Company registration number 05149583 (England and Wales)
CARSTAR (LEEDS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
CARSTAR (LEEDS) LIMITED
COMPANY INFORMATION
Directors
Mr Adam Haley
Mr Jonathan McDonald
Secretary
Mr Adam Haley
Company number
05149583
Registered office
100 Bradford Road
Stanningley
Leeds
West Yorkshire
LS28 6UR
Auditor
BHP LLP
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
CARSTAR (LEEDS) LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 26
CARSTAR (LEEDS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

The directors present the strategic report for the year ended 31 August 2024.

Review of the business

CarStar (Leeds) Limited trades under the name VanStar.

For the year ending 31st August 2024 VanStar completed a good performance considering the backdrop of a significant market price correction which affected the industry as a whole along with the temporary reduction of circa 100 retail units to enable development of our reserve stock holding compound area. Our new workshop and progression buildings / infrastructure are now virtually completed and are slowly becoming integrated and operational. We expect these new facilities to be fully integrated by mid-2025.

The additional 1.5 acres of land (opposite the Wakefield showroom) which was purchased early 2023 has now been fully developed into secure additional retail and storage space plus customer and staff parking.

The 2 x Leeds sites which hold around 240 commercial vehicles combined have remained unchanged throughout the year. Capacity here was achieved a number of years ago. Leeds vehicles are now prepared and photographed via the Wakefield Prep Centre which delivers a more rigorous preparation procedure and higher quality indoor photo booth images and video.

We still have potential retail capacity of around 800 commercial vehicles, after the above developments. we are now back up to 500 vehicles on sale with the intention to grow and increase stock levels as close to the 800 number within the next 2 years.

In summary we have continued to expand and grow all areas of the business including vehicles on sale, employee numbers, logistical support and numerous in-house services.

We have made significant investment into social media and video imagery this year, recruiting 2 highly experienced individuals to solely concentrate and develop this area of the business.

The infrastructure and workshop development have continued to result in some substantial costs, however the eventual ability to MOT, service, repair and process all retail vehicles in house will significantly reduce lead times to forecourt. This in turn will reduce days to sell per vehicle and increase profit per unit.

For the second year running VanStar has won the highly acclaimed and coveted “Used Commercial Dealer of the Year” at the Car Dealer awards in London. We now have back-to-back wins for both 2023 and 2024. This prestigious award is an industry recognition of all the hard work and dedication from the team at VanStar throughout the year. With 100’s of commercial dealers being assessed at the outset to eventually win this accolade is a great achievement something the business can be very proud of.

The financial performance, from a profit perspective, has seen a decrease this financial year. This is due to retail units having to be reduced by around 20% to accommodate the development as mentioned above and the final post covid price correction being quite significant. This resulted in large amounts of stock being repriced to remain competitive in the market. However, normality seems to have resumed, and pricing has been fairly stable for the last 10 months now.

 

Key performance/ financials

 

 

2024

2023

Turnover

£34,034,491

£35,177,724

Gross Profit

£4,605,786

£5,918,404

EBITDA

£1,595,094

£2,630,904

Total Equity

£5,957,413

£5,321,403

Employee Numbers

43

41

CARSTAR (LEEDS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
Principal risks and uncertainties

There are a number of potential risks and uncertainties which could affect the company’s short- or long-term performance. With over 25 years of experience within the industry, the Directors are well placed to continually evaluate any market changes and performance is monitored accurately on a daily, monthly and quarterly basis.

The Directors and Management team thoroughly evaluate the implications of all significant business decisions and risks are assessed and re-assessed on an ongoing basis.

We have KPI’s which ensure any changes in the Company’s operations, or the external market/industry outlook can be quickly identified and successfully managed. The key risks affecting the business are as follows:

Operating Risk

VanStar is one of the largest commercial vehicle retailers within the UK and our reputation for high quality vans and customer service depends on continuing to provide the best stock available in the marketplace, continued recruitment of quality employees from operations to sales and management and the ability to deliver the first-class service and standards we have in place.

