254
55,370,200
Current liabilities
Trade and other payables
19
3,027,689
2,633,483
Borrowings
43,192,972
45,627,101
46,220,661
48,260,584
Net current assets
14,839,593
7,109,616
Non-current liabilities
Borrowings
49,893,500
37,750,461
Net liabilities
(26,044,622)
(22,651,560)
Equity
Called up share capital
100
100
Share premium account
900
900
Capital contribution reserve
5,728,275
5,396,885
Retained earnings
(31,773,897)
(28,049,445)
Total equity
(26,044,622)
(22,651,560)
The financial statements were approved and signed by the director and authorised for issue on 25 March 2024
25 March 2024
Yu-Hsuan Lee
Director
Company registration number 12599046 (England and Wales)
HUITE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Share premium account
Capital contribution reserve
Retained earnings
Total
£
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
100
900
3,310,680
(10,142,503)
(6,830,823)
Year ended 31 December 2022:
Loss and total comprehensive income
-
-
-
(17,918,677)
(17,918,677)
Transactions with owners:
Capital contribution reserve movement
-
-
2,086,205
-
0
2,086,205
Balance at 31 December 2022
100
900
5,396,885
(28,061,180)
(22,663,295)
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
-
(3,582,318)
(3,582,318)
Transactions with owners:
Capital contribution reserve movement
-
-
331,390
-
0
331,390
Balance at 31 December 2023
100
900
5,728,275
(31,643,498)
(25,914,223)
HUITE CAPITAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Share premium account
Capital contribution reserve
Retained earnings
Total
£
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
100
900
3,310,680
(2,976,452)
335,228
Year ended 31 December 2022:
Loss and total comprehensive income
-
-
-
(25,072,993)
(25,072,993)
Transactions with owners:
Capital contribution reserve movement
-
-
2,086,205
-
2,086,205
Balance at 31 December 2022
100
900
5,396,885
(28,049,445)
(22,651,560)
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
-
(3,724,453)
(3,724,453)
Transactions with owners:
Capital contribution reserve movement
-
-
331,390
-
331,390
Balance at 31 December 2023
100
900
5,728,275
(31,773,897)
(26,044,622)
HUITE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
as restated
£
£
£
£
Cash flows from operating activities
Loss for the year
(3,582,319)
(17,918,677)
Decrease/(increase) in trade and other receivables
(1,649,806)
370,859
Decrease/(increase) in inventories
(4,743,042)
2,985,011
(Decrease)/increase in trade and other payables
271,257
(40,273,088)
Interest received
(38,105)
(2,806)
Change in fair value of investment property
-
0
5,700,000
Interest paid
2,717,074
1,488,851
Impairments
-
1,553,460
Net cash outflow from operating activities
(7,024,941)
(46,096,390)
Investing activities
Interest received
38,105
2,806
Net cash generated from investing activities
38,105
2,806
Financing activities
Proceeds from borrowings
23,742,721
63,530,000
Repayment of borrowings
(14,929,940)
(16,630,640)
Interest paid
(1,437,047)
(1,469,318)
Net cash used in financing activities
7,375,734
45,430,042
Net increase/(decrease) in cash and cash equivalents
388,898
(663,542)
Cash and cash equivalents at beginning of year
1,138,894
1,802,436
Cash and cash equivalents at end of year
1,527,792
1,138,894
HUITE CAPITAL LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
(3,724,455)
(25,072,993)
Decrease/(increase) in trade and other receivables
(1,483,362)
240,966
Decrease/(increase) in inventories
(5,223,042)
8,004,558
(Decrease)/increase in trade and other payables
819,782
(40,401,256)
Interest received
(38,065)
(2,770)
Interest paid
2,717,074
1,488,850
Change in fair value of investment property
-
0
5,700,000
Impairments
1,919
3,904,374
Net cash outflow from operating activities
(6,930,148)
(46,138,271)
Investing activities
Interest received
38,065
2,770
Net cash generated from investing activities
38,065
2,770
Financing activities
Proceeds from borrowings
23,742,721
63,530,000
Repayment of borrowings
(14,929,940)
(16,630,640)
Interest paid
(1,437,046)
(1,469,318)
Net cash generated from financing activities
7,375,734
45,430,042
Net increase/(decrease) in cash and cash equivalents
483,651
(705,459)
Cash and cash equivalents at beginning of year
1,026,726
1,732,185
Cash and cash equivalents at end of year
1,510,377
1,026,726
HUITE CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
1
Accounting policies
Company information

Huite Capital Limited is a private company limited by shares incorporated in England and Wales. The registered office is 45 Gresham Street, London, United Kingdom, EC2V 7BG. The company's principal activities and nature of its operations are disclosed in the director's report.

