Company registration number 01774735 (England and Wales)
GRIFFITHS & ARMOUR LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
GRIFFITHS & ARMOUR LIMITED
COMPANY INFORMATION
Directors
P Berg
M Donnelly
C J Edwards
C Evans
R M H Griffiths (non-executive)
D J Haram
S J Keenan
C Roberts
(Appointed 1 April 2024)
P M Sapiro
J R M Simcox (non-executive)
K J Swainson
D J Whalley
T M Winstanley
(Appointed 1 December 2022)
J Wolstencroft
(Appointed 1 April 2024)
Secretary
D J Whalley
Company number
01774735
Registered office
12 Princes Parade
Princes Dock
Liverpool
L3 1BG
Auditor
Lonsdale & Marsh
509 - 510 Cotton Exchange
Bixteth Street
Liverpool
L3 9LQ
Business address
12 Princes Parade
Princes Dock
Liverpool
L3 1BG
Bankers
HSBC
60 Queen Victoria Street
London
EC4N 4TR
GRIFFITHS & ARMOUR 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
Notes to the financial statements
9 - 14
GRIFFITHS & ARMOUR LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
- 1 -

The directors present their annual report and financial statements for the period ended 31 March 2024.

Principal activities

The principal activity of the company continued to be that of insurance broker.

 

The company is a partner in "Griffiths & Armour" an insurance broking partnership. It has received a share of the profits of that business and this has been disclosed as its turnover for the period.

Results and dividends

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

Ordinary dividends were paid amounting to £2,800,000. The directors do not recommend payment of a final dividend.

Directors

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

P Berg
M Donnelly
C J Edwards
C Evans
R M H Griffiths (non-executive)
D J Haram
S J Keenan
C Roberts
(Appointed 1 April 2024)
P M Sapiro
J R M Simcox (non-executive)
K J Swainson
D J Whalley
T M Winstanley
(Appointed 1 December 2022)
J Wolstencroft
(Appointed 1 April 2024)
Future developments

The results for the period were considered satisfactory by the directors who expect the financial position to be maintained for the foreseeable future.

Auditor

The auditor, Lonsdale & Marsh, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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 these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

GRIFFITHS & ARMOUR LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
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 period. 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.

Statement of disclosure to auditor

(a) so far as the directors are aware, there is no relevant audit information of which the company's auditor is unaware.

 

(b) they 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.

On behalf of the board
D J Whalley
Director
11 July 2024
GRIFFITHS & ARMOUR LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GRIFFITHS & ARMOUR LIMITED
- 3 -
Opinion

We have audited the financial statements of Griffiths & Armour Limited (the 'company') for the period ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

GRIFFITHS & ARMOUR LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GRIFFITHS & ARMOUR LIMITED (CONTINUED)
- 4 -
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:

 

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 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.

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 and determined that the most significant are those which have a direct impact on the financial statements such as the Companies Act 2006.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, included the following:

 

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including override of controls) and addressed the risk through:

 

GRIFFITHS & ARMOUR LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GRIFFITHS & ARMOUR LIMITED (CONTINUED)
- 5 -

In response to the risk of irregularities and non-compliance with laws and regulations, we designed our audit procedures which included, but were not limited to:

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Elaine Frances McElroy
Senior Statutory Auditor
For and on behalf of Lonsdale & Marsh
11 July 2024
Chartered Accountants
Statutory Auditor
509 - 510 Cotton Exchange
Bixteth Street
Liverpool
L3 9LQ
GRIFFITHS & ARMOUR LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2024
- 6 -
Period
Year
ended
ended
31 March
30 November
2024
2022
Notes
£
£
Turnover
3
4,367,769
3,998,338
Interest payable and similar expenses
7
(3,026)
(403)
Profit before taxation
4,364,743
3,997,935
Tax on profit
8
(1,026,118)
(743,872)
Profit for the financial period
3,338,625
3,254,063
Other comprehensive income
Actuarial gain on defined benefit pension schemes
491,000
4,910,000
Total comprehensive income for the period
3,829,625
8,164,063

