Company registration number 03974779 (England and Wales)
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
COMPANY INFORMATION
Directors
Mr B T Gilligan
(Appointed 22 May 2024)
Mr M R Dean
(Appointed 22 May 2024)
Secretary
Ms C Ferguson
Company number
03974779
Registered office
3rd Floor
41-51 Grey Street
Newcastle Upon Tyne
United Kingdom
NE1 6EE
Auditor
BK Plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 28
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the period ended 31 December 2023.
Review of the business
The company’s turnover for the 9 month period is higher than the previous 12 month period of £10.5m compared to £10m, whilst the gross profit remained consistent and grew by £187k to £2.7m. This was due to a stronger increase in the vehicle sales which was offset by a smaller decline in the vehicle hire. This has also been supplemented by the general uplift in rates for coach hire that is being experienced across the industry.
The company's net assets have increased to £8.1m from £7.4m at 31st December 2023 due to significant reinvestment of the post-tax profits generated during the financial year.
The post Covid period has been challenging due to industry wide driver shortages however there has been a general reduction in market capacity that has resulted in higher rates for commercial and contracted work.
Our primary target market consists of a variety of clients with the main groups being schools and the military.
It is expected that demand will remain strong due to tight capacity and a limited pool of skilled drivers which restricts availability for customers. This may be offset by budget restrictions within the education market which could result in demand softening in the future.
Principal risks and uncertainties
The group is principally exposed to credit, liquidity and cash flow. Policies to actively manage these risks are established by the Directors and are reviewed regularly. These policies are summarised as follows:
Regulatory action – the industry is governed by the Traffic Commissioner’s Statutory Directions and any failure to meet these high standards could result in the Operator’s Licence being curtailed which will restrict the ability to grow the business.
Credit risk – customers are credit checked before any credit account is considered. Their ability to pay and the potential for growth with the group is reviewed initially and then regularly after opening an account by means of regular credit updates from external agencies and active review by the accounts team and Directors. The group regularly reviews the debtor ledger and accounts for potential bad debts as circumstances arise.
Liquidity and cash flow - regularly review actual results, budgets and forecasts in order to minimise exposure to cash flow problems.
Insufficient resources as a result of shortages of drivers, available vehicles or parts. These are mitigated through comprehensive service planning and allocation of resources to ensure customer commitments can be met.
Development and performance
The recent inflationary pressures have impacted the business with pressure on wages, fuel and parts costs which are the largest elements of the cost basis of the business. Whilst there is some scope to pass these onto customers, this has to be managed carefully to ensure that the revenue remains sustainable.
Following the acquisition by The Go-Ahead Group Limited after the reporting period, the company’s financial position is likely to strengthen. The integration into a larger and more diversified group with increased access to resources, a broader revenue base, and greater operational efficiencies will have a positive impact on the key financial metrics.
Whilst the business environment remains extremely challenging, the director considers the company is in a healthy position and is confident in its continued success. We continue to invest in the business to ensure that the fleet is suitable for the client base as well as compliant with forthcoming regulatory requirements.
Conclusion
In conclusion, the directors believe the company is well-positioned for future growth, with a clear strategic direction focused on customer satisfaction, operational efficiency, and sustainability. We remain committed to delivering exceptional service and look forward to exciting opportunities ahead.
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
Mr B T Gilligan
Director
25 November 2024
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
The directors present their annual report and financial statements for the period ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of coach operators.
Results and dividends
The results for the period are set out on page 9.
No ordinary dividends were paid. 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:
Mr K J Procter
(Resigned 22 May 2024)
Mr B T Gilligan
(Appointed 22 May 2024)
Mr M R Dean
(Appointed 22 May 2024)
Financial instruments
The company expects to meet its financial obligations through operating cash flows. The company continuously monitors forecast and actual cash flows and maintains adequate reserves to ensure financial obligations are met as they fall due.
