Company registration number 07886341 (England and Wales)
CAPITA CUSTOMER SOLUTIONS (UK) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CAPITA CUSTOMER SOLUTIONS (UK) LIMITED
COMPANY INFORMATION
Directors
T F Vanoverschelde
Capita Corporate Director Limited
Secretary
Capita Group Secretary Limited
Company number
07886341
Registered office
65 Gresham Street
London
England
EC2V 7NQ
Banker
Barclays Bank PLC
1 Churchill Place
London
United Kingdom
E14 5HP
CAPITA CUSTOMER SOLUTIONS (UK) LIMITED
CONTENTS
Page
Directors' report
1 - 2
Income statement
3
Balance sheet
4
Statement of changes in equity
5
Notes to the financial statements
6 - 14
CAPITA CUSTOMER SOLUTIONS (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The Directors present their Directors' report and financial statements for the year ended 31 December 2023.

 

Capita Customer Solutions (UK) Limited (the 'Company') is a wholly owned subsidiary (indirectly held) of Capita plc and operates within the Group's Capita Experience division. Capita plc along with its subsidiaries is hereafter referred to as 'the Group'.

Principal activities

The principal activity of the Company continued to be that of the provision of managed services and business process outsourcing activities. The Company's sole contract with Department for Environment, Food & Rural Affairs ('DEFRA') expired on 31 August 2023. The Company is taking steps to orderly wind down its operations. Based on this, the Director's have concluded that a going concern basis of accounting is not appropriate.

 

As shown in the Company’s income statement on page 3, the Company's revenue has decreased from £737,182 in 2022 to £422,272 in 2023. The Company's operating profit has decreased from £56,369 in 2022 to operating loss of £17,463 in 2023. The decrease in revenue and operating loss during the year are on account of the expiry of the Company's sole contract with 'DEFRA'.

 

The balance sheet on page 4 of the financial statements shows the Company's financial position at the year end. Net assets have increased from £733,410 in 2022 to £747,319 in 2023 on account of profits generated during the year. Details of amounts owed by/to its parent company and fellow subsidiary companies are shown in notes 7 and 9 to the financial statements.

Results and dividends

The results for the year are set out on page 3.

No dividend was proposed or paid during the year (2022: £nil).

Directors

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

T F Vanoverschelde
Capita Corporate Director Limited
Qualifying third party indemnity provisions

The Company has granted indemnity to the Directors of the Company against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. This qualifying third party indemnity provision remains in force as at the date of approving the Directors' report.

Political donations

The Company made no political donations and incurred no political expenditure during the year (2022: £nil).

Post balance sheet date events

There are no significant events occurring after the balance sheet date.

CAPITA CUSTOMER SOLUTIONS (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Statement of Directors' responsibilities

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

Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with United Kingdom ('UK') accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 101 Reduced Disclosure Framework.

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 its profit or loss for that period. In preparing these financial statements, the Directors are required to:

 

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

 

Small companies exemption

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

On behalf of the board
T F Vanoverschelde
Director
4 September 2024
CAPITA CUSTOMER SOLUTIONS (UK) LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2023
2022
Notes
£
£
Revenue
3
422,272
737,182
Cost of sales
(266,248)
(421,674)
Gross profit
156,024
315,508
Administrative expenses
(173,487)
(259,139)
Operating (loss)/profit
4
(17,463)
56,369
Net finance income
5
22,846
9,503
Profit before tax
5,383
65,872
Income tax credit/(charge)
6
8,526
(9,835)
Profit and total comprehensive income for the year
13,909
56,037

The income statement has been prepared on the basis that the Company has ceased all its operations.

The notes and information on pages 6 to 14 form an integral part of these financial statements.

CAPITA CUSTOMER SOLUTIONS (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 4 -
2023
2022
Notes
£
£
Current assets
Trade and other receivables
7
538,905
635,564
Cash and cash equivalents
8
171,977
229,226
Deferred tax assets
-
0
47,978
Income tax receivable
41,975
-
0
Total assets
752,857
912,768
Current liabilities
Trade and other payables
9
5,538
124,740
Income tax payable
-
0
54,618
Total liabilities
5,538
179,358
Net assets
747,319
733,410
Capital and reserves
Issued share capital
10
1
2,150,001
Retained earnings/(deficit)
747,318
(1,416,591)
Total equity
747,319
733,410

The notes and information on pages 6 to 14 form an integral part of these financial statements.

