Company registration number 01469019 (England and Wales)
ALTON CARS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ALTON CARS LIMITED
COMPANY INFORMATION
Directors
Mr Rofique Ali
Mrs Sophie Braithwaite
Mr Thomas Butterworth
Mr Graham Connell
Mr Wesley Greaves
(Appointed 17 January 2024)
Mr Neilson Jones
Mr Thomas Jones
Mr Julian Milner
Secretary
Mrs Sophie Braithwaite
Company number
01469019
Registered office
Alton Cars
Cross Green Approach
Cross Green Industrial Estate
Leeds
West Yorkshire
England
LS09 0SG
Auditor
BHP LLP
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
ALTON CARS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 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
Notes to the financial statements
12 - 25
ALTON CARS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Review of the business

The company is a provider of accident repair services, in the insurance, accident management and fleet sectors. It operates in the UK, and currently has 16 accident repair centres in Yorkshire, Humberside, Derbyshire, Nottinghamshire and the North West. Its supply chain includes paint and parts suppliers and manufacturers.

 

The Directors are pleased to report that the company is reporting profit before tax for 2024 of £974,897 (2023: £2,104,943). Whilst the retained profit was lower than 2023, this year the repair sector was subjected to inconsistent peaks and troughs in volume, coupled with the increase in the minimum wage the Directors made the decision to increase the middle band of employees’ wages within the business to underpin the continued staff retention that the success of the company is based upon.

 

The Directors are pleased to report a substantial increase in both turnover and profitability for the first quarter of 2025 with the expected turnover projected to rise by a further £1.2 million to £66.5 million, this increase will be driven by inflationary rises and continued improved efficiencies.

Principal risks and uncertainties

The principal risks and uncertainties for the company arise from the economic climate and competition with other accident repair groups in our market.

 

The accident repair industry continues to be in a state of flux. The ongoing economic climate is having a direct impact on the number of accident claims being reported to insurers. The main reason for this is that comparison websites allow for customers to increase their policy excess enabling them to reduce their insurance premium and coupled with higher interest rates and living costs, this impacts on the consumer

being able to afford to have their car repaired.

 

The company has strong working relationships with key work providers. This is allowing the company to minimise the impact of reduced sales volumes that others within the industry are experiencing. Working closer than ever with our suppliers, we are confident that the business is on a firm footing and set to continue to improve both turnover and profitability.

 

The process of risk acceptance and risk management is addressed through a framework of policies, procedures, and internal controls. All policies are subject to management approval and ongoing review.

 

The company has developed a framework for identifying the risks that it is exposed to and their impact on economic capital. This process is risk-based and uses individual capital assessment principles to manage our capital requirements and to ensure that we have the financial strength and capital adequacy to support the growth of the business.

Strategy and future developments

The company's continued success is based upon providing the very highest levels of service to work providers, policyholders, and its key partners, as well as securing the best prices for parts and paint, based on continued growth. The company continues to work very closely with both insurers and accident management companies, offering a one stop solution through its central deployment centre. Having this relationship with our partners allows the company to continue to grow and meet its own strategic business plan and also to support its partners in offering the same high standard of service across the company.

 

The company continues to hold 26 vehicle manufacturer approvals, which includes Mercedes, Audi, VW and Ford. Coupled with the approvals, the company continues to invest heavily in training, technology and its trainee program, with 23 trainee technicians and 5 trainee VDA's.

 

The company is well placed from a strong financial base for the coming years. A 5-year business plan is in place to ensure the group reaches its maximum potential.

ALTON CARS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Key performance indicators

The directors consider turnover and operating profit to be the key performance indicators for the business and they are reported monthly.

Corporate social responsibility

Employee engagement

The company is an equal opportunities employer, allows its employees to identify their chosen gender, including non-binary, and has taken action to provide employees with information on matters of concern to them and to regularly consult to allow employee views to be considered. It has a zero-tolerance policy towards slavery and human trafficking, please refer to the company's website for its policy on modern slavery. Its gender pay report, also published on its website, makes it clear the progress being made to ensure equal pay.

 

Suppliers

Company policy is to set terms of payment when agreeing each transaction with suppliers, clearly explain payment procedures, consistently settle bills within contract terms and extend terms only with prior agreement. The company operates systems for promptly advising suppliers of, and resolving, queried and contested items.

