Company Registration No. 2567171 (England and Wales)
GAMIT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
Brightfield Business Hub
Bakewell Road
Orton Southgate
Peterborough
Cambridgeshire
PE2 6XU
GAMIT LIMITED
CONTENTS
Page
Company information
1
Strategic report
2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of income and retained earnings
9
Balance sheet
10 - 11
Statement of cash flows
12
Notes to the financial statements
13 - 29
GAMIT LIMITED
COMPANY INFORMATION
- 1 -
Directors
V Muhiddin
K Muhiddin
N Muhiddin
T Muhiddin
W Muhiddin
M Grossi
Secretary
V Muhiddin
Company number
2567171
Registered office
Buildings 21 & 22
M11 Business Link
Parsonage Lane
Stansted
Essex
CM24 8GF
Auditor
TC Group
Brightfield Business Hub
Bakewell Road
Orton Southgate
Peterborough
Cambridgeshire
PE2 6XU
GAMIT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
The directors present the strategic report for the year ended 31 December 2024.
Fair review of the business
The company experienced continued growth in 2024, with revenue increasing by $5,994,663 (18%) to $38,408,999 from $32,414,336 in the prior year.
Gross profit rose by $1,417,776 to $6,196,911, improving the gross profit margin slightly to 16%. Operating profit increased significantly to $2,417,548 from $751,457 in 2023, reflecting improved trading performance and cost efficiencies.
The company's key financial and other performance indicators during the year were as follows:
Unit
2024
2023
Turnover
$
38,408,999
32,414,336
Gross Profit
%
16
15
Operating Profit
$
2,417,548
751,457
Price risk, credit risk, liquidity risk and cash flow risk
The business activities expose it primarily to the financial risks in foreign currency exchange risks. The business' principle financial instruments comprise bank balances, trade debtors, trade creditors and other loans. The main purpose of these instruments is to finance the business' operations. All of the business' cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Development and performance
The company will continue its policy of investment in research and development in order to retain a competitive position in the market and to expand its service offering.
N Muhiddin
Director
30 May 2025
GAMIT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be that of provision of consultancy and parts to the aircraft industry.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to $4,925,000. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
V Muhiddin
K Muhiddin
N Muhiddin
T Muhiddin
W Muhiddin
M Grossi
B Schramm
(Resigned 8 January 2024)
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 Muhiddin
Director
30 May 2025
GAMIT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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.
GAMIT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GAMIT LIMITED
- 5 -
Opinion
We have audited the financial statements of Gamit Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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.
GAMIT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GAMIT LIMITED
- 6 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to 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; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.
GAMIT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GAMIT LIMITED
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to 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; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.
Our approach was as follows:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;
We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006), compliance with ISO9001 & ISO27001 and the relevant tax compliance regulations in the UK;
We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.
GAMIT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GAMIT LIMITED
- 8 -
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.
John Grant (Senior Statutory Auditor)
For and on behalf of TC Group
Office: Peterborough
26 June 2025
GAMIT LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
$
$
Turnover
3
38,408,999
32,414,336
Cost of sales
(32,212,088)
(27,635,201)
Gross profit
6,196,911
4,779,135
Distribution costs
(551,990)
(615,645)
Administrative expenses
(3,565,258)
(3,691,338)
Other operating income
337,885
279,305
Operating profit
4
2,417,548
751,457
Interest receivable and similar income
7
197,483
359
Interest payable and similar expenses
8
(743,681)
Amounts written off investments
9
-
(160,851)
Profit before taxation
1,871,350
590,965
Tax on profit
10
(548,823)
(332,471)
Profit for the financial year
1,322,527
258,494
Retained earnings brought forward
7,444,634
7,186,140
Dividends
11
(4,925,000)
Retained earnings carried forward
3,842,161
7,444,634
The profit and loss account has been prepared on the basis that all operations are continuing operations.