Market Risk

The company operates in a very competitive marketplace where the supply of high-quality stock is essential. The prices of commercial vehicles rose significantly post Covid and throughout 2021 and 2022. From around May 2023, we began to see prices soften and, in some areas, start to recorrect quite significantly. Within this financial year, from the end of 2023 into 2024 prices had their final significant correction. Constant price checking and stock re-evaluation is now crucial to remain real time competitive. We now expect prices to be more stable throughout 2025 and into 2026.

The substantial rise of the Bank of England base rate continues to keep our cost of funding higher than normal. The recent 2 rate decreases have been welcomed and we are expecting another 2 or 3 decreases throughout 2025 into 2026. We feel this sustained higher interest rate level can be offset by our continued expansion and increasing numbers of retail units on sale.

The company has invested substantially in its stock buying operations this year. We have recruited 2 new dedicated and experienced Commercial Buyers who have introduced more sources to successfully purchase high quality stock from a balanced spread of sources throughout the UK.

We consider our customers to be every commercial vehicle owner within the UK. Private individuals, businesses and other commercial enterprises, which the “AutoTrader Platform” and our easy-to-use website provides us access to.

Personal Risk

The company is a privately owned business and essentially Director led through an experienced management team.

We continue to place significant emphasis on the training and development of all employees through our management structure.

The Directors will continue to recruit and develop a high-quality workforce which they consider key to managing further growth and continued increases in performance.

Financial Risk

As a privately owned company, VanStar is funded from retained profits as well as secured funding on freehold property and a unit stocking funding facility against its stock.

With an in-house Chartered Accountant and a Management Accountant heading up a skilled admin team the financial monitoring, forecasting and detailed monthly accounts produced provide a continuous process to monitor real time performances.

Trading uncertainty and interest rate levels can always impact the company’s financial position/performance and cashflow.

CARSTAR (LEEDS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

On behalf of the board

Mr Adam Haley
Director
16 January 2025
CARSTAR (LEEDS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 August 2024.

Principal activities

The principal activity of the company continued to be that of motor vehicle dealers.

 

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £664,000. The directors do not recommend payment of a final dividend.

Directors

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

Mr Adam Haley
Mr Jonathan McDonald
Auditor

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr Adam Haley
Director
16 January 2025
CARSTAR (LEEDS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -

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.

The directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

CARSTAR (LEEDS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CARSTAR (LEEDS) LIMITED
- 6 -
Opinion

We have audited the financial statements of Carstar (Leeds) Limited (the 'company') for the year ended 31 August 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 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:

CARSTAR (LEEDS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CARSTAR (LEEDS) LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in

line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including

fraud. The extent to which our procedures can detect irregularities, including fraud, is detailed below.

 

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in

which it operates and considered the risk of acts by the company that were contrary to applicable laws and

regulations, including fraud. We designed audit procedures to respond to the risk, 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 or intentional misrepresentations, or through

collusion.

 

We focused on laws and regulations, relevant to the company, which could give rise to a material misstatement in

the financial statements. Our tests included agreeing the financial statement disclosures to underlying supporting

documentation, review of payroll costs, year end cut off procedures, enquiries with management, review of

company minutes and legal expenses. There are inherent limitations in the audit procedures described 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 would become aware of it.

 

As part of our audit, we addressed the risk of management override of internal controls, including testing of journals

and review of nominal ledger. We evaluated whether there was evidence of bias by the directors that represented a

risk of material misstatement due to fraud.

 

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.

CARSTAR (LEEDS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CARSTAR (LEEDS) LIMITED (CONTINUED)
- 8 -

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.

