Reliance Europe Limited
Annual Report and Financial Statements
For the year ended 31 December 2024
Company Registration No. 02522307 (England and Wales)
Reliance Europe Limited
Company Information
Director
S. Varghese
Secretary
S. Varghese
Company number
02522307
Registered office
8th Floor
105 Wigmore Street
London
W1U 1QY
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Reliance Europe Limited
Contents
Page
Director's report
1
Director's responsibilities statement
2
Independent auditor's report
3 - 7
Profit and loss account
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 18
Reliance Europe Limited
Director's Report
For the year ended 31 December 2024
Page 1

The director presents the annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activities of the company throughout the year were rendering advice and maintaining an active investor relations programme for the Group both in the United Kingdom and Europe, developing and maintaining banking relations for the group, providing advice on competitive strategy to the group, liaising with research establishments, consultants and think tanks and providing business advisory and fashion design services to group companies.

 

The directors consider the company to be in a strong position at the year end and able to take advantage of any expansion opportunities that may arise.

Director

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

J.R. Hurdley
(Deceased 18 July 2024)
S. Varghese
Auditor

The auditor, Moore Kingston Smith 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.

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
S. Varghese
Director
8 April 2025
Reliance Europe Limited
Director's Responsibilities Statement
For the year ended 31 December 2024
Page 2

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

 

 

The director is 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. He is 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.

Reliance Europe Limited
Independent Auditor's Report
To the Members of Reliance Europe Limited
Page 3
Opinion

We have audited the financial statements of Reliance Europe Limited (the 'company') for the year ended 31 December 2024 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 director's 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 director 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 director is 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.

Reliance Europe Limited
Independent Auditor's Report (Continued)
To the Members of Reliance Europe Limited
Page 4

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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 Director's Report.

 

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

 

Responsibilities of director

As explained more fully in the Director's Responsibilities Statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Reliance Europe Limited
Independent Auditor's Report (Continued)
To the Members of Reliance Europe Limited
Page 5
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.

 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

 

Reliance Europe Limited
Independent Auditor's Report (Continued)
To the Members of Reliance Europe Limited
Page 6

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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 are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

 

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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.

Reliance Europe Limited
Independent Auditor's Report (Continued)
To the Members of Reliance Europe Limited
Page 7

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.

Katherine Edwards
(Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
8 April 2025
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
Reliance Europe Limited
Profit and loss account
For the year ended 31 December 2024
Page 8
2024
2023
£
£
Turnover
2,570,116
2,319,725
Other operating income
2
416,853
397,624
Administrative expenses
(2,840,124)
(2,607,056)
Operating profit
146,845
110,293
Interest receivable and similar income
462,482
667,863
Profit before taxation
609,327
778,156
Taxation
(170,249)
(181,132)
Profit for the financial year
439,078
597,024
Reliance Europe Limited
Balance Sheet
As at 31 December 2024
Page 9
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
272,220
319,661
Investments
5
7,300,000
2,800,000
7,572,220
3,119,661
Current assets
Debtors
6
6,754,082
9,866,300
Cash at bank and in hand
1,141,480
2,205,751
7,895,562
12,072,051
Creditors: amounts falling due within one year
7
(371,718)
(534,726)
Net current assets
7,523,844
11,537,325
Total assets less current liabilities
15,096,064
14,656,986
Provisions for liabilities
8
(243,333)
(243,333)
Net assets
14,852,731
14,413,653
Capital and reserves
Called up share capital
9
2,217,000
2,217,000
Other reserves
1,158,534
1,158,534
Profit and loss reserves
11,477,197
11,038,119
Total equity
14,852,731
14,413,653

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

The financial statements were approved by the board of directors and authorised for issue on 8 April 2025 and are signed on its behalf by:
S. Varghese
Director
Company Registration No. 02522307
Reliance Europe Limited
Statement of Changes in Equity
For the year ended 31 December 2024
Page 10
Share capital
Other reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
2,217,000
1,158,534
10,441,095
13,816,629
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
597,024
597,024
Balance at 31 December 2023
2,217,000
1,158,534
11,038,119
14,413,653
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
439,078
439,078
Balance at 31 December 2024
2,217,000
1,158,534
11,477,197
14,852,731
Reliance Europe Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 11
1
Accounting policies
Company information

Reliance Europe Limited is a private company limited by shares which is domiciled and incorporated in England and Wales. The registered office is 8th Floor, 105 Wigmore Street, London, W1U 1QY.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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 GB Pound Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest GB Pound Sterling.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover represents amounts receivable for services net of VAT. Revenue is recognised in the period the service is provided.

1.3
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:

Leasehold improvements
over the term of the lease
Fixtures, fittings & equipment
20% 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.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Reliance Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 12

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Impairment of fixed assets

At each reporting 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).

Recoverable amount is the higher of fair value less costs to sell and value in use.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset 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 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 in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash at bank and in hand

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.

1.7
Financial instruments

Basic financial instruments are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.

