Company registration number 07683878 (England and Wales)
ARK A9 GP LIMITED
ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
ARK A9 GP LIMITED
COMPANY INFORMATION
Directors
A J Pettit
H T Owen
D McDonald
A D Garvin
(Appointed 4 September 2023)
I S Perryment
(Appointed 4 September 2023)
R P Silvester
(Appointed 4 September 2023)
Secretary
Dr P T Singh
Company number
07683878
Registered office
Spring Park
Westwells Road
Hawthorn
Corsham
Wiltshire
SN13 9GB
Independent auditors
PricewaterhouseCoopers CI LLP
37 Esplanade
St Helier
Jersey
JE1 4XA
ARK A9 GP LIMITED
CONTENTS
Page(s)
Directors' report
1 - 2
Independent auditors' report
3 - 6
Profit and loss account
7
Balance sheet
8
Notes to the financial statements
9 - 14
ARK A9 GP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present their annual report and audited financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company is the ownership, development and leasing of data centres.

Results and dividends

The results for the year are set out on page 7.

 

The results for the year and the financial position at the year end were considered satisfactory by the directors.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend (2023: nil).

Directors

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

A J Pettit
H T Owen
D McDonald
Dr P T Singh
(Resigned 4 September 2023)
A D Garvin
(Appointed 4 September 2023)
I S Perryment
(Appointed 4 September 2023)
R P Silvester
(Appointed 4 September 2023)
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

 

Going concern

The directors have prepared the financial statements on a going concern basis.

 

At 30 June 2024 the company had net current liabilities of £16,711,112 (2023: £16,746,724). This position included current liabilities owed to the parent undertaking of £16,807,666 (2023: £16,808,382) (see Note 10) to Ark Estates Holdings Limited. The directors have received a letter of support confirming that Ark Estates Holdings Limited will not recall amounts owed to them by the company within 12 months of the date the financial statements are approved and issued. The directors have prepared cashflow forecasts which include relevant downside sensitivities and demonstrate that the company has access to sufficient liquidity to sustain its operations for a period of at least 12 months from the date of approval of the financial statements.

 

The directors are therefore satisfied that the company has sufficient group finance facilities and support from the ultimate parent at their disposal to meet working capital requirements and enable them to meet the company's obligations and commitments as they fall due.

Independent auditors

In accordance with the company's articles, a resolution proposing that PricewaterhouseCoopers CI LLP be reappointed as auditor of the company will be put at a General Meeting.

ARK A9 GP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 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.

 

Companies Act 2006 ("company law") requires the directors to prepare financial statements for each financial year. Under that law the directors have have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A, 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. The directors confirm that they have complied with these responsibilities.

Statement of disclosure to auditor

In the case of each director in office at the date the Directors' Report is approved:

 

 

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
H T Owen
Director
17 December 2024
ARK A9 GP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ARK A9 GP LIMITED
- 3 -

Independent auditors’ report to the members of Ark A9 GP Limited

Report on the audit of the financial statements

Opinion

In our opinion, Ark A9 GP Limited’s financial statements:

We have audited the financial statements, included within the Annual Report and Audited Financial Statements (the “Annual Report”), which comprise: the balance sheet as at 30 June 2024; the profit and loss account for the year then ended; and the notes to the financial statements, which include a description of the significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

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.

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.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company's ability to continue as a going concern.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

ARK A9 GP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ARK A9 GP LIMITED (CONTINUED)
- 4 -

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, 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 audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. 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 based on these responsibilities.

With respect to the Directors' report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

Directors' report

In our opinion, based on the work undertaken in the course of the audit, the information given in the Directors' report for the year ended 30 June 2024 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Directors' report.

Responsibilities for the financial statements and the audit

Responsibilities of the directors for the financial statements

As explained more fully in the statement of directors' responsibilities, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they 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.

Auditors’ 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 auditors’ 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.

ARK A9 GP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ARK A9 GP LIMITED (CONTINUED)
- 5 -

Based on our understanding of the company and industry, we considered the principal risks of non-compliance with laws and regulations, including those that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, and the extent to which non-compliance might have a material effect on the financial statements.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue and the potential for management bias in accounting estimates and key judgements impacting the financial statements such as valuation of investment property. Audit procedures performed by the engagement team included:

 

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

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

We have no exceptions to report arising from this responsibility.

