Company registration number 09385948 (England and Wales)
CHANDERHILL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
CHANDERHILL LIMITED
COMPANY INFORMATION
Directors
P J Marsden
L Turton
Company number
09385948
Registered office
Park View House,
58 The Ropewalk
Nottingham
England
NG1 5DW
Auditor
BHP LLP
One Waterside Place
Basin Square
Brimington Road
Chesterfield
Derbyshire
S41 7FH
CHANDERHILL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 16
CHANDERHILL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Review of the business

The company is a wholly owned subsidiary of EKJT Limited (The 'Group')

The principal activity of the Company continued to be that of an intermediate holding company.

Business Strategy

The group operates in the UK Lift Market and supplies Vermaport Shopping Cart Conveyors and spare parts globally.

In order to stand out in our chosen markets we take pride in our commitment to industry-leading workmanship and exceptional customer service sets us apart in the market. We strive to exceed customer expectations by offering fair and transparent pricing without any hidden charges.

 

The directors’ primary objectives for the year were to maintain the profitability of its contracts, steady sustainable and profitable growth, and to prepay its bank facilities ahead of schedule to mitigate rising interest costs.

Business Review

 

The directors are pleased with the results for the Group for the financial year ended 30 June 2024.

 

The Group’s main divisions are

 

 

The Group's main divisions include Lift Servicing, Capital Projects, and Vermaport. All three divisions performed better than expected, with a turnover of £19.7m (compared to £13.3m in FY23) and a gross margin of 33% (compared to 34% in FY23). The Group achieved a profit after tax of £2.4m (compared to £1.3m in FY23), and the net debt EBITDA leverage was 0.15x (compared to 0.63x in FY23).

Group Funding

The group met its objectives and prepaid early all of its bank loans as well as the deferred consideration owed to a former Director ahead of plan.

 

The Group met all of its interest obligations during the year despite significant rises in interest rates.

 

The Group made use of its Revolving Credit Facility which provides liquidity as and when as required up to £875,000 as well continuing to use its £300,000 multi-currency overdraft facility.

CHANDERHILL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Principal risks and uncertainties

The group is exposed to a number of business risks and uncertainties and has plans in place mitigate these risks as much as practically possible

 

The group operates worldwide and has a supply chain based in Europe. As a result, the group is exposed to movements in foreign currency exchange rates in the Euro and US Dollar on purchases and receipts in those currencies. The Group manages these risks through the use its multi-currency overdraft and utilising receipts in Euro’s and USD to settle liabilities in those currencies and avoiding potential foreign currency exchange losses.

 

Competition is a significant risk to the Group. Our focus is to provide consistently good quality service and products to retain existing customers, as well as attract new ones.

 

The group is exposed to a moderate level of price risk, credit risk, liquidity risk and cash flow risk. The group manages these risks by financing its operations through retained profits, supplemented by a multi-currency bank overdraft when necessary to fund growth.

 

The group makes limited use of derivative financial instruments (forward exchange contracts), no forward exchange contracts have been entered into at the balance sheet date.

 

Future Developments

 

The directors anticipate the UK lift market will remain highly competitive, particularly in the sectors where our business is focused. Many companies tender for the same work giving rise to aggressive pricing structures and increasing pressure on our margins year on year.

 

We believe that the Group is in a good financial position and that the risks identified are being well managed. With continued focus on delivering an industry leading level of service, quality and communication the directors are confident in the company's ability to maintain and build on its success.

On behalf of the board

P J Marsden
Director
31 January 2025
CHANDERHILL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company continued to be that of Intermediate holding company.

 

Post year end, Chanderhill Limited's trade and assets were hived up in to the parent company, EKJT Limited.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid to EKJT Limited amounting to £3,035,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

P J Marsden
L Turton
Auditor

The auditor, BHP LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

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:

 

 

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.

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.

CHANDERHILL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
On behalf of the board
P J Marsden
Director
31 January 2025
CHANDERHILL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHANDERHILL LIMITED
- 5 -
Opinion

We have audited the financial statements of Chanderhill Limited (the 'company') for the year ended 30 June 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:

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 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.

Other information

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:

CHANDERHILL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHANDERHILL LIMITED (CONTINUED)
- 6 -
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 and 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:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

CHANDERHILL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHANDERHILL LIMITED (CONTINUED)
- 7 -

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our 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.