 

Environment

The company is carbon neutral and is currently assessed against the PAS2060:2014 standard by ECA Energy.  The company has a carbon management and offsetting plan and has a target to reduce emissions by 2% annually.  Our 2024 data has now been published, and we are pleased to report that we have continued to make further reductions in line with our plan.  Total energy used for 2024 fell to 7.1m kwh (2023 7.8m KWH), a reduction of 9%.  Some of this has been achieved by investing in more energy efficient equipment and some by introducing more air-drying paint products.  Air drying paints do not need to be baked using heat, so reducing gas consumption.  In addition, all electricity purchased is from renewable sources.

 

Total carbon emissions decreased from 1,561 tCO2e in 2023 to 1,416 tCO2e in 2024 which represents a 9% reduction in emissions.  Against the base year of 202, this is a 20% reduction.  In 2024, the company continued to invest in the latest energy efficient equipment across group, and continued our refurbishment plans across our sites ensuring that energy saving measures were considered throughout this process.

 

PAS2060:2014 is coming to an end this year, and Alton Cars Ltd along with a number of key stakeholders in the industry have been key in writing a brand-new standard for our industry.  Alton are the first Bodyshop Group transitioning to the new standard called ARIES, and this is expected to be in place by June 2025.

Promoting the success of the company

The directors are aware of their duties to promote the success of the company for the benefit of the members with regard to the following factors:

 

On behalf of the board

Mr Neilson Jones
Director
29 May 2025
ALTON CARS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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

Principal activities

The principal activity of the company continued to be that of providing accident repair services, in the insurance, accident management and fleet sectors.

Results and dividends

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

Ordinary dividends were paid amounting to £840,000. 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 Rofique Ali
Mrs Sophie Braithwaite
Mr Thomas Butterworth
Mr Graham Connell
Mr Wesley Greaves
(Appointed 17 January 2024)
Mr Neilson Jones
Mr Thomas Jones
Mr Julian Milner
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

 

There is no employee share scheme within this company.

Auditor

BHP LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

The company set out below their energy consumption and emissions for the financial year.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
7,156,799
7,870,261
ALTON CARS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
817.00
936.00
- Fuel consumed for owned transport
229.00
255.00
1,046.00
1,191.00
Scope 2 - indirect emissions
- Electricity purchased
370.00
371.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
-
-
Total gross emissions
1,416.00
1,562.00
Intensity ratio
Tonnes CO2e per £1million turnover
21.7
24.3
Quantification and reporting methodology

The Company has followed the 2019 HM Government Environmental Reporting Guidelines. They have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The company has used turnover to calculate the intensity metric. The formula used to calculate this is tCO2/£1m turnover (£).

Measures taken to improve energy efficiency

The Company have replaced twelve trucks in the year with newer, more efficient models and continued to upgrade on site equipment such as compressors, heating systems and dust extraction units.

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.

On behalf of the board
Mr Neilson Jones
Director
29 May 2025
ALTON CARS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 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.

ALTON CARS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALTON CARS LIMITED
- 6 -
Opinion

We have audited the financial statements of Alton Cars Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, 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:

ALTON CARS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALTON CARS 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.

The extent to which our procedures are capable of detecting 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 focussed 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, enquiries with management, review of client's operation of controls within the year (in particular; vtreatment of revenue within the accounts and the posting of manual journals affecting the balances within the accounts) and review of expenses, such as legal costs. 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.

ALTON CARS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALTON CARS 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.

Ann Brown (Senior Statutory Auditor)
For and on behalf of BHP LLP, Statutory Auditor
Chartered Accountants
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
29 May 2025
ALTON CARS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
as restated
Notes
£
£
Turnover
3
65,259,490
64,160,909
Cost of sales
(48,373,120)
(46,213,116)
Gross profit
16,886,370
17,947,793
Administrative expenses
(16,607,303)
(16,077,295)
Other operating income
1,176,690
638,529
Share based payment charge
4
(196,516)
(144,043)
Operating profit
5
1,259,241
2,364,984
Interest receivable and similar income
9
-
0
1,945
Interest payable and similar expenses
10
(284,344)
(261,986)
Profit before taxation
974,897
2,104,943
Tax on profit
11
(359,700)
(503,860)
Profit for the financial year
615,197
1,601,083