ARK A9 GP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ARK A9 GP LIMITED (CONTINUED)
- 6 -

Entitlement to exemptions

Under the Companies Act 2006 we are required to report to you if, in our opinion, the directors were not entitled to: take advantage of the small companies exemption from preparing a strategic report. We have no exceptions to report arising from this responsibility.

Ian Tait (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers CI LLP
Chartered Accountants and Statutory Auditors
Jersey
18 December 2024
ARK A9 GP LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
2024
2023
Notes
£
£
Property income
2,323,478
2,572,508
Property expenses
(1,388,533)
(1,446,134)
Gross profit
934,945
1,126,374
Administrative expenses
(21,453)
(21,254)
Operating profit
913,492
1,105,120
Interest receivable and similar income
157
-
0
Interest payable and similar expenses
5
(749,739)
(754,285)
Change in fair value of investment property
6
4,981,702
(4,200,395)
Profit/(loss) before taxation
5,145,612
(3,849,560)
Taxation
7
-
0
0
-
0
Profit/(loss) for the financial year
5,145,612
(3,849,560)

The notes on pages 9 to 14 form part of these financial statements.

ARK A9 GP LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
8
32,200,000
27,090,000
Current assets
Debtors
9
172,723
162,642
Cash at bank and in hand
333
98
173,056
162,740
Creditors: amounts falling due within one year
10
(16,884,168)
(16,909,464)
Net current liabilities
(16,711,112)
(16,746,724)
Net assets
15,488,888
10,343,276
Capital and reserves
Called up share capital
11
2
2
Profit and loss reserves
15,488,886
10,343,274
Total equity
15,488,888
10,343,276

The notes on pages 9 to 14 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 1A - small entities.

The financial statements on pages 7 to 14 were approved by the board of directors and authorised for issue on
17 December 2024
17 December 2024
and are signed on its behalf by:
H T Owen
I S Perryment
Director
Director
Company registration number 07683878
ARK A9 GP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
1
Accounting policies
Company information

Ark A9 GP Limited is a private company limited by shares incorporated in England and Wales. The registered office is Spring Park, Westwells Road, Hawthorn, Corsham, Wiltshire, SN13 9GB.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted have been applied consistently in the current and prior year. These are set out below.

1.2
Going concern

The directors have prepared the financial statements on a going concern basis.true

 

At 30 June 2024 the company had net current liabilities of £16,711,112 (2023: £16,746,724). This position included current liabilities owed to the parent undertaking of £16,807,666 (2023: £16,808,382) (see Note 10) to Ark Estates Holdings Limited. The directors have received a letter of support confirming that Ark Estates Holdings Limited will not recall amounts owed to them by the company within 12 months of the date the financial statements are approved and issued. The directors have prepared cashflow forecasts which include relevant downside sensitivities and demonstrate that the company has access to sufficient liquidity to sustain its operations for a period of at least 12 months from the date of approval of the financial statements.

 

The directors are therefore satisfied that the company has sufficient group finance facilities and support from the ultimate parent at their disposal to meet working capital requirements and enable them to meet the company's obligations and commitments as they fall due.

1.3
Property income

Property income is the total amount receivable by the company from the rental of its data centre buildings during the period, excluding VAT.

1.4
Property expenses

Property expenses includes those costs directly attributable to the maintenance, security, running and fit out of its data centres. Costs are recognised in the period to which they relate, exclusive of VAT.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ARK A9 GP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 10 -
1.7
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.

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 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.

1.8
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.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

ARK A9 GP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
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. Judgements, estimates and assumptions have been made in relation to the valuation of the company's investment property (see note 8). 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.

 

The company has a lease agreement in place the terms of which are described in Note 13. The directors have considered the provisions of FRS 102, Section 20 "Leases" and have determined that this lease arrangement meets the definition of an operating lease and have accounted for this arrangement accordingly.

