Company registration number 02042968 (England and Wales)
CAPITA MORTGAGE ADMINISTRATION LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CAPITA MORTGAGE ADMINISTRATION LIMITED
COMPANY INFORMATION
Directors
A P Brown
T F Vanoverschelde
Capita Corporate Director Limited
(Appointed 9 April 2024)
Secretary
Capita Group Secretary Limited
Company number
02042968
Registered office
65 Gresham Street
London
England
EC2V 7NQ
Banker
Barclays Bank PLC
1 Churchill Place
London
United Kingdom
E14 5HP
CAPITA MORTGAGE ADMINISTRATION LIMITED
CONTENTS
Page
Directors' report
1 - 2
Income statement
3
Balance sheet
4 - 5
Statement of changes in equity
6
Notes to the financial statements
7 - 15
CAPITA MORTGAGE ADMINISTRATION 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.

Principal activities

Capita Mortgage Administration Limited ("the Company") is a wholly owned subsidiary of Capita plc (indirectly held). Capita plc along with all its subsidiaries is hereafter referred to as "the Group". The Company operates within the Experience division of the Group.

 

The principal activity of the Company was that of the provision of third-party mortgage administration and outsourcing services to the client within the regulated financial services sector. This principal activity ceased in November 2020 when the client insourced the activity. The Directors have therefore prepared the financial statements on the basis that the Company is no longer a going concern.

 

As shown in Company's income statement on page 3, revenue has marginally decreased from £8k in 2022 to £7k in 2023. The Company's Operating profit has decreased from £544k in 2022 to £6k in 2023 primarily due to reversal of intercompany provision included in administrative income of 2022.

 

The balance sheet on pages 4 to 5 of the financial statements shows the financial position at the year end. Net assets have increased from £17,645k in 2022 to £17,952k in 2023 due to profit made during the year.

Details of the 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.

Directors

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

A P Brown
T F Vanoverschelde
E G Kelly
(Resigned 31 May 2023)
Capita Corporate Director Limited
(Appointed 9 April 2024)
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).

CAPITA MORTGAGE ADMINISTRATION 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
10 September 2024
CAPITA MORTGAGE ADMINISTRATION LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2023
2022
Notes
£'000
£'000
Revenue
3
7
8
Cost of sales
-
0
(3)
Gross profit
7
5
Administrative (expenses)/ income
(1)
539
Operating profit
4
6
544
Net finance income
6
394
388
Profit before tax
400
932
Income tax charge
5
(93)
(73)
Profit and total comprehensive income for the year
307
859

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

The notes and information on pages 7 to 15 form an integral part of these financial statements.

 

2022 numbers above and in the relevant notes and information of the financial statements are audited.

CAPITA MORTGAGE ADMINISTRATION LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 4 -
2023
2022
Notes
£'000
£'000
Current assets
Trade and other receivables
7
18,179
188
Cash and cash equivalents
8
-
0
25,827
Total assets
18,179
26,015
Current liabilities
Trade and other payables
9
-
0
8,216
Provisions
10
61
81
Income tax payable
166
73
Total liabilities
227
8,370
Net assets
17,952
17,645
CAPITA MORTGAGE ADMINISTRATION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
2023
2022
Notes
£'000
£'000
- 5 -
Capital and reserves
Issued share capital
13
0*
8,101
Share premium
-
0
14,892
Retained earnings/(deficit)
17,952
(5,348)
Total equity
17,952
17,645

The notes and information on pages 7 to 15 form an integral part of these financial statements.

 

2022 numbers above and in the relevant notes and information of the financial statements are audited.

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 of the Companies Act 2006.

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

 

*represents amount less than £1000.

These financial statements were approved by the board of directors and authorised for issue on 10 September 2024 and are signed on its behalf by:
T F Vanoverschelde
Director
Company registration number 02042968 (England and Wales)
CAPITA MORTGAGE ADMINISTRATION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
Share capital
Share premium
Retained earnings
Total equity
£'000
£'000
£'000
£'000
At 1 January 2022
8,101
14,892
(6,207)
16,786
Profit for the year
-
-
859
859
At 31 December 2022
8,101
14,892
(5,348)
17,645
Profit for the year
-
-
307
307
Transactions with owners:
Reduction
(8,101)
(14,892)
22,993
-
0
At 31 December 2023
0*
-
0
17,952
17,952
Share capital

The balance classified as share capital is the nominal proceeds on issue of the Company's equity share capital, comprising 8,101,001 ordinary shares of £1 each.

 

On 25 April 2023, the Company reduced its share capital to one ordinary share of £1 nominal value through the cancellation of 8,101,000 Ordinary shares of £1 each, with a corresponding impact to retained earnings.

 

*represents amount less than £1000.

Share premium

The amount paid to the Company by the shareholders, in cash or other consideration, over and above the nominal value of the shares issued to them.

