Company registration number 08670309 (England and Wales)
YOURPARKINGSPACE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
YOURPARKINGSPACE LIMITED
COMPANY INFORMATION
Directors
O Bellin
P Chaboussant
(Appointed 4 September 2024)
R Willcock
(Appointed 4 September 2024)
F Beylier
(Appointed 4 September 2024)
Company number
08670309
Registered office
Level 4
2 Redman Place
London
E20 1JQ
Auditor
Constantin
25 Hosier Lane
London
EC1A 9LQ
YOURPARKINGSPACE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 25
YOURPARKINGSPACE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Review of the business
2023 was a transformative year for YourParkingSpace (YPS) as we further solidified our position as a leader in parking technology and operations. This year saw significant adoption of our solutions by landlords and operators seeking to optimize their car parks and embrace innovative, customer-centric technologies.
Our growth continued at a strong pace, whilst we made changes to reduce costs and streamline operations and improve our unit economics whilst continuing to grow at a significantly faster rate than our market competition.
We saw increased demand for our ‘full solution’ service offering and achieved record levels of pre-book transactions and revenue via the marketplace product. Whilst the competitive landscape remains tough, our clear market USP’s and effective price points continue to see a strong win rate against local competitors.
Major new customer contracts provide the business with confidence in the year ahead, whilst new products due to come to market in 2024 and heavily invested in during 2023 will provide key market differentiators that should facilitate future growth.
Reflecting broader payment trends, the adoption of cashless and contactless solutions surged in 2023. Nearly all new deployments incorporated contactless and mobile payment options, simplifying the user experience and eliminating the need for outdated cash-handling mechanisms and the costs associated with this provision.
Aligned with our clients’ environmental objectives, we saw heightened interest in CO2-based surcharges and emissions-linked pricing models. YPS engaged extensively with landlords looking to incorporate these solutions into their car parks, with several projects slated for rollout in 2024. Furthermore, our ongoing commitment to sustainability has positioned us as a trusted partner for organizations striving to meet their carbon reduction targets.
In 2023, YPS invested 32% of total turnover into research and development, furthering our commitment to creating cutting-edge solutions. These efforts fueled advancements in integrated back-office systems, digital interfaces, and customer-centric platforms, helping landlords and operators align their offerings with evolving mobility trends.
Principal risks and uncertainties
People
There are two primary risks relating to our team members. We currently have a very talented, close-knit team and it is essential to maintain this as headcount grows, with training, regular employee briefings, and organised social team bonding events to become increasingly important. The second risk relates to ensuring our development team is appropriately resourced. The job market for developers is especially competitive, which makes recruitment and retention a key focus for the business.
Data & Information Security
As is the case for any online business, the security of our data and IT systems are essential to secure and maintain trust from customers in our service. We continue to invest in our infrastructure and monitoring services to safeguard the company against data thefts and cyber-attacks.
Inventory
Our offering is dependent on having an excellent selection of car parks and parking spaces available. The sales team continues to be a huge area of focus in order to provide motorists with the best available selection of parking spaces to book.
New Entrants
The Directors remain vigilant to the threat of new entrants into the UK market, from both overseas companies offering similar services in their home markets through to UK-based companies which may look to move into the pre-book marketplace sector.
YOURPARKINGSPACE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Development and performance
Parking Bill
The government’s published consultation outcome for the Parking Code Enforcement Framework lists regulatory changes will have a significant impact on car park operators, particularly those with an emphasis on enforcement. When enforcement income is reduced, the importance of generating revenue from parking fees paid by motorists will take on a greater importance. YourParkingSpace is well-placed to help deliver on this requirement.
Electric Vehicle Charging
With the ban on new petrol and diesel vehicles brought forward to 2030 and the significant uptick in sales of both electric and hybrid vehicles, a rapidly growing market in the electric vehicle charging sector is emerging. This is a huge opportunity for the business on both sides of the market, assisting electric vehicle motorists in finding and paying for electric charging and also providing solutions to landlords who wish to install electric vehicle charge points.
Key performance indicators
The performance of the business is closely monitored on a monthly basis, tracking key metrics relating to revenue, bookings, inventory and customer behaviour.
Total transaction value is our headline metric, tracked month-on-month and year-on-year, with all other key financial indicators closely monitored.
The attractiveness of the offering to drivers is determined by the parking space inventory available to book. Inventory statistics are maintained monthly, both the total number of available locations along with new onboarded locations, split by commercial and private space owners to ensure the B2B and peer-to-peer elements are both healthy.
O Bellin
Director
10 January 2025
YOURPARKINGSPACE LIMITED
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 continued to be that of parking management services.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
C Woods
(Resigned 30 June 2023)
C Cridland
(Resigned 8 July 2024)
H Woods
(Resigned 8 July 2024)
B Coady
(Resigned 30 November 2024)
B Barthélemy
(Resigned 4 September 2024)
O Bellin
P Chaboussant
(Appointed 4 September 2024)
R Willcock
(Appointed 4 September 2024)
F Beylier
(Appointed 4 September 2024)
Auditor
Constantin 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.
