Company registration number 04721019 (England and Wales)
CURTIS PAINTING GROUP LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CURTIS PAINTING GROUP LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 12
CURTIS PAINTING GROUP LTD
BALANCE SHEET
AS AT
30 MARCH 2024
30 March 2024
- 1 -
30 March 2024
31 December 2022
unaudited
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
3
Tangible assets
4
388,147
290,394
Current assets
Stocks
50,000
40,000
Debtors
5
1,661,076
1,359,510
Cash at bank and in hand
190
3,394
1,711,266
1,402,904
Creditors: amounts falling due within one year
6
(1,463,973)
(1,494,493)
Net current assets/(liabilities)
247,293
(91,589)
Total assets less current liabilities
635,440
198,805
Creditors: amounts falling due after more than one year
7
(531,859)
(247,606)
Net assets/(liabilities)
103,581
(48,801)
Capital and reserves
Called up share capital
8
200,000
100,000
Other reserves
97,865
Profit and loss reserves
(194,284)
(148,801)
Total equity
103,581
(48,801)
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 3 March 2025 and are signed on its behalf by:
Mr B P Russell
Director
Company registration number 04721019 (England and Wales)
CURTIS PAINTING GROUP LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 MARCH 2024
- 2 -
Share capital
Other reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
100,000
-
(211,883)
(111,883)
Effect of change in accounting policy
-
-
(3,587)
(3,587)
As restated
100,000
-
(215,470)
(115,470)
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
66,669
66,669
Balance at 31 December 2022
100,000
-
(148,801)
(48,801)
Period ended 30 March 2024:
Loss and total comprehensive income
-
-
(64,360)
(64,360)
Issue of share capital
8
100,000
-
-
100,000
Capital contribution
-
116,742
-
116,742
Transfers
-
(18,877)
18,877
-
Balance at 30 March 2024
200,000
97,865
(194,284)
103,581
CURTIS PAINTING GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2024
- 3 -
1
Accounting policies
Company information
Curtis Painting Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 4a Tregarnedd Industrial Park, Llangefni, LL77 7JD.
1.1
Reporting period
During the period, the company’s immediate parent company, Russell Painting Holdings Limited, was acquired by RW Integrated Solutions Limited and subsequently the year end for the company was extended to 30 March 2024 to be in line with rest of the group. As a result of this, the current period and prior year figures are not comparable. The current period covers the dates from 1 January 2023 through to 30 March 2024 and the prior year relates to 1 January 2022 through to 31 December 2022.
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 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
Prior period adjustment
The directors have reconsidered the presentation of certain balances as previously recorded in the profit and loss account and balance sheet during the years ended 31 December 2021 and 31 December 2022. The appropriate reclassifications have been applied retrospectively by way of prior period adjustments in accordance with FRS 102 and are disclosed in note 14 to the financial statements.
1.4
Going concern
The company has experienced a period of high turnover growth, which although promising for the future has brought with it certain challenges. Although gross profit margins have remained broadly consistent in percentage terms, the high cost of borrowings attached to the working capital requirement of the increased turnover has impacted on the company’s ability to generate a pre-tax profit.true
However, despite the reported loss for the period the net asset position has improved significantly on the prior period, increasing from a net liability position of £49k to a net asset position of £104k. This follows increased equity investment from the immediate parent company, as well as the creation of a capital reserve on an interest-free loan from the ultimate parent company. The continued group support signals shareholder confidence in the company’s potential to deliver improved results and returns in the future.
The directors have reviewed the company’s performance against budget for the 30 March 2025 year and are pleased to report that turnover is tracking 20% ahead of target at the time of signing these accounts. The resultant impact is strong net profit, with the net asset position increasing by four times. This is primarily the result of an improved gross profit margin percentage, which has helped to create higher contribution levels towards overhead and borrowing costs, therefore enhancing the profits before tax.
Specifically, the directors have reviewed the forecasts for a period of 12 months from the date of these financial statements, concluding that the company will have sufficient trading performance to support consistent profitability and cash generation for at least the next year.
