Company registration number 14123763 (England and Wales)
THE LSF SECRETARIAT LTD
ANNUAL REPORT AND AUDITED FINANACIAL STATEMENTS
FOR THE PERIOD ENDED FROM 1 JUNE 2023 TO 31 DECEMBER 2023
THE LSF SECRETARIAT LTD
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Profit and loss account
7
Balance sheet
8
Notes to the financial statements
10 - 15
THE LSF SECRETARIAT LTD
COMPANY INFORMATION
Directors
Ms Sara Lemniei-Khouli
Mr David Escoffier
Registered number
14123763
Registered office
Grenville Court
Britwell Road
Burnham
Buckinghamshire
SL1 8DF
Auditor
Grant Thornton
Chartered Accountants and Statutory
Dublin 2
Ireland
Bankers
Citibank PLC
Citigroup Centre
Canada square
Canary Wharf
London
E14 5LB
Administrators
Eacotts International Limited
Grenville Court
Britwell Road
Burnham
Buckinghamshire
United Kingdom
SL1 8DF
THE LSF SECRETARIAT LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED FROM 1 JUNE 2023 TO 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the period 1 June 2023 to 31 December 2023.

Principal activities and business review

The principal activity of the company is that of providing certain investment management, advisory, administrative and related services to its parent company, The Liquidity and Sustainability Facility (LSF) Designated Activity Company.

 

During the period, the company changed its accounting reference date from 31 May to 31 December. Further details regarding this change are provided in the accounting policies section of the financial statements.

In preparing the financial statements, the directors have considered the company’s ability to continue as a going concern. Following a review of the company's financial position, including the receipt of additional grants in December 2024, the directors are satisfied that the company has sufficient resources to continue in operation for the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis.

 

Directors

The directors who held office during the period ended from 1 June 2023 to and up to the date of signature of the financial statements were as follows:

Ms Sara Lemniei-Khouli
Mr David Escoffier
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.

Political Donations and charitable contributions

The Company made no political and charitable donations during the financial period.

Statement of relevant audit information

The directors at the time when this Directors' report is approved have confirmed that:

-so far as they are aware, there is no relevant audit information of which the Company's auditors are unaware; and

-they have taken all the steps that ought to have taken as directors in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Small companies exemption

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

On behalf of the board
Ms Sara Lemniei-Khouli
Mr David Escoffier
Director
Director
5 February 2025
THE LSF SECRETARIAT LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED FROM 1 JUNE 2023 TO 31 DECEMBER 2023
- 2 -

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

On behalf of the board
Ms Sara Lemniei-Khouli
Mr David Escoffier
Director
Director
5 February 2025
THE LSF SECRETARIAT LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE LSF SECRETARIAT LTD
- 3 -
Opinion

We have audited the financial statements of The LSF Secretariat LTD (“Company”), which comprise the profit and loss account, statement of financial position for the period ended 31 December 2023, and the related notes to the financial statements, including a summary of significant accounting policies.

 

The financial reporting framework that has been applied in the preparation of the financial statements is applicable law and accounting standards issued by the Financial Reporting Council including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

 

In our opinion, The LSF Secretariat LTD’s financial statements:

 

Basis for opinion

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 ‘Responsibilities of the auditor 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 United Kingdom, including the FRC’s Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances for the entity. 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 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 the date 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 LSF SECRETARIAT LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE LSF SECRETARIAT LTD (CONTINUED)
- 4 -

Other information

Other information comprises information included in the annual report, other than the financial statements and our auditor’s report thereon, including the Directors’ Report. The directors are responsible for the other information. 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.

 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether

there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report 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 the audit:

 

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 any material misstatements in the Directors’ Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if,

in our opinion:

 

 

 

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement, management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS 102, and for such internal control as directors determine necessary to enable the preparation of financial statements are free from material misstatement,

whether due to fraud or error.

 

In preparing the financial statements, management is 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 management either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

 

Those charged with governance are responsible for overseeing the Company’s financial reporting process.