On behalf of the board
O Bellin
Director
10 January 2025
YOURPARKINGSPACE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
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.
YOURPARKINGSPACE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF YOURPARKINGSPACE LIMITED
- 5 -
Opinion
In our opinion the financial statements of Yourparkingspace Limited (the ‘company’):
give a true and fair view of the state of the company’s affairs as at 31/12/2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements which comprise:
the profit and loss account;
the balance sheet;
the statement of changes in equity;
statement of accounting policies; and
the related notes 1 to .
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).
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 Financial Reporting Council’s (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.
YOURPARKINGSPACE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF YOURPARKINGSPACE LIMITED
- 6 -
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.
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 auditor’s report.
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 material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
We considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business sector.
We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:
had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, pensions legislation, tax legislation; and
do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
As a result of performing the above, we identified the greatest potential for fraud in the following area, and our procedures performed to address it are described below:
Our procedures involved:
Understanding the revenue process and identifying relevant controls and the recognition process.
Testing design and implementation of relevant controls.
Specific sampling and testing of the period of recognition around year end.
YOURPARKINGSPACE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF YOURPARKINGSPACE LIMITED
- 7 -
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
enquiring of management and external legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
reading minutes of meetings of those charged with governance.
Report on other legal and regulatory requirements
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 directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors’ report has been prepared in accordance with applicable legal requirements.
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 any material misstatements in the directors’ report.
Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report in respect of the following matters 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; or
We have nothing to report in respect of these matters.
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.
Peter Smith FCA (Senior Statutory Auditor)
For and on behalf of Constantin
Chartered Accountants and Statutory Auditor
25 Hosier Lane
London
Date: 10 January 2025
YOURPARKINGSPACE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Year
6 months
ended
ended
31 December
31 December
2023
2022
as restated
Notes
£
£
Turnover
3
10,153,957
4,599,949
Cost of sales
(1,279,811)
(857,816)
Gross profit
8,874,146
3,742,133
Administrative expenses
(17,881,449)
(8,789,368)
Other operating income
2,084,016
883,450
Operating loss
4
(6,923,287)
(4,163,785)
Interest payable and similar expenses
7
(652,038)
(146,416)
Loss before taxation
(7,575,325)
(4,310,201)
Tax on loss
8
3,095,872
1,247,576
Loss for the financial year
(4,479,453)
(3,062,625)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
YOURPARKINGSPACE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Year
6 months
ended
ended
2023
2022
as restated
£
£
Loss for the year
(4,479,453)
(3,062,625)
Other comprehensive income
-
-
Total comprehensive income for the year
(4,479,453)
(3,062,625)
YOURPARKINGSPACE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
9
5,124,585
2,933,681
Tangible assets
10
4,576,249
3,339,361
Investments
11
186
186
9,701,020
6,273,228
Non-current assets
Debtors falling due after more than one year
15
5,144,005
2,409,088
Current assets
Stocks
14
-
3,765
Debtors falling due within one year
15
2,514,043
1,468,724
Cash at bank and in hand
1,686,265
4,451,335
4,200,308
5,923,824
Creditors: amounts falling due within one year
16
(22,433,213)
(20,645,560)
Net current liabilities
(18,232,905)
(14,721,736)
Total assets less current liabilities
(3,387,880)
(6,039,420)
Creditors: amounts falling due after more than one year
17
(7,130,993)
-
Net liabilities
(10,518,873)
(6,039,420)
Capital and reserves
Called up share capital
21
8,003
8,003
Share premium account
5,277,887
5,277,887
Profit and loss reserves
(15,804,763)
(11,325,310)
Total equity
(10,518,873)
(6,039,420)
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 10 January 2025 and are signed on its behalf by:
O Bellin
Director
Company registration number 08670309 (England and Wales)
YOURPARKINGSPACE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022 as restated
24
7,214
5,277,887
(8,262,685)
(2,977,584)
Period ended 31 December 2022:
Loss and total comprehensive income for the period
-
-
(3,062,625)
(3,062,625)
Issue of share capital
21
789
-
789
Balance at 31 December 2022
8,003
5,277,887
(11,325,310)
(6,039,420)
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(4,479,453)
(4,479,453)
Balance at 31 December 2023
8,003
5,277,887
(15,804,763)
(10,518,873)
YOURPARKINGSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information
YourParkingSpace Limited is a private company limited by shares incorporated in England and Wales. The registered office is Level 4, 2 Redman Place, London, E20 1JQ.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
YourParkingSpace Limited is a wholly owned subsidiary of Motion UK Bidco Limited and the results of YourParkingSpace Limited are included in the consolidated financial statements of the ultimate French owner, Mobility 1 SAS France which are available from https://www.inpi.fr/.
YOURPARKINGSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.2
Going concern
The financial statements have been prepared on a going concern basis.true
The directors expect that the company will continue to successfully manage its business risks to continue to trade for the foreseeable future and they consider it is appropriate to continue to adopt the going concern basis in preparing the financial statements.
In support of this, YourParkingSpace Limited has developed cash flow projections for the next three years, which indicate that it will have sufficient liquidity to meet its financial obligations as they fall due.
The company has considered various factors that affect its business, such as the current economic climate, ongoing investments in new technologies, customer acquisition and retention, and economic uncertainties.
It has a strong financing position and a robust risk management framework, which further support its going concern status.
YourParkingSpace Limited has no significant debt maturities over the next three years. In addition, the company was acquired by Flowbird in July 2022, and is now a subsidiary of the larger Flowbird parent company, which provides access to additional capital support as agreed upon during the acquisition of YourParkingSpace Limited.
The company acknowledges that its success is dependent on several factors, such as market conditions, operational effectiveness, and strategic execution. YourParkingSpace Limited has appropriate measures in place to manage these risks and uncertainties, such as diversifying its revenue and customer streams, enhancing its digital capabilities, implementing health and safety measures, and monitoring key performance indicators. A letter of financial support has been provided by the group.
1.3
Turnover
Turnover is recognized at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of value added tax and other sales related taxes.
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 dispatch 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.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Development costs
5 Years Straight Line
YOURPARKINGSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and equipment
3 Years Straight Line
Fixtures and fittings
4 Years Straight Line
Computers
3 Years Straight Line
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.
1.7
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.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
1.9
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.
YOURPARKINGSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.10
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.
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
YOURPARKINGSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.12
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.
1.13
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.
YOURPARKINGSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
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.
1.14
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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
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.
1.17
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.
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.
YOURPARKINGSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 18 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Deferred tax asset
The directors have prepared forecasts and reviewed their assumptions when determining the probability of future profits to utilise the deferred tax asset against. The directors consider that future profits will be sufficiently large to fully utilise the taxable losses to date.
Development costs and amortisation
The directors have considered the development time as a percentage of hours worked by employees when determining the capitalisation of wages and salaries expenses. The directors have applied their understanding of the business and the ability of the company to use the developed software when calculating the useful economic life of the capitalised development costs.
3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Equipment sales
91,309
356,391
Platform sales
10,062,648
4,243,558
10,153,957
4,599,949
100% of the company's of the turnover is generated in the UK and Ireland.
4
Operating loss
2023
2022
Operating loss for the year is stated after charging:
£
£
Exchange losses
3,598
4,852
Fees payable to the company's auditor for the audit of the company's financial statements
46,000
49,000
Depreciation of owned tangible fixed assets
2,178,785
779,414
Loss on disposal of tangible fixed assets
266
-
Amortisation of intangible assets
1,096,029
334,356
Operating lease charges
950,149
240,437
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
141
118
YOURPARKINGSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Employees
(Continued)
- 19 -
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
4,552,687
2,820,450
Social security costs
787,122
417,014
Pension costs
118,073
48,967
5,457,882
3,286,431
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
532,821
454,167
Company pension contributions to defined contribution schemes
3,742
2,642
536,563
456,809
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2022 - 4).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
180,000
166,667
Company pension contributions to defined contribution schemes
440
660
7
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
630,993
12,416
Interest payable to group undertakings
134,000
Other interest
21,045
652,038
146,416
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(360,955)
(138,275)
YOURPARKINGSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Taxation
2023
2022
£
£
(Continued)
- 20 -
Deferred tax
Origination and reversal of timing differences
(2,734,917)
(1,109,301)
Total tax credit
(3,095,872)
(1,247,576)
The actual credit 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
(7,575,325)
(4,310,201)
Expected tax credit based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
