Company registration number 02061177 (England and Wales)
MARLBOROUGH FUND MANAGERS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
MARLBOROUGH FUND MANAGERS LTD
COMPANY INFORMATION
Directors
Allan Hamer
Dom Clarke
Helen Derbyshire
Company number
02061177
Registered office
Marlborough House
59 Chorley New Road
Bolton
Auditor
Barlow Andrews LLP
Carlyle House
78 Chorley New Road
Bolton
Bankers
HSBC Bank Plc
60 Queen Victoria Street
London
MARLBOROUGH FUND MANAGERS LTD
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 15
MARLBOROUGH FUND MANAGERS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

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

Marlborough Fund Managers Ltd did not trade during the year. Its regulatory permissions were removed during the year following an application by the company.

 

During the year, the company declared dividends of £5.3m to distribute assets relating to the company’s former trade to its parent company.

 

As part of the distribution, the company transferred £4.7m in a group managed fund to its parent company. Prior to the distribution, the company recognised £0.2m of gains in market value on the investment.

 

At the year end, the company held net assets of £0.1m (2023: £5.2m). The fall in assets is due to the dividend distribution, with distributed assets being retained within the company’s group.

Statement by the directors in performance of their statutory duties in accordance with s172(1) Companies Act 2006

The board of directors of MFM consider that they have acted in a way that would be most likely to promote the success of the company for the benefit of its members as a whole in its decision making, and in doing so have considered the statutory duties as follows:

a)    likely consequence of any decision in the long term;

b)    interests of the company’s employees;

c)    need to foster the company’s business relationships with suppliers, customers and others;

d)    the impact of the company’s operations on the community and the environment;

e)    desirability of the company maintaining a reputation for high standards of business conduct; and,

f)    need to act fairly between members of the company.

On behalf of the board

Dom Clarke
Director
14 January 2025
MARLBOROUGH FUND MANAGERS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

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

Principal activities

The company previously acted as ACD (Authorised Corporate Director) of funds including those under its own brand, marketing and distribution as well as acting as host ACD for a small number of MFM branded funds.

Following a group restructure, the company ceased trading on 26th November 2021 and all trade was transferred to its fellow subsidiaries, Marlborough Investment Management Limited and Investment Fund Services Limited. The company had its regulatory permissions withdrawn in the current year.

Results and dividends

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

Ordinary dividends were paid amounting to £5,339,500. 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:

Allan Hamer
Dom Clarke
Helen Derbyshire
Auditor

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

Energy and carbon report

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. The company has therefore taken advantage of exemptions from the disclosure requirements relating to energy and carbon reporting.

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
Dom Clarke
Director
14 January 2025
MARLBOROUGH FUND MANAGERS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

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.

MARLBOROUGH FUND MANAGERS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MARLBOROUGH FUND MANAGERS LTD
- 4 -
Opinion

We have audited the financial statements of Marlborough Fund Managers Ltd (the 'company') for the year ended 30 September 2024 which comprise the Profit And Loss Account, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including a summary of 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.

Emphasis of matter - Financial statements prepared on a basis other than going concern

We draw attention to note 1.2 to the financial statements which details the previous cessation of trade of Marlborough Fund Managers Limited and the withdrawal of FCA permissions in the year. Accordingly, the financial statements have been prepared on a basis other than going concern. Our opinion is not modified in respect of this matter.

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:

MARLBOROUGH FUND MANAGERS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARLBOROUGH FUND MANAGERS LTD
- 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.

MARLBOROUGH FUND MANAGERS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARLBOROUGH FUND MANAGERS LTD
- 6 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

•    making enquiries of management as to where they considered there was susceptibility to fraud, their     knowledge of actual, suspected and alleged fraud;

•    considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and     regulations; and

•    understanding the design of the company’s remuneration policies.

 

To address the risk of fraud through management bias and override of controls, we:

 

•    performed analytical procedures to identify any unusual or unexpected relationships;

•    tested journal entries to identify unusual transactions;

•    assessed whether judgements and assumptions made in determining the accounting estimates were     indicative of potential bias; and

•    investigated the rationale behind significant or unusual transactions.

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

•    agreeing financial statement disclosures to underlying supporting documentation; and

•    enquiring of management as to actual and potential litigation and claims.

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Emma Woods (Senior Statutory Auditor)
For and on behalf of Barlow Andrews LLP
14 January 2025
Accountants
Statutory Auditor
Carlyle House
78 Chorley New Road
Bolton
MARLBOROUGH FUND MANAGERS LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
-
-
Administrative expenses
(7,657)
(1,637)
Operating loss
(7,657)
(1,637)
Interest receivable and similar income
5
59,637
96,942
Changes in market value
6
217,500
(78,495)
Profit before taxation
269,480
16,810
Tax on profit
7
(5,597)
50,371
Profit for the financial year
263,883
67,181

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

 

There is no other comprehensive income for the year. The total comprehensive income is the profit for the financial year shown above.