 

The group consists of Huite Capital Limited and all of its subsidiaries.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

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

The financial statements have been prepared under the historical cost convention, except for the revaluation of investment properties. The principal accounting policies adopted are set out below.

1.2
Business combinations

The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.

 

Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Huite Capital Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

HUITE CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.4
Going concern

The financial statements have been prepared on a going concern basis.true

The director has obtained a letter of support from the shareholders confirming that they will provide such support that is required for the Group to continue trading and meet its liabilities as they fall due for a period of at least 12-months from the date of signing these financial statements. Whilst there is nothing to suggest this support will not be forthcoming, it cannot be enforced. The Group has also arranged a loan facility from two of its shareholders totalling £50,000,000. The loan facilities are interest free and repayable by 2026. To date the company has not drawn down any amounts with respect to these two loans. During the year, the Group also obtained additional loan facilities. The director believes that these facilities are sufficient to ensure Huite Capital Limited will be able to meet its liabilities as they fall due for a period of at least 12-months from the date of signing these financial statements.

Thus, the Group continued to adopt the going concern basis in preparing its financial statements.

1.5
Revenue

Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties.

 

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.

The group recognises revenue from the following major sources:

The nature, timing of satisfaction of performance obligations and significant payment terms of the group's major sources of revenue are as follows:

1.6
Investment property

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are measured at fair value. All of the Group's property interests held under operating leases to earn rentals or for capital appreciation purposes are accounted for as investment properties and are measured using the fair value model. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

 

An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from us e and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the property is derecognised.

1.7
Non-current investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the parent company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

HUITE CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Inventories

Inventories are properties under construction at the year-end with the intended purpose to sell.

Inventories are carried at cost less impairment provision.

Cost includes all statutory and professional fees relating to the acquisition of a property, obtaining planning consents, legal fees in relation to the granting of new leases together with the costs of construction and redevelopment. Finance costs are capitalised where the funding is directly attributable to the development.

The Group assesses at each year end whether any stock is impaired. This assessment is made by comparing the carrying amount of a stock item with its selling price less costs to complete and sell. Selling price is calculated by estimating the likely end sales value of completed developments less all necessary future development and disposal costs. If an item of stock is impaired the Group reduces the carrying amount to its selling price less costs to complete and sell; the resulting impairment loss is recognised immediately in profit and loss. When the circumstances that previously caused stock to be impaired no longer exist or when there is clear evidence of an increase in selling price less costs to complete and sell because of changes in economic circumstances, the Group reverses the amount of the impairment so that the new carrying amounts is the lower of the cost and the revised selling price less costs to complete and sell.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9
Cash and cash equivalents

Cash and cash equivalents 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.

HUITE CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.10
Financial instruments

Financial assets and financial liabilities are recognised in the Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.

Financial assets

Other receivables are held in order to collect the contractual cash flows and accordingly are measured at initial recognition at fair value, which ordinarily equates to cost and are subsequently measured at cost less impairment due to their short term nature. A provision for impairment is established based on 12-month expected credit losses unless there has been a significant increase in credit risk when lifetime expected credit losses are recognised. The amount of any provision is recognised in profit or loss.

Cash and cash equivalents comprise cash held by the Group and short term deposits with an original maturity of three months or less.

Financial liabilities and equity

Financial liabilities and equity instruments issued by the Group are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments issued by the group are recorded at the proceeds received, net of direct issue costs.

Interest bearing bank loans, overdrafts and other loans are initially recorded at fair value, which is ordinarily equal to the proceeds received net of transaction costs. These liabilities are subsequently measured at amortised cost using the effective interest rate method.

Effective interest rate

The effective interest rate method is a method of calculating the amortised cost of a financial asset or liability and allocating interest income or expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash flows through the expected life of the financial asset or liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

 

1.11
Taxation

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

Current tax

The current tax charge is based on the 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 of income or expense that are never taxable or deductible. The Group’s liability for the current tax is calculated using tax rates that have been enacted or substantively enacted by the statement of financial position date.

HUITE CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the statement of financial position date.

Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets and liabilities are not recognised if the timing difference arises from goodwill or from the initially recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the year when the liabilities is settled, or the asset realised. Deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited directly to other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities, when they relate to income taxes levied by the same taxation authority and the Group intends to settle on a net basis.

2
Adoption of new and revised standards and changes in accounting policies

The IASB and IFRIC have issued or revised a number of standards. None of these amendments have led to any material changes in the Group’s accounting policies or disclosures during the year.