Daniel Sowden
Senior Statutory Auditor
For and on behalf of BHP LLP
31 January 2025
Chartered Accountants
Statutory Auditor
One Waterside Place
Basin Square
Brimington Road
Chesterfield
Derbyshire
S41 7FH
CHANDERHILL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
Notes
£
£
Turnover
-
-
Interest receivable and similar income
3
3,035,000
1,823,549
Profit before taxation
3,035,000
1,823,549
Tax on profit
-
0
-
0
Profit for the financial year
3,035,000
1,823,549

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

CHANDERHILL LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
5
3,507,090
3,507,090
Current assets
-
-
Creditors: amounts falling due within one year
7
(1,773,638)
(1,773,638)
Net current liabilities
(1,773,638)
(1,773,638)
Net assets
1,733,452
1,733,452
Capital and reserves
Called up share capital
8
600
600
Capital redemption reserve
400
400
Profit and loss reserves
1,732,452
1,732,452
Total equity
1,733,452
1,733,452

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 31 January 2025 and are signed on its behalf by:
P J Marsden
Director
Company registration number 09385948 (England and Wales)
CHANDERHILL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
600
400
2,093,214
2,094,214
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
1,823,549
1,823,549
Dividends
4
-
-
(2,184,311)
(2,184,311)
Balance at 30 June 2023
600
400
1,732,452
1,733,452
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
3,035,000
3,035,000
Dividends
4
-
-
(3,035,000)
(3,035,000)
Balance at 30 June 2024
600
400
1,732,452
1,733,452
CHANDERHILL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
1
Accounting policies
Company information

Chanderhill Limited is a private company limited by shares incorporated in England and Wales. The registered office is Park View House,, 58 The Ropewalk, Nottingham, England, NG1 5DW.

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 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.

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:

 

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.

 

Chanderhill Limited is a wholly owned subsidiary of EKJT Limited and the results of Chanderhill Limited are included in the consolidated financial statements of EKJT Limited which are available from Companies House.

1.2
Going concern

These financial statements have been prepared on a going concern basis. The directors have reasonable expectation that the company will continue in operational existence for the foreseeable future.true

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

CHANDERHILL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 12 -
1.4
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

CHANDERHILL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -
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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.5
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.

1.6
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
2
2
CHANDERHILL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
3
Interest receivable and similar income
2024
2023
£
£
Interest receivable and similar income includes the following:
Income from shares in group undertakings
3,035,000
1,823,549
4
Dividends
2024
2023
£
£
Final paid
3,035,000
2,184,311
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
3,507,090
3,507,090
CHANDERHILL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
6
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Morris Vermaport Limited
England
Installation, modernisation, repair and maintenance of lifts
Ordinary
100.00
-
Vermaport Limited
England
Supply of new Vermaport cart conveyors, associated servicing and spare parts
Ordinary
100.00
-
Scarborough Lifts Limited
England
Dormant
Ordinary
-
100.00
Vermaport GmbH
Germany
Management of Imports and Exports for Vermaport Limited in Germany
Ordinary
-
100.00
7
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
1,773,638
1,773,638
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
60,000
60,000
600
600

All classes of ordinary shares have attached to them full voting and dividend rights and shall rank pari passu in all respects save as otherwise provided in the current articles of association of the company. No ordinary shares any rights of redemption.

 

9
Financial commitments, guarantees and contingent liabilities

Contingent liabilities exist by virtue of cross guarantees over the bank indebtedness of Chanderhill Limited's parent company, EKJT Limited. At the year end there was a bank loan outstanding in the parent company of £nil (2023: £812,499). A fixed and floating charge over the assets of Morris Vermaport Ltd exists as security against the parent company debt.

 

Contingent liabilities exist by the virtue of cross guarantees over deferred consideration in the parent company, EKJT Limited. At the balance sheet date the maximum contingent liability under the cross guarantee amounted to £nil (2023: £800,000) for the ultimate parent company.

 

10
Events after the reporting date

Post year end, Chanderhill Limited's trade and assets were hived up in to the parent company, EKJT Limited.

CHANDERHILL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
11
Related party transactions

The company has taken advantage of the exemption provided by FRS102 from the requirement to report transactions with other group companies that are 100% subsidiaries of the parent company, EKJT Limited.

12
Parent company

The parent of Chanderhill Limited is EKJT Limited, a company incorporated in England and Wales.

 

The ultimate controlling party is Phillip Marsden by virtue of his majority shareholding EKJT Limited.

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