Company registration number SC219433 (Scotland)
ARNLEA SYSTEMS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ARNLEA SYSTEMS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 12
ARNLEA SYSTEMS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
5
1,827,845
1,798,665
Tangible assets
6
5,942
25,483
1,833,787
1,824,148
Current assets
Debtors
7
901,291
721,700
Cash at bank and in hand
205
15,826
901,496
737,526
Creditors: amounts falling due within one year
8
(2,594,495)
(1,813,745)
Net current liabilities
(1,692,999)
(1,076,219)
Total assets less current liabilities
140,788
747,929
Creditors: amounts falling due after more than one year
9
(87,525)
(157,300)
Provisions for liabilities
(82,297)
(130,022)
Net (liabilities)/assets
(29,034)
460,607
Capital and reserves
Called up share capital
10
8,001
8,001
Share premium account
792,000
792,000
Profit and loss reserves
(829,035)
(339,394)
Total equity
(29,034)
460,607

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 4 April 2025 and are signed on its behalf by:
Mr J S Lai
Director
Company Registration No. SC219433
ARNLEA SYSTEMS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
8,001
792,000
(191,045)
608,956
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(148,349)
(148,349)
Balance at 31 December 2022
8,001
792,000
(339,394)
460,607
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(489,641)
(489,641)
Balance at 31 December 2023
8,001
792,000
(829,035)
(29,034)
ARNLEA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Arnlea Systems Limited is a private company limited by shares incorporated in Scotland. The registered office is Johnstone House, 52-54 Rose Street, Aberdeen, United Kingdom, AB10 1UD.

1.1
Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with the Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 2).

 

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 £.

 

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 financial statements of the company are consolidated in the financial statements of Arnlea Holdings Limited . These consolidated financial statements are available from its registered office, Johnstone House, 52-54 Rose Street, Aberdeen, United Kingdom, AB10 1UD.

 

The following accounting policies have been applied:

ARNLEA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.2
Going concern

The financial statements are prepared on a going concern basis which assumes the company will continue to trade. This assumption is based upon consideration of the company's prospects having regard to prevailing market conditions, industry trends and adoption of digital technology products, the resilience of its business model, the quality of its customer base, forecasts and budgets, and borrowing facilities. The directors have obtained assurances from NVM Private Equity LLP, a shareholder of the ultimate parent company, Arnlea Holdings Limited, that the £4.46m of loan stock due from Arnlea Holdings Limited will not be recalled for atleast a period of 13 months from the date of signing these financial statements. This will assist the company in successfully meeting its financial commitments and liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. This loan stock was due for repayment in 2019.

 

The directors have prepared cash flow information for the period at least twelve months from the date of the approval of these financial statements, including reasonable sensitivity analysis and cost reductions implemented. This cash flow information indicates sufficient liquidity to finance the company for the next twelve months. This is dependent on the successful negotiation of a repayment plan for an other creditor amounting to £0.4m, for which a repayment plan has not been set and the continued utilisation of an HMRC Time-To-Pay Arrangement regarding unpaid historical PAYE liabilities. At the date of approval of these financial statements, the directors are confident this will be achieved.

 

If the company was unable to continue to trade, adjustments would have to be made to reduce the asset values to their recoverable amount and to provide for any further liabilities that might arise.

1.3
Foreign currencies

Transactions in foreign currencies are translated to the company's functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at the foreign exchange rates ruling at the dates the fair value was determined. Foreign exchange differences arising on translation are recognised in the statement of comprehensive income on a net basis.

 

1.4
Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of value added tax and trade discounts and after accounting for amounts recoverable on contracts.

Turnover from the sale of software products is recognised when the software product is installed and delivered to the customer. Turnover in respect of hardware products is recognised when the hardware is delivered to the customer. Turnover in respect of term software licenses is recognised over the license term on a straight-line basis. Turnover in respect of annual support sales is recognised over the period of the support provided on a straight-line basis.

1.5
Operating leases

Payments (excluding costs for services and insurance) made under operating leases are recognised in the Statement of comprehensive income on a straight-line basis over the term of the lease. Lease incentives received are recognised in the Statement of comprehensive income over the time of the lease as an integral part of the total lease expense.

ARNLEA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Interest income
Interest income is recognised in the Statement of comprehensive income using the effective interest method.
1.7

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax. Tax is recognised in the Statement of comprehensive income except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.

Current tax

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. The following timing differences are not provided for: differences between accumulated depreciation and tax allowances for the cost of a fixed asset if and when all conditions for retaining the tax allowances have been met. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.

 

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted.

 

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is possible that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.9
Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

 

Where parts of an item of tangible fixed assets have different useful lives, they are accounted for as separate items of tangible fixed assets.