The company may offer credit terms to its customers which allow payment of the trade receivable after delivery of the goods/services. The company is at risk to the extent that a customer may be unable to pay the receivable on the specified due date. To minimise this risk the company has a policy of only dealing with creditors who have demonstrated creditworthiness. To determine creditworthiness the company makes use of independent rating agencies, other publicity available information and its own trading records.
The company may offer credit terms to its customers which allow payment of the trade receivable after delivery of the goods. The company is at risk to the extent that a customer may be unable to pay the receivable on the specified due date. To minimise this risk the company has a policy of only dealing with creditors who have demonstrated creditworthiness. To determine creditworthiness the company makes use of independent rating agencies, other publicly available information and its own trading records.
Auditor
BK Plus Audit Limited 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.
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.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
On behalf of the board
Mr B T Gilligan
Director
25 November 2024
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -
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:
select suitable accounting policies and then apply them consistently;
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 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.
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
- 6 -
Opinion
We have audited the financial statements of Procters Coaches (North Yorkshire) Limited (the 'company') for the period ended 31 December 2023 which comprise the profit and loss account, 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 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.
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.
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 strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PROCTERS COACHES (NORTH YORKSHIRE) LIMITED (CONTINUED)
- 7 -
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 strategic report or 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 remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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.
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.
From the preliminary of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.
In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:
Enquiry of management and those charged with governance around actual and potential litigation and claims;
Reviewing minutes of meetings of those charged with governance, if available;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business.
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.
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PROCTERS COACHES (NORTH YORKSHIRE) LIMITED (CONTINUED)
- 8 -
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.
Christopher Hession C.A.
Senior Statutory Auditor
For and on behalf of BK Plus Audit Limited
25 November 2024
Chartered Certified Accountants
Statutory Auditor
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 9 -
Period
Year
ended
ended
31 Dec 2023
30 Apr 2023
Notes
£
£
Turnover
3
10,528,274
9,983,285
Cost of sales
(7,831,355)
(7,473,023)
Gross profit
2,696,919
2,510,262
Administrative expenses
(906,479)
(1,350,869)
Other operating income
8,999
38,531
Operating profit
4
1,799,439
1,197,924
Interest receivable and similar income
8
13,974
2,711
Interest payable and similar expenses
9
(10,616)
(10,648)
Amounts written off investments
10
(901,410)
-
Profit before taxation
901,387
1,189,987
Tax on profit
11
(174,245)
(228,094)
Profit for the financial period
727,142
961,893
The profit and loss account has been prepared on the basis that all operations are continuing operations.
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 10 -
Period
Year
ended
ended
31 Dec 2023
30 Apr 2023
£
£
Profit for the period
727,142
961,893
Other comprehensive income
-
-
Total comprehensive income for the period
727,142
961,893
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
31 Dec 2023
30 Apr 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
5,124,131
4,311,556
Investments
14
200,000
200,000
5,324,131
4,511,556
Current assets
Stocks
16
323,941
181,894
Debtors
17
3,154,755
4,113,935
Cash at bank and in hand
1,703,882
427,287
5,182,578
4,723,116
Creditors: amounts falling due within one year
18
(1,660,220)
(1,143,754)
Net current assets
3,522,358
3,579,362
Total assets less current liabilities
8,846,489
8,090,918
Creditors: amounts falling due after more than one year
19
(138,889)
Provisions for liabilities
Deferred tax liability
21
(676,345)
(786,805)
(676,345)
(786,805)
Net assets
8,031,255
7,304,113
Capital and reserves
Called up share capital
23
1
1
Profit and loss reserves
8,031,254
7,304,112
Total equity
8,031,255
7,304,113
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 25 November 2024 and are signed on its behalf by:
Mr B T Gilligan
Director
Company registration number 03974779 (England and Wales)
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
