Limited Liability Partnership Registration No. OC383927 (England and Wales)
Triple Point Navigator Partners LLP
Annual report and financial statements
for the year ended 31 March 2024
Triple Point Navigator Partners LLP
Limited liability partnership information
Designated members
Navigator Trading Limited
Triple Point Holdings Limited
LLP registration number
OC383927
Registered office
1 King William Street
London
EC4 7AF
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Triple Point Navigator Partners LLP
Contents
Page
Members' report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Statement of financial position
7
Reconciliation of members' interests
8 - 9
Statement of cash flows
10
Notes to the financial statements
11 - 16
Triple Point Navigator Partners LLP
Members' report
For the year ended 31 March 2024
1

The members present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the limited liability partnership continued to be that of providing finance to SMEs through leasing, secured lending, working capital loans, property finance and receivables finance.

Members' drawings, contributions and repayments

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

 

A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

Designated members

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

Triple Point LLP
(Resigned 1 April 2024)
Navigator Trading Limited
Triple Point Holdings Limited
(Appointed 1 April 2024)
Auditor

The auditor, Saffery LLP, have expressed their willingness to remain in office as auditor.

Statement of members' responsibilities

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

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members 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 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members 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 limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Triple Point Navigator Partners LLP
Members' report (continued)
For the year ended 31 March 2024
2
Statement of disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

 

Approved by the members on 11 November 2024 and signed on behalf by:
11 November 2024
Toby Furnivall
on behalf of Navigator Trading Limited - Designated member of Triple Point Navigator Partners LLP
Triple Point Navigator Partners LLP
Independent auditor's report
To the members of Triple Point Navigator Partners LLP
3
Opinion

We have audited the financial statements of Triple Point Navigator Partners LLP (the 'limited liability partnership') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the statement of financial position, the reconciliation of members' interests, 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 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:

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 limited liability partnership 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 members' 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 limited liability partnership’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 members with respect to going concern are described in the relevant sections of this report.

Other information

The members are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

Triple Point Navigator Partners LLP
Independent auditor's report (continued)
To the members of Triple Point Navigator Partners LLP
4
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion:

 

Responsibilities of members

As explained more fully in the members' responsibilities statement, the members 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 members 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 members are responsible for assessing the limited liability partnership'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 members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the limited liability partnership’s financial statements to material misstatement and how fraud might occur, including through discussions with the members, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the limited liability partnership by discussions with members and by updating our understanding of the sector in which the limited liability partnership operates.

 

Laws and regulations of direct significance in the context of the limited liability partnership include The Companies Act 2006 as applied to limited liability partnerships and UK Tax legislation.

 

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the limited liability partnership's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the limited liability partnership's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

Triple Point Navigator Partners LLP
Independent auditor's report (continued)
To the members of Triple Point Navigator Partners LLP
5

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to limited liability partnerships. Our audit work has been undertaken so that we might state to the limited liability partnership'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 limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Di Leto
Senior Statutory Auditor
For and on behalf of Saffery LLP
15 November 2024
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Triple Point Navigator Partners LLP
Statement of comprehensive income
For the year ended 31 March 2024
6
2024
2023
Notes
£
£
Turnover
3
30,590,998
23,779,317
Administrative expenses
(19,408)
(28,505)
Operating profit
4
30,571,590
23,750,812
Interest receivable and similar income
7
315
294,669
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
30,571,905
24,045,481