(1,780,201)
(818,938)
Change in unrecognised deferred tax assets
(1,676,626)
(566,913)
Research and development tax credit
360,955
138,275
Taxation credit for the year
(3,095,872)
(1,247,576)
9
Intangible fixed assets
Development
Costs
£
Cost
At 1 January 2023
3,882,397
Additions
3,286,933
At 31 December 2023
7,169,330
Amortisation and impairment
At 1 January 2023
948,716
Amortisation charged for the year
1,096,029
At 31 December 2023
2,044,745
Carrying amount
At 31 December 2023
5,124,585
At 31 December 2022
2,933,681
YOURPARKINGSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
10
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2023
4,976,370
9,607
482,129
5,468,106
Additions
3,233,995
11,768
170,175
3,415,938
Disposals
(311)
(311)
At 31 December 2023
8,210,365
21,064
652,304
8,883,733
Depreciation and impairment
At 1 January 2023
1,936,364
5,709
186,672
2,128,745
Depreciation charged in the year
1,991,614
4,231
182,940
2,178,785
Eliminated in respect of disposals
(46)
(46)
At 31 December 2023
3,927,978
9,894
369,612
4,307,484
Carrying amount
At 31 December 2023
4,282,387
11,170
282,692
4,576,249
At 31 December 2022
3,040,006
3,898
295,457
3,339,361
11
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
12
186
186
12
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Parkmaven Limited
Level 4 2 Redman Place, London, England, E20 1JQ
Ordinary
100.00
Bargain Parking Limited
Level 4 2 Redman Place, London, England, E20 1JQ
Ordinary
100.00
YourParkingSpace Ireland Limited
Block A, George's Quay Plaza, George's Quay, Dublin 2, Dublin, Ireland
Ordinary
100.00
13
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,223,034
643,871
Carrying amount of financial liabilities
Measured at amortised cost
21,958,846
20,208,231
YOURPARKINGSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
14
Stocks
2023
2022
£
£
Work in progress
-
3,765
15
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
178,789
245,524
Corporation tax recoverable
926,890
571,025
Amounts owed by group undertakings
773,571
283,158
Other debtors
270,674
115,189
Prepayments and accrued income
364,119
253,828
2,514,043
1,468,724
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 19)
5,144,005
2,409,088
Total debtors
7,658,048
3,877,812
16
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
18
3,872
Trade creditors
9,005,860
5,809,839
Amounts owed to group undertakings
7,494,835
9,674,268
Taxation and social security
474,367
437,329
Other creditors
2,559,160
2,259,346
Accruals and deferred income
2,895,119
2,464,778
22,433,213
20,645,560
17
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
18
7,130,993
YOURPARKINGSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
18
Loans and overdrafts
2023
2022
£
£
Bank overdrafts
3,872
Loans from group undertakings
7,130,993
7,134,865
Payable within one year
3,872
Payable after one year
7,130,993
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2023
2022
Balances:
£
£
Accelerated capital allowances
(1,924,888)
(959,015)
Tax losses
7,067,136
3,368,103
Short-term timing differences
1,757
-
5,144,005
2,409,088
2023
Movements in the year:
£
Asset at 1 January 2023
(2,409,088)
Credit to profit or loss
(2,734,917)
Asset at 31 December 2023
(5,144,005)
The deferred tax asset set out above relates to taxable losses from the current and prior periods. This is included in the financial statements on the basis that directors believe it is probable that these will be utilised in future periods. The directors believe that the asset will begin reversing by financial year end 2024.
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
118,073
48,967
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.
YOURPARKINGSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A shares of 1p each
200,000
200,000
2,000
2,000
B Shares of 0.00001p each
499,800,000
499,800,000
50
50
Ordinary Shares of 1p each
595,330
595,330
5,953
5,953
500,595,330
500,595,330
8,003
8,003
22
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:
2023
2022
£
£
Within one year
381,555
2,861,663
Between two and five years
2,289,330
2,670,885
2,861,663
On 23 December 2022 the company signed a lease for a new office, as the previous lease came to an end. This lease comes into force from 23 December 2024.
23
Ultimate controlling party
YourParkingSpace Limited is a subsidiary of Motion UK Bidco Limited. The registered office of Motion UK Bidco Limited is: 10 Willis Way Fleets Industrial Estate, Poole, Dorset, United Kingdom, BH15 3SS.
The accounts are being consolidated with the ultimate French owner, Mobility 1 SAS France, and will be publicly available at https://www.inpi.fr/.
YOURPARKINGSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
24
Prior period adjustment
Reconciliation of changes in equity
6 months to
1 July
31 December
2022
2022
£
£
Adjustments to prior year
Operating expenses
132,552
446,904
Equity as previously reported
(3,110,136)
(6,486,324)
Equity as adjusted
(2,977,584)
(6,039,420)
Analysis of the effect upon equity
Profit and loss reserves
132,552
446,904
Reconciliation of changes in loss for the previous financial period
6 months to December 2022
£
Adjustments to prior year
Operating expenses
314,352
Loss as previously reported
(3,376,977)
Loss as adjusted
(3,062,625)
Notes to reconciliation
An adjustment was required to allocate penalty charge notice (PCN) revenue that had been recorded in Yourparkingspace (YPS) (a fellow group company) but was attributable to the functional activity of Parkmaven Ltd. Under UK GAAP, revenue should be recognized by the entity that is primarily responsible for the underlying business activity. Although YPS initially recognised the revenue due to its customer relationship, it was determined that the economic benefits and performance obligations pertained to Parkmaven Ltd. As a result, adjustments were made to reallocate the revenue to Parkmaven Ltd., correcting both the current and prior-year financial statements.
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