GAMIT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
$
$
$
$
Fixed assets
Intangible assets
12
5,426
5,920
Tangible assets
13
1,925,065
1,942,954
Investment property
14
6,155,176
6,155,176
Investments
15
11
11
8,085,678
8,104,061
Current assets
Stocks
17
4,038,627
2,465,701
Debtors
18
16,178,101
15,397,239
Cash at bank and in hand
161,126
56,818
20,377,854
17,919,758
Creditors: amounts falling due within one year
19
(24,224,823)
(18,195,773)
Net current liabilities
(3,846,969)
(276,015)
Total assets less current liabilities
4,238,709
7,828,046
Provisions for liabilities
Deferred tax liability
21
394,564
381,428
(394,564)
(381,428)
Net assets
3,844,145
7,446,618
Capital and reserves
Called up share capital
23
1,984
1,984
Profit and loss reserves
24
3,842,161
7,444,634
Total equity
3,844,145
7,446,618
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
GAMIT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
The financial statements were approved by the board of directors and authorised for issue on 30 May 2025 and are signed on its behalf by:
N Muhiddin
Director
Company registration number 2567171 (England and Wales)
GAMIT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
$
$
$
$
Cash flows from operating activities
Cash absorbed by operations
28
(5,478,232)
(6,179,167)
Income taxes paid
(99,683)
(598,883)
Net cash outflow from operating activities
(5,577,915)
(6,778,050)
Investing activities
Purchase of tangible fixed assets
(31,647)
Interest received
197,483
359
Net cash generated from investing activities
165,836
359
Financing activities
Proceeds from borrowings
5,803,160
3,500,000
Repayment of borrowings
-
434,767
Net cash generated from financing activities
5,803,160
3,934,767
Net increase/(decrease) in cash and cash equivalents
391,081
(2,842,924)
Cash and cash equivalents at beginning of year
(1,906,370)
936,554
Cash and cash equivalents at end of year
(1,515,289)
(1,906,370)
Relating to:
Cash at bank and in hand
161,126
56,818
Bank overdrafts included in creditors payable within one year
(1,676,415)
(1,963,188)
GAMIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information
Gamit Limited is a private company limited by shares incorporated in England and Wales. The registered office is Buildings 21 & 22, M11 Business Link, Parsonage Lane, Stansted, Essex, CM24 8GF.
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 dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $.
These financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
GAMIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Patents & licences
5% Straight Line
1.6
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. Last year the company conducted a comprehensive reassessment of the useful lives and residual values of tangible fixed assets to align accounting estimates with the other entities in the group. This adjustment aligns the company's accounting policies with the group's standards and ensures a more accurate reflection of the consumption pattern of the economic benefits embodied in these assets. The revised depreciation rates, reflective of this assessment are as follows:
Freehold land and buildings 2% Straight Line
Short leasehold property 6.67% Straight Line
Furniture, fittings and equipment 12.5 Straight Line
Motor Vehicles 25% 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.
1.7
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.8
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.
GAMIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
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.
1.9
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.10
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
GAMIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.12
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.
GAMIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.13
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.
GAMIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
GAMIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.18
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.
The directors apply judgement when reviewing the stock values at the year end, aviation part values fluctuate due to supply and demand and therefore the directors apply a provision to write down the value of stock if overstated. The provision is based on a review of the market price for these stock items.
Investment properties are valued at open market value. This is based on the opinion of the director at year end.
3
Turnover and other revenue
2024
2023
$
$
Turnover analysed by class of business
Sale of Goods
37,721,894
32,128,964
Rendering of Services
687,105
285,372
38,408,999
32,414,336
2024
2023
$
$
Turnover analysed by geographical market
UK
273,680
28,367
Europe
30,938,441
26,617,811
Rest of world
7,196,878
5,768,158
38,408,999
32,414,336
GAMIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 20 -
2024
2023
$
$
Other significant revenue
Interest income
197,483
359
Rental income
337,885
279,305
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
$
$
Exchange (gains)/losses
(32,583)
70,484
Research and development costs
218,448
356,147
Fees payable to the company's auditor for the audit of the company's financial statements
26,684
30,000
Depreciation of owned tangible fixed assets
49,536
269,210
Amortisation of intangible assets
494
494
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Administration and support
31
25
Their aggregate remuneration comprised:
2024
2023
$
$
Wages and salaries
1,643,166
1,137,448
Social security costs
175,900
119,716
Pension costs
189,328
253,582
2,008,394
1,510,746
GAMIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
6
Directors' remuneration
2024
2023
$
$
Remuneration for qualifying services
64,554
99,150
Company pension contributions to defined contribution schemes
144,000
224,000
208,554
323,150
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).
