Registered number
08818688
Sukin Limited
Report and Financial Statements
31 March 2024
Sukin Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2-3
Strategic report 4
Independent auditor's report 5-7
Income statement 8
Statement of comprehensive income 9
Statement of financial position 10
Statement of changes in equity 11
Statement of cash flows 12
Notes to the financial statements 13-18
Sukin Limited
Company Information
Directors
Fakhruddin T Suterwalla
Sakina F Suterwalla
Auditors
Ward Divecha Limited
Chartered Accountants and Statutory Auditors
29 Welbeck Street
London
W1G 8DA
Registered office
6 Ingleby Drive
Harrow
Middlesex
HA1 3LE
Registered number
08818688
Sukin Limited
Registered number: 08818688
Directors' Report
The directors present their report and financial statements for the year ended 31 March 2024.
Principal activities
The company's principal activity during the year continued to be trading on international financial exchanges.
Future developments
Markets remain dynamic in every sense, strategies and technological competencies are shifting at a landmark pace. Normal market forces are being supplanted by algorithms that create mathematical based solutions beyond standard logical explanations. Interest rate costs appear to be moving towards a declining path creating less burdensome leveraged positioning. The company will aim to optimise opportunities and skill sets to control for these issues and then position appropriately.
Dividends
No dividends will be distributed for the year ended 31 March 2024
Directors
The following persons served as directors during the year:
Fakhruddin T Suterwalla
Sakina F Suterwalla
Directors' responsibilities
The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 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:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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.
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board on 18 September 2024 and signed on its behalf.
Mr F T Suterwalla
Director
Sukin Limited
Strategic Report
The directors present their strategic report for the year ended 31 March 2024.
REVIEW OF BUSINESS
Company turnover for the year 2024 was £5,378,541 (2023 :£19,388,491). Profit for the financial year after taxation amounted to £263,944 (2023 : £790,031).

The business consolidated profitability and turnover in line with expected performance, negative carry and high interest holding costs reduced the opportunity set of viable investable instruments. The company was able to capture a substantial portion of the bond market turn and remains ready to position more aggressively when forecast return and funding costs move to better levels of margin. We are hopeful for improved growth across economies in 2024/25.
PRINCIPAL RISKS AND UNCERTAINTIES
The principal activity of the Company outlined above gives rise to exposure to financial and operational risks in the ordinary course of business.
Management risks
As with similar sized businesses, the company is run by a small management team. Careful selection of appropriate external partners and prioritising confidentiality in transactions are paramount requirements to ensure scale opportunities remain achievable.
Market risks
Market risk is the risk that the fair value of assets and financial liabilities change due to movement in market prices. This is a key requirement for any trading business, changes offer opportunities to profit. We monitor all exposures on a daily basis to ensure a good understanding of influencing factors, statistical analysis of error ranges and their impact on the company balance sheet.
Exchange rate fluctuations
A significant proportion of the company's trading is denominated in foreign currencies, particularly the US $. The majority of positions are hedged to reduce the exposure to exchange rate fluctuation, which are reported through the profit and loss account.
Liquidity risks
Liquidity risk is the risk that we are unable to meet high value short notice payment obligations in the event of market volatility impacting portfolio realisation values. A significant risk for any trading business, which remains at the forefront of any position taking decision. We manage liquidity by modelling likely liquidity drawdowns, position with significant margin to allow for likely market volatility, monitor for funds flows with drawdown potential, negotiate strong credit terms in a forward manner, and maintain a sufficiently diversified portfolio of assets.
This report was approved by the board on 18 September 2024 and signed on its behalf.
Mr F T Suterwalla
Director
Sukin Limited
Independent auditor's report
to the members of Sukin Limited
Opinion
We have audited the financial statements of Sukin Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.
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 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.

However, with respects to the opening balances and comparative information shown on the financial statements, we have not sought to obtain further audit evidence as the financial statements for the previous year were not audited. In forming our opinion, we have used other audit evidence to evaluate the overall adequacy of the information shown on the financial statements. We believe that the audit evidence that we have obtained, is sufficient and appropriate to provide a basis of 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 auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
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 strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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:
Identifying and assessing potential risks related to irregularities
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

In identifying and assessing risks of material misstatements in respect of irregularities, including fraud and non-compliance and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets.
- results of our enquiries of management about their own identification and assessment of the risks and irregularities;
- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified that greatest potential for fraud is revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context include the UK Companies Act, pension legislation and tax legislation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.
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 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.