 

 

 

THE LSF SECRETARIAT LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE LSF SECRETARIAT LTD (CONTINUED)
- 5 -
Responsibilities of the auditor for the audit of the financial statements

The objectives of an auditor 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 their 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 an auditor’s responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

 

Explanation as to what extent 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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

 

Based on our understanding of the Company and industry, we identified that the principal risks of noncompliance with laws and regulations related to compliance with Companies Act 2006 and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements. The Audit engagement partner considered the experience and expertise of the engagement to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that

the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.

 

In response to the principal risks, our audit procedures included but were not limited to:

 

 

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of nondetection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

 

THE LSF SECRETARIAT LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE LSF SECRETARIAT LTD (CONTINUED)
- 6 -

The purpose of our audit work and to whom we owe our responsibilities

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.

 

Shahnawaz Mirza (Senior Statutory Auditor)
For and on behalf of Grant Thornton
5 February 2025
Chartered Accountants and Statutory
Dublin
Ireland
THE LSF SECRETARIAT LTD
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED FROM 1 JUNE 2023 TO 31 DECEMBER 2023
- 7 -
period ended from 1 June 2023 to
12 month period
ended
ended
31 December 2023
31 May 2023
Notes
£
£
Turnover
3
215,338
626,778
Administrative expenses
(308,823)
(539,279)
(Loss)/profit before taxation
(93,485)
87,499
Tax on (loss)/profit
5
-
0
(17,097)
(Loss)/profit for the period
(93,485)
70,402

The profit and loss account has been prepared on the basis that all operations are continuing operations.

THE LSF SECRETARIAT LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 8 -
31 December 2023
31 May 2023
Notes
£
£
£
£
Current assets
Debtors
6
10,000
10,000
Cash at bank and in hand
54,221
270,775
64,221
280,775
Creditors: amounts falling due within one year
7
(77,304)
(200,373)
Net current (liabilities)/assets
(13,083)
80,402
Capital and reserves
Called up share capital
10
10,000
10,000
Profit and loss reserves
(23,083)
70,402
Total (deficit)/equity
(13,083)
80,402

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 5 February 2025 and are signed on its behalf by:
Mr David Escoffier
Director
Company registration number 14123763 (England and Wales)
THE LSF SECRETARIAT LTD
STATEMENT OF CHANGES IN EQUITY
For the period ended from 1 June 2023 to 31 December 2023
- 9 -
Share capital
Profit and loss reserves
Total equity/(deficit)
£
£
£
Date of incorporation (23 May 2022)
-
-
-
Issurance of shares
10,000
-
0
10,000
12 month period ended 31 May 2023
Profit for financial period
-
70,402
70,402
Balance at 31 May 2023
10,000
70,402
80,402
7 month period ended 31 December 2023
Loss for financial period
-
(93,485)
(93,485)
Balance at 31 December 2023
10,000
(23,083)
(13,083)
THE LSF SECRETARIAT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED FROM 1 JUNE 2023 TO 31 DECEMBER 2023
- 10 -
1
Accounting policies
Company information

The LSF Secretariat Ltd is a private company limited by shares incorporated in England and Wales and is domiciled in United Kingdom. The registered number of the Company is 14123763. The registered office is Grenville Court, Britwell Road, Burnham, Buckinghamshire, SL1 8DF.

1.1
Reporting period

These financial statements cover a period of 7 months from 1 June 2023 to 31 December 2023. The cover period of the comparative year is 23 May 2022 to 31 May 2023. As a result of this change the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable. The accounting period was changed on 5 July 2024 so that The LSF Secretariat LTD has the same year end as the immediate parent company, The Liquidity and Sustainability Facility (LSF) Designated Activity Company.

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

 

The company is specifically exempted from including:

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

The directors have reviewed the company's financial position and, in light of additional grants of US$1.30 million of which US$0.6 million has been received in December 2024 while the remaining balance is expected to be received in 2025. They have a reasonable expectation that the company has sufficient resources to continue in operation for the foreseeable future. The grants are intended to support the liquidity and sustainability facility, and will be recognised in the subsequent financial period. Accordingly, the financial statements have been prepared on a going concern basis.

