Registered number
14718914
JH 1 GROUP LIMITED
Report and Consolidated Financial Statements
31 March 2024
JH 1 GROUP LIMITED
Company Information
Directors
Mr Arshad Hameed
Mr Idnan Jahangir
Mr Nadeen Hameed
Mr Usman Jahangir
Mr Azher Hameed
Auditors
CRYSTAL BUSINESS SERVICES LTD
CHARTERED ACCOUNTANTS
264 STONEY STANTON RD.
COVENTRY. CV1 4FP
Bankers
Barclays Bank plc
Habib Bank
Registered Office
45, Lord Street
Birmingham
B7 4DQ
Registered number
14718914
JH 1 GROUP LIMITED
Registered number: 14718914
Directors' Report
The company was incorporated in March 2023. In September 2023 the company acquired 100% of the share capital of Fonz Leather Styles Limited and Fenlands Sheepskin Limited.

These accounts are consolidated financial statements(merger accounting method) including the transactions of both subsidiaries.
Principal activities
The principal activity of Fonz Leather Styles Ltd. is the sale of leather products and the principal activity of Fenlands Sheepskin Ltd is the purchase of investment properties for rental incomes.
Future developments
The company is seeking to expand on-line sales as well seeking more export markets.
Dividends
The directors recommend a final dividend of £190,800.
Directors
The following persons served as directors during the year:
Mr Arshad Hameed
Mr Idnan Jahangir
Mr Nadeen Hameed
Mr Usman Jahangir
Mr Azher Hameed
Political donations
During the year the group made charitable donations of £37,969 and no political donations.
Directors' responsibilities
The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 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 estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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.
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board on 23 December 2024 and signed on its behalf.
MR ARSHAD HAMEED
Director
JH 1 GROUP LIMITED
Strategic Report
The company acquired 100% of the share capital of Fonz Leather Styles Limited and Fenlands Sheepskin Limited.
Fair review of business
Fonz Leather Styles Limited continued to increase the turnover in what is becoming a difficult market for the sale of leatherwear and leather related products. Although the profits were high at £648,104 this is well below the profits achieved in recent years. The reason for this the constantly increasing overheads.
Fenlands Sheepskin Ltd.rental incomes and profits were similar to the previous year.
Principal risks and uncertainties
The United Kingdom market is the company's main market but unfortunately due to the current cost of living crisis and the very nature of the company's products the company struggles to maintain or significantly increase the turnover.

Also, whilst the directors aim to increase the profitabilty by seeking suitable suppliers the company is mindful that the merchandise are purchased from sources which meet the 'environmental' and 'ethical' standards.

Much of the purchases are imports and the company is therfore subject to fluctuations in the currency exchange rates.
Future strategy
The overall profitablity is the key performance indicator and with this in mind the directors of Fonz Leather Styles Ltd. are seeking to use information technolgy and expand into the on-line sales. Also, the company is attending and participating in numerous exhibitions and fairs in order to seek export markets.

