Company registration number 12837960 (England and Wales)
TRAFIGURA TRADING (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
TRAFIGURA TRADING (UK) LIMITED
COMPANY INFORMATION
Directors
N. Ahmed
I. Marin
(Appointed 2 December 2024)
Company number
12837960
Registered office
14 St George Street
London
UK
W1S 1FE
Auditor
Bright Grahame Murray
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
TRAFIGURA TRADING (UK) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Independent auditor's report
4 - 6
Income statement
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 15
TRAFIGURA TRADING (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Principal activities

The principal activity of the Company is to act as an agent in trading transactions on behalf of the Trafigura group.

Review of the business

During the current year, the Company earned logistics income on an arm's length basis from a fellow group company in relation to a single trade. In the prior year, the Company did not receive any income.

Principal risks and uncertainties

The principal risks and uncertainties facing the Company are broadly grouped as financial risk management and geopolitical risk.

 

Financial Risk Management

 

The key financial risk that the company is exposed to is liquidity risk. The Company manages its exposure to cash flow risk, credit risk and price risk through detailed due diligence of potential counterparties, in line with wider group policies.

 

The Company's liquidity risk related to its ability to repay the creditor balances. The risk of being unable to repay the loan is low as it is supported by its parent company to provide financial assistance if required for meeting any liabilities that cannot be recovered.

Development and performance

Subsequent to the year end, Trafigura Trading (UK) Limited signed a lease arrangement in a storage space in Stolthaven. As a result, new business will be recognised in the financial statements year ended 30 September 2025.

Key performance indicators

Given the straightforward nature of the business, the directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.

TRAFIGURA TRADING (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Other information and explanations

The Directors of Trafigura Trading (UK) Limited consider that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172 (1) (a-f) of the Companies Act 2006) in the decisions taken during the year ended 30 September 2024.

Our People

The Company does not directly employee any staff.

Business Relationships

We value long term relationships with our suppliers and customers and many of our relationships span years and some span decades. We employ robust "know your customer" and "know your supplier" processes across our operations, and we are typically cautious when entering into new relationships.

Community, Environment and Reputation

We believe that a positive and strong culture is the best way to ensure a high level of professional conduct when it comes to health and safety, environment, regulations or business dealings.

Capital allocation and long term decisions

At least on an annual basis the directors review the financial budgets, resource plans and investment decisions. In making decisions concerning the business plan and future strategy, the directors have regard to a variety of matters including the interests of stakeholders, long term consequences of our capital allocation (such expenditure needed to ensure our long term viability whilst maintaining adequate liquidity), and reputation.

Decisions on the level of dividend take into account the general profitability, liquidity and funding needs of the Company.

On behalf of the board

N. Ahmed
Director
19 June 2025
TRAFIGURA TRADING (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

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

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. 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:

N. Ahmed
R. Holtum
(Resigned 2 December 2024)
I. Marin
(Appointed 2 December 2024)
Auditor

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

Statement of directors' responsibilities

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

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

On behalf of the board
N. Ahmed
I. Marin
Director
Director
19 June 2025
TRAFIGURA TRADING (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRAFIGURA TRADING (UK) LIMITED
- 4 -
Opinion

We have audited the financial statements of Trafigura Trading (UK) Limited (the 'Company') for the year ended 30 September 2024 which comprise the income statement, the statement of financial position, 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 101 Reduced Disclosure Framework (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:

TRAFIGURA TRADING (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRAFIGURA TRADING (UK) LIMITED (CONTINUED)
- 5 -
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.

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to the failure to comply with the Companies Act 2006, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate accounting journals and management bias in accounting estimates.

 

Audit procedures performed by the engagement team included -

 

 

 

 

 

TRAFIGURA TRADING (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRAFIGURA TRADING (UK) LIMITED (CONTINUED)
- 6 -

 

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.

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.

