Company Registration No. SC776555 (Scotland)
SPEED NEWCO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
SPEED NEWCO LIMITED
CONTENTS
Page
Company information
1
Strategic report
2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 31
SPEED NEWCO LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr MJ Craghill
(Appointed 17 October 2023)
Mr M A K Kpedekpo
(Appointed 21 July 2023)
Mr J McKail
(Appointed 17 October 2023)
Mr E A D MacKinnon
(Appointed 14 September 2023)
Mr GS Roberts
(Appointed 28 February 2024)
Company number
SC776555
Registered office
Bullet House
5 Ashley Drive
Bothwell
G71 8BS
Scotland
Auditor
Consilium Audit Limited
169 West George Street
Glasgow
Scotland
G2 2LB
SPEED NEWCO LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -

The directors present the strategic report for the period ended 31 March 2024.

Fair review of the business

The Group, through its subsidiary, Speed Midco Limited, acquired Bullet Express Limited on 17 October 2023 through a management buy-out of the previous equity holders in the subsidiary. This buy out led to a period of business disruption, as well as some deal related costs, which are reflected in the financial performance in the period.

 

Since then, the Group went through a period of restructuring which included the closure of an underperforming business unit, which is disclosed as a discontinued operation in the financial statements.

Principal risks and uncertainties

Financial Risk Management

The Group monitors working capital strictly. No hedging of foreign currency movements is considered appropriate and the Group has little direct exposure to movements in foreign currencies. The Directors consider that the financial controls in place are more than adequate for management of financial risk.

 

Competitive Risk Assessment

The Group operates in a competitive environment. However, the Directors believe that through its continued effort to diversify and its reliance on key competencies, the business is well placed to return to growth. The Group has aligned a full portfolio of blended services, connecting global supply chains for a wide range of customers across transport, storage and global supply chains. The full range of services is well placed to delivery growth in the coming years.

Key performance indicators

The directors use KPI's to measure return on capital employed as well as gross and net profit margins along with other financial departmental KPI's to monitor the group's development and performance during the year as well as financial position at year end. The KPI's are cascaded through each trading department and are in line with management expectations throughout the business.

Other performance indicators

 

 

2024

 

 

 

Turnover

 

£9,042,185

Gross Profit %

 

29.00%

Net profit before tax %

 

-13.66%

Net profit after tax %

 

-11.53%

On behalf of the board

Mr J McKail
Director
19 March 2025
SPEED NEWCO LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -

The directors present their annual report and financial statements for the period ended 31 March 2024.

Principal activities

The principal activity of the company and group continued to be that of transportation, freight and haulage of goods.

 

The company was incorporated on 21 July 2023 and on 17 October 2023, the entity acquired 100% share capital of Speed Midco Limited.

Results and dividends

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

Ordinary dividends were paid amounting to £32,308. The directors do not recommend payment of a further dividend.

Directors

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

Mr MJ Craghill
(Appointed 17 October 2023)
Mr M A K Kpedekpo
(Appointed 21 July 2023)
Mr J McKail
(Appointed 17 October 2023)
Mr E A D MacKinnon
(Appointed 14 September 2023)
Mr GS Roberts
(Appointed 28 February 2024)
Ms B MacKay
(Appointed 17 October 2023 and resigned 4 April 2024)
Auditor

Consilium Audit Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, and are deemed to be re-appointed 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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SPEED NEWCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
Mr J McKail
Director
19 March 2025
SPEED NEWCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SPEED NEWCO LIMITED
- 5 -
Opinion

We have audited the financial statements of Speed Newco Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 March 2024 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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:

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 group's and parent 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:

SPEED NEWCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SPEED NEWCO LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent 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 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, 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

 

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. 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:

 

 

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.

 

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.

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

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.