Although Fenlands Sheepskin Ltd. disposed of one of the investment properties during the year, the directors are constantly seraching to purchase investments where the returns are relatively high.
Internal Control
The directors acknowledge their responsibility for the implementation and checking effectiveness of the internal controls. The internal controls are constantly monitored to manage any operational or financial risks.
Greenhouse Effects and Energy Consumption
The company's annual consumption is less than 40,000kWh.
This report was approved by the board on 23 December 2024 and signed by its order.
MR ARSHAD HAMEED
23rd December 2024
Director
JH 1 GROUP LTD
Independent auditor's report to the members of JH 1 GROUP LIMITED
Opinion
We have audited the financial statements of JH 1 GROUP LTD (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, 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 the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion,except for the possible effects of the matter described in the basis for qualified opinion section of our report,the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
The subsidiary company's stocks for resale are stated at £1,298,966 and £1,189,618 at 31st March 2023 and 31st March 2024 respectively. These figures are derived from the annual physical stock-takes that the company carries out. Our company were appointed auditors after 31st March 2024 and consequently we did not attend the physical stock-take at the balance sheet date. Although we were able to carry out some audit work regarding stocks,we were unable to obtain sufficient audit evidence with regards to stocks.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
The financial statements for the year to 31st March 2023 were not audited,
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the strategic report and the directors’ report for the financial year 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.
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 directors’ 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
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
Some of our procedures for detecting material misstatements included:-
-Ascertaining the internal control procedures of the company
-Agreeing in general the nominal ledgers with the underlying records
-Examining the appropriateness of the accounting policies adapted and the reasonableness of accounting estimates and directors'related disclosures
-Checking the journal entries and other adjustments
-Making enquiries to the directors concerning pending and/or potential legal matters
-Examining any transactions outside the normal course of business.
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at 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 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.
23 December 2024
MR AKBAR DEDAT
(Senior Statutory Auditor) CHARTERED ACCOUNTANTS
for and on behalf of 264 STONEY STANTON RD.
CRYSTAL BUSINESS SERVICES LTD COVENTRY. CV1 4FP
Statutory Auditor
JH 1 GROUP LIMITED
Consolidated Income Statement
for the year to 31 March 2024
Notes 2024
£
Turnover 11,356,361
Cost of sales (7,848,345)
Gross profit 3,508,016
Investment property costs (28,892)
Administrative expenses (2,890,806)
Operating profit 3 588,318
Profit on sale of fixed assets 142,747
Gain on revaluation of investment properties 448,600
Gain on revaluation of fixed asset properties 767,545
Income from investments 270,599
Interest receivable 9,620
Interest payable (149)
Profit on ordinary activities before taxation 2,227,280
Tax on profit on ordinary activities 5 (518,297)
Profit for the financial year 1,708,983
Holding company income statement: £
Dividend from subsidiary 190,800
Less: Expenses (900)
189,900
JH 1 GROUP LIMITED
Consolidated Statement of Financial Position
as at 31 March 2024
Notes 2024
£
Fixed assets
Tangible assets 2,384,002
Investment properties 3,130,000
5,514,002
Current assets
Debtors 1,283,620
Investments held as current assets 12 566,898
Cash at bank and in hand 4,560,307
6,410,825
Creditors: amounts falling due within one year 15 (982,241)
Net current liabilities 5,428,584
Total assets less current liabilities 10,942,586
Provisions for liabilities
Deferred taxation 16 (279,036)
Net assets 10,663,550
Capital and reserves
Called up share capital 17 300
Revaluation reserves 18 1,216,145
Merger relief reserve 8,540
Profit and loss account 19 10,631,728
Total equity 11,856,713
MR ARSHAD HAMEED
Director
Approved by the board on 23 December 2024
JH 1 GROUP LIMITED
Statement of Changes in Equity
for the year ended 31 March 2024
Share Rev. Merger Profit Total
capital reserve relief and loss
account
£ £ £ £ £
At 1st April 2023 - - - 10,329,691 10,329,691
Profit for the financial year 1,708,983 1,708,983
Gain on revaluation of land and buildings 1,216,145 - (1,216,145)
Merger relief reserve - 1,216,145 8,540 8,540
Total comprehensive income for the financial year - 1,216,145 8,540 1,708,983 2,933,668
Dividends (190,800) (190,800)
Shares issued 300 300
At 31 March 2024 300 1,216,145 8,540 10,631,728 11,856,713
JH 1 GROUP LIMITED
Statement of Cash Flows
for the year ended 31 March 2024
Notes 2024
£
Operating activities
Profit for the financial year 1,708,983
Adjustments for:
Profit on sale of fixed assets (142,747)
Gain on revaluation of investment property (448,600)
Gain on revaluation of investments (767,545)
Interest receivable (9,620)
Depreciation 94,668
Amortisation of goodwill 2,777
Decrease in stocks 109,348
Decrease in debtors 247,131
Increase in creditors 163,394
957,789
Cash generated by operating activities 957,789
Investing activities
Payments to acquire tangible fixed assets (243,876)
Interest received 9,620
Investments in joint venture (491,148)
Proceeds from sale of investment properties 324,382
Cash used in investing activities (401,022)
Financing activities
Equity dividends paid (190,800)
Cash used in financing activities (190,800)
Net cash generated
Cash generated by operating activities 957,789
Cash used in investing activities (401,022)
Cash used in financing activities (190,800)
Net cash generated 365,967
Cash and cash equivalents at 1st April 4,194,340
Cash and cash equivalents at 31 March 4,560,307
Cash and cash equivalents comprise:
Cash at bank 4,560,307
JH 1 GROUP LIMITED
Notes to the Accounts
for the year ended 31 March 2024
1 Summary of significant accounting policies
Information
Fonz Leather Styles Limited is a UK registered private company limited by shares. The registered office is 45, Lord Street, Birmingham. B7 4DQ.
Basis of preparation
The financial statements have been prepared under the historical cost convention (except for revaluations of properties) and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The presentation curreny is sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Revalued in January 2024
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. used.

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. eferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.