Adil Divecha
(Senior Statutory Auditor) 29 Welbeck Street
for and on behalf of London
Ward Divecha Limited
Statutory Auditor
18 September 2024 W1G 8DA
Sukin Limited
Income Statement
for the year ended 31 March 2024
Notes 2024 2023
£ £
Turnover 2 5,378,541 19,388,491
Cost of sales (4,160,545) (17,460,579)
Gross profit 1,217,996 1,927,912
Administrative expenses (35,534) (33,162)
Operating profit 3 1,182,462 1,894,750
Increase/(decrease) in fair value of listed investments (126,702) (193,542)
Exchange differences & charges 41,526 (657,337)
Interest receivable 10,192 3,618
Interest payable 5 (755,553) (363,526)
Profit on ordinary activities before taxation 351,925 683,963
Tax on profit on ordinary activities 6 (87,981) 106,068
Profit for the financial year 263,944 790,031
Sukin Limited
Statement of Comprehensive Income
for the year ended 31 March 2024
Notes 2024 2023
£ £
Profit for the financial year 263,944 790,031
Other comprehensive income - -
Total comprehensive income for the year 263,944 790,031
Sukin Limited
Statement of Financial Position
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 7 30,843 38,554
Current assets
Debtors 8 112,497 511,678
Investments held as current assets 9 18,936,612 16,493,862
Cash at bank and in hand 1,626,909 161,974
20,676,018 17,167,514
Creditors: amounts falling due within one year 10 (17,883,027) (14,644,250)
Net current assets 2,792,991 2,523,264
Total assets less current liabilities 2,823,834 2,561,818
Creditors: amounts falling due after more than one year 11 (772,400) (772,400)
Provisions for liabilities
Deferred taxation 13 (7,711) (9,639)
Net assets 2,043,723 1,779,779
Capital and reserves
Called up share capital 14 1,000 1,000
Profit and loss account 15 2,042,723 1,778,779
Total equity 2,043,723 1,779,779
Mr F T Suterwalla
Director
Approved by the board on 18 September 2024
Sukin Limited
Statement of Changes in Equity
for the year ended 31 March 2024
Share Profit Total
capital and loss
account
£ £ £
At 1 April 2022 1,000 988,748 989,748
Profit for the financial year 790,031 790,031
At 31 March 2023 1,000 1,778,779 1,779,779
At 1 April 2023 1,000 1,778,779 1,779,779
Profit for the financial year 263,944 263,944
At 31 March 2024 1,000 2,042,723 2,043,723
Sukin Limited
Statement of Cash Flows
for the year ended 31 March 2024
Notes 2024 2023
£ £
Operating activities
Profit for the financial year 263,944 790,031
Adjustments for:
Decrease in fair value of listed investments 126,702 193,542
Interest receivable (10,192) (3,618)
Interest payable 755,553 363,526
Tax on profit on ordinary activities 87,981 (106,068)
Depreciation 7,711 7,711
Others (123,084) (193,231)
Decrease in debtors 399,181 994,990
Increase/(decrease) in creditors 32,064 (1,522,965)
1,539,860 523,918
Interest received 6,574 3,307
Interest paid (755,553) (363,526)
Corporation tax (paid) / Received (131,418) 238,335
Cash generated by operating activities 659,463 402,034
Investing activities
Purchase of investments (2,442,750) (1,763,900)
Cash used in investing activities (2,442,750) (1,763,900)
Financing activities
New loans 3,248,222 218,490
Cash generated by financing activities 3,248,222 218,490
Net cash generated/(used)
Cash generated by operating activities 659,463 402,034
Cash used in investing activities (2,442,750) (1,763,900)
Cash generated by financing activities 3,248,222 218,490
Net cash generated/(used) 1,464,935 (1,143,376)
Cash and cash equivalents at 1 April 161,974 1,305,350
Cash and cash equivalents at 31 March 1,626,909 161,974
Cash and cash equivalents comprise:
Cash at bank 1,626,909 161,974
Sukin Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Turnover
Revenue arises from trading in fixed income, equity and foreign exchange instruments on international fincancial exchanges. The company does not follow a formal hedge accounting policy.Turnover incorporates the underlying value of the contracts of all futures and optons. On that premise, the company's turnover is the sum of the gross value of traded instruments, coupon interest received and physical value of assets bought and sold.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicle over 7 years Straight line basis
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 such as investment, cash and debtors are measured at the present value of the amounts receivable, less an allowance for the expected level of doubtful receivables.

Impairment of financial assets Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial liabilities such as trade creditors, loans and finance leases are measured at the present value of the obligation. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.
