Company registration number 00391973 (England and Wales)
BRITISH INTERNATIONAL FREIGHT ASSOCIATION
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
BRITISH INTERNATIONAL FREIGHT ASSOCIATION
COMPANY INFORMATION
Directors
K Baguley
M Bromley
C Hobbis
C Hogg
R Morley
F Osborn
S Parker
S Stevenson
J Stubbings
R Windsor
I Mallon
(Appointed 16 May 2024)
C Packwood
(Appointed 16 May 2024)
D Hill
(Appointed 1 October 2024)
Secretary
S Parker
Company number
00391973
Registered office
Redfern House
Browells Lane
Feltham
London
TW13 7EP
Auditor
Alliotts LLP
3 London Square
Cross Lanes
Guildford
GU1 1UJ
BRITISH INTERNATIONAL FREIGHT ASSOCIATION
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Income and expenditure account
7
Balance sheet
8
Notes to the financial statements
9 - 14
BRITISH INTERNATIONAL FREIGHT ASSOCIATION
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The Association is the primary representational body of the international freight services industry and its objectives, amongst others, are to promote the interest and welfare of its members within the freight services industry.

Directors

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

K Baguley
M Bromley
C Hobbis
C Hogg
R Keen
(Resigned 7 March 2024)
J Morgan
(Resigned 16 May 2024)
R Morley
F Osborn
S Parker
S Stevenson
J Stubbings
R Windsor
I Mallon
(Appointed 16 May 2024)
C Packwood
(Appointed 16 May 2024)
D Hill
(Appointed 1 October 2024)
Statement of directors' responsibilities

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

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

The directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

BRITISH INTERNATIONAL FREIGHT ASSOCIATION
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Statement of disclosure to auditor

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

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
S Parker
Director
15 May 2025
BRITISH INTERNATIONAL FREIGHT ASSOCIATION
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRITISH INTERNATIONAL FREIGHT ASSOCIATION
- 3 -
Opinion

We have audited the financial statements of British International Freight Association (the 'company') for the year ended 31 December 2024 which comprise the income and expenditure account, the balance sheet 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

BRITISH INTERNATIONAL FREIGHT ASSOCIATION
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRITISH INTERNATIONAL FREIGHT ASSOCIATION (CONTINUED)
- 4 -
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 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

BRITISH INTERNATIONAL FREIGHT ASSOCIATION
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRITISH INTERNATIONAL FREIGHT ASSOCIATION (CONTINUED)
- 5 -

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

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

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

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

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.

BRITISH INTERNATIONAL FREIGHT ASSOCIATION
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRITISH INTERNATIONAL FREIGHT ASSOCIATION (CONTINUED)
- 6 -

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.

Stephen Meredith BA FCA DChA (Senior Statutory Auditor)
For and on behalf of Alliotts LLP, Statutory Auditor
Chartered Accountants
3 London Square
Cross Lanes
Guildford
GU1 1UJ
15 May 2025
BRITISH INTERNATIONAL FREIGHT ASSOCIATION
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Income
2,673,426
2,572,073
Cost of sales
(571,247)
(614,956)
Gross surplus
2,102,179
1,957,117
Administrative expenses
(2,445,501)
(2,137,712)
Operating deficit
(343,322)
(180,595)
Interest receivable and similar income
3
74,058
43,332
Interest payable and similar expenses
(26,687)
(20,178)
Net investment gains
93,767
30,172
Deficit before taxation
(202,184)
(127,269)
Tax on deficit
5,052
36,488
Deficit for the financial year
(197,132)
(90,781)

The income and expenditure account has been prepared on the basis that all operations are continuing operations.

BRITISH INTERNATIONAL FREIGHT ASSOCIATION
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
113,052
59,240
Tangible assets
5
304,202
345,324
Investments
6
2,137,211
2,039,246
2,554,465
2,443,810
Current assets
Debtors
7
284,409
242,650
Cash at bank and in hand
691,816
788,824
976,225
1,031,474
Creditors: amounts falling due within one year
8
(631,520)
(377,722)
Net current assets
344,705
653,752
Total assets less current liabilities
2,899,170
3,097,562
Provisions for liabilities
(27,941)
(29,201)
Net assets
2,871,229
3,068,361
Reserves
Income and expenditure account
2,871,229
3,068,361
Total members' funds
2,871,229
3,068,361

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime under FRS102 section 1A.