Lesley Kendrew
Senior Statutory Auditor
For and on behalf of BHP LLP
16 January 2025
Chartered Accountants
Statutory Auditor
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
CARSTAR (LEEDS) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
34,034,491
35,177,724
Cost of sales
(29,428,705)
(29,259,320)
Gross profit
4,605,786
5,918,404
Administrative expenses
(3,238,451)
(3,430,955)
Other operating income
59,768
140
Operating profit
4
1,427,103
2,487,589
Interest receivable and similar income
7
12,025
-
0
Interest payable and similar expenses
8
(743,031)
(597,467)
Profit before taxation
696,097
1,890,122
Tax on profit
9
(195,931)
(400,630)
Profit for the financial year
500,166
1,489,492
Other comprehensive income
Revaluation of tangible fixed assets
1,029,417
-
0
Tax relating to other comprehensive income
(229,573)
-
0
Total comprehensive income for the year
1,300,010
1,489,492
CARSTAR (LEEDS) LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
4,626,605
3,242,103
Current assets
Stocks
12
10,099,787
12,247,430
Debtors
13
1,588,950
479,824
Cash at bank and in hand
381
286,568
11,689,118
13,013,822
Creditors: amounts falling due within one year
14
(8,752,098)
(9,513,181)
Net current assets
2,937,020
3,500,641
Total assets less current liabilities
7,563,625
6,742,744
Creditors: amounts falling due after more than one year
15
(1,134,410)
(1,172,275)
Provisions for liabilities
Deferred tax liability
17
471,802
249,066
(471,802)
(249,066)
Net assets
5,957,413
5,321,403
Capital and reserves
Called up share capital
19
1,100
1,100
Revaluation reserve
1,351,479
551,635
Profit and loss reserves
4,604,834
4,768,668
Total equity
5,957,413
5,321,403

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 16 January 2025 and are signed on its behalf by:
Mr Adam Haley
Mr Jonathan McDonald
Director
Director
Company registration number 05149583 (England and Wales)
CARSTAR (LEEDS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 September 2022
1,100
551,635
7,499
3,671,677
4,231,911
Year ended 31 August 2023:
Profit and total comprehensive income
-
-
-
1,489,492
1,489,492
Dividends
10
-
-
-
(400,000)
(400,000)
Transfers
-
-
0
(7,499)
7,499
-
Balance at 31 August 2023
1,100
551,635
-
4,768,668
5,321,403
Year ended 31 August 2024:
Profit
-
-
-
500,166
500,166
Other comprehensive income:
Revaluation of tangible fixed assets
-
1,029,417
-
-
1,029,417
Tax relating to other comprehensive income
-
(229,573)
-
-
0
(229,573)
Total comprehensive income
-
799,844
-
500,166
1,300,010
Dividends
10
-
-
-
(664,000)
(664,000)
Balance at 31 August 2024
1,100
1,351,479
-
4,604,834
5,957,413
CARSTAR (LEEDS) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
23
3,578,146
(770,310)
Interest paid
(743,031)
(597,467)
Income taxes paid
(398,483)
(128,219)
Net cash inflow/(outflow) from operating activities
2,436,632
(1,495,996)
Investing activities
Purchase of tangible fixed assets
(529,539)
(542,962)
Proceeds from disposal of tangible fixed assets
6,463
27,962
Proceeds from disposal of investment property
-
0
150,000
Loan advances
(834,543)
-
0
Interest received
12,025
-
0
Net cash used in investing activities
(1,345,594)
(365,000)
Financing activities
Proceeds from borrowings
-
0
4,301,383
Repayment of borrowings
(966,796)
-
0
Repayment of bank loans
(33,561)
(413,586)
Dividends paid
(664,000)
(400,000)
Net cash (used in)/generated from financing activities
(1,664,357)
3,487,797
Net (decrease)/increase in cash and cash equivalents
(573,319)
1,626,801
Cash and cash equivalents at beginning of year
286,568
(1,340,233)
Cash and cash equivalents at end of year
(286,751)
286,568
Relating to:
Cash at bank and in hand
381
286,568
Bank overdrafts included in creditors payable within one year
(287,132)
-
0
CARSTAR (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 13 -
1
Accounting policies
Company information

Carstar (Leeds) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 100 Bradford Road, Stanningley, Leeds, West Yorkshire, LS28 6UR.

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 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.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
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:

Land and buildings Freehold
2% straight line
Land and buildings Leasehold
straight line over lease term (10 years)
Fixtures, fittings & equipment
20% or 25% straight line
Motor vehicles
25% reducing balance
CARSTAR (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 14 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

 

Properties whose fair value can be measured reliably are held under the revaluation model and are carried

at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated

depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is

usually considered to be their market value.

 

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity,

except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or

loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and

losses are recognised in profit or loss.

 

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
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.

CARSTAR (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 15 -
1.8
Financial instruments

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

 

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

 

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

Basic financial assets

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

Other financial assets

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

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

CARSTAR (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities

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

 

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

 

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

Other financial liabilities

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

 

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

Derecognition of financial liabilities

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

1.9
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.