1
6,500,219
6,500,220
Year ended 30 April 2023:
Profit and total comprehensive income
-
961,893
961,893
Dividends
12
-
(158,000)
(158,000)
Balance at 30 April 2023
1
7,304,112
7,304,113
Period ended 31 December 2023:
Profit and total comprehensive income
-
727,142
727,142
Balance at 31 December 2023
1
8,031,254
8,031,255
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 13 -
31 Dec 2023
30 Apr 2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
2,402,267
533,044
Interest paid
(10,616)
(10,648)
Income taxes paid
(101,809)
(346,494)
Net cash inflow from operating activities
2,289,842
175,902
Investing activities
Purchase of tangible fixed assets
(1,418,943)
(1,592,877)
Proceeds from disposal of tangible fixed assets
419,500
1,029,365
Interest received
13,974
2,711
Net cash used in investing activities
(985,469)
(560,801)
Financing activities
Payment of finance leases obligations
(27,778)
(159,224)
Dividends paid
(158,000)
Net cash used in financing activities
(27,778)
(317,224)
Net increase/(decrease) in cash and cash equivalents
1,276,595
(702,123)
Cash and cash equivalents at beginning of period
427,287
1,129,410
Cash and cash equivalents at end of period
1,703,882
427,287
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information
Procters Coaches (North Yorkshire) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 41-51 Grey Street, Newcastle Upon Tyne, United Kingdom, NE1 6EE.
1.1
Reporting period
The financial year has been shortened by 4 months to 31st December 2023 from 30th April 2024 in order to align with the related companies in the group in which it has been acquired into, and therefore the comparative figures 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.
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 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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on delivery of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
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:
Leasehold land and buildings
4% straight line
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
15% reducing balance
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
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.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
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). 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.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.
1.10
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.
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
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 and loans from fellow group companies, 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
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.
1.11
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.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
1.16
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 19 -
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 and other revenue
31 Dec 2023
30 Apr 2023
£
£
Turnover analysed by class of business
Coach and minibus hire and other services
5,024,274
5,794,575
Vehicle sales
5,504,000
4,188,710
10,528,274
9,983,285
31 Dec 2023
30 Apr 2023
£
£
Turnover analysed by geographical market
United Kingdom
9,716,774
9,712,796
Europe
811,500
270,489
10,528,274
9,983,285
31 Dec 2023
30 Apr 2023
£
£
Other revenue
Interest income
13,974
2,711
Grants received
8,844
22,508
Sundry income
155
16,023
4
Operating profit
31 Dec 2023
30 Apr 2023
Operating profit for the period is stated after charging/(crediting):
£
£
Government grants
(8,844)
(22,508)
Depreciation of owned tangible fixed assets
468,989
499,597
Profit on disposal of tangible fixed assets
(32,121)
(200,730)
Operating lease charges
82,166
105,500
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 20 -
5
Auditor's remuneration
31 Dec 2023
30 Apr 2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
22,500
10,000
6
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
31 Dec 2023
30 Apr 2023
Number
Number
Administration
7
5
Drivers/Mechanics
53
88
Total
60
93
Their aggregate remuneration comprised:
31 Dec 2023
30 Apr 2023
£
£
Wages and salaries
1,208,614
1,496,214
Social security costs
108,295
152,583
Pension costs
26,229
419,353
1,343,138
2,068,150
7
Directors' remuneration
31 Dec 2023
30 Apr 2023
£
£
Company pension contributions to defined contribution schemes
-
394,500
8
Interest receivable and similar income
31 Dec 2023
30 Apr 2023
£
£
Interest income
Interest on bank deposits
13,974
2,711
31 Dec 2023
30 Apr 2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
13,974
2,711
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 21 -
9
Interest payable and similar expenses
31 Dec 2023
30 Apr 2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
10,272
7,259
Other interest
344
3,389
10,616
10,648
10
Amounts written off loans
31 Dec 2023
30 Apr 2023
£
£
Amounts written off current loans
(901,410)
-
As part of the acquisition of the company, amounts owed to the company were reviewed and deemed irrecoverable by the acquiring party. As these conditions existed at the year end, the balances have subsequently been cleared as at 31st December 2023.