7
Interest receivable and similar income
2024
2023
$
$
Interest income
Interest on bank deposits
268
359
Other interest income
197,215
Total income
197,483
359
8
Interest payable and similar expenses
2024
2023
$
$
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
743,681
9
Amounts written off investments
2024
2023
$
$
Changes in the fair value of investment properties
-
(160,851)
10
Taxation
2024
2023
$
$
Current tax
UK corporation tax on profits for the current period
535,687
99,683
GAMIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
2024
2023
$
$
(Continued)
- 22 -
Deferred tax
Origination and reversal of timing differences
13,136
232,788
Total tax charge
548,823
332,471
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
$
$
Profit before taxation
1,871,350
590,965
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
467,838
138,877
Tax effect of expenses that are not deductible in determining taxable profit
77
13,340
Effect of change in corporation tax rate
(35,521)
Depreciation on assets not qualifying for tax allowances
(3,999)
55,286
Research and development tax credit
(91,361)
Other permanent differences
2,604
(4,187)
Deferred tax adjustments in respect of prior years
256,037
Foreign exchange differences
4,739
Other timing differences
77,564
Taxation charge for the year
548,823
332,471
11
Dividends
2024
2023
$
$
Interim paid
4,925,000
GAMIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
12
Intangible fixed assets
Patents & licences
$
Cost
At 1 January 2024 and 31 December 2024
9,872
Amortisation and impairment
At 1 January 2024
3,952
Amortisation charged for the year
494
At 31 December 2024
4,446
Carrying amount
At 31 December 2024
5,426
At 31 December 2023
5,920
The aggregate amount of research and development expenditure recognised as an expense during the period is $218,448 (2023 - $356,147)
13
Tangible fixed assets
Freehold land and buildings
Short leasehold property
Furniture, fittings and equipment
Motor vehicles
Total
$
$
$
$
$
Cost
At 1 January 2024
2,487,292
30,064
1,700,559
73,386
4,291,301
Additions
31,647
31,647
At 31 December 2024
2,487,292
30,064
1,732,206
73,386
4,322,948
Depreciation and impairment
At 1 January 2024
558,975
24,061
1,691,925
73,386
2,348,347
Depreciation charged in the year
49,746
2,005
(2,215)
49,536
At 31 December 2024
608,721
26,066
1,689,710
73,386
2,397,883
Carrying amount
At 31 December 2024
1,878,571
3,998
42,496
1,925,065
At 31 December 2023
1,928,317
6,003
8,634
1,942,954
GAMIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
14
Investment property
2024
$
Fair value
At 1 January 2024 and 31 December 2024
6,155,176
Revaluation
One of the investment properties was revalued on 14 April 2023 and the remaining properties were revalued on 12 July 2023 by Taylor Chartered Surveyors, who are external to the company. The basis of this valuation was on an existing use basis. The directors have considered the market value of these investment properties and consider there to be no change since the valuation undertaken on 14 April 2023 and 12 July 2023. This class of assets has a current value of $6,155,176 (2023 - $6,155,176) and a carrying amount at historical cost of $4,901,847(2023 - $4,901,847).
Security
The carrying amount of investment properties pledged as security for liabilities amounted to $5,503,304 (2023 - $5,503,304).
15
Fixed asset investments
2024
2023
Notes
$
$
Investments in associates
16
11
11
16
Associates
Details of the company's associates at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Site A M11 Business Link Management Company Limited
150 High Street, Huntingdon, Cambridgeshire, PE18 6TF, England & Wales
Ordinary shares
44.00
Site B M11 Business Link Management Company Limited
150 High Street, Huntingdon, Cambridgeshire, United Kingdom, PE29 3YH
Ordinary Shares
8.69
17
Stocks
2024
2023
$
$
Inventories
4,038,627
2,465,701
GAMIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
18
Debtors
2024
2023
Amounts falling due within one year:
$
$
Trade debtors
16,016,585
15,157,407
Other debtors
61,183
88,123
Prepayments and accrued income
100,333
151,709
16,178,101
15,397,239
19
Creditors: amounts falling due within one year
2024
2023
Notes
$
$
Bank loans and overdrafts
20
1,676,415
1,963,188
Other borrowings
20
13,981,608
7,434,767
Trade creditors
3,795,614
4,222,450
Corporation tax
535,687
99,683
Other taxation and social security
83,790
66,582
Deferred income
83,050
68,914
Other creditors
33,688
1,022,464
Accruals
4,034,971
3,317,725
24,224,823
18,195,773
20
Loans and overdrafts
2024
2023
$
$
Bank overdrafts
1,676,415
1,963,188
Other loans
13,981,608
7,434,767
15,658,023
9,397,955
Payable within one year
15,658,023
9,397,955
The bank overdraft facility is secured by a fixed and floating charge over some of the investment properties of the company dated 11 May 2017.
GAMIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
20
Loans and overdrafts
(Continued)
- 26 -
The company has obtained a loan from a related party of $13,981,608 (2023: $7,434,767), the related party is charging an interest of 2% above the BOE base rate. However, to support, the related party has elected to waived the interest on the loan for 2023 and as a result the company has not recognised the interest in its financial statements for the 2023 period.
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
$
$
Accelerated capital allowances
81,231
68,095
Investment property
313,333
313,333
394,564
381,428
2024
Movements in the year:
$
Liability at 1 January 2024
381,428
Charge to profit or loss
13,136
Liability at 31 December 2024
394,564
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
$
$
Charge to profit or loss in respect of defined contribution schemes
189,328
253,582
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.
23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary Shares of $1.984 each
1,000
1,000
1,984
1,984
GAMIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
23
Share capital
(Continued)
- 27 -
24
Reserves
Share capital
Represents the nominal value of shares that have been issued.
Profit and loss account
Includes all current and prior period retained profits and losses, inclusive of cumulative unrealised gains and losses for assets shown at fair value at the business date.
25
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
$
$
Within one year
195,980
245,180
Between two and five years
286,360
478,740
482,340
723,920
The amount of non-cancellable operating lease payments recognised as an expense during the year was $314,795 (2023 - $307,544).
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2024
2023
$
$
Within one year
315,694
309,960
Between two and five years
806,381
1,034,736
In over five years
66,956
1,122,075
1,411,652
GAMIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
26
Related party transactions
Remuneration of key management personnel
The directors and key management are the same personnel. At the balance sheet date the amount outstanding to key management was nil (2023 - $1,006,763) and the amount outstanding from key management was $7,245 (2023 - Nil). During the year the company has repaid $5,939,008 (2023 - $3,856,444) to the key management personnel. During the year key management has repaid the company $4,925,000 (2023 - Nil).
Summary of transactions with entities with joint control or significant interest
During the year the company made sales to entities with joint control or significant interest of $29,709,568 (2023 - $26,175,613). The entities with joint control or significant interest made sales to the company of $3,698,631 (2023 - $2,603,133).
At the year end debtors included $9,181,829 (2023 - $8,295,837) and creditors included $12,634 (2022 - $105,374) in respect of entities with joint control or significant interest. All business with entities with joint control or significant interest is transacted on commercial terms.
During the year, the company was given further loan of $5,250,000 (2023: $3,934,767) by an entity with joint control or significant interest, the interest charged on this loan was 2% over the BOE base rate and it was due for repayment on 31 December 2024. The related party has waived off the repayment of the loan on 31 December 2024 to support the company.
27
Ultimate controlling party
The ultimate controlling party is Kadri Muhiddin.
GAMIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
28
Cash absorbed by operations
2024
2023
$
$
Profit for the year after tax
1,322,527
258,494
Adjustments for:
Taxation charged
548,823
332,471
Finance costs
743,681
Investment income
(197,483)
(359)
Amortisation and impairment of intangible assets
494
494
Depreciation and impairment of tangible fixed assets
49,536
269,210
Other gains and losses
-
160,851
Movements in working capital:
Increase in stocks
(1,572,926)
(511,795)
Increase in debtors
(5,705,862)
(6,971,449)
(Decrease)/increase in creditors
(681,158)
280,873
Increase in deferred income
14,136
2,043
Cash absorbed by operations
(5,478,232)
(6,179,167)
29
Analysis of changes in net debt
1 January 2024
Cash flows
31 December 2024
$
$
$
Cash at bank and in hand
56,818
104,308
161,126
Bank overdrafts
(1,963,188)
286,773
(1,676,415)
(1,906,370)
391,081
(1,515,289)
Borrowings excluding overdrafts
(7,434,767)
(6,546,841)
(13,981,608)
(9,341,137)
(6,155,760)
(15,496,897)
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