Company registration number 12395356 (England and Wales)
HOST (LEICESTER) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
HOST (LEICESTER) LIMITED
COMPANY INFORMATION
Directors
J O Nesbitt
M J O'Flynn
Company number
12395356
Registered office
9 Bonhill Street
London
EC2A 4DJ
Auditor
Begbies
9 Bonhill Street
London
EC2A 4DJ
Business address
Carrington House
126-130 Regent Street
London
W1B 5SE
HOST (LEICESTER) LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 15
HOST (LEICESTER) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company is the operation of a 129 unit Purpose Build Student Accommodation scheme. The property opened in September 2020.

Directors

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

J O Nesbitt
M J O'Flynn
Auditor

Begbies were appointed as auditor to the company under s. 485 (3) of the Companies Act 2006 and are deemed to be reappointed under section 487(2).

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.

Small companies exemption

This report has been prepared in accordance with the special provisions relating to small companies within part 15 of the Companies Act 2006 and the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

HOST (LEICESTER) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
On behalf of the board
J O Nesbitt
Director
24 April 2025
HOST (LEICESTER) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HOST (LEICESTER) LIMITED
- 3 -
Opinion

We have audited the financial statements of Host (Leicester) Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, 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:

HOST (LEICESTER) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HOST (LEICESTER) LIMITED (CONTINUED)
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

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.

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

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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.

HOST (LEICESTER) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HOST (LEICESTER) LIMITED (CONTINUED)
- 5 -

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Christopher Bates FCA
Senior Statutory Auditor
For and on behalf of Begbies
2 May 2025
Chartered Accountants and Statutory Auditors
9 Bonhill Street
London
EC2A 4DJ
HOST (LEICESTER) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
Year
Period
ended
ended
31 December
31 December
2023
2022
Notes
£
£
Turnover
814,645
1,216,144
Cost of sales
(375,687)
(409,219)
Gross profit
438,958
806,925
Administrative expenses
(116,940)
(163,291)
Other operating income
45,387
-
0
Operating profit
367,405
643,634
Interest payable and similar expenses
(522,859)
(704,133)
Other gains and losses
4
450,000
(350,000)
Profit/(loss) before taxation
294,546
(410,499)
Tax credit / (charge)
5
(70,429)
189,570
Profit/(loss) for the financial year
224,117
(220,929)

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

HOST (LEICESTER) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 7 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
6
11,800,000
11,350,000
Current assets
Debtors
7
-
0
12,830
Cash at bank and in hand
796,541
776,096
796,541
788,926
Creditors: amounts falling due within one year
8
(3,136,584)
(2,883,515)
Net current liabilities
(2,340,043)
(2,094,589)
Total assets less current liabilities
9,459,957
9,255,411
Creditors: amounts falling due after more than one year
9
(8,842,500)
(8,932,500)
Deferred tax liabilities
(76,156)
(5,727)
Net assets
541,301
317,184
Capital and reserves
Called up share capital
1
1
Non-distributable profits reserve
11
788,057
450,557
Distributable profit and loss reserves
(246,757)
(133,374)
Total equity
541,301
317,184

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

The financial statements were approved by the board of directors and authorised for issue on 24 April 2025 and are signed on its behalf by:
J O Nesbitt
Director
Company Registration No. 12395356
HOST (LEICESTER) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total
£
£
£
£
Balance at 1 September 2021
1
938,057
(399,945)
538,113
Period ended 31 December 2022:
Loss and total comprehensive income
-
(487,500)
266,571
(220,929)
Balance at 31 December 2022
1
450,557
(133,374)
317,184
Year ended 31 December 2023:
Profit and total comprehensive income
-
337,500
(113,383)
224,117
Balance at 31 December 2023
1
788,057
(246,757)
541,301
HOST (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
1
Accounting policies
Company information

Host (Leicester) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Bonhill Street, London, EC2A 4DJ.