11
Taxation
31 Dec 2023
30 Apr 2023
£
£
Current tax
UK corporation tax on profits for the current period
318,433
211,059
Adjustments in respect of prior periods
(33,728)
Total current tax
284,705
211,059
Deferred tax
Origination and reversal of timing differences
(110,460)
17,035
Total tax charge
174,245
228,094
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
11
Taxation
(Continued)
- 22 -
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:
31 Dec 2023
30 Apr 2023
£
£
Profit before taxation
901,387
1,189,987
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (30 Apr 2023: 25.00%)
225,347
297,497
Tax effect of expenses that are not deductible in determining taxable profit
225,374
66
Gains not taxable
(8,030)
(50,183)
Adjustments in respect of prior years
(33,728)
Effect of change in corporation tax rate
(59,625)
Permanent capital allowances in excess of depreciation
(241,505)
(101,595)
Depreciation on assets not qualifying for tax allowances
117,247
124,899
Deferred tax movement
(110,460)
17,035
Taxation charge for the period
174,245
228,094
12
Dividends
31 Dec 2023
30 Apr 2023
£
£
Interim paid
158,000
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 23 -
13
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
1,132,295
592,779
52,123
6,139,648
7,916,845
Additions
280,541
34,167
7,687
1,346,548
1,668,943
Disposals
(1,433,235)
(1,433,235)
At 31 December 2023
1,412,836
626,946
59,810
6,052,961
8,152,553
Depreciation and impairment
At 1 May 2023
117,054
431,682
48,195
3,008,358
3,605,289
Depreciation charged in the period
37,675
32,550
1,935
396,829
468,989
Eliminated in respect of disposals
(1,045,856)
(1,045,856)
At 31 December 2023
154,729
464,232
50,130
2,359,331
3,028,422
Carrying amount
At 31 December 2023
1,258,107
162,714
9,680
3,693,630
5,124,131
At 30 April 2023
1,015,241
161,097
3,928
3,131,290
4,311,556
14
Fixed asset investments
31 Dec 2023
30 Apr 2023
Notes
£
£
Investments in associates
15
200,000
200,000
15
Associates
Details of the company's associates at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Compass Royston Travel Limited
United Kingdom
Ordinary
25.00
16
Stocks
31 Dec 2023
30 Apr 2023
£
£
Raw materials and consumables
44,813
49,548
Finished goods and goods for resale
279,128
132,346
323,941
181,894
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 24 -
17
Debtors
31 Dec 2023
30 Apr 2023
Amounts falling due within one year:
£
£
Trade debtors
856,709
657,617
Amounts owed by group undertakings
2,434
2,434
Other debtors
2,164,759
3,304,685
Prepayments and accrued income
130,853
149,199
3,154,755
4,113,935
18
Creditors: amounts falling due within one year
31 Dec 2023
30 Apr 2023
Notes
£
£
Obligations under finance leases
20
83,333
Trade creditors
182,280
627,091
Amounts owed to undertakings in which the company has a participating interest
121,076
17,997
Corporation tax
495,764
312,868
Other taxation and social security
45,419
32,990
Other creditors
164,542
10,418
Accruals and deferred income
567,806
142,390
1,660,220
1,143,754
19
Creditors: amounts falling due after more than one year
31 Dec 2023
30 Apr 2023
Notes
£
£
Obligations under finance leases
20
138,889
20
Finance lease obligations
31 Dec 2023
30 Apr 2023
Future minimum lease payments due under finance leases:
£
£
Within one year
83,333
In two to five years
138,889
222,222
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 25 -
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
31 Dec 2023
30 Apr 2023
Balances:
£
£
Accelerated capital allowances
676,345
786,805
31 Dec 2023
Movements in the period:
£
Liability at 1 May 2023
786,805
Credit to profit or loss
(110,460)
Liability at 31 December 2023
676,345
22
Retirement benefit schemes
31 Dec 2023
30 Apr 2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
26,229
419,353
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.
