Company registration number 14702141 (England and Wales)
GOLDEN FLEECE 1982 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
GOLDEN FLEECE 1982 LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Statement of cash flows
4
Notes to the financial statements
5 - 14
GOLDEN FLEECE 1982 LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
Non-current assets
Property, plant and equipment
4
2,843,958
Investment property
5
10,334,729
Deferred tax asset
11
113,230
10,447,959
2,843,958
Current assets
Inventories
6
2,068
-
Trade and other receivables
7
365,269
138,809
Cash and cash equivalents
25,184
446,528
392,521
585,337
Current liabilities
Trade and other payables
10
8,738,223
15,899
Current tax liabilities
13,831
Borrowings
9
500
3,500,000
8,752,554
3,515,899
Net current liabilities
(8,360,033)
(2,930,562)
Non-current liabilities
Deferred tax liabilities
11
606,901
Net assets/(liabilities)
1,481,025
(86,604)
Equity
Called up share capital
13
10
10
Revaluation reserve
15
1,820,704
Retained earnings
(339,689)
(86,614)
Total equity
1,481,025
(86,604)
The directors of the company have elected not to include a copy of the income statement within the financial statements.
For the year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
GOLDEN FLEECE 1982 LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
31 March 2025
- 2 -
These financial statements have been prepared and delivered 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 24 June 2025 and are signed on its behalf by:
I Muniandy
Director
Company registration number 14702141
GOLDEN FLEECE 1982 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Share capital
Revaluation reserve
Retained earnings
Total
Notes
£
£
£
£
Balance at 3 March 2023
-
-
Period ended 31 March 2024:
Loss and total comprehensive income for the period
-
-
(86,614)
(86,614)
Transactions with owners in their capacity as owners:
Issue of share capital
13
10
-
-
10
Balance at 31 March 2024
10
(86,614)
(86,604)
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
-
1,567,629
1,567,629
Transactions with owners in their capacity as owners:
Transfer to revaluation reserve
-
1,820,704
(1,820,704)
-
Balance at 31 March 2025
10
1,820,704
(339,689)
1,481,025
GOLDEN FLEECE 1982 LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
18
8,380,725
(209,755)
Interest paid
(253,376)
Income taxes refunded
13,831
Net cash inflow/(outflow) from operating activities
8,141,180
(209,755)
Investing activities
Purchase of property, plant and equipment
(5,063,166)
(2,843,958)
Interest received
642
231
Net cash used in investing activities
(5,062,524)
(2,843,727)
Financing activities
Proceeds from issue of shares
10
Repayment of borrowings
(3,500,000)
3,500,000
Net cash (used in)/generated from financing activities
(3,500,000)
3,500,010
Net (decrease)/increase in cash and cash equivalents
(421,344)
446,528
Cash and cash equivalents at beginning of year
446,528
Cash and cash equivalents at end of year
25,184
446,528
GOLDEN FLEECE 1982 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
1
Accounting policies
Company information
Golden Fleece 1982 Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Uk Storage Consultancy Limited Wework, 184 Shepherds Bush Road, London, United Kingdom, W6 7NL. The company's principal activities and nature of its operations are disclosed in the directors' report.
1.1
Reporting period
These financial statements cover the 12 month period from 1 April 2024 to 31 March 2025. The comparative figures cover the 13 month period from incorporation on 3 March 2023 to 31 March 2024.
1.2
Accounting convention
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.
These financial statements for the year ended 31 December 2024 are the first financial statements of Golden Fleece 1982 Limited prepared in accordance with IFRS. The company transitioned from UK GAAP FRS 105 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 105”) and the requirements of the Companies Act 2006 as applicable to companies subject to the micro companies regime. The transition to IFRS at the start of the accounting period required no changes to the comparative statement of financial position, performance or cash flows and no reconciliation has therefore been prepared.
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, except for the revaluation of investment property. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Golden Fleece 1982 Limited is a wholly owned subsidiary of Padlock UK Bidco 7 and the results of Golden Fleece 1982 Limited are included in the consolidated financial statements of Padlock Partners UK Fund I which are available online from Sedar.com.
1.3
Going concern
The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany 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.
GOLDEN FLEECE 1982 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -
1.4
Revenue
Revenue 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.
The company recognises revenue from the following major sources:
Rental income
Insurance income
Merchandise
The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:
Rental income
Rental income is recognised over the period for which the storage room is occupied by the customer on a straight-line basis. Any opening offer discounts are spread evenly over the term of the discounted period.
Insurance income
Insurance income is recognised on a straight line basis over the period a customer occupies their room.
Merchandise
Merchandise sales are recognised at the point of sales as there is no further ongoing performance obligation beyond the point of sale.
1.5
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Freehold land and assets in the course of construction are not depreciated.
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 recognised in the income statement.
1.6
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially measured at cost and subsequently measured using the fair value model and stated at its fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.7
Impairment of tangible and intangible 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). 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.
GOLDEN FLEECE 1982 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 7 -
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.
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.
1.8
Inventories
Inventories 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 inventories to their present location and condition.
Inventories 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.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
1.9
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.
1.10
Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
Financial assets at fair value through profit or loss
When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.
GOLDEN FLEECE 1982 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 8 -
Financial assets held at amortised cost
Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.