1.10
Taxation

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

Current tax

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

CARSTAR (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 17 -
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.

1.11
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.

1.12
Retirement benefits

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

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
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.

CARSTAR (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 18 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Revaluations of Property

The company's freehold properties are held at fair value less any subsequent accumulated depreciation. The directors are required to ensure that revaluations are performed with sufficient regularity to ensure that the carrying amount does not differ materially from fair value at the period end. In determining whether or not to perform a full valuation of the property portfolio, the directors have regard to current property conditions and they exercise their judgement in determining whether or not to perform a full valuation. The directors have adjusted the valuation as at 31 August 2024 based on a full valuation carried out by third party valuers on 14 June 2024.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of used vehicles
34,034,491
35,177,724
2024
2023
£
£
Turnover analysed by geographical market
UK
34,034,491
35,177,724
2024
2023
£
£
Other revenue
Interest income
12,025
-
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
16,750
16,275
Depreciation of owned tangible fixed assets
166,282
140,564
Loss/(profit) on disposal of tangible fixed assets
1,709
(4,750)
(Profit)/loss on disposal of investment property
-
0
7,501
Operating lease charges
134,658
133,634
CARSTAR (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 19 -
5
Employees

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

2024
2023
Number
Number
Admin
8
8
Directors
2
2
Marketing & Operations
6
7
Sales
8
8
Valeting
16
16
Drivers
3
-
Total
43
41

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,345,619
1,309,946
Social security costs
136,416
132,093
Pension costs
26,632
58,256
1,508,667
1,500,295
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
20,105
16,000
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
10
-
0
Other interest income
12,015
-
0
Total income
12,025
-
0
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
10
-
0
CARSTAR (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 20 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
733,238
590,387
Other finance costs:
Other interest
9,793
7,080
743,031
597,467
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
191,633
387,349
Adjustments in respect of prior periods
11,135
(7,224)
Total current tax
202,768
380,125
Deferred tax
Origination and reversal of timing differences
(6,837)
20,505
Total tax charge
195,931
400,630

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

2024
2023
£
£
Profit before taxation
696,097
1,890,122
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.52%)
174,024
406,754
Tax effect of expenses that are not deductible in determining taxable profit
1,469
617
Tax effect of income not taxable in determining taxable profit
-
0
(30)
Other non-reversing timing differences
-
0
(93)
Fixed asset differences
9,732
(3,535)
Adjustments in respect of prior periods
11,135
(7,224)
Remeasurement of deferred tax for changes in tax rates
-
0
1,141
Chargeable Gains / (Losses)
-
0
(9,319)
Movement in deferred tax not recognised
(429)
12,319
Taxation charge for the year
195,931
400,630
CARSTAR (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
9
Taxation
(Continued)
- 21 -

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
229,573
-
10
Dividends
2024
2023
£
£
Interim paid
664,000
400,000
11
Tangible fixed assets
Land and buildings Freehold
Land and buildings Leasehold
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 September 2023
2,956,618
3,894
434,674
138,484
3,533,670
Additions
424,962
-
0
73,204
31,373
529,539
Disposals
(3,330)
-
0
(11,660)
(8,545)
(23,535)
Revaluation
1,029,417
-
0
-
0
-
0
1,029,417
At 31 August 2024
4,407,667
3,894
496,218
161,312
5,069,091
Depreciation and impairment
At 1 September 2023
59,551
3,894
178,528
49,594
291,567
Depreciation charged in the year
38,974
-
0
97,596
29,712
166,282
Eliminated in respect of disposals
(26)
-
0
(8,211)
(7,126)
(15,363)
At 31 August 2024
98,499
3,894
267,913
72,180
442,486
Carrying amount
At 31 August 2024
4,309,168
-
0
228,305
89,132
4,626,605
At 31 August 2023
2,897,067
-
0
256,146
88,890
3,242,103

Land and buildings were revalued to £4,375,000 on 14th June 2024 by Knight Frank LLP, independent valuers not connected with the company, on the basis of market value. The carrying amount of the revalued land and buildings is £4,309,168.

