Company Registration No. 03969191 (England and Wales)
PROGRESS VEHICLE MANAGEMENT LIMITED
UNAUDITED MANAGEMENT FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PROGRESS VEHICLE MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
Mr B P Keating
Mr C D Hill
Company number
03969191
Registered office
Progress Business Park Hillside
Rushmore Hill
Knockholt
Sevenoaks
TN14 7NL
Accountants
Bryden Johnson Limited
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
PROGRESS VEHICLE MANAGEMENT LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Statement of comprehensive income
4
Balance sheet
5 - 6
Statement of changes in equity
7
Notes to the financial statements
8 - 17
PROGRESS VEHICLE MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

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

Principal activities

The principal activity of the company continued to be that of post accident management services.

Directors

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

Mr G Mason
(Resigned 4 April 2025)
Mr B P Keating
Mr C D Hill

Directors' responsibilities statement

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.

Small companies exemption

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

On behalf of the board
Mr B P Keating
Director
11 June 2025
PROGRESS VEHICLE MANAGEMENT LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PROGRESS VEHICLE MANAGEMENT LIMITED FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Progress Vehicle Management Limited for the year ended 30 June 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Progress Vehicle Management Limited, as a body, in accordance with the terms of our engagement letter dated 5 August 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Progress Vehicle Management Limited and state those matters that we have agreed to state to the board of directors of Progress Vehicle Management Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Progress Vehicle Management Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Progress Vehicle Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Progress Vehicle Management Limited. You consider that Progress Vehicle Management Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Progress Vehicle Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bryden Johnson Limited
11 June 2025
Chartered Accountants
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
PROGRESS VEHICLE MANAGEMENT LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
2024
2023
Notes
£
£
Turnover
3
14,772,245
6,558,275
Cost of sales
(12,536,528)
(5,148,796)
Gross profit
2,235,717
1,409,479
Administrative expenses
(1,691,638)
(939,039)
Exceptional item
4
(195,511)
-
0
Operating profit
5
348,568
470,440
Interest receivable and similar income
8
3,189
36
Interest payable and similar expenses
9
(157,220)
(82,633)
Profit before taxation
194,537
387,843
Tax on profit
10
(50,434)
(100,587)
Profit for the financial year
144,103
287,256

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

PROGRESS VEHICLE MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
2024
2023
£
£
Profit for the year
144,103
287,256
Other comprehensive income
-
-
Total comprehensive income for the year
144,103
287,256
PROGRESS VEHICLE MANAGEMENT LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 5 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,388,067
2,552,863
Current assets
Debtors
13
4,076,859
2,362,732
Cash at bank and in hand
566,572
83,844
4,643,431
2,446,576
Creditors: amounts falling due within one year
14
(4,014,662)
(2,149,534)
Net current assets
628,769
297,042
Total assets less current liabilities
3,016,836
2,849,905
Creditors: amounts falling due after more than one year
15
(1,384,741)
(1,348,189)
Provisions for liabilities
Deferred tax liability
18
-
0
13,724
-
(13,724)
Net assets
1,632,095
1,487,992
Capital and reserves
Called up share capital
20
760
760
Capital redemption reserve
240
240
Profit and loss reserves
1,631,095
1,486,992
Total equity
1,632,095
1,487,992

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

PROGRESS VEHICLE MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 6 -
The financial statements were approved by the board of directors and authorised for issue on 11 June 2025 and are signed on its behalf by:
Mr B P Keating
Director
Company registration number 03969191 (England and Wales)
PROGRESS VEHICLE MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
760
240
1,399,736
1,400,736
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
287,256
287,256
Dividends
11
-
-
(200,000)
(200,000)
Balance at 30 June 2023
760
240
1,486,992
1,487,992
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
144,103
144,103
Balance at 30 June 2024
760
240
1,631,095
1,632,095

The notes on pages 8 to 17 form part of these financial statements.

PROGRESS VEHICLE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
1
Accounting policies
Company information

Progress Vehicle Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Progress Business Park Hillside, Rushmore Hill, Knockholt, Sevenoaks, TN14 7NL.

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.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 services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

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:

Freehold land and buildings
Nil
Plant and equipment
25% reducing balance
Computers
30% reducing balance
Motor vehicles
2.5% per month, straight-line balance

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.

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.

1.6
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.

PROGRESS VEHICLE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 9 -
1.7
Financial instruments
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.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any 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.

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.

1.8
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.

1.9
Taxation

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

PROGRESS VEHICLE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 10 -
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.

1.10
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.