Ahsan Miraj (Senior Statutory Auditor)
For and on behalf of Bright Grahame Murray, Statutory Auditor
Chartered Accountants
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
23 June 2025
TRAFIGURA TRADING (UK) LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
2024
2023
Notes
USD
USD
Revenue
3
103,735
-
Cost of sales
(4,422)
-
0
Gross profit
99,313
-
Administrative expenses
(22,810)
(14,015)
Operating profit/(loss)
4
76,503
(14,015)
Finance income
7
5,902
-
0
Profit/(loss) before taxation
82,405
(14,015)
Tax on profit/(loss)
8
(17,098)
9,456
Profit/(loss) and total comprehensive income for the financial year
65,307
(4,559)
TRAFIGURA TRADING (UK) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2024
30 September 2024
- 8 -
2024
2023
Notes
USD
USD
USD
USD
Current assets
Trade and other receivables
9
134,748
202,162
Cash and cash equivalents
9,578
15,105
144,326
217,267
Current liabilities
Borrowings
11
12,630
-
0
Trade and other payables
12
30,768
181,646
43,398
181,646
Net current assets
100,928
35,621
Net assets
100,928
35,621
Equity
Called up share capital
13
100
100
Retained earnings
100,828
35,521
Total equity
100,928
35,621
The financial statements were approved by the board of directors and authorised for issue on 19 June 2025 and are signed on its behalf by:
N. Ahmed
I. Marin
Director
Director
Company registration number 12837960
TRAFIGURA TRADING (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
Share capital
Retained earnings
Total
USD
USD
USD
Balance at 1 October 2022
100
40,080
40,180
Year ended 30 September 2023:
Loss and total comprehensive income
-
(4,559)
(4,559)
Balance at 30 September 2023
100
35,521
35,621
Year ended 30 September 2024:
Profit and total comprehensive income
-
65,307
65,307
Balance at 30 September 2024
100
100,828
100,928
TRAFIGURA TRADING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
1
Accounting policies
Company information

Trafigura Trading (UK) Limited ('the Company') is a private company limited by shares incorporated in England and Wales. The registered office is 14 St George Street, London, UK, W1S 1FE. The Company's principal activities and nature of its operations are disclosed in the directors' report.

 

Refer to Note 15 for the names of the ultimate holding and controlling parties.

1.1
Accounting convention

The Company's financial statements are prepared on a going concern basis.

 

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The financial statements are prepared in USD which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest USD.

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

As permitted by FRS 101, the Company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

 

Where required, equivalent disclosures are given in the group accounts of Trafigura Group Pte. Ltd.. The group accounts of Trafigura Group Pte. Ltd. are available to the public and can be obtained as set out in note 15.

 

1.2
Going concern

The Company's immediate parent company, Trafigura Pte. Ltd., has committed to provide financial support to the Company to fund its operations for at least 12 months from the date of approval of these financial statements. The directors of the Company have given full consideration on the ability and the financial performance of Trafigura Pte. Ltd., in order to rely on its funding commitment. The directors believe that no events or conditions including those related to the current market volatility caused by the current geopolitical situation in Ukraine, give rise to doubt about the ability of the Company or Trafigura Pte. Ltd., to continue in operation in the next reporting period. After careful consideration, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements. true

1.3
Revenue

Revenue is measured based on the consideration specified in a contract. The Company acts as an agent as it does not control the specified goods or services before they are transferred to the customer, and has no inventory risk. Consequently revenue is recognised net once the the performance is completed.

TRAFIGURA TRADING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.4
Cash and cash equivalents

Cash and cash equivalents 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.

1.5
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.

1.6
Equity instruments

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

1.7
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 income statement 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 is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, 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.

TRAFIGURA TRADING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.8
Foreign exchange

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

 

2
Critical accounting estimates and judgements

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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

In the opinion of the directors, there are no estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

3
Revenue
2024
2023
USD
USD
Revenue analysed by class of business
Logistics
103,735
-
4
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging/(crediting):
USD
USD
Exchange gains
(478)
(179)
5
Auditor's remuneration
2024
2023
Fees payable to the Company's auditor and associates:
USD
USD
For audit services
Audit of the financial statements of the Company
12,253
12,448
6
Employees

The Company had no employees in the current or prior year.