 

The company assesses at each reporting date whether tangible fixed assets are impaired.

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:

Leasehold Improvements
10% Straight line
Fixtures and fittings
25% Straight line
Equipment
50% Straight line
ARNLEA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.10
Intangible assets and amortisation

 

Research and development

Expenditure on research activities is recognised in the Statement of comprehensive Income as an expense as incurred.

 

Expenditure on development activities may be capitalised if the product or process is technically and commercially feasible and the company intends and has the technical ability and sufficient resources to complete development, future economic benefits are probable and if the company can measure reliably the expenditure attributable to the intangible asset during its development. Development activities involve design, construction or testing of the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate portion of overheads and capitalised borrowing costs. Other development expenditure is recognised in the Statement of Comprehensive Income as an expense as incurred. Capitalised development expenditure is stated at cost less accumulated amortisation and less accumulated impairment losses.

Amortisation

The estimated useful lives range as follows:

Development costs
10% Straight Line
The company reviews the amortisation period and method when events and circumstances indicate that the useful life have changed since the last reporting date.
1.11
Impairment of fixed assets

The carrying amount of the company's non financial assets are reviewed each reporting period for events or changes in circumanstances that might indicate that the carrying amount of the assets may not be recoverable. If any such indication exists, the asset's recoverable amount is estimated.

 

An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognised in the Statement of comprehensive income unless it arises on a previously revalued asset. An impairment loss on a revalued asset is recognised in the Statement of comprehensive income if it is cause by a clear consumption of economic benefits.

 

Calculation of recoverable amount

The recoverable amount of assets is the greater of their net realisble value and value in use. In assessing the value in use, the expected future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessment of the rate of return expected on an equally risky investment. For an asset that does not generate largely independent income streams, the recoverable amount is determined for the income-generating unit to which the asset belongs.

 

Reversals of impairment

For assets where the recoverable amount increases as a result of a change in economic conditions or in the expected use of the asset then the resultant revsersal of the impairment loss is recognised in the current period.

 

An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

ARNLEA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.12
Non-derivative financial instrument

 

Trade and other debtors/creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.

Cash and cash equivalent

Cash and cash equivalents comprise cash in hand and deposits held at call with banks. Bank overdrafts are presented within Bank loans and overdrafts in current liabilities.

1.13
Derivative financial instruments

Forward contracts

The company uses forward contracts to manage its foreign currency exchange rate risks. Forward contracts are recognised and measured initially at fair value. Subsequent to initial recognition they are measured at fair value with any changes in the fair value recognised in the Statement of comprehensive income.

1.14
Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

 

Provisions are charged as an expense to the Statement of comprehensive income in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

 

When payments are eventually made, they are charged to the provision carried in the Balance sheet.

1.15
Pensions

Defined contribution plans and other long term employee benefit

A defined contribution plans is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the Statement of comprehensive income in the periods during which services are rendered by employees.

1.16
Exceptional items
The company classifies certain one-off charges or credits that have a material impact on the company's financial results as ‘exceptional items'. These are disclosed separately to provide further understanding of the financial performance of the company.
1.17
Grant funding

Government grants are accounted for under the accruals model as permitted by FRS 102. Grants related to expenditure on tangible fixed assets are credited to the Statement of comprehensive income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

ARNLEA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2
Judgements and key sources of estimation uncertainty

The directors, in applying these accounting policies, have made certain judgments and estimates that may significantly affect the financial statements.

 

Estimates are continually evaluated and are based on historical experience, forecast information, and other external market information. The most significant estimates relate to those made by management in assessing the quantum of any impairment of intangible assets. These estimates require the use of forecast results for future years, including the assessment of annual revenues, achievable margins, and the calculation of discount rates. The judgments applied by management are informed by historical revenue and margin performance, market trends and opportunities, the nature of the company's business model, and industry comparatives. These judgments also involve applying sensitivities to forecast results to assess potential outcomes under alternative scenarios. The directors have concluded that the likelihood of the carrying value of intangible assets exceeding their recoverable amount is remote. Actual results achieved may differ from forecasts, potentially leading to changes in the valuation assessment of intangible assets in future years. There has been no impairment of intangible assets in the current year (2022: £Nil).