HUITE CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
3
Judgement in applying accounting policies and key sources of estimation uncertainty
HUITE CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
4
Revenue
2023
2022
£
£
Revenue analysed by class of business
Rental income
51,600
51,600
Revenue for the group solely relates to income generated within the United Kingdom. Rental income is recognised as it falls due in the month of tenancy. There is little estimation required
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
17,500
35,650
For other services
Tax compliance
4,000
8,700
Management accounting services
20,000
23,200
Tax and VAT advisory services
-
17,700
Accounts preparation
3,500
4,650
Company Secretarial
500
-
Total non-audit fees
28,000
54,250
6
Employees

The Company has no employees other than the director, who did not receive any remuneration.

2023
2022
Number
Number
Total
-
0
-
7
Investment income
2023
2022
£
£
Interest income
Financial instruments measured at amortised cost:
Bank deposits
38,105
2,806
HUITE CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
8
Finance costs
2023
2022
£
£
Interest on bank overdrafts and loans
1,268,085
516,019
Other interest payable
1,381,340
972,832
Total interest expense
2,649,425
1,488,851
Amortisation of loan arrangement fees
67,649
-
2,717,074
1,488,851
9
Other gains and losses
2023
2022
£
£
Changes in the fair value of investment properties
-
(4,469,739)
Impairment of inventory
(623,557)
(11,783,463)
(623,557)
(16,253,202)
10
Income tax expense

The charge for the year can be reconciled to the loss per the income statement as follows:

2023
2022
as restated
£
£
Loss before taxation
(3,582,318)
(17,918,677)
Expected tax credit based on a corporation tax rate of 23.50% (2022: 19.00%)
(841,845)
(3,404,549)
Effect of expenses not deductible in determining taxable profit
143,660
-
Gains not taxable
-
1,083,000
Unutilised tax losses carried forward
698,185
2,321,549
Taxation charge for the year
-
-

A deferred tax asset for the group has not been recognised as there is insufficient history on profitability to provide.

HUITE CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
11
Investment property
Group and Company
2023
2022
£
£
Fair value
At 1 January 2023 and 31 December 2023
989,285
989,285

Investment property - other disclosures

The group has derived £51,600 of its total revenue of £51,600 from investment properties as disclosed in note 4.

 

Direct costs of £16,992 (2022: £Nil) have been expended in relation to direct investment property costs, such as utilities and management fees.

12
Subsidiaries
Details of the Group's material subsidiaries at the end of the reporting period are as follows:
Name of undertaking
Registered office
Principal activities
Percentage of ownership (%)
Reserve Property Holdings Limited
Craigmuir Chambers, Road Town, Tortola, British Virgin Islands, VG1110
Investing properties for rental income
100
13
Investments
Current
Non-current
2023
2022
2023
2022
£
£
£
£
Investments in subsidiaries
-
0
-
0
-
0
-
0

The Company has fully impaired the carrying value of its investment in subsidiary.

14
Inventories
2023
2022
Group
£
£
Work in progress
66,042,736
61,299,694
HUITE CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
15
Inventories
2023
2022
Company
£
£
Work in progress
59,522,736
54,299,694
16
Trade and other receivables
Current
Non-current
2023
2022
2023
2022
Group
£
£
£
£
VAT recoverable
10,953
54,780
-
-
Amounts owed by connected undertakings
4,290
-
0
-
0
-
0
Other receivables
-
-
1,500,000
-
Prepayments
190,968
1,625
-
-
206,211
56,405
1,500,000
-
The Director considers that the carrying amount of trade and other receivables is approximately equal to their fair value.

Amounts owed by connected undertakings are unsecured, interest free and repayable on demand.

 

Other receivables of £1.5m relate to a collateral payment made as part of new loan arrangements.

There are no receivables past due and not impaired for the company. There is no impairment charge in the year.

 

The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a 12-month expected loss provision for rent receivables. To measure expected credit losses on a collective basis, rent receivables are grouped based on similar credit risk and ageing.

 

The expected loss rates are based on the Group’s historical credit losses experienced since inception to the period end. The historical loss rates are then adjusted for current and forward-looking information on macroeconomic factors affecting the Group’s customers. Both the expected credit loss provision and the incurred loss provision in the current and prior years are immaterial. No reasonably possible changes in the assumptions underpinning the expected credit loss provision would give rise to a material expected credit loss.

