Company Registration No. 14646594 (England and Wales)
Belladonna Films Limited
Annual report and financial statements
for the period ended 2 August 2024
Belladonna Films Limited
Company information
Directors
Iain Canning
Emile Sherman
Company number
14646594
Registered office
3rd Floor
45 Folgate Street
London
E1 6GL
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Belladonna Films Limited
Contents
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Income statement
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 16
Belladonna Films Limited
Strategic report
For the period ended 2 August 2024
1
The directors present the strategic report for the period ended 2 August 2024.
Review of the business
During the period the company was involved in television production. The company incurred a loss before tax of £1,119,827 (period ended 10 December 2023: £2,607,087) . At the period end the company had net assets of £226,727 (10 December 2023: £1). The directors do not recommend the payment of a dividend in respect of the financial period ended 2 August 2024 (period ended 10 December 2023: £nil).
Principal risks and uncertainties
The directors have assessed the risk and resultant uncertainties facing the business as the ability to secure future contracts. On the basis the current project is financed by the broadcaster the directors believe that the company has reduced exposure to the business and financial risks.
The company retains the financial support by the parent company, on this basis the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Development and performance
The directors do not anticipate any significant future developments in the company.
Key performance indicators
The directors consider the company's key financial performance indicator to be whether the programme is produced in line with the production budget. At the period end date, the estimated total cost of the programme was below the total budgeted costs.
Iain Canning
Director
8 January 2025
Belladonna Films Limited
Directors' report
For the period ended 2 August 2024
2
The directors present their annual report and financial statements for the period ended 2 August 2024.
Principal activities
The principal activity of the company continued to be that of television programme production activities.
Results and dividends
The results for the period are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Iain Canning
Emile Sherman
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Iain Canning
Director
8 January 2025
Belladonna Films Limited
Directors' responsibilities statement
For the period ended 2 August 2024
3
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.
Belladonna Films Limited
Independent auditor's report
To the members of Belladonna Films Limited
4
Opinion
We have audited the financial statements of Belladonna Films Limited (the 'company') for the period ended 2 August 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 2 August 2024 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Belladonna Films Limited
Independent auditor's report (continued)
To the members of Belladonna Films Limited
5
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.
Belladonna Films Limited
Independent auditor's report (continued)
To the members of Belladonna Films Limited
6
Laws and regulations of direct significance in the context of the company include The Companies Act 2006, and UK Tax legislation, specifically legislation relating to creative industry tax credits.
In addition, the company is subject to other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to its ability to operate or to avoid a material penalty. These include anti-bribery legislation and employment law.
Audit response to risks identified
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance. We have reviewed management’s assessment of how the company, and production, comply with the relevant laws and regulations governing access to the creative industry tax credits.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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.
Moses Nyachae
Senior Statutory Auditor
For and on behalf of Saffery LLP
14 January 2025
Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Belladonna Films Limited
Income statement
For the period ended 2 August 2024
7
Period ended 2 August 2024
Period ended 10 December 2023
Notes
£
£
Turnover
3
4,953,135
11,814,039
Cost of sales
(6,197,129)
(14,400,626)
Gross loss
(1,243,994)
(2,586,587)
Administrative expenses
(16,000)
(20,500)
Other operating income
140,167
Loss before taxation
(1,119,827)
(2,607,087)
Tax on loss
6
1,346,553
2,607,087
Profit for the financial period
226,726
The income statement has been prepared on the basis that all operations are continuing operations.
Belladonna Films Limited
Statement of financial position
As at 2 August 2024
8
2 August 2024
10 December 2023
Notes
£
£
£
£
Current assets
Debtors
7
1,563,631
3,002,590
Cash at bank and in hand
960,202
5,228,526
2,523,833
8,231,116
Creditors: amounts falling due within one year
8
(2,297,106)
(8,231,115)
Net current assets
226,727
1
Capital and reserves
Called up share capital
11
1
1
Profit and loss reserves
226,726
Total equity
226,727
1
The financial statements were approved by the board of directors and authorised for issue on 8 January 2025 and are signed on its behalf by:
Iain Canning
Director
Company Registration No. 14646594
Belladonna Films Limited
Statement of changes in equity
For the period ended 2 August 2024
9
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 8 February 2023
-
Period ended 10 December 2023:
Profit and total comprehensive income
-
Issue of share capital
11
1
-
1
Balance at 10 December 2023
1
1
Period ended 2 August 2024:
Profit and total comprehensive income
-
226,726
226,726
Balance at 2 August 2024
1
226,726
226,727
Belladonna Films Limited
Notes to the financial statements
For the period ended 2 August 2024
10
1
Accounting policies
Company information
Belladonna Films Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 45 Folgate Street, London, E1 6GL.
1.1
Reporting period
The accounts have been prepared for the 8 month period to 2 August 2024 in order to align the period end with the stage of production of the project.
The prior period was from 8 February 2023 to 10 December 2023, a period of 10 months and therefore not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
In respect of long-term contracts for on-going services, turnover represents the value of work done in the period, including estimates of amounts not invoiced. Value of work done in respect of long-term contracts and contracts for on-going services is determined by reference to the stage of completion.