TRAFIGURA TRADING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
7
Finance income
2024
2023
USD
USD
Interest income
Interest on bank deposits
5,902
-
0
8
Taxation
2024
2023
USD
USD
Current tax
UK corporation tax on profits for the current period
17,098
-
Adjustments in respect of prior periods
-
(9,456)
Total UK current tax
17,098
(9,456)

The charge for the year can be reconciled to the profit/(loss) per the income statement as follows:

2024
2023
USD
USD
Profit/(loss) before taxation
82,405
(14,015)
Expected tax charge/(credit) based on a corporation tax rate of 25.00% (2023: 22.00%)
20,601
(3,083)
Under/(over) provided in prior years
-
(9,456)
Effect of unrecognised deferred tax
(3,503)
-
Losses carried forward and/or available for group relief
-
3,083
Taxation charge/(credit) for the year
17,098
(9,456)

OECD Pillar Two model rules

The Company is within the scope of the OECD Pillar Two model rules. Pillar Two legislation is enacted in the United Kingdom, the jurisdiction in which the Company is incorporated, and will come into effect to financial years starting on or after 1 January 2024 (i.e. financial year 2025).

Under the Pillar Two legislation, the Company is liable to pay a top-up tax for the difference between their GloBE effective tax rate per jurisdiction and the 15% minimum rate.

Since the Pillar Two legislation is not effective at the reporting date, the Company has no related current tax exposure. As prescribed by the amendments to IAS 12 issued in May 2023, the Company applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.

The Company has assessed its exposure to Pillar Two legislation on the basis of detailed GloBE calculations based on historical data. It is the expectation that the Company will not be liable to top-up tax in relation to its profits realised. Also considering that the statutory tax rate in the United Kingdom is above 15 percent, it is the expectation that the Company will have a GloBE effective tax rate above 15 percent.

TRAFIGURA TRADING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
9
Trade and other receivables
2024
2023
USD
USD
Trade receivables
132,498
200,000
VAT recoverable
2,250
2,162
134,748
202,162

Trade receivables includes a balance of USD 132,498 receivable from the holding company Trafigura Pte. Ltd.

10
Liabilities
2024
2023
Notes
USD
USD
Borrowings
11
12,630
-
0
Trade and other payables
12
30,768
181,646
43,398
181,646
11
Borrowings
2024
2023
USD
USD
Borrowings held at amortised cost:
Bank overdrafts
12,630
-
12
Trade and other payables
2024
2023
USD
USD
Trade payables
-
0
169,196
Amounts owed to fellow group undertakings
17,098
-
Accruals and deferred income
13,670
12,450
30,768
181,646
13
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
USD
USD
Issued and fully paid
Ordinary shares of USD1 each
100
100
100
100
14
Events after the reporting date

Subsequent to the year end, Trafigura Trading (UK) Limited signed a lease arrangement in a storage space in Stolthaven. As a result, new business will be recognised in the financial statements year ended 30 September 2025.

TRAFIGURA TRADING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
15
Controlling party

Trafigura Group PTE Ltd, the intermediate parent company, continues to prepare the consolidated accounts and they may be obtained from their registered offices.

 

Trafigura Group PTE Ltd,

10 Collyer Quay

#29-01/05 Ocean Financial Centre

Singapore

049315

 

The Company’s ultimate parent company is Trafigura Control Holdings Pte. Ltd., a company incorporated in Singapore.

 

Farringford Foundation, which is established under the laws of Panama, has decisive voting power over Trafigura Control Holdings Pte. Ltd. without having any exposure, or rights, to variable returns from its involvement with Trafigura Control Holdings Pte. Ltd.

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