A deferred tax asset for the group has not been recognised, as there is insuffecient history on profitability to recognise.
The unrecognised deferred tax asset for the Group totals £6,183,000 (2022 restated  - £5,288,000).
The unrecognised deferred tax asset for the Company totals £3,912,000 (2022 as restated - £2,981,000).
HUITE CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
17
Trade and other receivables
Current
Non-current
2023
2022
2023
2022
Company
£
£
£
£
VAT recoverable
-
43,780
-
-
Amounts owed by subsidiary undertakings
-
-
6,520,000
7,000,000
Amounts owed by connected undertakings
4,290
-
-
-
Other receivables
-
-
1,500,000
-
Prepayments
22,851
-
-
-
27,141
43,780
8,020,000
7,000,000

 

18
Trade and other payables
2023
2022
Group
£
£
Trade payables
2,699
335,113
Accruals
683,152
79,485
Social security and other taxation
5
-
0
Director's loan account
2,407,918
2,355,413
3,093,774
2,770,011
19
Trade and other payables
2023
2022
Company
£
£
Trade payables
2,698
205,585
Accruals
617,068
72,485
Social security and other taxation
5
-
Director's loan account
2,407,918
2,355,413
3,027,689
2,633,483
HUITE CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
20
Borrowings
Current
Non-current
Group and Company
2023
2022
2023
2022
£
£
£
£
Borrowings held at amortised cost:
Bank loans
26,020,000
24,130,000
34,622,189
31,500,000
Director's loans
-
-
4,539,881
4,539,881
Other loans
7,110,274
3,884,137
-
-
Loans from related parties
10,062,698
17,612,964
10,731,430
1,710,580
43,192,972
45,627,101
49,893,500
37,750,461
Shareholder loans:
As at 31 December 2023 the Group had various shareholder loan facilities of £15,856,811 whereby interest is charged at a fixed rate. The loans are due for repayment in 2024 and 2025.

As at 31 December 2023 the Group had a loan facility with the Director of £4,539,881 which is interest free and repayable on demand.

Bank loans and other loans:

As at 31 December 2023 the Group had various non-bank loan facilities of £6,800,000 whereby interest is charged at a fixed rate on these agreements. The loans are due for repayment in 2024.

As at 31 December 2023 the Group had various bank loan facilities of £60,806,480. Interest is payable on bank loans of £43,456,480 at local variable rates plus a commercial margin. Interest is charged at a fixed rate on bank loans of £17,350,000. The loans are due for repayment in 2024 and 2025.

Bank loans of £54,136,480 are guaranteed by shareholders and a loan of £6,670,000 is secured against one freehold property.

Arrangement fees:
Amounts of £67,649 (2022: £Nil) were charged to the Statement of Comprehensive income during the period in respect of loan arrangement fees. At the period end, amounts of £164,291 (2022: £Nil) were included within borrowings.

The carrying value of loans and borrowings classified as financial liabilities measured at amortised cost approximates fair value.
21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary shares of 1p each
10,000
10,000
100
100
Issued and fully paid
Ordinary shares of 1p each
10,000
10,000
100
100

The shares have attached to them full voting, dividend and capital distribution rights. They do not confer any rights of redemption.

HUITE CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
22
Share premium account
2023
2022
£
£
At the beginning and end of the year
900
900
23
Reserves

Details of the movements in reserves are set out in the Consolidated Statement of Changes in Equity.

 

A description of each reserve is set out below.

 

Share premium reserve

The share premium reserve is used to record the aggregate amount or value of premiums paid when the Company’s shares are issued at a premium.

 

Retained earnings

This reserve relates to the cumulative retained earnings less amounts distributed to shareholders.

 

Capital contribution reserve

Amounts in the capital contribution reserve reflect discounts arising on shareholder loans. These will be released to retained earnings on final repayment at the end of the loan term.

24
Capital contribution reserves
2023
2022
£
£
At the beginning of the year
5,396,885
3,310,680
Additions
331,390
2,086,205
At the end of the year
5,728,275
5,396,885
25
Financial Instruments - fair value and risk management
The group is exposed to a number of risks as a result of its operations:
- Capital risk;
- Market risk;
- Credit risk arising from trade receivables;
- Interest risk;
a) Capital risk management

The group is not subject to any externally imposed capital requirements.

b) Market risk management
The Group's market risk arsies on movements in market prices for residential properties. The Group mitigates against this risk by investing in developments in highly desirable loacations in London where demand is high and negative price volatility is expected to be limiited.
HUITE CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
25
Financial Instruments - fair value and risk management
(Continued)
- 28 -
c) Credit risk management
The group's principal credit risk arises from amounts due from tenants on monthly rents.
As the group is currently focused on developing property for resale, rental income is not significant and therefore management consider that exposure to credit risk for the group is limited.
d) Interest risk management
The Group has financed its activities through a combination of fixed rate shareholder and related party loans and variable or fixed  rate bank loans. Debt secured at fixed rates mitigates against interest rate risk arising from movements in variable interest rates.The Group manages interest rate risk from movements in variable rates by entering into short term debt arrangements. This gives the Group opportunity to source more competitive rates on re-financing. The Group does not currently expect to use derivatives to mitigate interest rate risk.
26
Liquidity risk

The following tables detail the Group's remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay.