With reference to the above, the directors are satisfied that it remains appropriate for the company to prepare its financial statements on a going concern basis.
CURTIS PAINTING GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Turnover
Turnover represents the value of invoices raised in the year, net of value added tax and discounts where applicable, adjusted for movements in amounts recoverable on contract. All contracts are assessed on an individual basis, with the relevant profit and loss account entries recording turnover and matched contract costs reflective of activity on the relevant works under way. Turnover is established with reference to the stage of completion of the relevant works, with valuations periodically agreed by clients in line with the terms of contract in place. Profits on contracts are realised when the outcome of the work being undertaken can be assessed with reasonable certainty and turnover will only be recognised where there is a contractual right to do so. Where applicable, losses on contracts are recognised as soon as it is apparent the contract cannot return a positive return over its full term. Where the outcome of contract cannot be reasonably assessed, the relevant costs are recorded in the profit and loss account with a corresponding amount included in turnover, to ensure no profit or loss is realised. Where applicable, retentions may be applied by clients on the cumulative value of amounts invoiced. Such adjustments serve to reduce the value of trade debtors, with the future recoverable amount included within other debtors, however do not impact on the disclosure of turnover in the profit and loss account which continues to be disclosed gross of retentions.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life. Goodwill was fully amortised in a previous period.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20.00% straight line
Fixtures and fittings
20.00% straight line
Computers
20.00% straight line
Motor vehicles
16.67% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
CURTIS PAINTING GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
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.
CURTIS PAINTING GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.12
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.
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.
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
CURTIS PAINTING GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2022
Number
Number
Total
39
38
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 30 March 2024
85,000
Amortisation and impairment
At 1 January 2023 and 30 March 2024
85,000
Carrying amount
At 30 March 2024
At 31 December 2022
CURTIS PAINTING GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
- 8 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
444,382
Additions
193,810
Disposals
(31,595)
At 30 March 2024
606,597
Depreciation and impairment
At 1 January 2023
153,988
Depreciation charged in the period
86,424
Eliminated in respect of disposals
(21,962)
At 30 March 2024
218,450
Carrying amount
At 30 March 2024
388,147
At 31 December 2022
290,394
5
Debtors
2024
2022
unaudited
as restated
Amounts falling due within one year:
£
£
Trade debtors
784,743
830,383
Amounts owed by group undertakings
224,998
166,791
Other debtors
622,382
362,336
1,632,123
1,359,510
Deferred tax asset
28,953
1,661,076
1,359,510
Amounts owed by group undertakings are interest free, have no fixed date of repayment and are repayable upon demand.
CURTIS PAINTING GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
- 9 -
6
Creditors: amounts falling due within one year
2024
2022
unaudited
as restated
£
£
Bank loans
62,030
50,060
Trade creditors
176,116
364,831
Taxation and social security
620,948
282,405
Other creditors
604,879
797,197
1,463,973
1,494,493
Bank loans includes £9,000 (2022: £9,000) in respect of a Coronavirus Bounce Back Loan. This loan was repaid in full on 4 October 2024.
Also included in bank loans is £53,030 (2022: £41,060) which is secured by a fixed and floating charge over the assets of the company. Interest is charged on the loan at 7% per annum and the loan is due to mature in September 2027.
Other creditors includes £52,028 (2022: £54,893) in respect of finance leases which are secured against the assets to which they relate.
Also included in other creditors is a balance owing to eCapital Commercial Finance Limited totaling £417,338 (2022: £370,640) in respect of an invoice finance facility. This creditor is secured by way of a fixed and floating charge on certain company assets, dated 21 May 2021.
7
Creditors: amounts falling due after more than one year
2024
2022
unaudited
as restated
£
£
Bank loans
156,202
233,258
Amounts owed to group undertakings
284,880
Other creditors
90,777
14,348
531,859
247,606
Bank loans includes £10,500 (2022: £21,750) in respect of a Coronavirus Bounce Back Loan. This loan was repaid in full on 4 October 2024.
