Company registration number 07455587 (England and Wales)
HAVENS HEAD RETAIL PARK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
HAVENS HEAD RETAIL PARK LIMITED
COMPANY INFORMATION
Directors
Mr R N Sawyer
Mr R M Ryan
Mr J B Chitty
Company number
07455587
Registered office
Gorsewood Drive
Hakin
Milford Haven
Pembrokeshire
SA73 3EP
Auditor
UHY Hacker Young
Bradbury House
Mission Court
Newport
Gwent
United Kingdom
NP20 2DW
HAVENS HEAD RETAIL PARK LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 14
HAVENS HEAD RETAIL PARK LIMITED
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 principal activity of the company continued to be that of property investment.

Directors

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

Mr R N Sawyer
Mr R M Ryan
Mr J B Chitty
Qualifying third party indemnity provisions

The parent company has made qualifying third party indemnity provisions for the benefit of its directors during the year, which covers the directors of the company during the year. These provisions remain in force at the reporting date.

Auditor

UHY Hacker Young 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.

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
Mr J B Chitty
Director
24 July 2025
HAVENS HEAD RETAIL PARK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

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

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

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HAVENS HEAD RETAIL PARK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HAVENS HEAD RETAIL PARK LIMITED
- 3 -
Opinion

We have audited the financial statements of Havens Head Retail Park Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, 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 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:

HAVENS HEAD RETAIL PARK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HAVENS HEAD RETAIL PARK LIMITED (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.

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

HAVENS HEAD RETAIL PARK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HAVENS HEAD RETAIL PARK LIMITED (CONTINUED)
- 5 -

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

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

 

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr John Griffiths (Senior Statutory Auditor)
For and on behalf of UHY Hacker Young, Statutory Auditor
Chartered Accountants
Newport
Gwent
United Kingdom
24 July 2025
HAVENS HEAD RETAIL PARK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2024
2023
Notes
£
£
Turnover
1,302,099
1,163,033
Cost of sales
(62,894)
(47,368)
Gross profit
1,239,205
1,115,665
Interest receivable and similar income
3,227
-
0
Interest payable and similar expenses
163
-
0
Fair value gains and losses on investment properties
6
215,227
(1,141,651)
Profit/(loss) before taxation
1,457,822
(25,986)
Tax on profit/(loss)
5
(310,047)
(263,009)
Profit/(loss) for the financial year
1,147,775
(288,995)

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

HAVENS HEAD RETAIL PARK LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
6
14,035,000
12,400,000
Investments
7
3,273,080
2,057,268
17,308,080
14,457,268
Current assets
Debtors
8
527,559
2,038,376
Cash at bank and in hand
220,450
380,277
748,009
2,418,653
Creditors: amounts falling due within one year
9
(466,977)
(435,307)
Net current assets
281,032
1,983,346
Total assets less current liabilities
17,589,112
16,440,614
Provisions for liabilities
(12,879)
(12,156)
Net assets
17,576,233
16,428,458
Capital and reserves
Called up share capital
10
15,200,001
15,200,001
Profit and loss reserves
2,376,232
1,228,457
Total equity
17,576,233
16,428,458

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 24 July 2025 and are signed on its behalf by:
Mr J B Chitty
Director
Company registration number 07455587 (England and Wales)
HAVENS HEAD RETAIL PARK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
15,200,001
1,517,452
16,717,453
Year ended 31 December 2023:
Loss and total comprehensive income
-
(288,995)
(288,995)
Balance at 31 December 2023
15,200,001
1,228,457
16,428,458
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,147,775
1,147,775
Balance at 31 December 2024
15,200,001
2,376,232
17,576,233
The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments including the gain or loss on revaluation of investment properties.
Included within the profit and loss reserve is £3,154,905 worth of revaluation losses on investment properties held by the company. For further details see note 6.
HAVENS HEAD RETAIL PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
1
Accounting policies
Company information

Havens Head Retail Park Limited is a private company limited by shares incorporated in England and Wales. The registered office is Gorsewood Drive, Hakin, Milford Haven, Pembrokeshire, SA73 3EP.