1 to 12 months
1 - 2 years
2 - 5 years
Total
£
£
£
£
At 31 December 2022
Borrowings from banks
-
28,130,000
27,500,000
55,630,000
Borrowings from shareholders
15,133,077
-
-
15,133,077
Trade and other payables
414,598
-
-
414,598
15,547,675
28,130,000
27,500,000
71,177,675
At 31 December 2023
Borrowings from banks
26,020,000
34,786,440
-
60,806,440
Borrowings from shareholders
16,862,698
5,794,113
-
22,656,811
Trade and other payables
685,857
-
-
685,857
43,568,555
40,580,553
-
84,149,108
HUITE CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
27
Financial Instruments
The table below sets out the categorisation of the financial instruments held by the Group as at 31 December 2023.
2023
2022
£
£
Financial Assets
At amortised cost
Trade and other receivables
1,504,290
-
1,504,290
-
0
Financial Liabilities
At amortised cost
Trade and other payables
3,093,775
2,770,011
Borrowings
93,086,472
83,377,562
96,180,247
86,147,573
HUITE CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
28
Related party transactions
Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. Details of transactions between the Group and other related parties are disclosed below.

At the end of the year, an amount of £6,947,799 (2022 - £6,895,294) was due to a director and shareholder. The highest balance due to the director during the year was £6,947,799 (2022 - £6,895,294). No amounts were written off during the year (2022 - £Nil). £4,539,881 (2022 - £4,539,881) is included in loans and borrowings, with the residual balance of £2,407,918 (2022 - £2,355,413) included in trade and other payables.

At the end of the year, an amount of £15,856,811 (2022 - £15,133,077) was due to a corporate shareholder. The highest balance due to the corporate shareholder during the year was £15,856,811 (2022 - £15,731,024). No amounts were written off during the year (2022 - £Nil). The amount is included in loans and borrowings.

At the end of the year, an amount of £5,000,584 (2022 - £4,190,467) was due to a shareholder. The highest balance due to the shareholder during the year was £5,000,584 (2022 - £4,190,467). No amounts were written off during the year (2022 - £Nil). The amount is included in loans and borrowings.

During the prior year, bank loans totalling £7,140,000 had been secured using joint guarantees from the shareholders. The loan amounts due at the end of the year where joint guarantees have been provided is £54,320,000 (2022 - £55,630,000) and is included within bank loans.

The amount due at the end of the year with respect to a connected entity, Dimora Court Limited, was £4,290 (2022 - £Nil).
Company
The amount due to the Company by the Subsidiary at the end of the year was £16,983,412 (2022 - £16,216,538) of which cumulative impairments of £10,463,412 (2022 - £9,216,538) have been recognised.
29
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Warning! Does not agree to equity reported:
(4,403,879)
(22,663,295)
Analysis of the effect upon equity
Retained earnings
-
10,711,075
Reconciliation of changes in loss for the previous financial period
2022
£
Loss as previously reported
(28,629,752)
Does not agree to TB. Check statutory database entries.
(17,918,677)
HUITE CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
29
Prior period adjustment
(Continued)
- 31 -
Notes to reconciliation

Adjustment 1

As at 31 December 2022, the property at Chelsea Manor was initially valued at £31.4m by a third party valuer.

 

Based on her assessment of market conditions, the Director commissioned a second valuation which showed a revised valuation of £42.0m. Both valuation reports shared the same basis for calculation, based upon Gross Residual Value in respect of the progress of the development. In the Director's opinion, this revised valuation more properly reflected the net realisable value of Chelsea Manor at 31 December 2022 and a restatement was required.

 

The impact of this restatement in the prior period has been to increase Group and Company inventories by £10.6m and reduce losses by £10.6m by way of reduction in the impairment charge.

Adjustment 2

Under IAS9, interest on loans which are directly connected to development of properties held for sale are capitalised as part of the development cost.

 

In the prior period, interest had not been capitalised and it was determined that this treatment required correction.

 

The impact of this restatement on the Group's and Company's results has been an increase to inventories of £1,664,535, a decrease of finance costs by £1,664,535 and an increase to the impairment charge by £1,553,460. The net effect on profits is an increase of £111,075.

30
Controlling party

Yu-Hsuan Lee is considered to be the ultimate controlling party by her majority shareholding.

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