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

ALTON CARS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
13
1,919,092
1,800,186
Current assets
Stocks
14
2,201,705
2,840,874
Debtors
15
15,100,756
12,928,005
Cash at bank and in hand
579,041
247,280
17,881,502
16,016,159
Creditors: amounts falling due within one year
16
(11,052,012)
(9,263,645)
Net current assets
6,829,490
6,752,514
Total assets less current liabilities
8,748,582
8,552,700
Creditors: amounts falling due after more than one year
17
(390,018)
(254,982)
Provisions for liabilities
Deferred tax liability
20
281,296
192,163
(281,296)
(192,163)
Net assets
8,077,268
8,105,555
Capital and reserves
Called up share capital
22
19,649
19,649
Share premium account
168,251
168,251
Capital redemption reserve
78,200
78,200
Profit and loss reserves
7,811,168
7,839,455
Total equity
8,077,268
8,105,555
The financial statements were approved by the board of directors and authorised for issue on 29 May 2025 and are signed on its behalf by:
Mr Neilson Jones
Director
Company registration number 01469019 (England and Wales)
ALTON CARS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
19,649
168,251
78,200
6,094,329
6,360,429
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
1,601,083
1,601,083
Credit to equity for equity settled share-based payments
-
-
-
144,043
144,043
Balance at 31 December 2023
19,649
168,251
78,200
7,839,455
8,105,555
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
615,197
615,197
Dividends
12
-
-
-
(840,000)
(840,000)
Credit to equity for equity settled share-based payments
-
-
-
196,516
196,516
Balance at 31 December 2024
19,649
168,251
78,200
7,811,168
8,077,268
ALTON CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

Alton Cars Limited is a private company limited by shares incorporated in England and Wales. The registered office is Alton Cars, Cross Green Approach, Cross Green Industrial Estate, Leeds, West Yorkshire, England, LS09 0SG.

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.

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 Alton Cars Holdings Limited. These consolidated financial statements are available from its registered office, Cross Green Approach, Cross Green Industrial Estate, Leeds, West Yorkshire, LS9 0SG.

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.

ALTON CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -

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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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:

Short leasehold
10% straight line
Plant and machinery
15% straight line
Fixtures and fittings
15% straight line
Motor vehicles
20% straight line

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.

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.

ALTON CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
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.

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.

ALTON CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
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.

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.

ALTON CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
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.

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.

ALTON CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.13
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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

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.

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.

Work in progress

An element of judgement is involved in the percentage used to calculate the work in progress at the reporting date. The work in progress calculated is based on actual costs up to the reporting date with a percentage relating to the progress then applied.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales
65,259,490
64,160,909
2024
2023
£
£
Turnover analysed by geographical market
UK
65,259,490
64,160,909
ALTON CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 18 -
2024
2023
£
£
Other revenue
Interest income
-
1,945
4
Exceptional item
2024
2023
£
£
Expenditure
Share based payment charge
196,516
144,043
5
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
500,814
441,972
Depreciation of tangible fixed assets held under finance leases
63,545
83,629
Operating lease charges
1,933,315
1,949,302
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
22,500
23,100
7
Employees

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

2024
2023
Number
Number
Productive staff
173
161
Administrative staff
235
267
Management
12
12
Total
420
440
ALTON CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Employees
(Continued)
- 19 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
17,338,700
15,875,561
Social security costs
1,707,743
1,577,518
Pension costs
360,059
315,037
19,406,502
17,768,116
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
665,015
689,200
Company pension contributions to defined contribution schemes
125,937
101,832
790,952
791,032

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 8 (2023 - 7).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
109,648
180,580
Company pension contributions to defined contribution schemes
9,968
37,665
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
-
0
1,945
10
Interest payable and similar expenses
2024
2023
£
£
Other interest on financial liabilities
255,404
234,958
Interest on finance leases and hire purchase contracts
28,940
27,028
284,344
261,986
ALTON CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
270,567
524,939
Deferred tax
Origination and reversal of timing differences
89,133
(21,079)
Total tax charge
359,700
503,860