Brian Thomson BA(Hons) CA (Senior Statutory Auditor)
For and on behalf of Consilium Audit Limited
Statutory Auditor
169 West George Street
Glasgow
Scotland
G2 2LB
19 March 2025
SPEED NEWCO LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2024
- 8 -
Period
ended
Continuing
Discontinued
31 March
operations
operations
2024
Notes
£
£
£
Turnover
3
8,879,002
163,183
9,042,185
Cost of sales
(6,133,108)
(286,770)
(6,419,878)
Gross profit
2,745,894
(123,587)
2,622,307
Administrative expenses
(3,359,565)
(216,907)
(3,576,472)
Other operating income
36,428
-
36,428
Operating (loss)/profit
4
(577,243)
(340,494)
(917,737)
Interest receivable and similar income
8
3,633
-
3,633
Interest payable and similar expenses
9
(320,875)
-
(320,875)
(Loss)/profit before taxation
(894,485)
(340,494)
(1,234,979)
Tax on loss
10
192,103
-
192,103
(Loss)/profit for the financial period
(702,382)
(340,494)
(1,042,876)
(Loss)/profit for the financial period is all attributable to the owners of the parent company.
The notes on page 14 to 31 form part of these financial statements.
SPEED NEWCO LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
Notes
£
£
Fixed assets
Goodwill
13
7,132,288
Tangible assets
14
2,633,826
9,766,114
Current assets
Debtors
17
4,445,215
Cash at bank and in hand
414,768
4,859,983
Creditors: amounts falling due within one year
18
(5,692,615)
Net current liabilities
(832,632)
Total assets less current liabilities
8,933,482
Creditors: amounts falling due after more than one year
19
(7,423,570)
Provisions for liabilities
Deferred tax liability
22
85,096
(85,096)
Net assets
1,424,816
Capital and reserves
Called up share capital
24
2,500,000
Profit and loss reserves
(1,075,184)
Total equity
1,424,816
The notes on page 14 to 31 form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 19 March 2025 and are signed on its behalf by:
19 March 2025
Mr J McKail
Director
SPEED NEWCO LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
Notes
£
£
Fixed assets
Investments
15
1
Current assets
Debtors
17
9,270,001
Cash at bank and in hand
37,722
9,307,723
Creditors: amounts falling due within one year
18
(327,409)
Net current assets
8,980,314
Total assets less current liabilities
8,980,315
Creditors: amounts falling due after more than one year
19
(6,447,795)
Net assets
2,532,520
Capital and reserves
Called up share capital
24
2,500,000
Profit and loss reserves
32,520
Total equity
2,532,520

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £1,302,639.

The notes on page 14 to 31 form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 19 March 2025 and are signed on its behalf by:
19 March 2025
Mr J McKail
Director
Company Registration No. SC776555
SPEED NEWCO LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Period ended 31 March 2024:
Issue of share capital
24
2,500,000
-
2,500,000
Loss for the period
-
(1,042,876)
(1,042,876)
Dividends
12
-
(32,308)
(32,308)
Balance at 31 March 2024
2,500,000
(1,075,184)
1,424,816
The notes on page 14 to 31 form part of these financial statements.
SPEED NEWCO LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Period ended 31 March 2024:
Issue of share capital
24
2,500,000
-
2,500,000
Profit for the period
-
64,828
64,828
Dividends
12
-
(32,308)
(32,308)
Balance at 31 March 2024
2,500,000
32,520
2,532,520
The notes on page 14 to 31 form part of these financial statements.
SPEED NEWCO LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2024
- 13 -
2024
Notes
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
28
516,982
Interest paid
(320,875)
Income taxes paid
(141,937)
Net cash inflow/(outflow) from operating activities
54,170
Investing activities
Purchase of business, net of cash acquired
(5,837,549)
Purchase of tangible fixed assets
(27,455)
Proceeds on disposal of investments
125,000
Interest received
3,633
Net cash used in investing activities
(5,736,371)
Financing activities
Proceeds from loan notes
3,852,628
Proceeds from issue of shares
1,875,000
Repayment of bank loans
(65,388)
Payment of finance leases obligations
(9,900)
Dividends paid to equity shareholders
(32,308)
Net cash generated from/(used in) financing activities
5,620,032
Net (decrease)/increase in cash and cash equivalents
(62,169)
Cash and cash equivalents at beginning of period
-
0
Cash and cash equivalents at end of period
(62,169)
Relating to:
Cash at bank and in hand
414,768
Bank overdrafts included in creditors payable within one year
(476,937)
SPEED NEWCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information

Speed Newco Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Bullet House 5 Ashley Drive, Bothwell, Glasgow, United Kingdom, G71 8BS, The company's registration number is SC776555.

