Albin Investments Limited
Annual Report and Financial Statements
For the year ended 31 December 2023
Company Registration No. 04969555 (England and Wales)
Albin Investments Limited
Company Information
Directors
R Daud
A Almihdar
Company number
04969555
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Auditor
Gilberts Chartered Accountants
Pendragon House
65 London Road
St Albans
Hertfordshire
AL1 1LJ
Albin Investments Limited
Contents
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Statement of cash flows
9
Notes to the financial statements
10 - 17
Albin Investments Limited
Directors' Report
For the year ended 31 December 2023
Page 1

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company throughout the year was the provision of financial and analytical support, and administrative services to the parent company.

Results and dividends

The results for the year are set out on page 6.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

R Daud
A Almihdar
Auditor

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

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards 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:

 

 

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.

Albin Investments Limited
Directors' Report (Continued)
For the year ended 31 December 2023
Page 2
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Strategic report exemption

The directors have taken advantage of the exemption in the preparation of the Strategic report in accordance with the Companies Act 2006 S.414 B, as the company would have been entitled to prepare accounts in accordance with the small companies regime had it not been a member of an ineligible group in the year.

On behalf of the board
R Daud
Director
20 September 2024
Albin Investments Limited
Independent Auditor's Report
To the Members of Albin Investments Limited
Page 3
Opinion

We have audited the financial statements of Albin Investments Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, the Balance Sheet, 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 Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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.

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.

Albin Investments Limited
Independent Auditor's Report (Continued)
To the Members of Albin Investments Limited
Page 4

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

 

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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed in our approach below:

Albin Investments Limited
Independent Auditor's Report (Continued)
To the Members of Albin Investments Limited
Page 5

We did not identify any key audit matters relating to irregularities, including fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Luke Parker ACA
for and on behalf of Gilberts Chartered Accountants (Statutory Auditor)
Pendragon House
65 London Road
St Albans
Hertfordshire
AL1 1LJ
Date: 20 September 2024
Albin Investments Limited
Statement of Comprehensive Income
For the year ended 31 December 2023
Page 6
2023
2022
Notes
£
£
Turnover
3
698,425
664,852
Administrative expenses
(634,932)
(604,439)
Profit before taxation
63,493
60,413
Tax on profit
7
(15,036)
(12,870)
Profit for the financial year
48,457
47,543

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

Albin Investments Limited
Balance Sheet
As at 31 December 2023
Page 7
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
8
-
0
1,194
Current assets
Debtors
9
209,605
105,751
Cash at bank and in hand
4,160
64,553
213,765
170,304
Creditors: amounts falling due within one year
10
(30,167)
(36,357)
Net current assets
183,598
133,947
Net assets
183,598
135,141
Capital and reserves
Called up share capital
12
1,120,000
1,120,000
Profit and loss reserves
(936,402)
(984,859)
Total equity
183,598
135,141
The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
R Daud
Director
Company Registration No. 04969555
Albin Investments Limited
Statement of Changes in Equity
For the year ended 31 December 2023
Page 8
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
1,120,000
(1,032,402)
87,598
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
47,543
47,543
Balance at 31 December 2022
1,120,000
(984,859)
135,141
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
48,457
48,457
Balance at 31 December 2023
1,120,000
(936,402)
183,598
Albin Investments Limited
Statement of Cash Flows
For the year ended 31 December 2023
Page 9
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
16
(36,742)
56,911
Income taxes paid
(23,651)
(8,999)
Net cash (outflow)/inflow from operating activities
(60,393)
47,912
Net (decrease)/increase in cash and cash equivalents
(60,393)
47,912
Cash and cash equivalents at beginning of year
64,553
16,641
Cash and cash equivalents at end of year
4,160
64,553
Albin Investments Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 10
1
Accounting policies
Company information

Albin Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. 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.

1.2
Going concern

The financial statements have been prepared on a going concern basis, which the Directors believe to be appropriate as at the date of approval of the accounts. The Company has an agreement that its parent company (Westferry Investments Limited) will reimburse the Company's expenditure on a cost plus basis and the parent has both the intention and means to continue to honour this agreementtrue.