1.11
Retirement benefits

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

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

PROGRESS VEHICLE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
14,772,245
6,558,275
2024
2023
£
£
Other revenue
Interest income
3,189
36
4
Exceptional item
2024
2023
£
£
Expenditure
Irrecoverable intercompany balance
195,511
-

The balance relates to the irrecoverable amount loaned to a related party.

5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
476,120
976,818
Depreciation of tangible fixed assets held under finance leases
734,739
-
Profit on disposal of tangible fixed assets
(93,685)
(87,702)
Operating lease charges
288,557
280,255
6
Employees

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

2024
2023
Number
Number
92
76
PROGRESS VEHICLE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Employees
(Continued)
- 12 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,691,365
1,743,376
Social security costs
383,864
176,571
Pension costs
114,278
71,809
4,189,507
1,991,756
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
149,945
138,923
Company pension contributions to defined contribution schemes
40,740
33,552
190,685
172,475
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
3,189
36
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
3,189
36
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
10,541
14,563
Other finance costs:
Interest on finance leases and hire purchase contracts
146,679
67,866
Other interest
-
0
204
157,220
82,633
PROGRESS VEHICLE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
133,756
37,027
Deferred tax
Origination and reversal of timing differences
(83,322)
63,560
Total tax charge
50,434
100,587

The standard rate of corporation tax increased from 19% to 25% on 1 April 2023.

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
194,537
387,843
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
48,634
73,690
Tax effect of expenses that are not deductible in determining taxable profit
369,681
195,357
Effect of change in corporation tax rate
-
0
2,702
Group relief
(88,587)
-
0
Capital allowances
(195,972)
(234,722)
Deferred tax movement
(83,322)
63,560
Taxation charge for the year
50,434
100,587
11
Dividends
2024
2023
£
£
Final paid
-
0
200,000
PROGRESS VEHICLE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
12
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
323,750
468,405
95,418
5,367,143
6,254,716
Additions
-
0
354,205
18,561
1,115,151
1,487,917
Disposals
(323,750)
-
0
-
0
(364,481)
(688,231)
At 30 June 2024
-
0
822,610
113,979
6,117,813
7,054,402
Depreciation and impairment
At 1 July 2023
-
0
177,262
53,425
3,471,166
3,701,853
Depreciation charged in the year
-
0
105,089
15,823
1,089,947
1,210,859
Eliminated in respect of disposals
-
0
-
0
-
0
(246,377)
(246,377)
At 30 June 2024
-
0
282,351
69,248
4,314,736
4,666,335
Carrying amount
At 30 June 2024
-
0
540,259
44,731
1,803,077
2,388,067
At 30 June 2023
323,750
291,143
41,993
1,895,977
2,552,863

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

2024
2023
£
£
Plant and equipment
1,114,144
1,202,344
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,875,138
2,076,604
Amounts owed by group undertakings
1,187,622
220,505
Other debtors
375,697
47,115
Prepayments and accrued income
568,804
18,508
4,007,261
2,362,732
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 18)
69,598
-
0
Total debtors
4,076,859
2,362,732
PROGRESS VEHICLE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
16
50,000
50,000
Obligations under finance leases
17
861,997
642,408
Trade creditors
401,136
177,211
Amounts owed to group undertakings
475,071
-
0
Corporation tax
131,889
131,244
Other taxation and social security
310,893
156,675
Other creditors
1,088,224
474,543
Accruals and deferred income
695,452
517,453
4,014,662
2,149,534
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
96,388
172,764
Obligations under finance leases
17
872,403
805,425
Taxation and social security
415,950
370,000
1,384,741
1,348,189
16
Loans and overdrafts
2024
2023
£
£
Bank loans
146,388
222,764
Payable within one year
50,000
50,000
Payable after one year
96,388
172,764

The long-term loans are secured by fixed charges over the company's assets.

17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
861,997
642,408
In two to five years
872,403
805,425
1,734,400
1,447,833
PROGRESS VEHICLE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
17
Finance lease obligations
(Continued)
- 16 -

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

18
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
-
13,724
69,598
-
2024
Movements in the year:
£
Liability at 1 July 2023
13,724
Credit to profit or loss
(83,322)
Asset at 30 June 2024
(69,598)

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
114,278
71,809

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.

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
760
760
760
760
21
Related party transactions

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

PROGRESS VEHICLE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
22
Directors' transactions

Included in other debtors is an amount of £55,884 (2023: £nil) due from two directors.

 

Included in other creditors is an amount of £185,194 (2023: £138,101) due to a director.

23
Ultimate controlling party

The immediate controlling party is PVM Holdings Limited.

 

The ultimate controlling party is Brian Patrick Keating.

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