 

The group consists of Speed Newco Limited and all of its subsidiaries.

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.

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 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 for parent company information presented within the consolidated financial statements:

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

SPEED NEWCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Speed Newco Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

 

The company was incorporated on 21 July 2023 and became the holding company to Speed Midco Limited, on 17 October 2023.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Reporting period

The company was incorporated on 21 July 2023 and acquired share capital of Speed Midco Limited on 17 October 2023. The consolidated results include all subsidiaries, Speed Midco Limited and Bullet Express Limited. Speed Midco Limited is a holding company which owns 100% of the share capital of Bullet Express Limited.

1.6
Turnover

Turnover is recognised to the extent that it is probably that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, and value added tax. The following criteria must also be met before revenue is recognised:

 

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

SPEED NEWCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business 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, which is 10 years.

 

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.

1.8
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:

Freehold land and buildings
Fair value measurement
Plant and equipment
25% on a straight line basis
Fixtures and fittings
33% on a straight line basis
Computers
33% on a straight line basis
Motor vehicles
25% on a straight line basis
Property improvements
25% on a straight line basis

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 recognised in the profit and loss account.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

SPEED NEWCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.11
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

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 group after deducting all of its liabilities.

SPEED NEWCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
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.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

SPEED NEWCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
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 if, and only if, there is 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.

1.14
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.

1.15
Retirement benefits

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

1.16
Leases

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and are depreciated in accordance with the above depreciation policies.

 

Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the finance element, which is charged to the profit and loss account on a straight line basis.

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 leased asset are consumed.

1.17
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.

SPEED NEWCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Preparation of the financial statements requires management to make significant judgements and estimates. In preparing the financial statements the directors have made the following judgements:

 

3
Turnover and other revenue
2024
£
Turnover analysed by class of business
Transportation, Frieght and Haulage
9,042,185
2024
£
Other significant revenue
Interest income
3,633
4
Operating loss
2024
£
Operating loss for the period is stated after charging:
Depreciation of owned tangible fixed assets
116,532
Depreciation of tangible fixed assets held under finance leases
13,375
Amortisation of intangible assets
375,384
Operating lease charges
123,569
SPEED NEWCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 21 -
5
Auditor's remuneration
2024
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the group and company
5,000
Audit of the financial statements of the company's subsidiaries
19,000
24,000
6
Employees

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

Group
Company
2024
2024
Number
Number
158
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2024
£
£
Wages and salaries
458,776
-
0
Social security costs
566,082
-
Pension costs
130,732
-
0
1,155,590
-
0
7
Directors' remuneration
2024
£
Remuneration for qualifying services
192,377
Company pension contributions to defined contribution schemes
7,045
199,422
8
Interest receivable and similar income
2024
£
Interest income
Interest on bank deposits
3,633
SPEED NEWCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 22 -
9
Interest payable and similar expenses
2024
£
Interest on bank overdrafts and loans
277,558
Interest on finance leases and hire purchase contracts
6,024
Other interest
37,293
Total finance costs
320,875
10
Taxation
2024
£
Deferred tax
Previously unrecognised tax loss, tax credit or timing difference
(192,103)

On 1 April 2023, the main rate of Corporation Tax rose from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19% which is a new small profits rate. Deferred tax has been calculated at a rate of 25%.

The actual (credit)/charge for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:

2024
£
Loss before taxation
(1,234,979)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00%
(308,745)
Tax effect of expenses that are not deductible in determining taxable profit
31,477
Tax effect of income not taxable in determining taxable profit
69,926
Unutilised tax losses carried forward
156,025
Permanent capital allowances in excess of depreciation
51,317
Deferred tax
(192,103)
Taxation credit
(192,103)
11
Discontinued operations

During the current year the Group entered into the Air Cargo market to expand its market share but decided to cease operations in this area within the same year to focus on its core operations.