The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the period in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments, or other assets depending on their nature, and provided it is probable they will be recovered.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Belladonna Films Limited
Notes to the financial statements (continued)
For the period ended 2 August 2024
1
Accounting policies (continued)
11
1.6
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 statement of financial position 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, 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
1.7
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.
1.8
Taxation
The tax credit represents tax recoverable relating to the current year.
Current tax
The tax currently recoverable is based on relievable losses for the period as the result of film tax relief legislation. Relievable losses differ from net losses as reported in the profit and loss account because they include additional deduction relation to qualifying television development expenditure and exclude items of income or expense that are taxable or deductible in other years, as well as items that are never taxable or deductible. The company's tax position is calculated using tax rates that have been enacted or substantively enacted by the reporting date.
Belladonna Films Limited
Notes to the financial statements (continued)
For the period ended 2 August 2024
1
Accounting policies (continued)
12
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions where practicable, else at the average rate over the period in which the transactions were incurred. 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
Critical accounting 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.
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.
Tax credit estimate
The key accounting estimate within the financial statements for this company is the valuation of the high-end TV tax credit available. The estimate is based on the assessment of the value of qualifying expenditure as per HMRC legislations and guidance plus assessment of the qualification of the underlying production as eligible for tax relief.
3
Turnover
Period ended 2 August 2024
Period ended 10 December 2023
£
£
Turnover analysed by class of business
Sale of Television Rights
4,953,135
11,814,039
Belladonna Films Limited
Notes to the financial statements (continued)
For the period ended 2 August 2024
3
Turnover (continued)
13
Period ended 2 August 2024
Period ended 10 December 2023
£
£
Turnover analysed by geographical market
United Kingdom
4,953,135
11,814,039
4
Operating loss
Period ended 2 August 2024
Period ended 10 December 2023
Operating loss for the period is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
11,000
13,000
Fees payable to the company's auditor for non-audit services
5,000
7,500
5
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
Period ended 2 August 2024
Period ended 10 December 2023
Number
Number
4
44
Their aggregate remuneration comprised:
Period ended 2 August 2024
Period ended 10 December 2023
£
£
Wages and salaries
26,754
1,144,221
Social security costs
3,137
132,173
Pension costs
327
10,351
30,218
1,286,745
Belladonna Films Limited
Notes to the financial statements (continued)
For the period ended 2 August 2024
14
6
Taxation
Period ended 2 August 2024
Period ended 10 December 2023
£
£
Current tax
UK corporation tax on profits for the current period
(1,346,553)
(2,607,087)
The actual credit for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:
Period ended 2 August 2024
Period ended 10 December 2023
£
£
Loss before taxation
(1,119,827)
(2,607,087)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (Period ended 10 December 2023: 23.98%)
(279,957)
(625,179)
Enhanced losses arising from the HETV tax credit
(1,365,525)
(2,511,482)
Difference between the rate of corporation tax and the rate of relief under the HETV tax credit
(106,369)
Losses carried forward
298,929
635,943
Taxation credit for the period
(1,346,553)
(2,607,087)
7
Debtors
2 August 2024
10 December 2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
1,346,553
2,607,087
Amounts owed by group undertakings
1
Other debtors
215,596
310,088
Prepayments and accrued income
1,482
85,414
1,563,631
3,002,590
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
Belladonna Films Limited
Notes to the financial statements (continued)
For the period ended 2 August 2024
15
8
Creditors: amounts falling due within one year
2 August 2024
10 December 2023
Notes
£
£
Other borrowings
9
319,063
2,785,039
Trade creditors
137,761
Amounts owed to group undertakings
19,999
Taxation and social security
196,130
Other creditors
11,257
3,345,578
Accruals and deferred income
1,809,026
1,904,368
2,297,106
8,231,115
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
9
Loans and overdrafts
2 August 2024
10 December 2023
£
£
Other loans
319,063
2,785,039
Payable within one year
319,063
2,785,039
The long-term loans are secured by fixed charges over:
Natixis Coficine S.A holds a charge over the respective assets relating to the Programme "Sweetpea", including and without limitation, the right to receive the UK Tax Credit Proceeds and the Sky Funding as security for repayment of the debt.
The loan bears interest at an aggregate rate of 1.5% plus SONIA per annum. The company is committed to repay the loan by 31 March 2025 in line with the terms of the agreement.
10
Retirement benefit schemes
Period ended 2 August 2024
Period ended 10 December 2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
327
10,351
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.
Belladonna Films Limited
Notes to the financial statements (continued)
For the period ended 2 August 2024
16
11
Share capital
2 August 2024
10 December 2023
2 August 2024
10 December 2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
12
Charges
Natixis Coficine S.A holds a fixed charge over all the rights, title and interest in and to the television series "Sweetpea" and is in respect of amounts advanced to Belladonna Films Limited in connection with the production of this film.
13
Related party transactions
The company has taken advantage of the exemption under paragraph 33.1a of FRS 102 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.
14
Parent Company
The company's parent undertaking is See-Saw Films (TV) Limited, a company registered in England and Wales.
The company's ultimate parent undertaking is See-Saw Films Limited, a company registered in England and Wales.
The largest group for which the accounts are prepared and of which the company is a member is See-Saw Films Limited. Copies of group accounts can be obtained from 3rd Floor 45 Folgate Street, London, United Kingdom, E1 6GL.
The company doesn’t consider there to be an ultimate controlling party.
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