 

On 25 April 2023, the Company reduced its share premium account to nil, with a corresponding impact to retained earnings.

Retained earnings

Represents accumulated profits of the Company.

The notes and information on pages 7 to 15 form an integral part of these financial statements.

 

2022 numbers above and in the relevant notes and information of the financial statements are audited.

CAPITA MORTGAGE ADMINISTRATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
1
Accounting policies
1.1
Basis of preparation

Capita Mortgage Administration Limited is a private company limited by shares incorporated in England and Wales. The registered office is 65 Gresham Street, London, England, EC2V 7NQ.

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 in November 2020 when the client insourced the activity. 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 statements 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 consider 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 MORTGAGE ADMINISTRATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
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

The Company operates a diverse range of businesses and accordingly applies a variety of methods for revenue recognition, based on the principles set out in IFRS 15.

 

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.

 

Revenue is recognised either when the performance obligation in the contract has been performed (so ‘point-in-time’ recognition) or ‘over-time’ when control of the performance obligation is transferred to the customer.

 

For all contracts, the Company determines if the arrangement with a customer creates enforceable rights and obligations. This assessment results in certain Master Service Agreements ('MSAs') or frameworks not meeting the definition of a contract under IFRS 15 and as such the individual call-off agreements, linked to the MSA, are treated as individual contracts.

 

The Company enters into contracts which contain extension periods, where either the customer or both parties can choose to extend the contract or there is an automatic annual renewal, and/or termination clauses that could impact the actual duration of the contract. Judgement is applied to assess the impact that these clauses have when determining the appropriate contract term. The term of the contract impacts both the period over which revenue from performance obligations may be recognised and the period over which contract fulfilment assets and capitalised costs to obtain a contract are expensed.

 

For contracts with multiple components to be delivered, for example transformation; transitions and the delivery of outsourced services; management applies judgement to consider whether those promised goods and services are:

 

At a contract's inception the total transaction price is estimated, being the amount to which the Company expects to be entitled and has rights to under the contract. This includes an assessment of any variable consideration where the Company’s performance may result in additional revenues based on the achievement of agreed Key Performance Indicators ('KPIs'). Such amounts are only included based on the expected value or the most likely outcome, and only to the extent that it is highly probable that no revenue reversal will occur.

 

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

CAPITA MORTGAGE ADMINISTRATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 9 -
Revenue (continued)

Once the total transaction price is determined, the Company allocates this to the identified performance obligations in proportion to their relative standalone selling prices and recognises revenue when (or while) those performance obligations are satisfied.

 

The Company infrequently sells standard products with observable standalone prices due to the specialised services required by customers, consequently the Company applies judgement to determine an appropriate standalone selling price. More frequently, the Company sells customers bespoke solutions, and in these cases the Company typically uses the expected cost-plus margin or a contractually stated price approach to estimate the standalone selling price of each performance obligation.

 

The Company may offer price step downs during the life of a contract, but with no change to the underlying scope of services to be delivered. In general, any such variable consideration, price step down or discount is included in the total transaction price to be allocated across all performance obligations unless it relates to only one performance obligation in the contract.

 

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 applies the relevant output or input method consistently to similar performance obligations in other contracts.

 

When using the output method, the Company recognises revenue on the basis of direct measurements of the value to the customer of the goods and services transferred to date relative to the remaining goods and services under the contract. Where the output method is used, in particular for long-term service contracts where the series guidance is applied, the Company often uses a method of time elapsed which requires minimal estimation. Certain long-term contracts use output methods based upon estimations of: user numbers; service activity levels; or fees collected.

 

When transfer of control is most closely aligned to the Company's efforts in delivering the service, the input method is used to measure progress, and revenue is recognised in direct proportion to costs incurred. This is a faithful depiction of the transfer of services because costs (or other inputs) most accurately reflect the incremental benefits received by the customer from efforts to date.

 

If performance obligations in a contract do not meet the over-time criteria, the Company recognises revenue at a point-in-time when the service or good is delivered.

 

Transactional (point-in-time) contracts

The Company delivers a range of goods or services that are transactional services for which revenue is recognised at the point-in-time when control of the goods or services has transferred to the customer. This may be at the point of physical delivery of goods or services and acceptance by the customer or when the customer obtains control of an asset or service in a contract with customer-specified acceptance criteria.

 

The nature of contracts or performance obligations within this revenue type includes fees received in relation to delivery of professional services.

 

CAPITA MORTGAGE ADMINISTRATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 10 -
1.5
Financial instruments

Trade and other receivables

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

Trade and other payables

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

 

Cash and cash equivalents

Cash and short-term deposits in the balance sheet comprise cash at bank and in hand and short-term

deposits with original maturities of three months or less that are readily convertible in to known amounts of cash and which are subject to an insignificant risk of change in value.

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
Provisions

Provisions are recognised when the Company has a present legal or constructive obligation arising from past events, it is probable that cash will be paid to settle it, and the amount can be estimated reliably.