For the financial year ended 31 December 2023, the Company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the Company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

These financial statements were approved by the board of directors and authorised for issue on
4 September 2024
04 September 2024
and are signed on its behalf by:
T F Vanoverschelde
Director
Company registration number 07886341 (England and Wales)
CAPITA CUSTOMER SOLUTIONS (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Share capital
Retained earnings
Total equity
£
£
£
At 1 January 2022
2,150,001
(1,472,628)
677,373
Profit for the year
-
56,037
56,037
At 31 December 2022
2,150,001
(1,416,591)
733,410
Profit for the year
-
13,909
13,909
Transactions with owners:
Reduction in shares
(2,150,000)
2,150,000
-
0
At 31 December 2023
1
747,318
747,319
Share capital

The balance classified as share capital is the nominal proceeds on issue of the Company's equity share capital, comprising one ordinary share of £1.

 

On 17 February 2023, the Company reduced its ordinary share capital to one ordinary share of £1 nominal value through the cancellation of 2,150,000 ordinary shares of £1 each with a corresponding impact to retained earnings.

Retained earnings

Net profits accumulated in the Company after dividends are paid.

The notes and information on pages 6 to 14 form an integral part of these financial statements.

CAPITA CUSTOMER SOLUTIONS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
1
Accounting policies
1.1
Basis of preparation

Capita Customer Solutions (UK) Limited is a private company limited by shares incorporated in England and Wales.

 

The financial statements have been prepared under the historical cost basis except where stated otherwise and in accordance with applicable accounting standards.

 

In determining the appropriate basis of preparation for the annual report and financial statements for the year ended 31 December 2023, the Company’s Directors (‘the Directors’) are required to consider whether the Company can continue in operational existence for the foreseeable future, being a period of at least twelve months following the approval of these accounts.

The principal activity of the Company ceased on 31 August 2023 when the Company’s sole contract with Department for Environment, Food & Rural Affairs expired. The Directors have therefore prepared the financial statements on the basis that the Company is no longer a going concern.

The financial statements have been prepared on a breakup basis as at 31 December 2023. As a consequence, the Directors have considered the adjustments required to prepare the financial statement on a breakup basis. The expected realisable and settlement values for current assets and liabilities are not considered to be materially different from their carrying value at the balance sheet date. Therefore, the Directors have considered that no further adjustments are required as a result of preparing the financial statements on a breakup basis.

1.2
Compliance with accounting standards

The Company has applied FRS101 – Reduced Disclosure Framework in the preparation of its financial statements.

 

The Company has prepared and presented these financial statements by applying the recognition, measurement and disclosure requirements of international accounting standards in conformity with the requirements of the Companies Act 2006.

 

The Company's ultimate parent company, Capita plc, includes the Company in its consolidated statements. The consolidated financial statements are prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and with UK-adopted International Financial Reporting Standards ('IFRSs') and the Disclosure and the Transparency Rules of the UK's Financial Conduct Authority. They are available to the public and may be obtained from Capita plc’s website on https://www.capita.com/investors.

 

In these financial statements, the Company has applied the disclosure exemptions available under FRS 101 in respect of the following disclosures:

 

Since the consolidated financial statements of Capita plc include equivalent disclosures, the Company has also taken the disclosure exemptions under FRS 101 available in respect of the following disclosure:

CAPITA CUSTOMER SOLUTIONS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.3
Change in accounting policies

The Company has adopted the new amendments to standards detailed below but they do not have a material effect on the Company's financial statements.

New amendments or interpretations

Effective date

IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts

1 January 2023

Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)    

1 January 2023

Definition of Accounting Estimates (Amendments to IAS 8)

1 January 2023

Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)

1 January 2023

International Tax Reform - Pillar Two Model Rules (Amendments to IAS 12)

1 January 2023

1.4
Revenue

Revenue is earned within the United Kingdom.

 

The Company derives its revenue from one contract Department for Environment, Food & Rural Affairs ('DEFRA') in the UK which is for the provision and maintenance of Sheep, Goats and Deer movement database. The revenue is derived from two distinct revenue streams, transition revenues for the configuration and sale of an electronic database and ongoing service revenue for the provision of reports, helpline and the recording of animal movements. Under IFRS 15 it has been determined that only one performance obligation exists and contract revenue is recognised on this basis. The Company has adopted the use of the practical expedient for the recognition of ongoing service revenue. It has the right to invoice DEFRA the amount corresponding directly with the performance to date and therefore can recognise revenue of that amount. To date the Company has not incurred service credits.

 

The revenue and profits recognised in any period are based on the delivery of performance obligations and an assessment of when control is transferred to the customer.