Going concern
The board considers it appropriate to adopt the on going basis of accounting in preparing these financial statements, having considered a period of at least 12 months from the approval of the financial statements.
2 Analysis of turnover 2024 2023
£ £
Sale of bonds and strucutred notes and interest 5,378,541 19,388,491
By geographical market:
UK 5,378,541 19,388,491
3 Operating profit 2024 2023
£ £
This is stated after charging:
Depreciation of owned fixed assets 7,711 7,711
Auditors' remuneration for audit services 4,200 4,800
4 Staff costs 2024 2023
£ £
Wages and salaries - -
Social security costs 157 59
157 59
Average number of employees during the year Number Number
Administration 2 2
2 2
5 Interest payable 2024 2023
£ £
Bank loans and overdrafts 732,381 336,285
Other loans 23,172 27,241
755,553 363,526
6 Taxation 2024 2023
£ £
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period 89,909 131,418
Adjustments in respect of previous periods - (238,335)
89,909 (106,917)
Deferred tax:
Origination and reversal of timing differences (1,928) 849
Tax on profit/(loss) on ordinary activities 87,981 (106,068)
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2024 2023
£ £
Profit on ordinary activities before tax 351,925 683,963
Standard rate of corporation tax in the UK 25% 19%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax 87,981 129,953
Effects of:
Expenses not deductible for tax purposes 1,928 1,465
Adjustments to tax charge in respect of previous periods - (238,335)
Current tax charge for period 89,909 (106,917)
Factors that may affect future tax charges
7 Tangible fixed assets
Motor Vehicles
At cost
£
Cost or valuation
At 1 April 2023 53,976
At 31 March 2024 53,976
Depreciation
At 1 April 2023 15,422
Charge for the year 7,711
At 31 March 2024 23,133
Carrying amount
At 31 March 2024 30,843
At 31 March 2023 38,554
8 Debtors 2024 2023
£ £
Amounts owed by related parties - 150,000
Corporation tax recoverable 198 241,752
Prepayments and accrued income 112,299 119,926
112,497 511,678
9 Investments held as current assets 2024 2023
£ £
Fair value
Listed investments 18,936,612 16,493,862
Investment in listed equity and fixed income/investment bonds are shown at market value as at the balance sheet date. All the structured products are shown at fair value.
10 Creditors: amounts falling due within one year 2024 2023
£ £
Other loans 15,258,013 12,009,791
Corporation tax 89,909 131,418
Other creditors 2,379,295 2,375,755
Accruals and deferred income 155,810 127,286
17,883,027 14,644,250
Other creditors includes a loan from directors of £1,034,277 (2023: £1,030,737). This loan is non-interest bearing and has no fixed repayment terms.
11 Creditors: amounts falling due after one year 2024 2023
£ £
Other loans 772,400 772,400
Other loans of £772,400 (2023: £772,400) represents a loan from Sakin Holdings Limited, a company incorporated in England. The directors of Sukin Limited are also the directors of Sakin Holdings Limited. Interest is payable at 3.00% per annum and the loan is repayable within 5 years.
12 Loans 2024 2023
£ £
Secured loans within one year or on demand 15,258,013 12,009,791
Secured loans relates to amount borrowed from LGT Bank (Singapore) Ltd and are secured on listed current investments held by the company and by way of a floating charge on the assets of the company. These are short-term loans renewed every week.
13 Deferred taxation 2024 2023
£ £
Accelerated capital allowances 7,711 9,639
2024 2023
£ £
At 1 April 9,639 8,790
(Credited)/charged to the profit and loss account (1,928) 849
At 31 March 7,711 9,639
14 Share capital Nominal 2024 2024 2023
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 1,000 1,000 1,000
15 Profit and loss account 2024 2023
£ £
At 1 April 1,778,779 988,748
Profit for the financial year 263,944 790,031
At 31 March 2,042,723 1,778,779
16 Related party transactions
The loan from Sakin Holdings Limited carries interest at 3.00% per annum. For the year ended 31 March 2024, interest of £23,172 (2023: £27,241) is payable and charged to profit and loss account.
17 Controlling party
Mr F T Suterwalla and Mrs S F Suterwalla are the controlling parties by virtue of their shareholdings.
18 Presentation currency
The financial statements are presented in GBP Sterling but functional currency is US$.
19 Legal form of entity and country of incorporation
Sukin Limited is a private company limited by shares and incorporated in England.
20 Principal place of business
The address of the company's principal place of business and registered office is:
6 Ingleby Drive
Harrow
Middlesex
HA1 3LE
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