CARSTAR (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
11
Tangible fixed assets
(Continued)
- 22 -

If the assets were measured using the cost model, the carrying amounts would be as follows:

Land and buildings  Freehold
2024
2023
£
£
Cost
2,627,734
995,545
Accumulated depreciation
(66,912)
(31,837)
Carrying value
2,560,822
963,708
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
10,099,787
12,247,430
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
574,020
361,671
Other debtors
842,855
-
0
Prepayments and accrued income
172,075
118,153
1,588,950
479,824
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
322,207
30,771
Other borrowings
16
7,443,506
8,410,302
Trade creditors
308,093
324,688
Corporation tax
191,633
387,348
Other taxation and social security
279,689
159,874
Other creditors
89,226
57,737
Accruals and deferred income
117,744
142,461
8,752,098
9,513,181

The bank loan and overdraft are secured by fixed and floating charges over the assets of the company and charges over the freehold properties owned by the company. The other borrowings represent stocking loans which are secured against vehicles held in stock.

CARSTAR (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 23 -
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
1,134,410
1,172,275

The bank loans are secured by fixed and floating charges over the assets of the company and charges over the freehold properties owned by the company.

Amounts included above which fall due after five years are as follows:
Payable by instalments
994,112
1,018,421
16
Loans and overdrafts
2024
2023
£
£
Bank loans
1,169,485
1,203,046
Bank overdrafts
287,132
-
0
Other loans
7,443,506
8,410,302
8,900,123
9,613,348
Payable within one year
7,765,713
8,441,073
Payable after one year
1,134,410
1,172,275

The company received a property mortgage loan of £1,290,000 during the year ended 31 August 2021. This loan is repayable over 20 years and carries an interest rate of 2.5% over the Bank of England base rate.

 

The other borrowings represent stocking loans.

17
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
76,014
82,852
Revaluations
395,788
166,214
471,802
249,066
CARSTAR (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
17
Deferred taxation
(Continued)
- 24 -
2024
Movements in the year:
£
Liability at 1 September 2023
249,066
Credit to profit or loss
(6,837)
Charge to other comprehensive income
229,573
Liability at 31 August 2024
471,802
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
26,632
58,256

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
1,000
1,000
1,000
1,000
B Ordinary shares of £1 each
50
50
50
50
C Ordinary shares of £1 each
50
50
50
50
1,100
1,100
1,100
1,100
20
Related party transactions

The company pays rent to a directors' pension scheme. During the year, the company paid rent to the pension scheme of £132,496 (2023 - £132,496).

CARSTAR (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 25 -
21
Directors' transactions

Dividends totalling £472,000 (2023 - £272,000) were paid in the year in respect of shares held by the company's directors.

Loans have been granted by/(to) the company to/(from) its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director's Loan Account
2.25
(28,593)
1,101,985
(238,848)
834,544
Director's Loan Account
2.25
(21,002)
192,463
(240,861)
(69,400)
(49,595)
1,294,448
(479,709)
765,144

Interest is charged at 2.25% on overdrawn balances. The directors receive interest at 5% above Bank of England base rate on credit balances.

22
Ultimate controlling party

The company is controlled by the Board of Directors

23
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit for the year after tax
500,166
1,489,492
Adjustments for:
Taxation charged
195,931
400,630
Finance costs
743,031
597,467
Investment income
(12,025)
-
0
Loss/(gain) on disposal of tangible fixed assets
1,709
(4,750)
(Gain)/loss on disposal of investment property
-
0
7,501
Depreciation and impairment of tangible fixed assets
166,282
140,564
Movements in working capital:
Decrease/(increase) in stocks
2,147,643
(3,787,004)
(Increase)/decrease in debtors
(274,583)
239,756
Increase in creditors
109,992
146,034
Cash generated from/(absorbed by) operations
3,578,146
(770,310)
CARSTAR (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 26 -
24
Analysis of changes in net debt
1 September 2023
Cash flows
31 August 2024
£
£
£
Cash at bank and in hand
286,568
(286,187)
381
Bank overdrafts
-
0
(287,132)
(287,132)
286,568
(573,319)
(286,751)
Borrowings excluding overdrafts
(9,613,348)
1,000,357
(8,612,991)
(9,326,780)
427,038
(8,899,742)
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