1.4
Turnover

Turnover comprises of grant income from Afreximbank and management fee income in accordance with the IMA (Investment Management Agreement) with the parent company, The Liquidity and Sustainability Facility (LSF) Designated Activity Company. It is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

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.

THE LSF SECRETARIAT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED FROM 1 JUNE 2023 TO 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial statements.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, 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
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.

THE LSF SECRETARIAT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED FROM 1 JUNE 2023 TO 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
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.

1.8
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.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Bank grants

Grants are recognised when there is reasonable assurance that the conditions for receipt have been met and the grant will be received. Grants related to income are recognised in the profit and loss account as other income on a systematic basis over the period in which the related costs are incurred. Grants related to assets are deducted from the carrying amount of the related asset or recognised as deferred income and released to the profit and loss account on a systematic basis over the useful life of the asset.

1.11

Expenses

All expenses are recognised as incurred on an accrual basis.

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.

THE LSF SECRETARIAT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED FROM 1 JUNE 2023 TO 31 DECEMBER 2023
- 13 -
3
Turnover
7 month period ended 31 December 2023
2023
£
£
Turnover analysed by class of business
Grant income
-
423,948
Other interest income
5,123
3,023
Fee income
210,215
199,807
215,338
626,778
4
Employees

The average monthly number of persons (including directors) employed by the company during the period ended was:

7 month period ended 31 December 2023
12 month period ended 31 May 2023
Number
Number
Total
2
2
5
Taxation
7 month period ended 31 December 2023
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
17,097
6
Debtors
7 month period ended 31 December 2023
31 May 2023
Amounts falling due within one year:
£
£
Other debtors
10,000
10,000
THE LSF SECRETARIAT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED FROM 1 JUNE 2023 TO 31 DECEMBER 2023
- 14 -
7
Creditors: amounts falling due within one year
7 month period ended 31 December 2023
31 May 2023
£
£
Trade creditors
5,998
8,557
Corporation tax
17,097
17,097
Other taxation and social security
14,873
14,873
Deferred income
27,747
159,846
Accruals
11,589
-
77,304
200,373

Deferred income relates to advance payments received for management services provided to The Liquidity and Sustainability Facility (LSF) Designated Activity Company, the immediate parent company.

8
Controlling party

The ultimate controlling party is Csc Finance Nominees (Ireland) Limited as it holds 100% of the shares of the immediate parent, The Liquidity and Sustainability Facility (LSF) Designated Activity Company, on behalf of an Irish Charity. The registered office address is 2nd Floor 1-2 Victoria Buildings, Haddington Road, Dublin 4, Dublin D04XN32, IRELAND.

 

9
Related party transactions

Management fee totaling £237,962 (May 2023: £359,653) was received during the period from the parent company, The Liquidity and Sustainability Facility (LSF) Designated Activity Company, of which £210,215 (May 2023: £199,807) related to the income earned during the period and the balance of £27,747 (May 2023: £159,846) is deferred income as per note 7 above.

10
Called up share capital
31 December 2023
31 May 2023
31 December 2023
31 May 2023
Number
Number
£
£
Unpaid ordinary share capital
Ordinary shares of £100 each
100
100
10,000
10,000

10,000 ordinary shares were issued at par on incorporation, unpaid.

The Liquidity and Sustainability Facility (LSF) Designated Activity Company owns 100% of the issued shares.

11
Events after the reporting date

Subsequent to the reporting date, the company received additional grants offer of US$1.30 million of which US$0.6 million has been received in December 2024 while the remaining balance is expected to be received in 2025. The directors have assessed that these grants do not impact the financial position as at 31 December 2023 but will be accounted for in the subsequent financial period.

THE LSF SECRETARIAT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED FROM 1 JUNE 2023 TO 31 DECEMBER 2023
- 15 -
12
Approval of the financial statements

The Board of Directors approved the Company financial statements on 05 February 2025.

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