1.3
Turnover

Turnover represents the value of management services provided, net of VAT. Turnover is earned on a cost-plus basis and is recognised at the point at which the related cost is incurred.

1.4
Tangible fixed assets

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

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

Leasehold improvements
over the term of the lease
Fixtures, fittings & equipment
straight line over 3 years

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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).

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Albin Investments Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 11
1.6
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.

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets 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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Albin Investments Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 12
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

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Taxation

The tax expense represents tax currently payable.

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.

1.8
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 stock or fixed assets.

 

No adjustment is made to recognise the cost of any unused holiday entitlement in the period in which the employee's services are received on the grounds of immateriality.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Albin Investments Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 13
1.9
Retirement benefits

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

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

The directors have not been required to make any significant judgements in the preparation of the financial statements and also do not consider there to be any key sources of estimation uncertainty.

3
Turnover

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Management services
698,425
664,852
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
10,500
9,500
Fees payable to the company's auditor for non-audit services
4,300
3,500
Depreciation of owned tangible fixed assets
1,194
2,494
Operating lease charges
105,853
98,105
5
Employees

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

2023
2022
Number
Number
Total
3
3
Albin Investments Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
5
Employees
(Continued)
Page 14

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
369,807
340,333
Social security costs
43,272
40,706
Pension costs
9,511
8,866
422,590
389,905

All employees are administrative staff.

6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
192,620
176,571
7
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
15,036
12,870

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
63,493
60,413
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
14,921
11,478
Tax effect of expenses that are not deductible in determining taxable profit
317
1,392
Capital allowances
(202)
-
0
Taxation charge for the year
15,036
12,870

The company has unrecognised deferred tax assets amounting to £311,865, arising from tax losses carried forward of £1,247,460. These tax losses are not recognised as deferred tax assets due to the uncertainty of future taxable profits.

Albin Investments Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 15
8
Tangible fixed assets
Leasehold improvements
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
24,523
18,825
43,348
Depreciation and impairment
At 1 January 2023
24,523
17,631
42,154
Depreciation charged in the year
-
0
1,194
1,194
At 31 December 2023
24,523
18,825
43,348
Carrying amount
At 31 December 2023
-
0
-
0
-
0
At 31 December 2022
-
0
1,194
1,194
9
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
145,244
38,569
Other debtors
35,932
40,068
Prepayments and accrued income
28,429
27,114
209,605
105,751
10
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,384
2,518
Corporation tax
11,233
19,848
Accruals and deferred income
15,550
13,991
30,167
36,357
Albin Investments Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 16
11
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
9,511
8,866

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

12
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,120,000
1,120,000
1,120,000
1,120,000

The shares have attached to them full voting, dividend and capital distribution rights (including on winding up), and do not confer any rights of redemption.

13
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Land and Buildings
Land and Buildings
Within one year
65,227
76,800
Between two and five years
-
0
65,227
65,227
142,027
Albin Investments Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 17
14
Related party transactions

The company had related party transactions with its parent, of which it is a wholly owned subsidiary and as such has taken advantage of the exemption permitted under section 33.1 A not to provide disclosures of transactions entered into with other wholly owned members of the group.

 

The directors, whose remuneration is disclosed in note 5, are the only key management personnel of the company.

15
Ultimate controlling party

The immediate parent company is Westferry Investments Limited whose address is Alamander Way, Grand Pavilion, West Bay Road, PO Box 10147, Grand Cayman, Cayman Islands, KY1-1002.

 

The ultimate controlling party is Gargrave Investments Limited, a company registered in the Cayman Islands.

16
Cash (absorbed by)/generated from operations
2023
2022
£
£
Profit for the year after tax
48,457
47,543
Adjustments for:
Taxation charged
15,036
12,870
Depreciation and impairment of tangible fixed assets
1,194
2,494
Movements in working capital:
(Increase)/decrease in debtors
(103,854)
3,700
Increase/(decrease) in creditors
2,425
(9,696)
Cash (absorbed by)/generated from operations
(36,742)
56,911
17
Analysis of changes in net funds
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
64,553
(60,393)
4,160
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