 

The Group incurred a loss in the current year, which was largely related the discontinued operation mentioned above. There was no trade associated with this in the prior year.

SPEED NEWCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 23 -
12
Dividends
2024
Recognised as distributions to equity holders:
£
Final paid
32,308
13
Intangible fixed assets
Group
Goodwill
£
Cost
At 21 July 2023
-
0
Additions (note 25)
7,507,672
At 31 March 2024
7,507,672
Amortisation and impairment
At 21 July 2023
-
0
Amortisation charged for the period
375,384
At 31 March 2024
375,384
Carrying amount
At 31 March 2024
7,132,288
The company had no intangible fixed assets at 31 March 2024.
SPEED NEWCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 24 -
14
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Property improvements
Total
£
£
£
£
£
£
£
Cost or valuation
At 21 July 2023
-
0
-
0
-
0
-
0
-
0
-
0
-
0
Additions
-
0
1,236
1,539
22,280
-
0
2,400
27,455
Business combinations
2,178,500
394,488
5,002
36,306
8,887
113,095
2,736,278
At 31 March 2024
2,178,500
395,724
6,541
58,586
8,887
115,495
2,763,733
Depreciation and impairment
At 21 July 2023
-
0
-
0
-
0
-
0
-
0
-
0
-
0
Depreciation charged in the period
-
0
75,911
1,982
16,084
8,887
27,043
129,907
At 31 March 2024
-
0
75,911
1,982
16,084
8,887
27,043
129,907
Carrying amount
At 31 March 2024
2,178,500
319,813
4,559
42,502
-
0
88,452
2,633,826
The company had no tangible fixed assets at 31 March 2024.
SPEED NEWCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
14
Tangible fixed assets
(Continued)
- 25 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2024
£
£
Plant and equipment
26,749
-
0
15
Fixed asset investments
Group
Company
2024
2024
Notes
£
£
Investments in subsidiaries
16
-
0
1
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 21 July 2023
-
Additions
1
At 31 March 2024
1
Carrying amount
At 31 March 2024
1

On 17 October 2023 the company acquired 100% share capital of Bullet Express Limited.

16
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Speed Midco Limited
Suite 5 The Garment Factory, 10 Montrose Street, Glasgow, Scotland G1 1RE
Ordinary
100.00
-
Bullet Express Limited
Bullet House 5 Ashley Drive, Bothwell, Glasgow, United Kingdom
Ordinary
-
100.00
SPEED NEWCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 26 -
17
Debtors
Group
Company
2024
2024
Amounts falling due within one year:
£
£
Trade debtors
3,367,762
-
0
Amounts owed by group undertakings
-
9,208,796
Other debtors
488,222
61,205
Prepayments and accrued income
589,231
-
0
4,445,215
9,270,001
18
Creditors: amounts falling due within one year
Group
Company
2024
2024
Notes
£
£
Bank loans and overdrafts
20
545,023
-
0
Obligations under finance leases
21
19,800
-
0
Other borrowings
20
145,438
145,438
Trade creditors
2,176,759
-
0
Amounts owed to group undertakings
-
0
181,971
Other taxation and social security
233,738
-
Other creditors
1,438,204
-
0
Accruals and deferred income
1,133,653
-
0
5,692,615
327,409
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2024
Notes
£
£
Bank loans
20
952,675
-
0
Obligations under finance leases
21
23,100
-
0
Other borrowings
20
6,447,795
6,447,795
7,423,570
6,447,795
SPEED NEWCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 27 -
20
Loans and overdrafts
Group
Company
2024
2024
£
£
Bank loans
1,020,761
-
0
Bank overdrafts
476,937
-
0
Other loans
6,593,233
6,593,233
8,090,931
6,593,233
Payable within one year
690,461
145,438
Payable after one year
7,400,470
6,447,795

 

The bank overdraft and loan facilities are secured by a bond and floating charge over the assets of the company. Interest is charged at 3.59% on the bank loans.

