Company Registration No. 13533930 (England and Wales)
Gravitiq UK Holding Ltd
Annual report and financial statements for the period ended 31 December 2023
Gravitiq UK Holding Ltd
Company information
Directors
Dr A I Gunasekara
Dr S K Srivastava
Secretary
Dr A I Gunasekara
Company number
13533930
Registered office
34 Castle Hill
Maidenhead
Berkshire
United Kingdom
SL6 4JJ
Independent auditor
TC Group
1st Floor
Ocean Village Innovation Centre
Ocean Way
Southampton
Hampshire
United Kingdom
SO14 3JZ
Gravitiq UK Holding Ltd
Contents
Page
Directors' report
1 – 2
Independent auditor's report
3 – 6
Income statement
7
Statement of financial position
8
Notes to the financial statements
9 – 16
Gravitiq UK Holding Ltd
Directors' report
For the period ended 31 December 2023
The directors present their annual report and financial statements for the period ended 31 December 2023.
Principal activities
The principal activity of the company is that of providing head office and associated services to its fellow group.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Dr A I Gunasekara Mr S K Srivastava
Auditor
TC Group have indicated their willingness to continue in office , a resolution proposing that they be re-appointed will be put at a General Meeting.
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 prepared the company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 ‘The financial reporting standard applicable in the UK and Republic of Ireland', 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;
State whether applicable United Kingdom Accounting Standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements;
make judgements and accounting estimates that are reasonable and prudent;
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 safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are also 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.
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
Page 1
Gravitiq UK Holding Ltd
Directors' report (continued)
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.
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
..............................
..............................
Dr A I Gunasekara
Mr S K Srivastava
Director
Director
Date: 23 September 2024
Page 2
Independent auditor's report
To the members of Gravitiq UK Holding Ltd
Opinion
We have audited the financial statements of Gravitiq UK Holding Ltd (the 'company') for the period ended 31 December 2023 which comprise the income statement, the statement of financial position 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 Financial Reporting Standard 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:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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.
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.
Page 3
Gravitiq UK Holding Ltd
Independent auditor's report (continued)
To the members of Gravitiq UK Holding Ltd
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 our audit:
the information given in the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has 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 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.
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.
Page 4
Gravitiq UK Holding Ltd
Independent auditor's report (continued)
To the members of Gravitiq UK Holding Ltd
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:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company in the context of the sector and countries in which it operates and determined that the most significant frameworks which are directly relevant so specific assertions in the financial statements are those that relate to the reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK.
We understood how the company is complying with those frameworks by making enquiries of
management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes, legal correspondence, and discussions with those charged with governance.
We assess the susceptibility of the company financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.
Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulation identified in the paragraphs above.
We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
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.
Page 5
Gravitiq UK Holding Ltd
Independent auditor's report (continued)
To the members of Gravitiq UK Holding Ltd
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.
Richard Gillespie, FCCA Senior Statutory Auditor
For and on behalf of TC Group
Date: 23 September 2024
Chartered Accountants
Statutory Auditors
1st Floor
Ocean Village Innovation Centre Ocean Way
Southampton Hampshire United Kingdom SO14 3JZ
Page 6
Gravitiq UK Holding Ltd
Income statement
For the period ended 31 December 2023
Period
ended
31 December
2023
Period
ended
31 December
2022
£
£
Turnover
1,937,105
3,258,429
Administrative expenses
(1,937,105)
(1,415,483)
Profit before taxation
-
467
Tax on profit
-
-
Profit for the financial period
467
The income statement has been prepared on the basis that all operations are continuing operations.
Page 7
Gravitiq UK Holding Ltd
Statement of financial position
As at 31 December 2023
31 December
2023
31 December
2022
£
£
£
£
Fixed assets
Notes
Intangible assets
3
1,253
1,466
Tangible assets
4
7,788
11,431
9,041
12,897
Current assets
Debtors
5
1,289,420
1,304,070
Cash at bank and in hand
27,436
73,848
1,316,856
1,377,918
Creditors: amounts falling due within one year
6
(1,325,429)
(1,390,347)
Net current (liabilities)/assets
(8,573)
(12,429)
Net assets
468
468
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
467
467
Total equity
468
468
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorized for issue on
23 September 2024
23 September 2024
and are signed on its behalf by:
..............................
..............................
Dr A I Gunasekara
Mr S K Srivastava
Director
Director
Company Registration No. 13533930
Page 8
Gravitiq UK Holding Ltd
Notes to the financial statements
For the period ended 31 December 2023
1
Accounting policies Company information
Gravitiq UK Holding Ltd is a private company limited by shares incorporated in England and Wales. The
registered office is 34 Castle Hill, Maidenhead, Berkshire, United Kingdom, SL6 4JJ.