The financial statements were approved by the board of directors and authorised for issue on 15 May 2025 and are signed on its behalf by:
S Parker
Director
Company registration number 00391973 (England and Wales)
BRITISH INTERNATIONAL FREIGHT ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
1
Accounting policies
Company information

British International Freight Association is a company limited by guarantee and incorporated in England and Wales. The registered office is Redfern House, Browells Lane, Feltham, London, TW13 7EP.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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. The principal accounting policies adopted are set out below.

1.2
Income and expenditure

Income represents amounts after discounts and excluding V.A.T. for membership with the association in the year and for attending events/training occurring within the financial period.

 

Expenditure represents the cost net of V.A.T. for services or goods which were incurred during the activities of the company in the year.

1.3
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.

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:

Software
Over 10 years
Training materials
33.33% on cost
1.4
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.

The fixed assets are included at cost less aggregate depreciation. The rates of depreciation are as follows:

Freehold property - buildings
Over 20 years
Fixtures, fittings & equipment
10%/20%/25% on cost
Computer equipment
33%/50% on cost

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 surplus or deficit.

BRITISH INTERNATIONAL FREIGHT ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 10 -
1.5
Fixed asset investments

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. The dormant subsidiary exists under the name The Institute Of Freight Forwarders and is registered under the same registered office as the parent.

1.6
Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
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.

1.8
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.

1.9
Taxation

Deferred tax liabilities are generally recognised for all timing differences. Such 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 liabilities are offset when the company has a legally enforceable right to offset current tax liabilities and the deferred tax liabilities relate to taxes levied by the same tax authority.

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.

1.10
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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

BRITISH INTERNATIONAL FREIGHT ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

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

2024
2023
Number
Number
Total
26
23
3
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
22,086
14,473
Other interest income
-
0
36
Other income from investments
Dividends received
51,972
28,823
Total income
74,058
43,332
4
Intangible fixed assets
Computer Software
Training materials
Total
£
£
£
Cost
At 1 January 2024
82,104
60,000
142,104
Additions
-
0
61,706
61,706
At 31 December 2024
82,104
121,706
203,810
Amortisation and impairment
At 1 January 2024
22,864
60,000
82,864
Amortisation charged for the year
7,894
-
0
7,894
At 31 December 2024
30,758
60,000
90,758
Carrying amount
At 31 December 2024
51,346
61,706
113,052
At 31 December 2023
59,240
-
0
59,240
BRITISH INTERNATIONAL FREIGHT ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
4
Intangible fixed assets
(Continued)
- 12 -

More information on impairment movements in the year is given in note .

5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024
506,976
562,444
1,069,420
Additions
-
0
1,689
1,689
At 31 December 2024
506,976
564,133
1,071,109
Depreciation and impairment
At 1 January 2024
339,976
384,120
724,096
Depreciation charged in the year
3,341
39,470
42,811
At 31 December 2024
343,317
423,590
766,907
Carrying amount
At 31 December 2024
163,659
140,543
304,202
At 31 December 2023
167,000
178,324
345,324
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2
2
Other investments other than loans
2,137,209
2,039,244
2,137,211
2,039,246
Fixed asset investments not carried at market value

The investment in the dormant subsidiary company, the Institute of Freight Forwarders, is valued at cost.

BRITISH INTERNATIONAL FREIGHT ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Fixed asset investments
(Continued)
- 13 -
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Cash in portfolio
Total
£
£
£
£
Cost or valuation
At 1 January 2024
2
1,976,544
62,700
2,039,246
Additions
-
694,650
-
694,650
Valuation changes
-
93,767
(40,700)
53,067
Disposals
-
(649,752)
-
(649,752)
At 31 December 2024
2
2,115,209
22,000
2,137,211
Carrying amount
At 31 December 2024
2
2,115,209
22,000
2,137,211
At 31 December 2023
2
1,976,544
62,700
2,039,246
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
100,524
53,892
Corporation tax recoverable
34,993
31,201
Other debtors
148,892
157,557
284,409
242,650
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
91,338
48,270
Taxation and social security
99,798
91,032
Other creditors
440,384
238,420
631,520
377,722
9
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

BRITISH INTERNATIONAL FREIGHT ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
10
Operating lease commitments
Lessee

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

2024
2023
£
£
5,827
8,637
11
Related party transactions
Remuneration of key management personnel

The Directors are considered the key management personnel, their remuneration was as follows:

2024
2023
£
£
Aggregate compensation
532,560
469,678
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