Z Hotels Group Limited
Annual Report and Financial Statements
For the year ended 31 March 2024
Company Registration No. 12184800 (England and Wales)
Z Hotels Group Limited
Company Information
Directors
B King
R Meehan
P Leighton
Company number
12184800
Registered office
53-59 Chandos Place
London
WC2N 4HS
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Z Hotels Group Limited
Contents
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 15
Z Hotels Group Limited
Directors' Report
For the year ended 31 March 2024
Page 1
The directors present their annual report and financial statements for the year ended 31 March 2024.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
B King
R Meehan
M Gudka
(Resigned 17 September 2024)
P Leighton
Auditor
The auditor, Moore Kingston Smith 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.
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
R Meehan
Director
28 February 2025
Z Hotels Group Limited
Directors' Responsibilities Statement
For the year ended 31 March 2024
Page 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 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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Z Hotels Group Limited
Independent Auditor's Report
To the Members of Z Hotels Group Limited
Page 3
Opinion
We have audited the financial statements of Z Hotels Group Limited (the 'company') for the year ended 31 March 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 FRS 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 31 March 2024 and of its loss 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.
Material uncertainty related to going concern
We draw attention to note 1.2 in the financial statements, which indicates that the availability of financing within the wider group may impact the company’s ability to continue as a going concern. As stated in note 1.2 these events or conditions, along with the other matters as set forth in note 1.2 indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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.
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.
Z Hotels Group Limited
Independent Auditor's Report (Continued)
To the Members of Z Hotels Group Limited
Page 4
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 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.
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 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.
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.
Z Hotels Group Limited
Independent Auditor's Report (Continued)
To the Members of Z Hotels Group Limited
Page 5
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.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Z Hotels Group Limited
Independent Auditor's Report (Continued)
To the Members of Z Hotels Group Limited
Page 6
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. 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.
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.
Katherine Edwards
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
28 February 2025
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
Z Hotels Group Limited
Statement of Comprehensive Income
For the year ended 31 March 2024
Page 7
2024
2023
Notes
£
£
Administrative expenses
(44,765)
(20,209)
Interest payable and similar expenses
(2,567,370)
(986,714)
Loss before taxation
(2,612,135)
(1,006,923)
Tax on loss
3
Loss for the financial year
(2,612,135)
(1,006,923)
Z Hotels Group Limited
Balance Sheet
As at 31 March 2024
Page 8
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
125,109
125,109
Current assets
Debtors
5
37,012,885
39,443,216
Cash at bank and in hand
100
100
37,012,985
39,443,316
Creditors: amounts falling due within one year
6
(35,532,463)
(39,350,659)
Net current assets
1,480,522
92,657
Total assets less current liabilities
1,605,631
217,766
Creditors: amounts falling due after more than one year
7
(4,000,000)
Net (liabilities)/assets
(2,394,369)
217,766
Capital and reserves
Called up share capital
8
240
240
Capital redemption reserve
100
100
Other reserves
(240)
1,315,378
Profit and loss reserves
(2,394,469)
(1,097,952)
Total equity
(2,394,369)
217,766
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 28 February 2025 and are signed on its behalf by:
R Meehan
Director
Company Registration No. 12184800
Z Hotels Group Limited
Statement of Changes in Equity
For the year ended 31 March 2024
Page 9
Share capital
Capital redemption reserve
Other reserves
Capital contribution reserve
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 April 2022
240
100
(240)
-
(91,029)
(90,929)
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
-
-
-
(1,006,923)
(1,006,923)
Transfers
-
-
-
1,315,618
1,315,618
Balance at 31 March 2023
240
100
(240)
1,315,618
(1,097,952)
217,766
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
-
-
-
(2,612,135)
(2,612,135)
Other movements
-
-
-
(1,315,618)
1,315,618
-
Balance at 31 March 2024
240
100
(240)
-
(2,394,469)
(2,394,369)
Z Hotels Group Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 10
1
Accounting policies
Company information
Z Hotels Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 53-59 Chandos Place, London, United Kingdom, WC2N 4HS.
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 as applicable to companies subject to the small companies regime.
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.
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.
Z Hotels Group Limited is a wholly owned subsidiary of Z Group Topco Ltd and the results of Z Hotels Group Limited are included in the consolidated financial statements of Z Group Topco Ltd which are available from Companies House.
