Company registration number 05790931 (England and Wales)
BAILEY STREET FURNITURE GROUP LIMITED
(FORMERLY CYCLEPODS LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BAILEY STREET FURNITURE GROUP LIMITED (FORMERLY CYCLEPODS LIMITED)
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 12
BAILEY STREET FURNITURE GROUP LIMITED (FORMERLY CYCLEPODS LIMITED)
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
2,942,563
3,310,383
Tangible assets
5
112,043
106,099
Investments
6
34,009
1,500,000
Deferred tax
7
38,556
78,118
3,127,171
4,994,600
Current assets
Stocks
813,219
1,076,779
Debtors
7
1,920,989
3,425,136
Cash at bank and in hand
972,263
989,758
3,706,471
5,491,673
Creditors: amounts falling due within one year
8
(2,800,481)
(3,423,526)
Net current assets
905,990
2,068,147
Total assets less current liabilities
4,033,161
7,062,747
Creditors: amounts falling due after more than one year
9
(1,825,008)
(1,736,203)
Provisions for liabilities
(6,716)
(9,495)
Net assets
2,201,437
5,317,049
Capital and reserves
Called up share capital
2,383,784
2,383,784
Share premium account
139,700
139,700
Other reserves
34,009
3,310,383
Profit and loss reserves
(356,056)
(516,818)
Total equity
2,201,437
5,317,049

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

BAILEY STREET FURNITURE GROUP LIMITED (FORMERLY CYCLEPODS LIMITED)
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 May 2024 and are signed on its behalf by:
D A Pringle
Director
Company Registration No. 05790931
BAILEY STREET FURNITURE GROUP LIMITED (FORMERLY CYCLEPODS LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Share premium account
Unrealised reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
883,784
139,700
-
(535,710)
487,774
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
18,892
18,892
Issue of share capital
1,500,000
-
0
-
-
1,500,000
Transfers
-
-
3,310,383
-
0
3,310,383
Balance at 31 December 2022
2,383,784
139,700
3,310,383
(516,818)
5,317,049
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
11,034
11,034
Other movements
-
-
(3,276,374)
149,728
(3,126,646)
Balance at 31 December 2023
2,383,784
139,700
34,009
(356,056)
2,201,437
BAILEY STREET FURNITURE GROUP LIMITED (FORMERLY CYCLEPODS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Bailey Street Furniture Group Limited (formerly Cyclepods Limited) is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, Juniper Place, Fircroft Way, Edenbridge, Kent, TN8 6EL.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

The Profit and Loss Account for the year end 31 December 2023 includes a full year of trading of the hived across entities which took place on 31 December 2022. Consequently, the comparatives do not include such trade.

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

BAILEY STREET FURNITURE GROUP LIMITED (FORMERLY CYCLEPODS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 9 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Intangible fixed assets other than goodwill

Intangible fixed assets are stated at cost and are amortised on a straight line basis over their useful economic life.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% per annum straight line basis
Fixtures and fittings
20% per annum straight line basis
Computers
20% per annum straight line basis
Motor vehicles
Over the life of the lease

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.8
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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 company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company 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 company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

BAILEY STREET FURNITURE GROUP LIMITED (FORMERLY CYCLEPODS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.9
Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
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.

BAILEY STREET FURNITURE GROUP LIMITED (FORMERLY CYCLEPODS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
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.

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.

Impairment of financial assets

Financial assets, other than those at fair value through profit or 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 of the investment have been affected.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.

1.13
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.14
Taxation

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

BAILEY STREET FURNITURE GROUP LIMITED (FORMERLY CYCLEPODS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
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 is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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.

1.15
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event and it is probable that the company will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

BAILEY STREET FURNITURE GROUP LIMITED (FORMERLY CYCLEPODS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

In the directors' opinion there are no significant judgements or key estimation uncertainty.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
76
23
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
3,310,383
Amortisation and impairment
At 1 January 2023
-
0
Amortisation charged for the year
367,820
At 31 December 2023
367,820
Carrying amount
At 31 December 2023
2,942,563
At 31 December 2022
3,310,383

The goodwill acquired in the prior year relates to the hive across of the trade and net assets of the Bailey trading companies which occurred on 31 December 2022. The Bailey trading companies comprises AMV Playground Solutions Limited, Artform Urban Furniture Limited, Bailey Streetscene Limited and Street Furniture Direct Limited. Due to the acquisition being at the year end no amortisation was charged in 2022, however a full year has been charged in 2023

BAILEY STREET FURNITURE GROUP LIMITED (FORMERLY CYCLEPODS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
351,536
93,876
169,831
111,843
727,086
Additions
-
0
36,822
25,000
-
0
61,822
Disposals
-
0
(17,028)
(90,653)
-
0
(107,681)
At 31 December 2023
351,536
113,670
104,178
111,843
681,227
Depreciation and impairment
At 1 January 2023
334,154
74,162
122,251
90,420
620,987
Depreciation charged in the year
4,776
8,242
20,991
5,356
39,365
Eliminated in respect of disposals
-
0
(6,029)
(85,139)
-
0
(91,168)
At 31 December 2023
338,930
76,375
58,103
95,776
569,184
Carrying amount
At 31 December 2023
12,606
37,295
46,075
16,067
112,043
At 31 December 2022
17,382
19,714
47,580
21,423
106,099
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
34,009
1,500,000
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
1,500,000
Impairment
(1,465,991)
At 31 December 2023
34,009
Carrying amount
At 31 December 2023
34,009
At 31 December 2022
1,500,000
BAILEY STREET FURNITURE GROUP LIMITED (FORMERLY CYCLEPODS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,741,286
1,626,456
Amounts owed by group undertakings
-
0
1,645,094
Other debtors
179,703
153,586
1,920,989
3,425,136
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
38,556
78,118
Total debtors
1,959,545
3,503,254
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,212,367
1,092,284
Amounts owed to group undertakings
737,285
1,046,629
Corporation tax
106,324
148,339
Other taxation and social security
231,292
202,842
Other creditors
513,213
933,432
2,800,481
3,423,526
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
1,825,008
1,736,203
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable other than by instalments
1,825,008
-
BAILEY STREET FURNITURE GROUP LIMITED (FORMERLY CYCLEPODS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Daniel Garfield
Statutory Auditor:
Moore NHC Audit Limited
11
Operating lease commitments
2023
2022
£
£
618,413
523,277
12
Related party transactions

The company has taken advantage of the exemptions conferred by Section 33 of Financial reporting Standard 102 from the requirement to make disclosures concerning transactions with other group companies.

13
Parent company

The ultimate controlling party is Tikehau Capital SCA, a company incorporated in France. The consolidated financial statements are available from 32, rue de Monceau 75008, Paris, France.

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