1.1
Reporting period

In the prior year, the company extended its year-end to 31 December 2022 from 31 August 2022 in order to align with its new parent undertaking. Comparative amounts presented in the financial statements (including the related notes) are therefore not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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 financial statements of the company are consolidated in the financial statements of Bowmore JVCo Limited. These consolidated financial statements are available from its registered office, 1 Bartholomew Lane, London EC2N 2AX.

1.3
Turnover

Turnover represents amounts receivable for rental income and other services.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

HOST (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 10 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

HOST (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
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.

1.10

Non distributable profits reserve

Retained profits which are not available for distribution to shareholders under company law are allocated to a non-distributable profits reserve. Non distributable profits are calculated as fair value gains on investment property less deferred tax.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Investment property

Investment property is recognised at market value which is based on a professional valuation.

HOST (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
3
Employees

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

2023
2022
Number
Number
Total
-
0
-
0

Employees are provided under a management agreement with Host Student Housing Management (UK) Limited.

4
Other gains and losses
2023
2022
£
£
Fair value gains/(losses)
Gain/(loss) on investment properties
450,000
(650,000)
Amounts written back to financial liabilities
-
300,000
450,000
(350,000)
5
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
112,500
(162,500)
Tax losses carried forward
(42,071)
(27,070)
Total deferred tax
70,429
(189,570)

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

2023
2022
£
£
Profit/(loss) before taxation
294,546
(410,499)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
69,277
(77,995)
Gains not taxable
-
0
(57,000)
Adjustments in respect of prior years
(3,207)
-
0
Effect of change in corporation tax rate
4,359
(54,575)
Taxation charge/(credit) for the year
70,429
(189,570)
HOST (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
6
Investment property
2023
£
Fair value
At 1 January 2023
11,350,000
Revaluations
450,000
At 31 December 2023
11,800,000

Investment property comprises a 129 unit Purpose Build Student Accommodation scheme. The fair value of the investment property has been arrived at on the basis of a RICS valuation carried out in March 2024 by CBRE as at 1 January 2024. The fair value is determined as Market Value as defined by the Red Book.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
10,749,258
10,749,258
Accumulated depreciation
(716,617)
(501,632)
Carrying amount
10,032,641
10,247,626

Costs above include capitalised interest of £335,863 and accumulated depreciation is based on 2% straight line.

7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
12,830
8
Creditors: amounts falling due within one year
2023
2022
£
£
Other borrowings
1,719,873
1,561,173
Trade creditors
321
-
0
Amounts owed to group undertakings
574,429
539,312
Other creditors
348,234
348,234
Accruals and deferred income
493,727
434,796
3,136,584
2,883,515

Other borrowings are due to the company's parent, VH (Leicester) Limited and are interest-free. Other creditors comprises a balance due to Host Student Housing Management (UK) Limited which was a company under common control up to 24 June 2022.

 

HOST (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
9
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
8,842,500
8,932,500

Other borrowings are due to the company's parent, VH (Leicester) Limited, and comprise a £8.84m (2022: £8.93m) interest-bearing loan at a fixed interest rate of 5.88%. This loan is back to back with external debt held by the parent which is secured on the investment property.

10
Deferred taxation

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

2023
2022
Balances:
£
£
Tax losses
(270,495)
(228,424)
Investment property
346,651
234,151
76,156
5,727
2023
Movements in the year:
£
Liability at 1 January 2023
5,727
Charge to profit or loss
70,429
Liability at 31 December 2023
76,156

The company has tax losses carried forward of £1,081,901 (2022: £926,525) and the asset is offset against the provision on revaluation of the property.

11
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
450,557
938,057
Non distributable profits in the year
337,500
(487,500)
At the end of the year
788,057
450,557
HOST (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
12
Related party transactions

The loan due to a group undertaking in note 8 is due to Host (Colchester) Limited and is interest-free and repayable on demand.

 

Details of loans from VH (Leicester) Limited are in notes 8 and 9 and interest of £522,859 (2022: £704,133) was paid.

13
Parent company

The parent company of Host (Leicester) Limited is VH (Leicester) Limited and its registered office is 9 Bonhill Street, London EC2A 4DJ.

The only group into which the entity is consolidated is Bowmore JVCo Limited.

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