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

Triple Point Navigator Partners LLP
Statement of financial position
As at 31 March 2024
7
2024
2023
Notes
£
£
£
£
Fixed assets
Membership interests
8
448,426,111
375,998,497
Current assets
Debtors
9
96
90,000
Cash at bank and in hand
19,697,451
334,808
19,697,547
424,808
Creditors: amounts falling due within one year
10
(38,894)
(15,119)
Net current assets
19,658,653
409,689
Total assets less current liabilities and net assets attributable to members
468,084,764
376,408,186
Represented by:
Members' other interests
Members' capital classified as equity
468,084,764
376,408,186
468,084,764
376,408,186
The financial statements were approved by the members and authorised for issue on 11 November 2024 and are signed on their behalf by:
11 November 2024
Toby Furnivall
on behalf of Navigator Trading Limited - Designated member of Triple Point Navigator Partners LLP
Limited Liability Partnership Registration No. OC383927
Triple Point Navigator Partners LLP
Reconciliation of members' interests
For the year ended 31 March 2024
8
Current financial year
Equity
Total
Members' other interests
Members' interests
Members' capital
Other reserves
Total
2024
£
£
£
Members' interests at 1 April 2023
376,408,186
-
376,408,186
Profit for the financial year available for discretionary division among members
-
30,571,905
30,571,905
Members' interests after profit for the year
376,408,186
30,571,905
406,980,091
Allocation of profit for the financial year
30,571,905
(30,571,905)
-
Introduced by members
77,566,123
-
77,566,123
Repayments of capital
(16,461,450)
-
(16,461,450)
Members' interests at 31 March 2024
468,084,764
-
468,084,764
Triple Point Navigator Partners LLP
Reconciliation of members' interests (continued)
For the year ended 31 March 2024
9
Prior financial year
Equity
Total
Members' other interests
Members' interests
Members' capital
Other reserves
Total
2023
£
£
£
Members' interests at 1 April 2022
271,143,436
-
271,143,436
Profit for the financial year available for discretionary division among members
-
24,045,481
24,045,481
Members' interests after profit for the year
271,143,436
24,045,481
295,188,917
Allocation of profit for the financial year
24,045,481
(24,045,481)
-
Introduced by members
90,807,494
-
90,807,494
Repayments of capital
(9,588,225)
-
(9,588,225)
Members' interests at 31 March 2023
376,408,186
-
376,408,186
Triple Point Navigator Partners LLP
Statement of cash flows
For the year ended 31 March 2024
10
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
13
94,271
(110,434)
Investing activities
Investment in partnership interest
(89,362,492)
(109,667,619)
Repayment of partnership interest
47,525,876
4,569,671
Interest received
315
294,669
Net cash used in investing activities
(41,836,301)
(104,803,279)
Financing activities
Capital introduced by members
77,566,123
90,807,494
Repayment of capital or debt to members
(16,461,450)
(9,588,225)
Net cash generated from financing activities
61,104,673
81,219,269
Net increase/(decrease) in cash and cash equivalents
19,362,643
(23,694,444)
Cash and cash equivalents at beginning of year
334,808
24,029,252
Cash and cash equivalents at end of year
19,697,451
334,808
Triple Point Navigator Partners LLP
Notes to the financial statements
For the year ended 31 March 2024
11
1
Accounting policies
Limited liability partnership information

Triple Point Navigator Partners LLP is a limited liability partnership incorporated in England and Wales. The registered office is 1 King William Street, London, EC4 7AF.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together 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 limited liability partnership. 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.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents a share of profit received from its Partnership interests.

1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

Triple Point Navigator Partners LLP
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
12
1.5
Fixed asset investments

Membership interests are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
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.

1.7
Financial instruments

The limited liability partnership 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 limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 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.

Impairment of financial assets

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

 

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

 

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

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 limited liability partnership 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.

Triple Point Navigator Partners LLP
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
13
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 limited liability partnership 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.

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 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 limited liability partnership’s obligations expire or are discharged or cancelled.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Triple Point Navigator Partners LLP
Notes to the financial statements (continued)
For the year ended 31 March 2024
14
3
Turnover

An analysis of the limited liability partnership's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Profit share
30,590,998
23,779,317
2024
2023
£
£
Turnover analysed by geographical market
UK
30,590,998
23,779,317
2024
2023
£
£
Other significant revenue
Interest income
315
294,669
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the LLP's auditor for the audit of the LLP's financial statements
15,050
14,154
5
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
-
0
-
0
6
Information in relation to members
2024
2023
Number
Number
Average number of members during the year
2
2
2024
2023
£
£
Profit attributable to the member with the highest entitlement
22,076,697
16,416,607
Triple Point Navigator Partners LLP
Notes to the financial statements (continued)
For the year ended 31 March 2024
15
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
315
294,669
8
Fixed Assets
2024
2023
£
£
Membership interests
448,426,111
375,998,497
Movements in Fixed Assets
Membership interests
£
Cost or valuation
At 1 April 2023
375,998,497
Additions
89,362,492
Profit share
30,590,998
Disposals
(47,525,876)
At 31 March 2024
448,426,111
Carrying amount
At 31 March 2024
448,426,111
At 31 March 2023
375,998,497

The membership interests represent interests in EPayments Trading Partners LLP, Lendnet LLP, Lendnet Property LLP and Telecom Capital Trading Partners LLP, all limited liability partnerships registered in England and Wales. The registered office of these partnerships is 1 King William Street, London, EC4N 7AF.

9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
96
90,000
10
Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
38,894
15,119
Triple Point Navigator Partners LLP
Notes to the financial statements (continued)
For the year ended 31 March 2024
16
11
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

12
Ultimate Controlling Party

The members do not consider there to be any one ultimate controlling party.

13
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit for the year
30,571,905
24,045,481
Adjustments for:
Investment income recognised in profit or loss
(315)
(294,669)
Profit share from partnership interest
(30,590,998)
(23,779,317)
Movements in working capital:
Decrease/(increase) in debtors
89,904
(90,000)
Increase in creditors
23,775
8,071
Cash generated from/(absorbed by) operations
94,271
(110,434)
14
Analysis of changes in net funds
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
334,808
19,362,643
19,697,451
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