 

If the effect of the time value of money is material, provisions are discounted using the yield on government bonds which have a similar timing and currency of cash flows to the provision being discounted. Where required adjustments are made to the yields to reflect the risks specific to the cash flows being discounted. The unwinding of the discount is recognised as a financing cost in the income statement.

 

The value of the provision is determined based on assumptions and estimates in relation to the amount, timing and likelihood of actual cash flows, which are dependent on future events. Where no reliable basis of estimation can be made, no provision is recorded. However, contingent liabilities disclosures are given when there is a greater than remote probability of outflow of economic benefits.

 

On an ongoing basis, management monitor provisions and their accurate estimation when compared to final outcomes.

CAPITA MORTGAGE ADMINISTRATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
1.8
Group accounts

The financial statements present information about the Company as an individual company and not about its Group. The Company has not prepared Group accounts because it is fully exempt from the requirement to do so by section 400 of the Companies Act 2006 since it is a subsidiary company of Capita plc, a company incorporated in England and Wales, and is included in the consolidated financial statements of that company.

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.

3
Revenue

The total revenue of the Company for the year has been derived from its principal activity largely undertaken in the United Kingdom.

4
Operating profit
2023
2022
Operating profit for the year is stated after crediting:
£'000
£'000
Reversal of inter-company provision
-
0
557

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAPITA MORTGAGE ADMINISTRATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
5
Income tax
The major components of income tax charge are:
2023
2022
£'000
£'000
Current tax
UK corporation tax
93
73

The reconciliation between tax charge and the accounting profit multiplied by the UK corporation tax rate for the years ended 31 December 2023 and 2022 is as follows:

2023
2022
£'000
£'000
Profit before taxation
400
932
Expected tax charge based on the weighted average Corporation Tax rate of 23.52% (2022: 19.00%)
94
177
Expenses not deductible for tax purpose
1
1
Gains not taxable
-
(107)
Impact of changes in statutory tax rates
-
0
2
Deferred income tax not recognised
(2)
-
Total adjustments
(1)
(104)
Total tax charge reported in the income statement
93
73

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 Company has gross unrecognised trading losses of £16.2m (2022: £16.2m) in the statutory accounts due to the uncertainty of future use.

6
Net finance income
2023
2022
£'000
£'000
Interest income
Interest income on bank balance
394
388
Total finance income
394
388
CAPITA MORTGAGE ADMINISTRATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
7
Trade and other receivables
Current
2023
2022
£'000
£'000
Trade receivables
3
3
Other receivables
-
0
185
Amounts due from Group companies
18,176
14,483
Less: Impairment allowance
-
0
(14,483)
18,179
188

Amounts due from group companies are repayable on demand.

8
Cash and cash equivalents
2023
2022
£'000
£'000
Cash at bank and in hand
-
0
25,827
-
0
25,827
9
Trade and other payables
Current
2023
2022
£'000
£'000
Amount due to Group companies
-
0
8,215
Other taxes and social security
-
0
1
-
0
8,216
10
Provisions
2023
2022
£'000
£'000
Current
61
81
61
81
CAPITA MORTGAGE ADMINISTRATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Provisions
(Continued)
- 14 -
Claims
£'000
At 1 January 2023
81
Utilised during the year
(20)
At 31 December 2023
61

The above provision relates to stranded costs and towards potential repayment of a grant.

11
Investments
Subsidiaries
£'000
Cost
At 1 January 2023 & 31 December 2023
1,233
Impairment
At 1 January 2023 & 31 December 2023
1,233
Net book value
At 31 December 2023
-
0
At 31 December 2022
-
0
12
List of Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of company
Registered office
Class of
% Held
shares held
Direct
Capita Mortgage Software Solutions Limited
1 More London Place, London, SE1 2AF
Ordinary share
100.00
13
Share capital
2023
2022
2023
2022
Number
Number
£
£
Allotted, called up and fully paid
An ordinary share of £1 each
At 1 January and 31 December
1
8,101,001
1
8,101,001

On 25 April 2023, the Company reduced its share capital to one ordinary share of £1 nominal value through the cancellation of 8,101,000 Ordinary shares of £1 each with a corresponding impact to retained earnings.

14
Employees

 

There were no employees during the year (2022: nil).

CAPITA MORTGAGE ADMINISTRATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
15
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.

16
Controlling party

The Company's immediate parent undertaking is Capita Financial Services Holdings Limited, a company incorporated in England & Wales.

 

The Company's ultimate parent undertaking is Capita plc, a company incorporated in England & Wales. The financial statements of Capita plc are available from the registered office at 65 Gresham Street, London, England, EC2V 7NQ.

 

17
Post balance sheet date events

On 19 April 2024, the Company received dividend in specie amounting to £3,135,396 from Capita Mortgage Software Solutions Limited.

 

There are no other significant events which have occurred after the reporting period.

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