23
Share capital
31 Dec 2023
30 Apr 2023
31 Dec 2023
30 Apr 2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
1
1
1
1
24
Financial commitments, guarantees and contingent liabilities
The company's bankers have a charge on the assets of the company via a composite company multilateral guarantee to secure the borrowings of Procters Coaches (North Yorkshire) No.3 Limited (The parent company).
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 26 -
25
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:
31 Dec 2023
30 Apr 2023
£
£
Within one year
36,000
54,000
Between two and five years
36,000
52,900
72,000
106,900
26
Events after the reporting date
In the opinion of the directors, Procters Coaches (North Yorkshire No3) Limited was the ultimate parent company and controlling party until 22nd May 2024 when the company’s full share capital was acquired by EYMS Minerals Limited who in turn are owned by The Go-Ahead Group Limited. The Go-Ahead Group Limited is a company incorporated in England and Wales whose registered office is 3rd Floor, 41-51 Grey Street, Newcastle upon Tyne, NE1 6EE. Go-Ahead Investment Bidco Limited is the immediate parent company of The Go-Ahead Group Limited and Bidco’s ultimate parent company is Go-Ahead Investment Topco Limited, previously Gerrard Investment Topco Limited (Topco), whose registered office is 27 Old Gloucester Street, London WC1N 3AX, United Kingdom, which is indirectly owned by Kinetic TCo Pty Ltd and Global Via Infraestsructuras S.A.
Copies of both Topco’s and the The Go-Ahead Group Limited’s financial statements can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ
27
Related party transactions
Transactions with related parties
During the period the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
31 Dec 2023
30 Apr 2023
31 Dec 2023
30 Apr 2023
£
£
£
£
Entities with control, joint control or significant influence over the company
7,421
12,766
11,000
Other related parties
1,112,381
707,845
204,041
9,493
Rent payable
31 Dec 2023
30 Apr 2023
£
£
Other related parties
82,166
115,500
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
27
Related party transactions
(Continued)
- 27 -
31 Dec 2023
30 Apr 2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
121,076
175,772
Other related parties
171,260
59,895
The following amounts were outstanding at the reporting end date:
31 Dec 2023
30 Apr 2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
-
6,561
Other related parties
1,936,764
3,349,306
28
Directors' transactions
Dividends totalling £Nil (30 Apr 2023 - £158,000) were paid in the period in respect of shares held by the company's directors..
29
Ultimate controlling party
The immediate parent is Procters Coaches (North Yorkshire No3) Limited, a company registered in England and Wales. The registered office is 3rd Floor 41-51 Grey Street, Newcastle Upon Tyne, NE1 6EE.
The ultimate controlling party is The Go-Ahead Group Limited by virtue of its 100% ownership.
The consolidated financial statements are available from Companies House.
PROCTERS COACHES (NORTH YORKSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 28 -
30
Cash generated from operations
31 Dec 2023
30 Apr 2023
£
£
Profit for the period after tax
727,142
961,893
Adjustments for:
Taxation charged
174,245
228,094
Finance costs
10,616
10,648
Investment income
(13,974)
(2,711)
Gain on disposal of tangible fixed assets
(32,121)
(200,730)
Depreciation and impairment of tangible fixed assets
468,989
499,597
Other gains and losses
901,410
-
Movements in working capital:
(Increase)/decrease in stocks
(142,047)
115,507
Decrease/(increase) in debtors
57,770
(810,494)
Increase/(decrease) in creditors
250,237
(268,760)
Cash generated from operations
2,402,267
533,044
31
Analysis of changes in net funds
1 May 2023
Cash flows
New finance leases
31 December 2023
£
£
£
£
Cash at bank and in hand
427,287
1,276,595
-
1,703,882
Obligations under finance leases
-
27,778
(250,000)
(222,222)
427,287
1,304,373
(250,000)
1,481,660
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