Company registration number 07931194 (England and Wales)
WIMMER FAMILY OFFICE LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
WIMMER FAMILY OFFICE LTD
COMPANY INFORMATION
Directors
Aida Feriz
Joppe Sikma
Company number
07931194
Registered office
1st Floor
34 St James's Street
London
SW1A 1HD
Auditor
TC Group
5th Floor
3 Dorset Rise
London
EC4Y 8EN
WIMMER FAMILY OFFICE LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 16
WIMMER FAMILY OFFICE LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Fair review of the business

The loss for the year, after taxation amounted to £12,544 (2022: £37,243), this is inline with expectations. The directors expect the company to experience an increase in turnover as the business becomes more established.

Principal risks and uncertainties

The principal current assets of the business are cash or assets that are converted into cash within a short period of time and the directors ensure that the business maintains surplus cash reserves to minimise liquidity risk. The company's income stream is based on pre-agreed contractual arrangements with clients thereby reducing price risk and credit risk. Conversion of current assets into cash in accordance with contractual arrangements is closely monitored. The company is not financed by bank debt.

 

The company is subject to the Capital Requirements Rules issued by the FCA. As part of this, the company must make its own assessment of the amount of capital required to cover its business needs and risks. This is called the Internal Capital and Risk Assessment ("ICARA").

 

The company continually monitors its current and future capital requirements through its risk management framework and financial projections.

Key performance indicators

Given the nature of the business, the company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance, or position of the business. However, the key performance indicators may be regarded as the loss before tax of £12,544 (2022: £30,961), and the turnover of £16,646 (2022: £8,521).

Section 172 statement

The directors recognise that the long-term success of the business is dependent on the way it works with its various stakeholders. The directors have had regard to the interests of our stakeholders while complying with the obligations to promote the success of the company in line with section 172 of the Companies Act. The directors have considered these obligations throughout the the year including how this is incorporated into their decision making. The directors decision-making process considers both risk and reward in pursuit of delivering long-term value for all stakeholders and protecting their interests. Awareness and understanding of the current and potential risks to the business, including both financial and non-financial risks, are fundamental to how the business is managed.

 

The directors understand the importance of engagement with all of their stakeholders and give appropriate weighting to the outcomes of their decisions for the relevant stakeholder in weighing up how best to promote the success of the company. The directors regularly consider issues concerning regulators and the community and the environment which they take into account in their discussions and in their decision-making process. In addition to this, the directors seek to understand the interests and views of the company's stakeholders by engaging with them directly when required. The below summarises the key stakeholders and how we engage with each:

Community and environment

The directors are aware of the impact their activities can have on the environment and are committed to minimising our environmental footprint.

Regulators

We work with our regulators in an open and proactive manner to help develop processes and controls that meet their requirements. The director's intentions are to behave responsibly and to ensure that the management team operates the business in a responsible manner, acting with the high standards and governance expected of a regulated business like ours. In doing so, we believe we will achieve our long-term business strategy and further develop our reputation in our sector.

WIMMER FAMILY OFFICE LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

On behalf of the board

Aida Feriz
Director
20 December 2024
WIMMER FAMILY OFFICE LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

Principal activities

The principal activity of the company in the year under review was that of providing investment advice and managing the Wealth Protection Fund.

 

In line with the Companies Act 2006, the review of the business, principal risks and uncertainties and future development have been included in the strategic report. The company does not carry out research and development.

Results and dividends

No dividend will be distributed for the year ended 31 December 2023.

Directors

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

Per Wimmer
(Resigned 25 September 2024)
Aida Feriz
(Appointed 25 September 2024)
Joppe Sikma
(Appointed 25 September 2024)
Future developments

The plan for the Wimmer Family Office Limited in 2024 is to continue investment management via the WImmer Wealth Protection fund.

Auditor

TC Group were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006.

Statement of directors' responsibilities

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WIMMER FAMILY OFFICE LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
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.

On behalf of the board
Aida Feriz
Director
20 December 2024
WIMMER FAMILY OFFICE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF WIMMER FAMILY OFFICE LTD
- 5 -
Opinion

We have audited the financial statements of Wimmer Family Office Ltd (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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.

Material uncertainty related to going concern

We draw attention to note 1.2 in the financial statements, which indicates that the company will require additional financial support from a former director and the former sole shareholder in order to be in compliance with the regulatory capital requirements of the Financial Conduct Authority ('FCA'). There is also an open H.M. Revenue & Customs enquiry which may result in currently unprovided for liabilities. If this financial support is not forthcoming the FCA could withdraw the company's regulatory permissions, which would then cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. 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.

 

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:

WIMMER FAMILY OFFICE LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF WIMMER FAMILY OFFICE LTD
- 6 -
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:

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.

The extent to which the audit was considered capable of detecting irregularities including fraud

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

 

Our approach was as follows:

 

 

WIMMER FAMILY OFFICE LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF WIMMER FAMILY OFFICE LTD
- 7 -

 

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.

Mark Bailey FCA CTA
Senior Statutory Auditor
For and on behalf of TC Group
20 December 2024
Statutory Auditor
5th Floor
3 Dorset Rise
London
EC4Y 8EN
WIMMER FAMILY OFFICE LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
2
16,646
8,521
Administrative expenses
(29,190)
(39,482)
Loss before taxation
(12,544)
(30,961)
Tax on loss
5
-
0
(6,282)
Loss for the financial year
(12,544)
(37,243)

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

The notes on pages 12 to 16 form part of these financial statements.