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GRIFFITHS & ARMOUR LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 7 -
31 March 2024
30 November 2022
Notes
£
£
£
£
Current assets
Debtors
10
16,263,691
15,471,182
Creditors: amounts falling due within one year
11
(11,117)
(248,233)
Net current assets
16,252,574
15,222,949
Capital and reserves
Called up share capital
12
1,260
1,260
Profit and loss reserves
16,251,314
15,221,689
Total equity
16,252,574
15,222,949
The financial statements were approved by the board of directors and authorised for issue on 11 July 2024 and are signed on its behalf by:
C Evans
D J Whalley
Director
Director
Company registration number 01774735 (England and Wales)
GRIFFITHS & ARMOUR LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
- 8 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 December 2021
1,260
8,157,626
8,158,886
Year ended 30 November 2022:
Profit
-
3,254,063
3,254,063
Other comprehensive income:
Actuarial gains on defined benefit plans
-
4,910,000
4,910,000
Total comprehensive income
-
8,164,063
8,164,063
Dividends
9
-
(1,100,000)
(1,100,000)
Balance at 30 November 2022
1,260
15,221,689
15,222,949
Period ended 31 March 2024:
Profit
-
3,338,625
3,338,625
Other comprehensive income:
Actuarial gains on defined benefit plans
-
491,000
491,000
Total comprehensive income
-
3,829,625
3,829,625
Dividends
9
-
(2,800,000)
(2,800,000)
Balance at 31 March 2024
1,260
16,251,314
16,252,574
GRIFFITHS & ARMOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 9 -
1
Accounting policies
Company information

Griffiths & Armour Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Princes Parade, Princes Dock, Liverpool, L3 1BG.

1.1
Reporting period

These financial statements are for the period ended 31 March 2024. The previous financial statements were for the year ended 30 November 2022. The change was made in order to align the company's accounting reference date with that of its parent company and fellow subsidiary undertakings. As such, the comparative amounts presented in the financial statements (including the related notes) 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.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Griffiths & Armour (Holdings) Limited. These consolidated financial statements are available from Companies House.

1.3
Going concern

Atruet the time of approving the financial statements, 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 defined as the share of profit from the company's equity participation in Griffiths & Armour, an insurance broking partnership.
1.5
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.

GRIFFITHS & ARMOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 10 -
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, 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 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.

GRIFFITHS & ARMOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 11 -
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.

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
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.

1.8
Taxation

The tax expense represents the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the period. 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 periods 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.

1.9
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.

 

If material, the cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

If relevant, 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.

GRIFFITHS & ARMOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 12 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors 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.

3
Turnover
2024
2022
£
£
Turnover analysed by class of business
Share of partnership profit
4,367,769
3,998,338
4
Auditor's remuneration

No auditors remuneration was paid during the period.

5
Employees

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

2024
2022
Number
Number
12
11
6
Directors' remuneration

No remuneration was paid to the directors.

7
Interest payable and similar expenses
2024
2022
£
£
Other interest
3,026
403
8
Taxation
2024
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,026,118
743,872
GRIFFITHS & ARMOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
8
Taxation
(Continued)
- 13 -

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

2024
2022
£
£
Profit before taxation
4,364,743
3,997,935
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
1,091,186
759,608
Effect of change in corporation tax rate
(65,068)
-
0
Group relief
-
0
(15,736)
Taxation charge for the period
1,026,118
743,872
9
Dividends
2024
2022
£
£
Interim paid
2,800,000
1,100,000
10
Debtors
2024
2022
Amounts falling due within one year:
£
£
Amounts owed by undertakings in which the company has a participating interest
16,263,691
15,471,182
11
Creditors: amounts falling due within one year
2024
2022
£
£
Amounts owed to group undertakings
1,834
1,834
Corporation tax
9,283
246,399
11,117
248,233
12
Share capital
2024
2022
2024
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,260
1,260
1,260
1,260
GRIFFITHS & ARMOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 14 -
13
Related party transactions
Transactions with related parties

During the period the company entered into the following transactions with related parties:

The directors of the company, with the exception of R M H Griffiths, D J Darke (resigned 7 April 2022) and J R M Simcox (appointed 7 April 2022) are also partners in Griffiths & Armour. During the period the company received a profit share of £4,367,768 (2022: £3,998,338).

The following amounts were outstanding at the reporting end date:

2024
2022
Amounts due from related parties
£
£
Griffiths & Armour
16,263,691
15,471,182
Other information

In respect of group transactions the company has taken advantage of the exemption available in FRS 102 paragraph 33.1A whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

14
Ultimate controlling party

The parent company preparing consolidated financial statements is Griffiths & Armour (Holdings) Limited, a company incorporated in England and Wales. The registered office is 12 Princes Parade, Princes Dock, Liverpool, L3 1BG.

Griffiths & Armour (Holdings) Limited is also the ultimate controlling party.

The financial statements of Griffiths & Armour Limited are only included in the consolidated financial statements of Griffiths & Armour (Holdings) Limited.

15
Non-audit services provided by auditor

In common with many businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities, to assist with the preparation of the financial statements and to provide tax advice and to represent us, as necessary, at tax tribunals.

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