Also included in bank loans is £145,702 (2022: £211,508) which is secured by a fixed and floating charge over the assets of the company. Interest is charged on the loan at 7% per annum and the loan is due to mature in September 2027.
Amounts owed to group undertakings include a balance of £284,880 (2022: £nil) which constitutes a financing loan, where the transaction is measured at the present value of future payments discounted at a market rate of interest. The discount is recognised as a capital contribution within equity.
Other creditors includes £90,777 (2022: £14,348) in respect of finance leases which are secured against the assets to which they relate.
CURTIS PAINTING GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
- 10 -
8
Called up share capital
2024
2022
2024
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200,000
100,000
200,000
100,000
On 28 March 2024, the company allotted an additional 100,000 ordinary shares at par, all of which were acquired by its immediate parent Russell Painting Holdings Limited.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 March 2024 and of its loss 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.
Senior Statutory Auditor:
Laura Leslie BSc FCA
Statutory Auditor:
DSG Audit
Date of audit report:
3 March 2025
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2022
£
£
Within one year
9,500
Between two and five years
9,500
19,000
CURTIS PAINTING GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
- 11 -
11
Related party transactions
Included within other debtors is an amount of £223,499 (2022: £42,501) due from related parties linked by a common director. The movement in the related party debtors represents various working capital loans between the relevant entities, rather than as a result of the trade of goods and services.
Included within other creditors is an amount of £49,923 (2022: £267,136) due to related parties linked by a common director. The movement in the related party creditors represents various working capital loans between the relevant entities
The company has taken advantage of the reduced disclosure exemption available under Financial Reporting Standard 102 relating to the disclosure of related party transactions between wholly owned group companies.
12
Directors' transactions
Advances have been granted by the company to its directors as follows:
Description
Opening balance
Amounts repaid
Closing balance
£
£
£
Loan
133,677
(133,677)
-
133,677
(133,677)
-
13
Parent company
The immediate parent undertaking is Russell Painting Holdings Limited.
The ultimate parent undertaking is RW Integrated Solutions Limited. The registered office of RW Integrated Solutions Limited is Unit 2 Prenton Way North Cheshire Trading Estate Prenton CH43 3EA. RW Integrated Solutions Limited prepares consolidated financial statements which include Russell Painting Holdings Limited and Curtis Painting Group Ltd.
The smallest and largest group into which the results of this entity are consolidated is that headed by RW Integrated Solutions Limited.
The directors are of the opinion that Mr B P Russell is the ultimate controlling party.
CURTIS PAINTING GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
- 12 -
14
Prior period adjustment
The directors have reconsidered the presentation of certain transactions and balances recorded in previous years’ financial statements, prior to the period ended 30 March 2024. Following a detailed review, appropriate reclassifications have been applied by way of prior period adjustments to the 31 December 2021 and 31 December 2022 years, in accordance with FRS 102.
Changes to the balance sheet
As previously reported
Adjustment at 1 Jan 2022
Adjustment at 31 Dec 2022
As restated at 31 Dec 2022
£
£
£
£
Fixed assets
Tangible assets
294,022
3,628
(7,256)
290,394
Current assets
Stocks
150,823
-
(110,823)
40,000
Debtors due within one year
1,359,469
(75,104)
75,145
1,359,510
Creditors due within one year
Loans and overdrafts
(22,913)
-
(27,147)
(50,060)
Other creditors
(1,359,703)
64
252,504
(1,107,135)
Creditors due after one year
Loans and overdrafts
-
-
(233,258)
(233,258)
Net assets
73,446
(71,412)
(50,835)
(48,801)
Capital and reserves
Share capital
100,000
-
-
100,000
Profit and loss reserves
(26,554)
(71,412)
(50,835)
(148,801)
Total equity
73,446
(71,412)
(50,835)
(48,801)
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