 

The loan has a fifteen-year term from inception, and is repayable in monthly instalments. The first 12 capital instalment have been classified as a current liability in the current year.

 

Other loans consist of 1) Fixed Rate Secured Investor Loan Notes 2029 from Panoramic Growth Equity (GP3) LLP and Maven Co-Invest Speed LP and 2) Secured Vendor Loan Notes 2029 from David McCutcheon and Others. Both loans have a five-year term from inception which is partially amortising throughout the loan note term. Interest is charged at 12%, with 8% is payable throughout the loan note term and 4% is accrued. Any remaining balance is repayable in one bullet repayment at the end of the loan note term.

21
Finance lease obligations
Group
Company
2024
2024
£
£
Future minimum lease payments due under finance leases:
Within one year
19,800
-
0
In two to five years
23,100
-
0
42,900
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

SPEED NEWCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 28 -
22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
2024
Group
£
Accelerated capital allowances
241,121
Tax losses
(156,025)
85,096
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the period:
£
£
Asset at 21 July 2023
-
-
Credit to profit or loss
(192,103)
-
Acquired in the year
277,199
-
Liability at 31 March 2024
85,096
-
23
Retirement benefit schemes
2024
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
130,732

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
1,875,000 Ordinary shares A at £1
1,875,000
1,875,000
250,000 Ordinary shares B at £1
250,000
250,000
375,000 Ordinary shares C at £1
375,000
375,000
2,500,000
2,500,000
SPEED NEWCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
24
Share capital
(Continued)
- 29 -

On 17 October 2023, the following shares were issued at par:

 

 

Ordinary shares rank pari passu with each other.

25
Acquisition of a business

On 17 October 2023 the group acquired 100% percent of the issued capital of Speed Midco Limited.

Book Value and Fair Value
Net assets acquired
£
Property, plant and equipment
2,736,278
Investments
125,000
Trade and other receivables
5,597,815
Cash and cash equivalents
1,008,166
Borrowings
(1,053,691)
Obligations under finance leases
(52,800)
Trade and other payables
(3,347,108)
Tax liabilities
(142,073)
Deferred tax
(277,199)
Total identifiable net assets
4,594,388
Goodwill
7,507,672
Total consideration
12,102,060
The consideration was satisfied by:
£
Cash
6,845,715
Issue of shares
625,000
Vendor loan notes
1,375,000
Deferred consideration
1,500,000
Waiver of associated company loan
1,756,345
12,102,060
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
9,042,185
Loss after tax
(373,559)
SPEED NEWCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 30 -
26
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2024
£
£
Within one year
1,623,485
-
Between two and five years
2,385,181
-
4,008,666
-
27
Related party transactions

The group has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

 