 

In determining the amount of revenue and profits to record, and related balance sheet items (such as contract fulfilment assets, capitalisation of costs to obtain a contract, trade receivables, accrued income and deferred income) to recognise in the period, management is required to form a number of key judgements and assumptions. This includes an assessment of the costs the Company incurs to deliver the contractual commitments and whether such costs should be expensed as incurred or capitalised. These judgements are inherently subjective and may cover future events such as the achievement of contractual milestones, performance KPIs and planned cost savings. In addition, key assumptions are made concerning contract extensions and amendments, as well as opportunities to use the systems and technologies developed for the contract in other similar projects.

 

Revenue is recognised 'over time' as control of the performance obligation is transferred to the customer.

At contract inception the total transaction price is estimated, being the amount to which the Company expects to be entitled and has rights to under the present contract.

 

The transaction price does not include estimates of consideration resulting from change orders for additional goods and services unless these are agreed.

 

Where the Company recognises revenue over time for long term contracts, this is in general due to the Company performing and the customer simultaneously receiving and consuming the benefits provided over the life of the contract.

CAPITA CUSTOMER SOLUTIONS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
Revenue (continued)

For each performance obligation to be recognised over time, the Company applies a revenue recognition method that faithfully depicts the Company’s performance in transferring control of the goods or services to the customer. This decision requires assessment of the real nature of the goods or services that the Company has promised to transfer to the customer.

 

The Company disaggregates revenue from contracts with customers by contract type, because management believe this best depicts how the nature, amount, timing and uncertainty of the Company’s revenue and cash flows are affected by economic factors.

 

As noted above, the Company derives its revenue from only one contract DEFRA, which has one performance obligation with two distinct services (i) the provision of an electronic database and (ii) the ongoing maintenance of this database recording animal movements for Sheep, Goats and Deer. These services are highly interrelated. The performance obligation is delivered on a monthly basis and the client is billed based on volumes. The payment terms are 30 days in arrears and to date the Company has not incurred service credits.

 

The Company recognises revenue using the output method because it best reflects the nature in which the Company is transferring control of the goods or services to the customer.

 

Accrued income

 

The payment terms for DEFRA are 30 days in arrears. Where payments made are less than the revenue recognised at the period end date, the Company recognises an accrued income contract asset for this difference.

 

At each reporting date, the Company assesses whether there is any indication that accrued income assets may be impaired by considering whether the revenue remains highly probable that no revenue reversal will occur. Where an indicator of impairment exists, The Company makes a formal estimate of the asset’s recoverable amount. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

1.5
Financial instruments

Trade and other receivables

The trade and other receivables have been measured and presented at their expected realisable values.

 

Cash and cash equivalent

Cash and short-term deposits in the balance sheet comprise cash at bank and in hand and short-term deposits with an original maturity of 3 months or less.

 

Trade and other payables

The trade and other payables have been measured and presented at their expected settlement values.

 

 

 

 

 

 

 

 

 

CAPITA CUSTOMER SOLUTIONS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 9 -
1.6
Taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

 

Deferred tax is provided, using the liability method, on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

 

Deferred tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry-forward of unused tax assets and unused tax losses can be utilised, except where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.

1.7
Pensions

Defined contributions plans

 

The Company participates in defined contribution schemes and contributions are charged to the income statement in the year in which they are due. These schemes are funded and the payment of contributions is made to separately administered trust funds. The assets of these schemes are held separately from the Company. The Company remits monthly pension contributions to Capita Business Services Ltd, a fellow subsidiary company, which pays the Group liability centrally. Any unpaid contributions at the year-end are accrued in the accounts of that company.

1.8
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into British pounds sterling at the rates of exchange ruling at the balance sheet date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction. All foreign exchanges gains/losses are recognised in the income statement.

2
Significant accounting judgements, estimates and assumptions

The preparation of financial statements in accordance with generally accepted accounting principles requires the Directors to make judgements and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements and the reported income and expense during the presented periods. Although these judgements and assumptions are based on the Directors’ best knowledge of the amount, events or actions, actual results may differ.

 

No significant judgements, estimates and assumptions have been used in the preparation of these financial statements.

3
Revenue

The total revenue amounted to £422,272 for the year ended 2023 (2022: £737,182). The total revenue of the Company for the year has been derived from its principal activity largely undertaken in the United Kingdom.