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.

Reliance Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 13
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.

1.10
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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

The company makes contributions to a money purchase contribution scheme. The assets of the scheme are held separately from the assets of the company. The pension cost charge represents contributions payable to the scheme.

Reliance Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 14
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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

1.14
Foreign exchange

Profit and loss transactions denominated in foreign currencies are translated into GB Pounds Sterling at the rate on the day of the transaction.

 

Monetary assets and liabilities denominated in foreign currencies are translated into GB Pounds Sterling at the rates of exchange ruling at the balance sheet date of 0.7852 for US Dollars.

 

All differences are taken to the profit and loss account.

1.15

Other reserves

The financial statements include an other reserve which is a Translation reserve.  This arose on the change in functional currency to GB Pounds Sterling from US Dollars with effect from 1 January 2020.  On conversion the Share capital was retranslated at the historic rate, which resulted in a difference on the conversion of the opening balance sheet.  In accordance with FRS 102 this difference was transferred to a Translation reserve. 

 

2
Other operating income

Other operating income comprises the rent and other premises costs charged to a group company for the shared occupation of the office premises leased by the company.                         

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 8 (2023 - 7).

Reliance Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 15
4
Tangible fixed assets
Leasehold Improvements
Plant and machinery
Total
£
£
£
Cost
At 1 January 2024
238,727
117,883
356,610
Additions
-
0
4,397
4,397
At 31 December 2024
238,727
122,280
361,007
Depreciation and impairment
At 1 January 2024
-
0
36,949
36,949
Depreciation charged in the year
29,841
21,997
51,838
At 31 December 2024
29,841
58,946
88,787
Carrying amount
At 31 December 2024
208,886
63,334
272,220
At 31 December 2023
238,727
80,934
319,661
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
7,300,000
2,800,000
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
2,800,000
Additions
4,500,000
At 31 December 2024
7,300,000
Carrying amount
At 31 December 2024
7,300,000
At 31 December 2023
2,800,000
Reliance Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 16
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
0
31,742
Amounts owed by group undertakings
6,580,493
9,612,350
Other debtors
32,604
77,673
Prepayments and accrued income
140,985
144,535
6,754,082
9,866,300
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
31,418
121,540
Amounts owed to group undertakings
-
0
15,578
Corporation tax
20,249
-
0
Other creditors
60,849
5,592
Accruals and deferred income
259,202
392,016
371,718
534,726
8
Provisions for liabilities
2024
2023
£
£
Dilapidation provision
190,900
190,900
Deferred tax liabilities
52,433
52,433
243,333
243,333
Movements on provisions apart from deferred tax liabilities:
Dilapidation provision
£
190,900

The provision relates to the dilapidations liability which the company has the obligation to settle following execution of the lease for its office premises which is due to expire at the end of 2031.

 

Reliance Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 17
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share capital of £1 each
2,217,000
2,217,000
2,217,000
2,217,000
10
Operating lease commitments
Lessee

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

2024
2023
£
£
717,500
1,127,500
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
102,500
102,500
Reliance Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 18
11
Related party transactions

During the year the company received consultancy income of £1,954,288 (2023 - £1,879,032) from

Reliance Industries Limited. The balance at the year end due from Reliance lndustries Limited was

£794,719 (2023 - £1,061,035 ) which was received subsequent to the year end.

 

During the year the company received income from Reliance Retail Limited (RRL) of £615,828 (2023 -

£440,693) with a net balance at year end due from them of £149,368 (2023 - £435,837) which was

received subsequent to the year end.

 

During 2020 the company made a loan to another group company, Reliance Global Energy Services

Limited of £8,000,000. The amount outstanding at the balance sheet date is £5,500,000 (2023:

£8,000,000). The interest rate is SONIA+1 .20% and £421,941 (2023: £456,997) was received from

Reliance Global Energy Services Limited as interest income in the year.

 

During 2021 Reliance Europe Limited took over the property lease contract and commitment relating to

its office premises from Reliance Global Energy Services Limited. Under the agreement with Reliance

Global Energy Services Limited, 2/3rd's of the costs of the lease and other property costs are charged to

Reliance Global Energy Services Limited. During the year £416,852 (2023: £397,624) of property costs

were charged to Reliance Global Energy Services Limited and included in Other operating income. At

31 December 2024 the amount due from Reliance Global Energy Services Limited was £127,271 (2023:

£90,767) which was received subsequent to the year end.

 

At the balance sheet date the company was also owed £9,133 (2023: £9,133) by it 100% owned subsidiary Ixora Holdings Limited for amounts lent to it. The amount is repayable on demand and is interest free.

 

During the year the company paid Director's fees of £5,000 (2023: £5,000) to John Hurdley for non-

executive Director services provided to the company.

 

12
Parent company

The company has two shareholders, Reliance Industries Limited and Reliance Industrial Infrastucture Limited, both owning 50% and both incorporated in India.

 

The directors believe that there is no ultimate controlling party of this company.

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