3
Auditor's remuneration
2024
2023
Fees payable to the company's auditor:
£
£
For audit services
Audit of the financial statements of the company
22,000
20,150
4
Employees

There were no employees during the year (2023: none).

 

No directors' remuneration was paid in either the current year or prior year. The directors are remunerated by other group undertakings for which no allocations are made to the company.

5
Interest payable and similar expenses
2024
2023
£
£
Interest payable to parent undertaking (see note 10)
749,739
754,285
6
Change in fair value of investment property
2024
2023
£
£
Fair value gains/(losses)
Change in the fair value of investment property
4,981,702
(4,200,395)
7
Taxation

No deferred tax has been recognised at either 30 June 2024 or 30 June 2023 in relation to carried forward losses or capital allowances. This is due to the uncertainty and judgement associated with both the estimation of the financial value, as well as uncertainty around the timing of when such assets would be utilised.

ARK A9 GP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
8
Investment property
2024
2023
£
£
Fair value
At 1 July
27,090,000
31,020,000
Additions
128,298
270,395
Revaluations
4,981,702
(4,200,395)
At 30 June
32,200,000
27,090,000

Investment property represents the data centre known as A9. The investment property has been revalued as at 30 June 2024 at fair value by the directors with reference to market-based evidence and expected future cash flows derived from the assets. An independent professional valuation of A9 was carried out by a RICS qualified valuer as at 30 June 2024 and this was taken into consideration in the directors' assessment of the fair value. The valuation methodology used to establish the value of the investment property includes a number of key assumptions. These include, but are not limited to: occupancy rates, contracted and uncontracted income forecasts, operational costs, capital replacement costs, discount rates and exit yields.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
39,799,951
39,671,653
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,949
-
0
Prepayments and accrued income
170,774
162,642
172,723
162,642

Amounts owed by group undertakings are unsecured, have no fixed date of repayment and are repayable on demand.

10
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
8,895
55,623
Amounts owed to parent undertaking
16,807,666
16,808,382
Taxation and social security
45,757
24,859
Accruals and deferred income
21,850
20,600
16,884,168
16,909,464

Amounts owed to parent undertaking are unsecured, have no fixed date of repayment and are repayable on demand. Interest is payable at 4.5% (2023; 4.5%) per annum (see Note 5).

ARK A9 GP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary share of £1 each
1
1
1
1
B Ordinary share of £1 each
1
1
1
1
2
2
2
2

The A Ordinary share and B Ordinary share rank pari passu.

12
Financial commitments, guarantees and contingent liabilities

The assets of the Company have been pledged as security against a bank loan held by Ark Estates Holdings Limited, which is the Company's immediate parent company, also controlled by Ark Capital Partners I LP Inc. For full details of the bank loan, please refer to the financial statements of Ark Estates Holdings Limited which are available at Companies House.

13
Operating lease commitments
Lessee

As at 30 June 2024 the Company had entered into a long term lease for its investment property with an annual charge of £701,739 (2023: £679,008). The lease runs until 16 August 2061.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
701,739
679,008
Between two and five years
2,826,508
2,732,385
In over five years
22,703,055
22,630,134
26,231,302
26,041,527
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
Within one year
1,582,882
1,152,306
Between two and five years
2,835,214
1,466,617
In over five years
750,170
534,921
5,168,266
3,153,844
ARK A9 GP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
14
Events after the reporting date

There have been no post balance sheet events requiring disclosure in the notes to the financial statements.

15
Control

The immediate parent company is Ark Estates Holdings Limited, a company registered in England and Wales, and the ultimate parent undertaking is Ark Capital Partners I LP Inc., a limited partnership registered in the Isle of Man. The limited partnership is controlled by its partners.

 

Ark Estates Holdings Limited is the parent undertaking of the smallest group of undertakings to consolidate these financial statements at 30 June 2024. The consolidated financial statements of Ark Estates Holdings Limited are available from Companies House.

 

Ark Capital Partners I LP Inc. is the parent undertaking of the largest group of undertakings to consolidate these financial statements at 30 June 2024. The consolidated financial statements of Ark Capital Partners I LP Inc. are available from its general partner Goshawk GP Limited, First Names House, Victoria Road, Douglas, Isle of Man IM2 4DF.

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