CAPITA CUSTOMER SOLUTIONS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
4
Operating (loss)/profit
2023
2022
Operating (loss)/profit for the year is stated after (crediting)/charging:
£
£
Income from foreign exchange differences
(474)
-
0
Depreciation of property, plant and equipment
-
10,460
5
Net finance income
2023
2022
£
£
Interest income
Interest income on bank balance
7,095
2,812
Interest receivable from Group companies
15,751
6,691
Total finance income
22,846
9,503
6
Income tax
The major components of income tax (credit)/charge are:
2023
2022
£
£
Current tax
UK corporation tax
(43,779)
14,531
Adjustments in respect of prior periods
(12,725)
6,584
(56,504)
21,115
Deferred tax
Origination and reversal of temporary differences
47,883
(2,616)
Adjustment in respect of prior periods
95
(8,664)
47,978
(11,280)
Total tax (credit)/charge
(8,526)
9,835
CAPITA CUSTOMER SOLUTIONS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Income tax
(Continued)
- 11 -

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

2023
2022
£
£
Profit before taxation
5,383
65,872
Expected tax charge based on the weighted average Corporation Tax rate of 23.52% (2022: 19.00%)
1,266
12,516
Expenses not deductible for tax purpose
3
28
Change in unrecognised deferred tax assets
-
0
(1)
Adjustment in respect of current income tax of prior periods
(12,725)
6,584
Impact of changes in statutory tax rates
2,835
(628)
Adjustment in respect of deferred tax of prior periods
95
(8,664)
Total adjustments
(9,792)
(2,681)
Total tax (credit)/charge reported in the income statement
(8,526)
9,835
Balance sheet
Income statement
2023
2022
2023
2022
£
£
£
£
Deferred tax assets
Decelerated capital allowances
-
0
47,883
47,883
(11,248)
Other short term timing differences
-
0
95
95
(33)
Deferred tax assets
-
0
47,978
Deferred tax charge/(credit) to income statement
47,978
(11,281)

A change to the main UK corporation tax rate was substantively enacted on 24 May 2021. The rate applicable from 1 April 2023 increases from 19% to 25%. The deferred tax asset at 31 December 2023 has been calculated based on this rate.

The Company has unrecognised trading losses of £1,073,738 (2022: £1,073,738) in the statutory accounts due to the uncertainty of future use.

 

 

CAPITA CUSTOMER SOLUTIONS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
7
Trade and other receivables
Current
2023
2022
£
£
Trade receivables
31,554
41,345
Amounts due from Group companies
507,351
510,158
Accrued income
-
0
67,000
Prepayments
-
0
17,061
538,905
635,564

Amounts due from Group companies are repayable on demand. These are not chargeable to interest except for the amounts due from Capita plc, on which interest is charged as per the prevailing Bank of England rates.

8
Cash and cash equivalents
2023
2022
£
£
Cash at bank and in hand
171,977
229,226
171,977
229,226
9
Trade and other payables
Current
2023
2022
£
£
Trade payables
2,552
25,413
Amount due to Group companies
2,986
6,789
Accruals
-
0
64,766
Other taxes and social security
-
0
27,653
Other payables
-
0
119
5,538
124,740

Amounts due to Group companies are repayable on demand.

CAPITA CUSTOMER SOLUTIONS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
10
Share capital
2023
2022
2023
2022
Number
Number
£
£
Allotted, called up and fully paid
Ordinary shares of £1 each
At 1 January and 31 December
1
2,150,001
1
2,150,001

On 17 February 2023, the Company reduced its ordinary share capital to one ordinary share of £1 nominal value through the cancellation of 2,150,000 ordinary shares of £1 each with a corresponding impact to retained earnings.

11
Employee benefits

The total costs charged to income in respect of defined contribution plans is £619 (2022: £1,438). The pension charge excludes pension contributions paid by the Company on behalf of employees via a salary sacrifice arrangement.

12
Employees

The average monthly number of employees (including directors) year were:

2023
2022
Number
Number
Operations
-
0
6
Administration
3
-
0
Total
3
6

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
66,436
138,731
Social security costs
7,829
12,352
Pension costs
619
1,438
74,884
152,521

The above includes payroll costs for temporary staff as well as recharges from other Group entities in respect of various services received by the Company throughout the year.

13
Directors' remuneration

All directors are paid by other companies within the Capita Group. The Company has not paid any fees or other remuneration to the Group based Directors related to the directorship role they provided to the Company as a part of their Group-wide executive management role. The Company has estimated that allocation of the qualifying services that these Group based Directors provided to the Company is inconsequential.

CAPITA CUSTOMER SOLUTIONS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
14
Controlling party

The Company's immediate parent company is, Capita Customer Solutions Limited, a company incorporated in Ireland.

 

The Company's ultimate parent company is Capita plc, a company incorporated in England and Wales. The annual report and consolidated financial statements of Capita plc are available from its registered office at 65 Gresham Street, London, EC2V 7NQ, and on its website www.capita.com/investors.

15
Post balance sheet date events

There are no significant events occurring after the balance sheet date.

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