WIMMER FAMILY OFFICE LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
6
82,614
52,717
Cash at bank and in hand
50,475
67,777
133,089
120,494
Creditors: amounts falling due within one year
7
(82,388)
(57,249)
Net current assets
50,701
63,245
Capital and reserves
Called up share capital
8
120,000
120,000
Profit and loss reserves
(69,299)
(56,755)
Total equity
50,701
63,245

The notes on pages 12 to 16 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 20 December 2024 and are signed on its behalf by:
Aida Feriz
Director
Company registration number 07931194 (England and Wales)
WIMMER FAMILY OFFICE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
48,000
(19,512)
28,488
Year ended 31 December 2022:
Loss and total comprehensive income
-
(37,243)
(37,243)
Issue of share capital
8
72,000
-
72,000
Balance at 31 December 2022
120,000
(56,755)
63,245
Year ended 31 December 2023:
Loss and total comprehensive income
-
(12,544)
(12,544)
Balance at 31 December 2023
120,000
(69,299)
50,701

The notes on pages 12 to 16 form part of these financial statements.

WIMMER FAMILY OFFICE LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
12
(17,302)
16,994
Net (decrease)/increase in cash and cash equivalents
(17,302)
16,994
Cash and cash equivalents at beginning of year
67,777
50,783
Cash and cash equivalents at end of year
50,475
67,777

The notes on pages 12 to 16 form part of these financial statements.

WIMMER FAMILY OFFICE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information

Wimmer Family Office Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, 34 St James's Street, London, SW1A 1HD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

These financial statements are prepared on the going concern basis, notwithstanding the company's operating losses in the current and comparative period.

 

The company needs to satisfy capital requirements in order to meet FCA prudential threshold conditions on an ongoing basis, and is currently under enquiry by H.M. Revenue & Customs (see note 9). A former director, and previous sole shareholder, has indicated his willingness to provide further capital, in order that the company can maintain sufficient liquidity and regulatory capital resources and meet liabilities as they fall due.

 

Based upon this current intention to support the business as necessary the directors consider that the company will have sufficient resources to meets its capital and liquidity requirements for the next 12 months from signing of the financial statements. Accordingly, they continue to adopt the going concern basis of accounting.

1.3
Turnover

Turnover is derived from management fees and performance fees on the level of assets under management and their performance. Additional revenue is earned on specific projects undertaken at rates agreed in advance.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

1.5
Financial instruments
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.

WIMMER FAMILY OFFICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
Basic financial liabilities

Basic financial liabilities, including creditors, and loans from fellow connected entities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
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.

1.7
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.

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.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

WIMMER FAMILY OFFICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2
Turnover
2023
2022
£
£
Turnover analysed by class of business
Investment management and advice
11,446
5,921
Advisory services
5,200
2,600
16,646
8,521
3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
8,000
6,500
4
Employees

There were no employees employed by the company during the year (2022: none).

 

5
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
-
0
6,282

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

2023
2022
£
£
Loss before taxation
(12,544)
(30,961)
Expected tax credit based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
(2,948)
(5,883)
Unutilised tax losses carried forward
2,948
-
0
Adjustments in respect of prior years
-
0
12,165
Taxation charge for the year
-
6,282
WIMMER FAMILY OFFICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
80,241
50,525
Prepayments and accrued income
2,373
2,192
82,614
52,717
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
31,419
21,580
Other creditors
39,869
15,434
Accruals and deferred income
11,100
20,235
82,388
57,249
8
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
120,000
120,000
120,000
120,000
9
Contingent liabilities

The company is in dispute the H.M Revenue and Customs over alleged outstanding tax liabilities. Based on advice received, the directors are of the opinion that HMRC's assertions are misconceived and without merit. Amounts that are purported to be due are under appeal.

Any tax that might eventually be found to be due cannot be reliably estimated at this point in time, and accordingly no provision has been included in these financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WIMMER FAMILY OFFICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
10
Related party transactions

During the year the company entered into transactions with Wimmer Financial LLP, an entity under the common control of P. Wimmer. At the balance sheet date the company owed £39,869 to Wimmer Financial LLP (2022: £15,434). This is included within other creditors. This is interest free, unsecured and repayable on demand.

 

During the year the company entered into transactions with Wimmer Accounting Limited, an entity under the common control of P. Wimmer. The company incurred accounting fees from Wimmer Accounting Limited totalling £3,823 (2022: £nil). At the balance sheet date the company owed £3,510 to Wimmer Accounting Limited (2022: £nil). This is included within trade creditors. This is interest free, unsecured and repayable on demand.

 

During the year the company earned management fees totalling £11,446 (2022: £5,921) from the Wimmer Wealth Protection Fund, a company under the control of P. Wimmer.

 

At the balance sheet date, P. Wimmer owed the company £79,235 (2022: £48,735). This is included in other debtors and is interest free, unsecured and repayable on demand. Advances were made to the former director in the year totalling £30,500.

11
Ultimate controlling party

At the balance sheet date the company was under the control of Mr P Wimmer by virtue of his then 100% shareholding.

12
Cash (absorbed by)/generated from operations
2023
2022
£
£
Loss for the year after tax
(12,544)
(37,243)
Adjustments for:
Taxation charged
-
0
6,282
Movements in working capital:
Increase in debtors
(29,897)
(40,519)
Increase in creditors
25,139
88,474
Cash (absorbed by)/generated from operations
(17,302)
16,994
13
Analysis of changes in net funds
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
67,777
(17,302)
50,475
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