Serac Life Sciences Limited
Annual Report and Consolidated Group Financial Statements
For the year ended 31 December 2024
Company Registration No. 11074235 (England and Wales)
Serac Life Sciences Limited
Company Information
Directors
D Hail
M Rosser
P Cload
G J McCutcheon
Company number
11074235
Registered office
6th Floor
Charlotte Building
17 Gresse Street
London
W1T 1QL
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Serac Life Sciences Limited
Directors' Report
For the year ended 31 December 2024
Page 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 is that of a holding company.
The principal activities of the group is that of the development of molecular imaging tracers and devices.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
D Hail
M Rosser
P Cload
G J McCutcheon
Results and dividends
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
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
G J McCutcheon
Director
30 June 2025
Serac Life Sciences Limited
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of Serac Life Sciences Limited for the year ended 31 December 2024
Page 2
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Serac Life Sciences Limited for the year ended 31 December 2024 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation
This report is made solely to the Board of Directors of Serac Life Sciences Limited, as a body, in accordance with the terms of our engagement letter dated 6 January 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Serac Life Sciences Limited and state those matters that we have agreed to state to the Board of Directors of Serac Life Sciences Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Serac Life Sciences Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Serac Life Sciences Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Serac Life Sciences Limited. You consider that Serac Life Sciences Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Serac Life Sciences Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Moore Kingston Smith LLP
30 June 2025
Chartered Accountants
Charlotte Building
17 Gresse Street
London
W1T 1QL
Serac Life Sciences Limited
Group Profit and Loss Account
For the year ended 31 December 2024
Page 3
2024
2023
£
£
Project costs
(681,063)
(595,312)
Administrative expenses
(1,779,485)
(1,479,194)
Operating loss
(2,460,548)
(2,074,506)
Interest receivable and similar income
79,680
3,166
Interest payable and similar expenses
(19)
Loss before taxation
(2,380,868)
(2,071,359)
Tax on loss
683,823
314,766
Loss for the financial year
(1,697,045)
(1,756,593)
Loss for the financial year is all attributable to the owners of the parent company.
Serac Life Sciences Limited
Group Balance Sheet
As at 31 December 2024
Page 4
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
5,590,889
4,186,305
Current assets
Debtors
6
625,091
392,779
Cash at bank and in hand
4,359,986
5,707,806
4,985,077
6,100,585
Creditors: amounts falling due within one year
7
(255,563)
(386,752)
Net current assets
4,729,514
5,713,833
Net assets
10,320,403
9,900,138
Capital and reserves
Called up share capital
8
70,776
69,441
Share premium account
17,684,109
15,568,134
Profit and loss reserves
(7,434,482)
(5,737,437)
Total equity
10,320,403
9,900,138
For the financial year ended 31 December 2024 the group was entitled to exemption from audit under section 477 of the Companies Act 2006.
Directors' responsibilities under the Companies Act 2006:
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 June 2025 and are signed on its behalf by:
30 June 2025
G J McCutcheon
Director
Serac Life Sciences Limited
Company Balance Sheet
As at 31 December 2024
31 December 2024
Page 5
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
36,937
36,937
Current assets
Debtors falling due after more than one year
6
15,130,518
10,747,927
Debtors falling due within one year
6
136,065
30,541
Cash at bank and in hand
1,655,603
3,734,427
16,922,186
14,512,895
Creditors: amounts falling due within one year
7
(85,723)
(304,429)
Net current assets
16,836,463
14,208,466
Net assets
16,873,400
14,245,403
Capital and reserves
Called up share capital
8
70,776
69,441
Share premium account
17,684,109
15,568,134
Profit and loss reserves
(881,485)
(1,392,172)
Total equity
16,873,400
14,245,403
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £510,687 (2023 - £148,406 loss).
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Serac Life Sciences Limited
Company Balance Sheet (Continued)
As at 31 December 2024
31 December 2024
Page 6
The financial statements were approved by the board of directors and authorised for issue on 30 June 2025 and are signed on its behalf by:
30 June 2025
G J McCutcheon
Director
Company Registration No. 11074235 (England and Wales)
Serac Life Sciences Limited
Group Statement of Changes in Equity
For the year ended 31 December 2024
Page 7
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
67,119
11,887,764
(3,980,844)
7,974,039
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(1,756,593)
(1,756,593)
Issue of share capital
8
2,322
3,680,370
-
3,682,692
Balance at 31 December 2023
69,441
15,568,134
(5,737,437)
9,900,138
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
-
(1,697,045)
(1,697,045)
Issue of share capital
8
1,335
2,115,975
-
2,117,310
Balance at 31 December 2024
70,776
17,684,109
(7,434,482)
10,320,403
Serac Life Sciences Limited
Company Statement of Changes in Equity
For the year ended 31 December 2024
Page 8
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
67,119
11,887,764
(1,243,766)
10,711,117
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(148,406)
(148,406)
Issue of share capital
8
2,322
3,680,370
-
3,682,692
Balance at 31 December 2023
69,441
15,568,134
(1,392,172)
14,245,403
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
510,687
510,687
Issue of share capital
8
1,335
2,115,975
-
2,117,310
Balance at 31 December 2024
70,776
17,684,109
(881,485)
16,873,400
Serac Life Sciences Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 9
1
Accounting policies
Company information
Serac Life Sciences Limited (“the company”) is a private limited company limited by shares domiciled and incorporated in England and Wales. The registered office is 6th Floor, Charlotte Building, 17 Gresse Street, London, W1T 1QL.
