Company registration number 10153122 (England and Wales)
NORTH DOWNS HOUSING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
NORTH DOWNS HOUSING LIMITED
COMPANY INFORMATION
Director
Ms S B Rumble
(Appointed 29 April 2025)
Company number
10153122
Registered office
Guildford Borough Council
Millmead House
Millmead
Guildford
Surrey
GU2 4BB
Auditor
Moore (South) LLP
Suite 3, Second Floor
Friary Court
13-21 High Street
Guildford
Surrey
GU1 3DG
NORTH DOWNS HOUSING LIMITED
CONTENTS
Page
Director's report
1 - 2
Director's responsibilities statement
3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 15
NORTH DOWNS HOUSING LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The director presents her annual report and financial statements for the year ended 31 March 2024.

Operating profit in the year to 31st March 2024 was £791,909, compared with £535,768 to 31st March 2023. The increase resulted from a combination of factors. In 2023/24 there has been no further acquisitions of new properties, however company had a full portfolio of 91 properties from the beginning of the year and they have been let for most of the financial year, where as in 2022/23 there was a hold put on re-letting of any vacant properties because the Board of Directors were not sure of the direction it wished the company to take i.e. considering either dissolving or selling. Therefore, a number of properties remained vacant towards the end of that financial year and slightly extended into 2023/24. Directors have taken a different approach towards approving any repair/maintenance costs of the properties. All requests would need to be approved and agreed by the officer in charge before any job can take place. This has been monitored on a regular basis and resulted in savings. In 2023/24 there has been a rather extensive gap were there was no dedicated finance officer to carry out NDH accounting work, which in turn resulted in further savings for the company.

After interest of £979,953 charge for financing the acquisitions of the property portfolio, the loss before gain on the property portfolio was £188,044 (2023 - £528,163). In current year, the company benefited from a positive property portfolio revaluation of £3,262,100 (2023 - £831,623), resulting in a net profit of £3,074,056(2023 - £303,460).

There have been no acquisitions or disposals of properties. Property portfolio remained at 91 (10 were acquired in 2022/23).

The total number of void (vacant) properties in 2023/24 was lower than in 2022/23. In financial terms cost is down by 70% compared to 2022/23 (In 2022/23 was down 13% compared to 2021/22). Main factor was ensuring that properties remain vacant for a minimum period.

Filing of Accounts with Companies House

Supplying information to auditors following the year end of 31st of March 2024 was complicated as there have been further changes to personnel. As a result, the decision was taken to shorten the year end by one day to gain a further three months until filing.

Future of Company

There have been number changes to directors and a meeting is to be held shortly after filing of accounts to discuss the financial health of the company and its future. However, there has been no further discussion on potential sale or dissolution of a company.

Director

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

Ms M S Esteves
(Resigned 10 July 2024)
Cllr A M Goodwin
(Resigned 17 May 2025)
Mr T J Anderson
(Resigned 10 July 2024)
Ms D B Hudd
(Resigned 19 July 2024)
Cllr C Taylor
(Resigned 2 February 2024)
Ms S B Rumble
(Appointed 29 April 2025)
Auditor

Moore (South) LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

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.

NORTH DOWNS HOUSING LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
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
Ms S B Rumble
23 July 2025
Director
NORTH DOWNS HOUSING LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

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

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is 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 director is required to:

The director is 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. She is 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.

NORTH DOWNS HOUSING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF NORTH DOWNS HOUSING LIMITED
- 4 -
Opinion

We have audited the financial statements of North Downs Housing Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 director's 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 director 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 director is 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:

NORTH DOWNS HOUSING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF NORTH DOWNS HOUSING LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the director's 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 director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.

 

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of 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 to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

NORTH DOWNS HOUSING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF NORTH DOWNS HOUSING LIMITED (CONTINUED)
- 6 -

Our approach was as follows:

 

 

 

 

 

To address the risk of fraud through management override we

In response to the risk associated with valuation of investment property we:

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.

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we can identify during our audit.

NORTH DOWNS HOUSING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF NORTH DOWNS HOUSING LIMITED (CONTINUED)
- 7 -

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Danielle Griffin (Senior Statutory Auditor)
For and on behalf of Moore (South) LLP, Statutory Auditor
Chartered Accountants
Suite 3, Second Floor
Friary Court
13-21 High Street
Guildford
Surrey
GU1 3DG
24 July 2025
NORTH DOWNS HOUSING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
1,228,568
1,079,645
Property costs
(231,046)
(235,931)
Administrative expenses
(205,613)
(307,946)
Operating profit
791,909
535,768
Interest payable and similar expenses
(979,953)
(1,063,931)
Fair value gains and losses on investment properties
5
3,262,100
831,623
Profit before taxation
3,074,056
303,460
Tax on profit
4
-
0
-
0
Profit for the financial year
3,074,056
303,460
NORTH DOWNS HOUSING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
5
30,435,720
27,173,620
Current assets
Debtors
6
77,134
103,995
Cash at bank and in hand
1,407,243
347,753
1,484,377
451,748
Creditors: amounts falling due within one year
7
(2,025,692)
(826,103)
Net current liabilities
(541,315)
(374,355)
Total assets less current liabilities
29,894,405
26,799,265
Creditors: amounts falling due after more than one year
8
(17,433,984)
(17,412,900)
Net assets
12,460,421
9,386,365
Capital and reserves
Called up share capital
9
10,120,000
10,120,000
Non-distributable profits reserve
4,377,342
1,552,565
Distributable profit and loss reserves
(2,036,921)
(2,286,200)
Total equity
12,460,421
9,386,365

These financial statements have been prepared 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 23 July 2025 and are signed on its behalf by:
Ms S B Rumble
Director
Company Registration No. 10153122
NORTH DOWNS HOUSING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
9,146,029
970,987
(2,008,082)
8,108,934
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
581,578
(278,118)
303,460
Issue of share capital
9
973,971
-
-
973,971
Balance at 31 March 2023
10,120,000
1,552,565
(2,286,200)
9,386,365
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
2,824,777
249,279
3,074,056
Balance at 31 March 2024
10,120,000
4,377,342
(2,036,921)
12,460,421
NORTH DOWNS HOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
1
Accounting policies
Company information

North Downs Housing Limited is a private company limited by shares incorporated in England and Wales. The registered office is Guildford Borough Council, Millmead House, Millmead, Guildford, Surrey, GU2 4BB.