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
974,897
2,104,943
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
243,724
495,104
Tax effect of expenses that are not deductible in determining taxable profit
15,347
7,263
Fixed asset differences
29,314
1,493
Under provision of deferred tax in prior year
71,315
-
0
Taxation charge for the year
359,700
503,860
12
Dividends
2024
2023
£
£
Interim paid
840,000
-
0
ALTON CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
13
Tangible fixed assets
Short leasehold
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
1,125,656
2,298,627
91,584
322,203
3,838,070
Additions
65,579
146,694
10,408
460,584
683,265
At 31 December 2024
1,191,235
2,445,321
101,992
782,787
4,521,335
Depreciation and impairment
At 1 January 2024
668,645
1,167,052
53,891
148,296
2,037,884
Depreciation charged in the year
106,105
359,017
15,913
83,324
564,359
At 31 December 2024
774,750
1,526,069
69,804
231,620
2,602,243
Carrying amount
At 31 December 2024
416,485
919,252
32,188
551,167
1,919,092
At 31 December 2023
457,011
1,131,575
37,693
173,907
1,800,186

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 machinery
486,615
321,805
Motor vehicles
53,707
64,875
540,322
386,680
14
Stocks
2024
2023
£
£
Raw materials and consumables
350,000
312,913
Work in progress
1,851,705
2,527,961
2,201,705
2,840,874
ALTON CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,206,341
6,007,855
Corporation tax recoverable
79,433
-
0
Amounts owed by group undertakings
8,432,155
6,570,655
Other debtors
81,151
51,984
Prepayments and accrued income
301,676
297,511
15,100,756
12,928,005
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
19
238,059
189,056
Other borrowings
18
3,339,023
2,188,702
Trade creditors
4,604,358
4,843,170
Corporation tax
-
0
293,323
Other taxation and social security
953,445
1,161,908
Other creditors
1,622,395
233,959
Accruals and deferred income
294,732
353,527
11,052,012
9,263,645

Obligations under finance leases are secured on the assets to which they relate.

 

Other borrowings represents an invoice discounting facility. This balance is secured by fixed and floating charges over the assets of the company.

 

17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
19
390,018
254,982

Obligations under finance leases are secured on the assets to which they relate.

ALTON CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
18
Loans and overdrafts
2024
2023
£
£
Other loans
3,339,023
2,188,702
Payable within one year
3,339,023
2,188,702

Other loans represents an invoice discounting facility. This balance is secured by fixed and floating charges over the assets of the company.

19
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
238,059
189,057
In two to five years
390,018
254,981
628,077
444,038

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. There are no restrictions placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
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
366,436
228,174
Share based payments
(85,140)
(36,011)
281,296
192,163
2024
Movements in the year:
£
Liability at 1 January 2024
192,163
Charge to profit or loss
89,133
Liability at 31 December 2024
281,296

The net reversal of deferred tax liabilities expected to occur in the next year is £46,000.

ALTON CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
360,059
315,037

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.

22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
16,701
16,701
16,701
16,701
Ordinary A shares of £1 each
1,965
1,965
1,965
1,965
Ordinary B shares of £1 each
983
983
983
983
19,649
19,649
19,649
19,649
23
Financial commitments, guarantees and contingent liabilities

The company has given a cross company guarantee to its bankers in respect of Alton Cars Holdings Limited. The balance on the loan outstanding in Alton Cars Holdings Limited as at 31 December 2024 is £3,391,667.

24
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
2,503,752
2,710,461
Between two and five years
5,780,593
6,882,100
In over five years
4,431,309
5,411,058
12,715,654
15,003,619
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
166,500
-
ALTON CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
26
Related party transactions
Transactions with related parties

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

Purchases
Purchases
2024
2023
£
£
Other related parties
21,000
18,481
27
Ultimate controlling party

The immediate and ultimate parent company is Alton Cars Holdings Limited, a company registered in England and Wales.

 

These financial statements contain information about Alton Cars Limited as an individual company and do not contain consolidated financial information on the group to which Alton Cars Limited belongs.

 

The financial statements of Alton Cars Holdings Limited, which consolidates those of its subsidiary companies are available from Companies House.

28
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Dec 2023
£
£
£
Provisions for liabilities
Deferred tax
(228,174)
36,011
(192,163)
Capital and reserves
Profit and loss reserves
7,803,444
36,011
7,839,455
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2023
£
£
£
Share based payment charge
-
(144,043)
(144,043)
Taxation
(539,871)
36,011
(503,860)
Profit for the financial period
1,709,115
(108,032)
1,601,083

EMI options were granted to certain employees on 16 December 2022. The options were granted at a discounted rate compared to market value. This was not accounted for in the prior year financial statements.

 

The prior year adjustment made is to recognise a share based payment charge and the respective deferred tax movement.

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