No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

28
Cash generated from/(absorbed by) group operations
2024
£
Loss for the period after tax
(1,042,876)
Adjustments for:
Taxation credited
(118,250)
Finance costs
320,875
Investment income
(3,633)
Amortisation and impairment of intangible assets
375,384
Depreciation and impairment of tangible fixed assets
129,907
Movements in working capital:
Decrease in debtors
792,463
Increase in creditors
63,112
Cash generated from/(absorbed by) operations
516,982
SPEED NEWCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 31 -
29
Analysis of changes in net debt - group
21 July 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
-
414,768
414,768
Bank overdrafts
-
0
(476,937)
(476,937)
-
(62,169)
(62,169)
Borrowings excluding overdrafts
-
(7,613,994)
(7,613,994)
Obligations under finance leases
-
(42,900)
(42,900)
-
(7,719,063)
(7,719,063)
2024-03-312023-07-21falsefalseCCH SoftwareCCH Accounts Production 2024.300Mr MJ CraghillMr M A K KpedekpoMr J McKailMr E A D MacKinnonMr GS RobertsMs B MacKayfalseSC7765552023-07-212024-03-31SC776555bus:Director12023-07-212024-03-31SC776555bus:Director22023-07-212024-03-31SC776555bus:Director32023-07-212024-03-31SC776555bus:Director42023-07-212024-03-31SC776555bus:Director52023-07-212024-03-31SC776555bus:Director62023-07-212024-03-31SC776555bus:Consolidated2024-03-31SC776555bus:Consolidated2023-07-212024-03-31SC7765552024-03-31SC776555core:Goodwillbus:Consolidated2024-03-31SC776555core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-03-31SC776555core:PlantMachinerybus:Consolidated2024-03-31SC776555core:FurnitureFittingsbus:Consolidated2024-03-31SC776555core:ComputerEquipmentbus:Consolidated2024-03-31SC776555core:MotorVehiclesbus:Consolidated2024-03-31SC776555core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2024-03-31SC776555core:ShareCapitalbus:Consolidated2024-03-31SC776555core:ShareCapital2024-03-31SC776555core:RetainedEarningsAccumulatedLosses2024-03-31SC776555core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-03-31SC776555core:ShareCapitalbus:Consolidated2023-07-212024-03-31SC776555core:ShareCapital2023-07-212024-03-31SC776555bus:Consolidated2023-07-20SC776555core:Goodwill2023-07-212024-03-31SC776555core:LandBuildingscore:OwnedOrFreeholdAssets2023-07-212024-03-31SC776555core:PlantMachinery2023-07-212024-03-31SC776555core:FurnitureFittings2023-07-212024-03-31SC776555core:ComputerEquipment2023-07-212024-03-31SC776555core:MotorVehicles2023-07-212024-03-31SC776555core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-07-212024-03-31SC776555bus:Consolidated12023-07-212024-03-31SC776555core:Goodwillbus:Consolidated2023-07-20SC776555core:Goodwillcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-07-212024-03-31SC776555core:Goodwillbus:Consolidated2023-07-212024-03-31SC776555core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-07-20SC776555core:PlantMachinerybus:Consolidated2023-07-20SC776555core:FurnitureFittingsbus:Consolidated2023-07-20SC776555core:ComputerEquipmentbus:Consolidated2023-07-20SC776555core:MotorVehiclesbus:Consolidated2023-07-20SC776555core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2023-07-20SC776555core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-07-212024-03-31SC776555core:PlantMachinerybus:Consolidated2023-07-212024-03-31SC776555core:FurnitureFittingsbus:Consolidated2023-07-212024-03-31SC776555core:ComputerEquipmentbus:Consolidated2023-07-212024-03-31SC776555core:MotorVehiclesbus:Consolidated2023-07-212024-03-31SC776555core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2023-07-212024-03-31SC776555core:PlantMachinery2024-03-31SC776555core:Subsidiary12023-07-212024-03-31SC776555core:Subsidiary22023-07-212024-03-31SC776555core:Subsidiary112023-07-212024-03-31SC776555core:Subsidiary212023-07-212024-03-31SC776555core:CurrentFinancialInstruments2024-03-31SC776555core:CurrentFinancialInstrumentsbus:Consolidated2024-03-31SC776555core:WithinOneYearbus:Consolidated2024-03-31SC776555core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-31SC776555core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-03-31SC776555core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-31SC776555core:Non-currentFinancialInstrumentsbus:Consolidated2024-03-31SC776555core:Non-currentFinancialInstruments2024-03-31SC776555core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-03-31SC776555core:WithinOneYear2024-03-31SC776555core:BetweenTwoFiveYearsbus:Consolidated2024-03-31SC776555core:BetweenTwoFiveYears2024-03-31SC776555bus:PrivateLimitedCompanyLtd2023-07-212024-03-31SC776555bus:FRS1022023-07-212024-03-31SC776555bus:Audited2023-07-212024-03-31SC776555bus:ConsolidatedGroupCompanyAccounts2023-07-212024-03-31SC776555bus:FullAccounts2023-07-212024-03-31xbrli:purexbrli:sharesiso4217:GBP