The group comprises of Serac Life Sciences Limited and its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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.
The 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 for parent company information presented within the consolidated financial statements:
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
Serac Life Sciences Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 10
1.2
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Serac Life Sciences Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.3
Going concern
At the balance sheet date, the group has a healthy net assets position of £10,320,403 and cash balance of £4,359,986. At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.
1.4
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.
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.
Intangible assets comprise licence fees paid in advance for the use of patents, the cost of acquiring patents and development costs. Such assets are defined as having finite useful lives and the costs will be amortised on a straight line basis over their estimated useful life. Intangible assets are stated at cost less amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired. The amortisation charge of the assets only commences when the intangible asset is ready for use
1.6
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Serac Life Sciences Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 11
1.7
Impairment of fixed assets
At each reporting period end date, the group 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 is estimated to be less than its carrying amount, the carrying amount of the asset 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.
1.8
Cash at bank and in hand
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.
1.9
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.10
Equity instruments
Equity instruments issued by the group 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 group.
1.11
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 group’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.
Serac Life Sciences Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 12
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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
Employees
The average monthly number of persons (including directors) employed by the group during the year was 8 (2023: 8).
The average monthly number of persons (including directors) employed by the company during the year was 4 (2023: 4).
3
Intangible fixed assets
Group
Patents & licences
Development costs
Total
£
£
£
Cost
At 1 January 2024
174,913
4,011,392
4,186,305
Additions
27,902
1,376,682
1,404,584
At 31 December 2024
202,815
5,388,074
5,590,889
Amortisation and impairment
At 1 January 2024 and 31 December 2024
Carrying amount
At 31 December 2024
202,815
5,388,074
5,590,889
At 31 December 2023
174,913
4,011,392
4,186,305
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
Serac Life Sciences Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 13
4
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Investments
36,937
36,937
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
36,937
Carrying amount
At 31 December 2024
36,937
At 31 December 2023
36,937
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of share held
% Held
Direct
Serac Healthcare Limited
6th Floor, Charlotte Building, 17 Gresse Street, London, W1T 1QL
Research and experimental development
Ordinary
100.00
Serac Imaging Systems Limited
6th Floor, Charlotte Building, 17 Gresse Street, London, W1T 1QL
Research and experimental development
Ordinary
100.00
Serach Healthcare Inc.
Corportation Trust Center 1209 Orange St, Wilmington, Delaware, USA, 19801
Research and Development
Common Stock
0
Serac Life Sciences Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 14
6
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Corporation tax recoverable
487,041
314,766
92,873
Other debtors
101,322
53,804
18,327
18,305
Prepayments and accrued income
36,728
24,209
24,865
12,236
625,091
392,779
136,065
30,541
Amounts falling due after more than one year:
Amounts owed to Serac Life Sciences Limited by the subsidiary companies
15,130,518
10,747,927
7
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
149,429
133,712
36,020
90,549
Taxation and social security
41,819
42,873
21,412
20,647
Other creditors
10,744
160,749
3,058
160,749
Accruals and deferred income
53,571
49,418
25,233
32,484
255,563
386,752
85,723
304,429
8
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
70,776
69,441
70,776
69,441
On 28 February 2024, 782 £1 ordinary shares were issued, and on 30 April 2024 553 £1 ordinary shares were issued.
The total consideration for the above share issues was £2,117,310.
Serac Life Sciences Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 15
9
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
4,200
4,200
4,200
4,200
10
Related party transactions
The company has taken the exemption in accordance with FRS 102 - section 33 ''Related Party Disclosures'', from disclosing related party transactions entered into between members of a group, provided that any subsidiary who is party to the transaction is wholly owned by such a member.
Serac Limited is a related party due to its common directorship.
Group/ Company
At the year end, the group and the company owed Serac Limited £13,370 (2023: £13,370) in convertible loan interest which is included in accruals.
At the year end, the group and the company owed a director £1,212 (2023: £1,212) in convertible loan interest which is included in accruals.
2024-12-312024-01-01falsefalseCCH SoftwareCCH Accounts Production 2025.100D HailM RosserP CloadG J McCutcheonfalse110742352024-01-012024-12-3111074235bus:Director12024-01-012024-12-3111074235bus:Director22024-01-012024-12-3111074235bus:Director32024-01-012024-12-3111074235bus:Director42024-01-012024-12-3111074235bus:RegisteredOffice2024-01-012024-12-3111074235bus:Consolidated2024-12-3111074235bus:Consolidated2024-01-012024-12-3111074235bus:Consolidated2023-01-012023-12-31110742352023-01-012023-12-31110742352024-12-3111074235bus:