1.1
Reporting period
The figures presented for the current year are for the year to 31 December 2023. The prior year figures are for the 15 months period from 1 October 2021 to 31 December 2022 so are not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
At the time of approving the financial statements, the company's parent Gravitiq Holdings Inc, has indicated its continued financial support to the company and accordingly the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Page 9
Gravitiq UK Holding Ltd
Notes to the financial statements (continued) For the period ended 31 December 2023
1 Accounting policies (continued)
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Trademark
8 year straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
3 year straight line
Computers
3 year straight line
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.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash- generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Page 10
Gravitiq UK Holding Ltd
Notes to the financial statements (continued) For the period ended 31 December 2023
1 Accounting policies (continued)
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
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 statement of financial position 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, are initially measured at transaction price including transaction costs 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. Such assets are subsequently carried at amortised cost using the effective interest method.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Page 11
Gravitiq UK Holding Ltd
Notes to the financial statements (continued) For the period ended 31 December 2023
1
Accounting policies (continued)
1.11
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
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
19
11
Page 12
Gravitiq UK Holding Ltd
Notes to the financial statements (continued) For the period ended 31 December 2023
3
Intangible fixed assets
Trademark
£
Cost
At 1 January 2023
1,700
Additions
-
At 31 December
1,700
Accumulated amortization and impairment
At 1 January 2023
234
Amortisation charged for the period
213
At 31 December 2023
447
Carrying amount
At 31 December 2023
1,253
At 31 December 2022
1,466
4
Tangible fixed assets
Plant and
Machinery etc
£
Cost
At 1 January 2023
13,669
Additions
2,336
At 31 December
16,005
Accumulated depreciation and impairment
At 1 January 2023
2,238
Depreciation charged in the period
5,979
At 31 December 2023
8,217
Carrying amount
At 31 December 2023
7,788
At 31 December 2022
11,431
Page 13
Gravitiq UK Holding Ltd
Notes to the financial statements (continued) For the period ended 31 December 2023
5
Debtors
2023
2022
Amounts falling due within 1 year:
£
£
Trade debtors
-
2,864
Amounts owed by group undertakings
1,257,718
1,271,304
31,702
29,902
1,289,420
1,304,070
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
717
3,513
Trade creditors
242
1,063
Amounts owed to group undertakings
1,233,414
1,304,867
Other taxation and social security
48,075
43,524
Other creditors
42,981
37,380
1,325,429
1,390,347
7
Share based payment transactions
The Group operates an Enterprise Management Incentive share option plan, which are granted by Gravitiq Holdings Inc, the ultimate parent company registered in the US. The employees are contracted by Gravitiq UK Holdings Ltd, to whom the options have been granted.
During the year a number of Ordinary share options were granted and can be exercised when the exercise conditions are met, which is then the vesting date. The share options are fully exercisable if the employee has been employed 4 years from the date of issue.
The Ordinary shares carry rights to vote, they can be considered for dividends, and have the right to a share in capital on the sale of the business/shares.
Page 14
Gravitiq UK Holding Ltd
Detailed income statement
For the period ended 31 December 2023
7
Share based payment transactions (continued)
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 January 2023 and 31
December 2023
638,555
560,091
0.0001
0.0001
Exercisable at 31 December 2023
-
-
-
-
The weighted average fair value of the share options granted were valued by the directors.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments not later than one year under non-cancellable operating leases, as follows:
2023
2022
£
£
57,002
47,880
9
Financial instruments
The company has the following financial instruments:
Note
2023
2022
Financial assets at fair value through profit or loss
-
-
Financial assets that are debt instruments
measured at amortised cost:
-
2,864
Trade debtors
5
1,257,718
1,271,304
Amounts owed by group undertakings
5
31,702
29,902
Other debtors
5
1,289,420
1,304,070
Page 15
Gravitiq UK Holding Ltd
Detailed income statement
For the period ended 31 December 2023
Financial assets that are equity instruments
measured at cost less impairment
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at amortised cost:
Bank loans and overdrafts
6
717
3,513
Trade creditors
6
242
1,063
Amounts owed to group undertakings
6
1,233,414
1,304,867
Other taxation and social security
6
48,075
43,524
Other creditors
6
42,981
37,380
1,325,429
1,390,347
10
Related party transactions
The company has taken advantage of the exemption available in section 1AC.35 of FRS 102 from the requirement to disclose transactions with group companies on the grounds that the company is a wholly owned subsidiary within the group.
11
Parent company
The Directors regard Gravitiq Holdings Inc a company incorporated in Delaware, United States of America as the Company's ultimate parent undertaking and controlling party. Copies of their financial statements are available from 1209 Orange Street, Wilmington, DE 19801.
Page 16
Gravitiq UK Holding Ltd
Detailed income statement
For the period ended 31 December 2023
Period
Period
ended 31
ended 31
December
December
2023
2022
£
£
£
£
Turnover
Recharges
1,937,105
1,415,480
Other operating income
Sundry income
-
470
Administrative expenses
Wages and salaries
1,168,313
711,551
Social security costs
141,148
89,845
Subcontract labour
412
443
Staff recruitment costs
7,774
18,005
Staff Training costs
898
-
Staff pension costs defined contribution
113,053
61,908
Directors' remuneration
252,500
175,729
Directors' social security costs
32,306
21,585
Directors' pension costs - defined contribution
scheme
20,000
15,208
Rent re operating leases
117,323
105,305
Premises insurance
126
141
Computer running costs
20,176
18,970
Travelling expenses
9,720
7,291
Postage, courier and delivery charges
336
568
Professional subscriptions
143
515
Legal and professional fees
45,016
64,440
Consultancy fees
44,400
60,308
Bank charges
1,349
1,684
Insurances (not premises)
14,840
8,174
Other Employee Benefits
11,497
-
Printing and stationery
5,433
6,045
Advertising
1,935
28,166
Website costs
-
681
Entertaining
5,106
14,883
Sundry expenses
2,543
4,719
Amortisation
213
234
Depreciation
5,979
2,238
Profit or loss on foreign exchange
(85,434)
(3,153)
(1,937,105)
(1,415,483)
Operating profit
-
467
This page does not form part of the financial statements on which the auditors have reported.
Page 17
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