At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to pension plans are expensed in the period to which they relate.
2 Critical accounting estimates and judgements
The land and buildings are disclosed at the market valuation in January 2024 and no depreciation charge has been made in the year. The directors have estimated the depreciation charge for other non-current assets taking into consideration the net book value at 31st March 2024
3 Analysis of turnover 2024
£
Sale of goods 11,356,361
By geographical market:
UK 9,306,200
Europe 870,964
Rest of world 1,179,196
11,356,361
4 Operating profit 2024
£
This is stated after charging:
Depreciation of owned fixed assets 94,668
Amortisation of goodwill 2,777
Operating lease rentals - plant and machinery 39,148
Auditors' remuneration for audit services 6,650
Exchange differences 9,488
Carrying amount of stock sold 7,307,145
5 Directors' emoluments 2024
£
Emoluments 62,004
Highest paid director:
Emoluments 12,000
Highest paid director: 12,000
6 Staff costs 2024
£
Wages and salaries 1,038,228
Social security costs 74,557
Other pension costs 16,478
1,129,263
Average number of employees during the year 58
As follows:-
Administration 12
Sales 46
58
7 Interest payable 2024
£
Other loans 149
8 Taxation 2024
£
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period 239,261
Deferred tax:
Origination and reversal of timing differences 279,036
Tax on profit on ordinary activities 518,297
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2024
£
Profit on ordinary activities before tax 1,012,035
Standard rate of corporation tax in the UK 25%
£
Profit on ordinary activities multiplied by the standard rate of corporation tax 253,009
Effects of:
Expenses not deductible for tax purposes 1,723
Capital allowances for period in excess of depreciation (15,471)
Current tax charge for period 239,261
Factors that may affect future tax charges
Recent changes in the Finance Acts have increased the corporation tax rates to 25% from 1st April 2023.
9 Intangible fixed assets £
Licences
Cost
At 1 April 2023 81,076
At 31 March 2024 81,076
Amortisation
At 1 April 2023 74,754
Provided during the year 2,777
At 31 March 2024 77,531
Carrying amount
At 31 March 2024 3,545
At 31 March 2023 6,322
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
The land and buildings were valued in January 2024 by Property Link, Chartered Surveyors and Valuers. The basis used is the current market valuation.
10 Investment property 2024
£
Valuation
At 1 April 2023 2,863,035
Revaluation 448,600
Disposals (181,635)
At 31 March 2024 3,130,000
The freehold investment properties were valued by Property Link (Chartered Surveyors and Valuers) on 10th January 2024 on a curent market value basis.
11 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 31 March 2024 - - -
The company holds 20% or more of the share capital of the following companies:
Capital and Profit (loss)
Company Shares held reserves for the year
Class % £ £
Fonz Leather Styles Limited Ordinary 100 6,904,095 -
Fenlands Sheepskin Limited Ordinary 100 4,953,518 -
12 Stocks 2024
£
Finished goods and goods for resale 1,189,618
13 Debtors 2024
£
Trade debtors 1,237,106
Other debtors 12,000
Prepayments and accrued income 34,514
1,283,620
14 Creditors: amounts falling due within one year 2024
£
Trade creditors 462,428
Corporation tax 239,261
Other taxes and social security costs (20,606)
Other creditors 279,571
Accruals and deferred income (including £600 for holding company). 21,587
982,241
15 Deferred taxation 2024
£
Revaluation of investment property 279,036
2024
£
Charged to the profit and loss account 279,036
At 31 March 279,036
16 Share capital Nominal 2024 2024
value Number £
Allotted, called up and fully paid:
Ordinary shares £1 each 300 300
Nominal Number Amount
value £
Shares issued during the period:
Ordinary shares £1 each 300 300
17 Other reserves 2024
Revaluation reserve £
Gain on revaluation of land and buildings 1,216,145
At 31 March 1,216,145
18 Profit and loss account 2024
£
At 1 April 10,329,691
Profit for the financial year 492,838
Dividends (190,800)
At 31 March 10,631,729
19 Dividends 2024
£
Dividends on ordinary shares (note 18) 190,800
20 Other financial commitments
Total future minimum lease payments under non-cancellable operating leases for motor vehicles are:-
Land and buildings Land and buildings Other
2024 2023 2024
£ £ £
Falling due:
within one year - - 28,478
21 Related party transactions
One of the subsidiaries paid £58,375 for computer maintenance and software development costs to a company controlled by one of the company director's brother. No amounts were outstanding at 31st March 2024.

Also included in rents payable are payments of £48,000 for a business property which belongs to the parents of the shareholders. The property ceased to be rented by the company after 31st March 2024 and also there were no amounts outstanding at 31st March 2024.

There is also an investment of £566,898 in a joint venture with 7M Investments Ltd., a company where one of the company's shareholders is a director and 50% holder of the ordinary share capital.
22 Presentation currency
The financial statements are presented in Sterling.
23 Legal form of entity and country of incorporation
JH 1 GROUP LIMITED is a private company limited by shares and incorporated in England.
24 Principal place of business
The address of the company's principal place of business and registered office is:
45, Lord Street
Birmingham
B7-4DQ
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