Impairment of financial assets
Financial assets carried at amortised cost are assessed for indicators of impairment at each reporting end date.
The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
1.11
Financial liabilities
The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.
Other financial liabilities
Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.13
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.
GOLDEN FLEECE 1982 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 9 -
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.
1.14
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 inventories or non-current 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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
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.
GOLDEN FLEECE 1982 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
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.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Critical judgements
Valuation of Investment Property
The determination of the fair value of investment property requires the use of estimates such as future cash flows from assets (i.e. tenant profiles, future revenue streams and overall condition of the property), discount rates applicable to those assets’ cash flows, identification of comparable properties and capitalization rates. These estimates are based on market conditions existing at the reporting date.
The following approach is used by management, together with the appraisals, in determination of the fair value of the investment property.
The Income Approach derives market value by estimating the future cash flows that will be generated by the property and then applying an appropriate capitalization rate or discount rate to those cash flows. This approach can utilize the direct capitalization method and/or the discounted cash flow analysis.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
Year ended
Period ended
31 December
31 December
2025
2024
Number
Number
1
4
Property, plant and equipment
Assets under construction
£
Cost
At 3 March 2023
Additions
2,843,958
At 31 March 2024
2,843,958
Additions
5,063,166
Transfer to investment property
(7,907,124)
At 31 March 2025
GOLDEN FLEECE 1982 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
4
Property, plant and equipment
Assets under construction
£
(Continued)
- 11 -
Accumulated depreciation and impairment
At 3 March 2023 and 1 April 2024
At 31 March 2025
Carrying amount
At 31 March 2025
-
At 31 March 2024
2,843,958
5
Investment property
2025
2024
£
£
Fair value
At 1 April 2024
Transfers from assets under construction
7,907,124
Fair value adjustment
2,427,605
-
At 31 March 2025
10,334,729
6
Inventories
2025
2024
£
£
Finished goods
2,068
-
7
Trade and other receivables
2025
2024
£
£
VAT recoverable
254,234
17,830
Prepayments
111,035
120,979
365,269
138,809
8
Trade receivables - credit risk
Fair value of trade receivables
The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.
No significant receivable balances are impaired at the reporting end date.
GOLDEN FLEECE 1982 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
9
Borrowings
2025
2024
£
£
Borrowings held at amortised cost:
Directors' loans
500
-
Shareholders' loans
-
3,500,000
500
3,500,000
The shareholder loans were repaid in full in July 2024.
10
Trade and other payables
2025
2024
£
£
Trade payables
40,312
15,899
Amount owed to parent undertaking
7,895,900
Amounts owed to fellow group undertakings
800,000
-
Other payables
2,011
-
8,738,223
15,899
11
Deferred taxation
2025
2024
£
£
Deferred tax liabilities
606,901
Deferred tax assets
(113,230)
493,671
-
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.
Tax losses
Revaluation
Total
£
£
£
Liability at 1 April 2023 and 1 April 2024
Deferred tax movements in current year
Charge/(credit) to profit or loss
(113,230)
606,901
493,671
Liability at 31 March 2025
606,901
606,901
Asset at 31 March 2025
(113,230)
(113,230)
GOLDEN FLEECE 1982 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
12
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
386
-
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.
13
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
1,000
-
10
-
A Ordinary shares of 0p each
-
600
-
6
B Ordinary shares of 0p each
-
400
-
4
1,000
1,000
10
10
On the 24 March 2025, the following changes in share capital arose:
the 600 A Ordinary shares of £0.01 eqach in the capital of the Company, credited as fully paid, were converted, reclassified and redesignated into 600 Ordinary shares of £0.01 each; and
the 400 A Ordinary shares of £0.01 eqach in the capital of the Company, credited as fully paid, were converted, reclassified and redesignated into 400 Ordinary shares of £0.01 each
14
Capital risk management
The company is not subject to any externally imposed capital requirements.
15
Revaluation reserve
2025
2024
£
£
At the beginning of the year
Transfer to retained earnings
1,820,704
At the end of the year
1,820,704
The transfer from retained earnings comprises of £2,427,605 revaluation gain on the investment property, offset by the deferred tax impact of £606,901.
16
Related party transactions
During the year, Golden Fleece 1982 Limited incurred purchases totalling £2,311 (2023: £nil) from Leighton Buzzard Self Storage Limited.
GOLDEN FLEECE 1982 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
17
Controlling party
On the 24 March 2024 Golden Fleece 1982 Limited was acquired by, and is therefore a wholly owned subsidiary of, Padlock UK Bidco 7 Limited. The ultimate parent is Padlock Euro Storage Fund I, a Canadian entity.
18
Cash generated from/(absorbed by) operations
2025
2024
£
£
Profit/(loss) for the year before income tax
2,061,300
(86,614)
Adjustments for:
Finance costs
253,376
-
Investment income
(642)
(231)
Fair value gain on investment properties
(2,427,605)
-
Movements in working capital:
Increase in inventories
(2,068)
Decrease/(increase) in trade and other receivables
9,944
(120,979)
Increase/(decrease) in trade and other payables
8,486,420
(1,931)
Cash generated from/(absorbed by) operations
8,380,725
(209,755)
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