3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
27,500
27,500
For other services
Taxation compliance services
4,750
4,500
Other taxation services
-
0
6,500
All other non-audit services
1,250
-
0
6,000
11,000
4
Employees

The average monthly number of persons employed by the company during the year was:

2023
2022
Number
Number
Total
18
18
ARNLEA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
5
Intangible fixed assets
Development costs
£
Cost
At 1 January 2023
2,752,395
Additions
324,046
At 31 December 2023
3,076,441
Amortisation and impairment
At 1 January 2023
953,730
Amortisation charged for the year
294,866
At 31 December 2023
1,248,596
Carrying amount
At 31 December 2023
1,827,845
At 31 December 2022
1,798,665

 

6
Tangible fixed assets
Equipment
Equipment
Fixtures and Fittings
Total
£
£
£
£
Cost
At 1 January 2023
21,246
175,291
17,248
213,785
Additions
-
0
4,048
-
0
4,048
At 31 December 2023
21,246
179,339
17,248
217,833
Depreciation and impairment
At 1 January 2023
17,272
153,803
17,227
188,302
Depreciation charged in the year
2,661
20,907
21
23,589
At 31 December 2023
19,933
174,710
17,248
211,891
Carrying amount
At 31 December 2023
1,313
4,629
-
0
5,942
At 31 December 2022
3,974
21,488
21
25,483
ARNLEA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
693,245
358,119
Corporation tax recoverable
-
0
83,399
Amounts owed by group undertakings
63,481
33,062
Other debtors
144,565
247,120
901,291
721,700

Amounts owed by group companies are not interest bearing and are repayable on demand.

8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
31,436
10,000
Trade creditors
262,231
245,018
Amounts owed to group undertakings
627,583
607,508
Taxation and social security
150,071
120,380
Other creditors
481,434
376,434
Accruals and deferred income
1,041,740
454,405
2,594,495
1,813,745

Amounts owed to group companies are not interest bearing and are repayable on demand.

 

Arnlea Systems Limited has granted the Bank of Scotland a first-ranking floating charge over the property and assets, present and future, of the company, including uncalled share capital. In addition, a second bond and floating charge has been granted to NVM Private Equity LLP over the whole assets of the company.

 

The balance of other creditors includes an amount of £376,434 that relates to a customer overpayment made in error.

9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,500
32,500
Accruals and deferred income
65,025
124,800
87,525
157,300

The balance of accruals and deferred income relates to a provision arising from a variation to the company's lease for its offices at Johnstone House, Aberdeen, which became effective on 25 April 2022. The provision will be released over the remaining term of the lease.

ARNLEA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Orinary shares of £1 each
8,001
8,001
8,001
8,001
11
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 was unqualified.

Material uncertainty relating to going concern

We draw attention to note 1.2 to the financial statements, which indicates Arnlea Holdings Limited, the company’s ultimate parent, has £4.46m of investor loan stock held by NVM Private Equity LLP outstanding as at 31 December 2023. This was due for repayment in 2019. The parent company does not have the required funds to repay this, and the directors have obtained assurances in writing that repayment of the loan stock will not be demanded for a period of at least 13 months from the date of approval of these financial statements. These assurances though, are not legally binding. As stated in note 1.2, the directors have prepared projected cash flow information for the period at least twelve months from the date of the approval of these financial statements, including reasonable plausible downside scenarios. These cash flow forecasts provide sufficient liquidity to finance the company for the next twelve months, however, are dependent on a significant cost reduction programme which was implemented in 2023. The impact on future profitability is not yet certain at the date of signing these financial statements. The company holds a material other creditor of £0.4m as at 31 December 2023, which it is reasonable to assume requires repayment in the forecast period. The company does not have the required funds to repay this and there is no set repayment plan in place at the date of signing these financial statements. The company is utilising an HMRC Time-To-Pay Arrangement regarding unpaid historic PAYE liabilities. At the date of signing these financial statements it is anticipated HMRC will continue to offer this arrangement until all arrears have been paid, however should this not be the case, the company does not have the required funds to repay the full liability outstanding. These events or conditions, along with other matters as set out in note 1.2, indicate a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern.

 

Our opinion is not modified in respect of this matter.

Senior Statutory Auditor:
David Booth
Statutory Auditor:
Azets Audit Services
12
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:

2023
2022
£
£
427,137
496,789
ARNLEA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
13
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchases
Purchases
2023
2022
£
£
Other related parties
59,384
62,688
2023
2022
Amounts due to related parties
£
£
Key management personnel
105,000
-
Other related parties
4,102
6,581

Loans from key management personnel are presented in other creditors and relate to advances from Directors of the company (see note 9). These are not interest bearing and have no set repayment terms. These amounts were repaid in full on the 7th February 2024.

14
Parent company

The company was controlled throughout the current and prior year by its immediate and ultimate parent company, Arnlea Holdings Limited, a company incorporated in Scotland.

 

The largest group in which the financial results of the company are consolidated is headed by Arnlea Holdings Limited. The consolidated financial statements are available to the public and may be obtained from Johnstone House, 50-54 Rose Street, Aberdeen, AB10 1UD.

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