MARLBOROUGH FUND MANAGERS LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 8 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
9
55,404
203,019
Investments
10
-
0
4,472,000
Cash at bank and in hand
57,510
584,761
112,914
5,259,780
Creditors: amounts falling due within one year
11
(5,500)
(76,749)
Net current assets
107,414
5,183,031
Capital and reserves
Called up share capital
12
50,000
50,000
Profit and loss reserves
57,414
5,133,031
Total equity
107,414
5,183,031
The financial statements were approved by the board of directors and authorised for issue on 14 January 2025 and are signed on its behalf by:
Dom Clarke
Director
Company registration number 02061177 (England and Wales)
MARLBOROUGH FUND MANAGERS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
50,000
15,565,850
15,615,850
Year ended 30 September 2023:
Profit and total comprehensive income
-
67,181
67,181
Dividends
8
-
(10,500,000)
(10,500,000)
Balance at 30 September 2023
50,000
5,133,031
5,183,031
Year ended 30 September 2024:
Profit and total comprehensive income
-
263,883
263,883
Dividends
8
-
(5,339,500)
(5,339,500)
Balance at 30 September 2024
50,000
57,414
107,414
MARLBOROUGH FUND MANAGERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
1
Accounting policies
Company information

Marlborough Fund Managers Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Marlborough House, 59 Chorley New Road, Bolton.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. 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:

 

Marlborough Fund Managers Ltd is a wholly owned subsidiary of Marlborough Group Holdings Limited and the results of Marlborough Fund Managers Ltd are included in the consolidated financial statements of Marlborough Group Holdings Limited which are available from Companies House, Crown Way, Cardiff.

1.2
Going concern

The company is no longer trading and the directors have no intention to recommence trade. As such, the financial statements have been prepared on a basis other than going concern, but this will have no practical impact on the valuation or presentation of figures in the financial statements.

MARLBOROUGH FUND MANAGERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.3
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand.

1.4
Financial instruments

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

 

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

 

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

Basic financial assets

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

Other financial assets

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

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

MARLBOROUGH FUND MANAGERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 12 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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.

Derecognition of financial liabilities

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

1.5
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.

1.6
Taxation

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

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.

 

When tax losses are surrendered to companies within the same group, a charge is made to the company receiving the tax relief. The charge is equivalent to the tax saved by the receiving company arising from the group relief.

1.7
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

MARLBOROUGH FUND MANAGERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
3
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
2,780
2,600
For other services
All other non-audit services
1,000
1,000
4
Employees

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

2024
2023
Number
Number
Directors
3
3

All staff and directors were employed and paid on behalf of the company by the parent company, Marlborough Group Holdings Limited.

5
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
8,797
27,152
Other income from investments
Dividends received
50,840
69,790
Total income
59,637
96,942
6
Other gains and losses
2024
2023
£
£
Fair value (losses)/gains on financial instruments
Gain/(loss) on financial assets held at fair value through profit or loss
217,500
(78,495)
7
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
5,597
(50,371)
MARLBOROUGH FUND MANAGERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
7
Taxation
(Continued)
- 14 -

The actual charge/(credit) 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
269,480
16,810
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
67,370
3,698
Tax effect of income not taxable in determining taxable profit
(12,710)
(15,354)
Gains not taxable
(54,375)
17,269
Under/(over) provided in prior years
5,597
(50,371)
Under/(over) provided in current year
(285)
(5,613)
Taxation charge/(credit) for the year
5,597
(50,371)
8
Dividends
2024
2023
£
£
Interim paid
5,339,500
10,500,000
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amount due from group undertakings
55,404
202,031
Prepayments and accrued income
-
0
988
55,404
203,019
10
Current asset investments
2024
2023
£
£
Unlisted investments
-
0
4,472,000
MARLBOROUGH FUND MANAGERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
11
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
720
2,048
Amounts due to group undertakings
-
0
214,936
Corporation tax
-
0
(146,035)
Accruals and deferred income
4,780
5,800
5,500
76,749
12
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000

 

The holders of ordinary shares are entitled to receive dividends and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets.

13
Ultimate controlling party

The parent company is Marlborough Group Holdings Limited.

UFC Fund Management Plc is the ultimate group parent.

The company is included in the consolidated accounts of Marlborough Group Holdings Limited and UFC Fund Management Plc, both incorporated in England and Wales. The registered office of these companies is Marlborough House, 59 Chorley New Road, Bolton. Copies of the group accounts for both entities can be obtained from the registered office.

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