 

The Company is a wholly owned subsidiary of Guildford Borough Council Holdings Limited. The Company’s ultimate parent entity is Guildford Borough Council, a local government authority with borough status in Surrey, England.

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 £1.

The 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 director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Over the next twelve months, the company is forecast to generate a cash surplus, excluding interest, and Guildford Borough Council has undertaken to provide such finance and material support as required to maintain adequate liquidity levels to enable the company to meet its obligations. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Fees, charges and rents due from customers are accounted for as income at the date the company provides the relevant goods or services. Revenue is measured at the fair value of the consideration received or receivable and recognised when prescribed conditions are met. Where income has been recognised but cash has not been received a debtor for the relevant amount is recorded in the balance sheet. Where payments are received in advance of a service being provided a receipt in advance is recognised as a creditor in the balance sheet.

1.4
Investment property

Investment property is initially recognised at cost plus directly attributable expenditure. The directly attributable expenditure includes professional fees for legal services, property transfer taxes and other legal costs. After initial recognition investment property is measured at fair value in accordance with Section 16 of FRS 102.

 

Valuations have been carried out by independent valuers, Wilks, Head and Eve. The fair value has been provided for each property by having regard to the investment potential of each property relative to market rent, reflecting the tenanted status and current leases, cash flows and reasonable assumptions about the future rental income or outgoings.

1.5
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.

NORTH DOWNS HOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 12 -
1.6
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.

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.

1.7
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

NORTH DOWNS HOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 13 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Determination of values of investment property

The directors obtain a third party valuation of the investment property at the year end. If the valuation is inaccurate then the valuation of investment property in the financial statements will be misstated.

3
Employees

The average monthly number of persons employed by the company during the year was nil. (2023 - nil).

4
Taxation

The company has tax losses of.£2,000,000 (2023 - £1,800,000) available to carry forward against future profits.

5
Investment property
2024
£
Fair value
At 1 April 2023
27,173,620
Revaluations
3,262,100
At 31 March 2024
30,435,720

During the year no residential properties were acquired (2023: 10 properties for £2,714,897), which are initially valued at cost, including acquisition cost and transactions costs in line with section 16 of FRS 102.

The total fair values of properties as at 31 March 2024 stood at £30,435,720 (2023: £27,163,620) as presented by independent property valuation consultants, Wilks Head & Eve, reflecting the market value of the properties. Where these revaluations are in excess of cost, this has been included within non-distributable reserves.

The historical cost of these properties is £26,065,059 (2023: £26,065,059).

NORTH DOWNS HOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
77,134
103,995

Other debtors includes Escrow deposits £77,134 (2023: £90,840).

7
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
2,025,692
826,103

Included in other creditors is loan interest due to Guildford Borough Council of £1,659,499 (2023: £679,546), this is secured on the assets of the company.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
17,433,984
17,412,900

The loan debenture is secured on the assets of the company, and accrued interest on a daily basis at the Bank of England base rate plus 5% until December 2022, since this date interest has accrued at a fixed rate of 5.5%. The first repayment of interest was due September 2022, until this point interest was rolled up. No payment was made and the unpaid portion is shown as < 1 year.

9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,120,000
10,120,000
10,120,000
10,120,000
During the prior year 973,971 shares were allotted at par and £973,971 was recieved in cash.
10
Operating lease commitments
2024
2023
Future amounts receivable under operating leases:
£
£
Total commitments
130,728
187,822
11
Related party transactions
NORTH DOWNS HOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Related party transactions
(Continued)
- 15 -

A summary of the Company’s transactions with Guildford Borough Council and other companies controlled by Guildford Borough Council for the year to 31st March 2024 is outlined below:

 

Under a services agreement, Guildford Borough Council provides support services to the Company which are included in administration costs. During the year under the Service Level Agreement total costs of £168,509 (2023 - £242,217) were incurred, £168,509 (2023 - £12,403) was included in accruals and £nil (2023 - £13,155) was included in other debtors.

 

Guildford Borough Council has provided loan finance to North Downs Housing of £17,433,984 (2023 - £17,412,900) including accrued rolled up interest, additionally interest not rolled up of £1,659,499 (2023 - £679,546) is due within 1 year. Total interest on the loan is included with ‘Interest payable and similar charges.

 

Guildford Borough Council Holdings Limited purchased no shares (2023 - 973,971) in the company.

12
Parent company

Guildford Borough Council Holdings Limited is the immediate parent company. The registered office is Millmead House, Millmead, Guildford, Surrey GU2 4BB.

 

As at 31 March 2024, Guildford Borough Council Holdings Ltd owned 100% of the 10,120,000 £1 ordinary shares (2023: 10,120,000 £1 ordinary shares) issued by North Downs Housing Limited.

The Directors of the Company regard Guildford Borough Council, a local authority in England and Wales, as the ultimate parent of the Company. The address of the Council’s principal place of operations is Guildford Borough Council, Millmead House, Millmead, Guildford, Surrey GU2 4BB.

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