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, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Milford Haven Port Authority. These consolidated financial statements are available from Gorsewood Drive, Milford Haven, Pembrokeshire SA73 3EP.

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 services provided in the normal course of business, and is shown net of VAT and other sales related taxes. This comprises of rental income from investment properties in the rental park. Turnover is recognised in the period in which it is earned. All turnover is derived in the United Kingdom.

1.4
Investment property

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.

HAVENS HEAD RETAIL PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 10 -
1.5
Fixed asset investments

Investments 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.

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.

1.8
Taxation

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

HAVENS HEAD RETAIL PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
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.

1.9
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.

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.

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.

Revaluation of assets

Investment properties are classified on the basis of FRS102 definition and included at fair value. The directors determine fair value by reference to market and consider advice received from an independent valuer, who will in turn undertake desktops or full valuations as the directors require, to support the determination of fair value. Further information regarding investment properties is in note 6.

3
Employees

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

HAVENS HEAD RETAIL PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
4
Fair value gains/(losses)
2024
2023
£
£
Fair value gains / (losses) on investment properties
215,227
(1,141,651)
5
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
309,324
253,675
Adjustments in respect of prior periods
-
0
26
Total current tax
309,324
253,701
Deferred tax
Origination and reversal of timing differences
723
8,757
Changes in tax rates
-
0
551
Total deferred tax
723
9,308
Total tax charge
310,047
263,009
6
Investment property
2024
£
Fair value
At 1 January 2024
12,400,000
Additions
1,419,773
Revaluations
215,227
At 31 December 2024
14,035,000

Cushman & Wakefield, suitably qualified external valuers with detailed historical knowledge of the company's assets, completed a valuation of all investment property as at 31 December 2024. Their valuation confirmed the assessment of fair value using a variety of bases such as market value, letting value and occupancy terms which for the company amounted to £14,035,000 (2023: £12,400,000). All investment property is long leasehold property. The historical cost of investment property is £17,189,905.

7
Fixed asset investments
2024
2023
£
£
Loans to group undertakings and participating interests
3,273,080
2,057,268
HAVENS HEAD RETAIL PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Fixed asset investments
(Continued)
- 13 -
Movements in fixed asset investments
Loans to group undertakings
£
Cost or valuation
At 1 January 2024
2,057,268
Movements in the year
1,215,812
At 31 December 2024
3,273,080
Carrying amount
At 31 December 2024
3,273,080
At 31 December 2023
2,057,268

Loans to the parent company Milford Haven Port Authority are unsecured, do not incur interest, and are repayable on demand although there is no intention for such amounts to be recalled in the short term and therefore have been classified as a fixed asset.

8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
185,865
232,466
Corporation tax recoverable
-
0
10,522
Other debtors
341,694
1,795,388
527,559
2,038,376

Other debtors includes £nil (2023: £1,699,035) for an advance payment made on the construction of a new investment property. In the current year the costs have been transferred to investment property.

9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
22,876
13,483
Corporation tax
156,824
-
0
Other creditors
287,277
421,824
466,977
435,307
HAVENS HEAD RETAIL PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
15,200,001
15,200,001
15,200,001
15,200,001
11
Operating lease commitments
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
6,150,462
4,036,711
12
Related party transactions

The company has taken advantage of exemption, under the terms of FRS 102, Section 33.1A, from disclosing related party transactions with wholly owned subsidiaries within the group.

 

At the year end, the company was owed £3,273,080 (2023: £2,057,268) by MIlford Haven Port Authority, its parent entity.

13
Parent company

The immediate and ultimate parent company and ultimate controlling party is Milford Haven Port Authority, a public trust port authority set up as an independent statutory body by Act of Parliament in 1958. The registered address of Milford Haven Port Authority is Gorsewood Drive, Milford Haven, Pembrokeshire, SA73 3EP.

The smallest and largest group of which the company is a member and for which group financial statements are drawn up is that headed by Milford Haven Port Authority.

Copies of the consolidated financial statements of Milford Haven Port Authority are available from the company's registered office: Gorsewood Drive, Milford Haven, Pembrokeshire, SA73 3EP.

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