1.2
Going concern
The Group, of which this Company is a part, has continued to trade at exceptionally high levels of occupancy with the annual rate of occupancy running at 99% at the balance sheet date. ARR continues on a growth trajectory and measures to control costs have taken an annualised £2m out of the cost base. Upgrades to core systems and revenue management improvements are contributing towards increases in ARR, whilst discussions over refinancing and asset optimisation are progressing positively.true
The Group has loans totalling £104.1m of which £4.3m is repayable on demand at the balance sheet date and £82m is repayable within 12 months of the date of approval of these financial statements. Of the remaining amounts, £14.3m is repayable in May 2028 and £4m repayable in July 2027. The Group has obtained a letter confirming that £4m of the amounts repayable on demand will not be recalled within at least 12 months of the date of approval of these financial statements.
The directors have drawn up cash flow forecasts for the Group which extend to March 2026 to assess its ability to continue as a going concern. Should the Group loans of £86.3m be called for repayment, there is unlikely to be sufficient headroom available without either refinancing the loans or renegotiating the terms and conditions of the loans.
These factors indicate the existence of material uncertainties which may cast significant doubt on the Group’s and therefore the Company's ability to continue as a going concern. While there can be no certainty over the assumptions made in preparing the cash flow forecast, the directors have prepared the financial statements on going concern basis as they have a reasonable expectation that, if required, either refinancing will be available to the group or that the terms of the group’s loans can be renegotiated such that repayments can be managed in a reasonable way.
The financial statements do not contain any adjustments that would arise if the Company were unable to continue as a going concern.
Z Hotels Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 11
1.3
Fixed asset investments
Interests in subsidiaries 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.
1.4
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.
1.5
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 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.
Z Hotels Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 12
1.6
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.
1.7
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
Z Hotels Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 13
3
Taxation
The actual charge 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:
2024
2023
£
£
Loss before taxation
(2,612,135)
(1,006,923)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(653,034)
(191,315)
Tax effect of expenses that are not deductible in determining taxable profit
641,881
187,475
Change in unrecognised deferred tax assets
3,840
Group relief
11,153
Taxation charge for the year
-
-
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
125,109
125,109
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
34,923,233
39,210,377
Other debtors
2,089,652
232,839
37,012,885
39,443,216
Z Hotels Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 14
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,412
3,685
Amounts owed to group undertakings
9,242,821
9,283,874
Other creditors
26,268,230
30,050,860
Accruals and deferred income
18,000
12,240
35,532,463
39,350,659
Included within other creditors due within one year is a loan of £9,000,000 (2023: £15,000,000, discounted to a balance of £14,251,781) and accrued interest of £1,408,219 (2023: £nil) due to former shareholders. The balance is unsecured and attracts interest at 20%. At the reporting date, the loan was repayable in July 2024 and subsequent to the year end date the loan was extended to April 2025.
Included within other creditors due within one year is a loan of £10,000,000 (2023: £10,000,000, discounted to a balance of £9,501,188) and accrued interest of £361,644 (2023: £nil) due to former shareholders. The balance is unsecured and attracts interest at 20%. At the reporting date, the loan was repayable in July 2024 and subsequent to the year end date the loan was extended to April 2025.
Included within other creditors due within one year is a loan of £1,000,000 (2023: £nil) and accrued interest of £19,726 (2023: £nil). The balance is unsecured and attracts interest at a rate of 12%. At the reporting date the loan was repayable in July 2024 and subsequent to the year end the loan was extended to July 2027.
Included in Other creditors is a loan of £25,000 (2023: £Nil) due to a director and shareholder of the company. The balance is unsecured and interest-free. The loan is repayable on demand.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
4,000,000
-
Included in Other creditors is a loan of £4,000,000 (2023: £Nil) due to an ultimate shareholder of the company. The balance is unsecured and attracts interest at a rate of 16%. At the reporting date, the loan was repayable in July 2027.
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
24,000 Ordinary shares of 1p each
240
240
240
240
Z Hotels Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 15
9
Related party transactions
The company has taken advantage of the exemption in FRS 102 (section 33) "Relates Party Disclosure" in respect of the disclosures of transactions and balances with other wholly owned group undertakings as consolidated financial statements including the company are prepared.
No key management received remuneration from the company during the year or the prior year.
Included within creditors is an amount of £24,000,000 (2023: 24,739,683) due to shareholders and former shareholders. Within the year, the company incurred interest payments amounting to £2,238,466 (2023: £986,714) in relation to these loans.
Including within debtors is an amount of £189,652 (2023: £198,052) due from companies under common control and £2,000,000 (2023: £nil) due from shareholders of the parent company. Including within creditors is an amount of £4,004,764 (2023: £4,004,764) due to companies under common control.
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