Company registration number 10789116 (England and Wales)
METRO SUPPLY CHAIN (PL UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
METRO SUPPLY CHAIN (PL UK) LIMITED
COMPANY INFORMATION
Directors
Mr M Descheneaux
Mr H Nanji
Mr C Fenton
Company number
10789116
Registered office
Unit 1 Saxham Business Park
Little Saxham
Bury St. Edmunds
Suffolk
England
IP28 6RX
Auditor
Mercer & Hole LLP
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 1BP
METRO SUPPLY CHAIN (PL UK) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 14
METRO SUPPLY CHAIN (PL UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 September 2024.
Fair Review of the business
Turnover has increased from £145k to £179k and the company has generated a profit before tax of £21,801 (2023: £22,030).
The company had net assets of £1,061,660 (2023: £1,039,859) at the year end, putting it in a healthy position.
Principal risks and uncertainties
The principal risks and uncertainties that face the company are liquidity, credit and competition risks.
Liquidity Risk
The company seeks to manage its liquidity risk by ensuring it has enough cash flow to meet foreseeable needs and to invest in assets.
Credit Risk
The principal asset of the company is the leased property. Income is reliant upon a suitable tenant.
Competition Risk
The company manages competition by entering into long term lease agreements with its tenants, and ensuring sufficient notice is provided at the conclusion of the lease agreements.
Key performance indicators
The directors of our business monitor the performance by reference to the following key performance indicators:
Turnover – turnover increased by £34k due to the agreed rental increase during the year.
Future developments
2024 was a year of growth, facilitating the rental increase and it is expected 2025 to be another year of growth.
Mr M Descheneaux
Director
29 January 2025
METRO SUPPLY CHAIN (PL UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the company continued to be that of property rental.
Results and dividends
The results for the year 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 year and up to the date of signature of the financial statements were as follows:
Mr M Descheneaux
Mr H Nanji
Mr C Fenton
Auditor
The auditor, Mercer & Hole LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
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
Mr M Descheneaux
Director
29 January 2025
METRO SUPPLY CHAIN (PL UK) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 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.
METRO SUPPLY CHAIN (PL UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF METRO SUPPLY CHAIN (PL UK) LIMITED
- 4 -
Opinion
We have audited the financial statements of Metro Supply Chain (PL UK) Limited (the 'company') for the year ended 30 September 2024 which comprise the statement of comprehensive income, the balance sheet, 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 30 September 2024 and of its profit for the year 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.
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 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.
METRO SUPPLY CHAIN (PL UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF METRO SUPPLY CHAIN (PL UK) LIMITED (CONTINUED)
- 5 -
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006 and tax legislation.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.
Audit procedures performed by the engagement team included:
discussions with management, including considerations of known or suspected instances of non- compliance with laws and regulations and fraud;
gaining an understanding of management's controls designed to prevent and detect irregularities; and
identifying and testing journal entries
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations.
METRO SUPPLY CHAIN (PL UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF METRO SUPPLY CHAIN (PL UK) LIMITED (CONTINUED)
- 6 -
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.
Steve Robinson FCA
Senior Statutory Auditor
For and on behalf of Mercer & Hole LLP
30 January 2025
Chartered Accountants
Statutory Auditor
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 1BP
METRO SUPPLY CHAIN (PL UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
178,976
144,840
Administrative expenses
(157,175)
(122,810)
Profit before taxation
21,801
22,030
Tax on profit
6
Profit for the financial year
21,801
22,030
The profit and loss account has been prepared on the basis that all operations are continuing operations.
METRO SUPPLY CHAIN (PL UK) LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
7
6
6
Current assets
Debtors
9
1,793,132
1,793,132
Cash at bank and in hand
5,575
3,752
1,798,707
1,796,884
Creditors: amounts falling due within one year
10
(737,053)
(757,031)
Net current assets
1,061,654
1,039,853
Net assets
1,061,660
1,039,859
Capital and reserves
Called up share capital
12
12
12
Profit and loss reserves
1,061,648
1,039,847
Total equity
1,061,660
1,039,859
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 29 January 2025 and are signed on its behalf by:
Mr M Descheneaux
Director
Company registration number 10789116 (England and Wales)
METRO SUPPLY CHAIN (PL UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 October 2022
12
1,017,817
1,017,829
Year ended 30 September 2023:
Profit and total comprehensive income
-
22,030
22,030
Balance at 30 September 2023
12
1,039,847
1,039,859
Year ended 30 September 2024:
Profit and total comprehensive income
-
21,801
21,801
Balance at 30 September 2024
12
1,061,648
1,061,660
METRO SUPPLY CHAIN (PL UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
1
Accounting policies
Company information
Metro Supply Chain (PL UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1 Saxham Business Park, Little Saxham, Bury St. Edmunds, Suffolk, England, IP28 6RX.
1.1
Accounting convention
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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 400 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.
Metro Supply Chain (PL UK) Limited is a wholly owned subsidiary of Metro Supply Chain Holdings (UK) Limited and the results of Metro Supply Chain (PL UK) Limited are included in the consolidated financial statements of Metro Supply Chain Holdings (UK) Limited which are available from Unit 1 Saxham Business Park, Little Saxham, Bury St. Edmunds, Suffolk, England, IP28 6RX.
1.2
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.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
1.4
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses
METRO SUPPLY CHAIN (PL UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 11 -
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, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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.
Basic financial liabilities
Basic financial liabilities, including creditorsand loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
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 taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Current tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
METRO SUPPLY CHAIN (PL UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
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.
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Rental income
178,976
144,840
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
3,000
2,850
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
3
3
6
Taxation
2024
2023
£
£
Profit before taxation
21,801
22,030
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
5,450
4,849
Group relief
(5,450)
(4,849)
Taxation charge for the year
-
-
METRO SUPPLY CHAIN (PL UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
7
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
8
6
6
8
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Metro Supply Chain Limited
United Kingdom
Logistics services
Ordinary shares
100.00
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,785,000
1,785,000
Prepayments and accrued income
8,132
8,132
1,793,132
1,793,132
10
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
16,000
14,956
Amounts owed to group undertakings
712,878
736,901
Taxation and social security
1,253
1,253
Other creditors
192
191
Accruals and deferred income
6,730
3,730
737,053
757,031
11
Directors' advances, credits and guarantees
Included within creditors is an amount due to the directors from the company of £192 (2023: £192).
12
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
12
12
12
12
METRO SUPPLY CHAIN (PL UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
13
Financial commitments, guarantees and contingent liabilities
The Company is party to an unlimited cross guarantee structure for banking arrangements between Metro Supply Chain Group Inc. and its subsidiaries. The guarantee is secured by way of a floating charge on the company's assets.
14
Operating lease commitments
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:
2024
2023
£
£
Within one year
160,000
99,705
Between two and five years
266,667
426,667
99,705
15
Ultimate controlling party
The immediate parent company is Metro Supply Chain (SCG UK) Limited.
The ultimate controlling party is Hanif Nanji.
The parent undertaking of the largest group within which the company belongs and for which group financial statements are prepared is Metro Supply Chain Group Inc., a company registered in Canada, whose registered office is 1002, Rue Sherbrooke Ouest, Suite 2000, Montreal, QC H3A 3L6.
The parent undertaking of the smallest group within which the company belongs and for which group financial statements are prepared is Metro Supply Chain Holdings (UK) Limited, a company registered in the United Kingdom, whose registered office is Unit 1 Saxham Business Park, Little Saxham, Bury St. Edmunds, Suffolk, England, IP28 6RX.
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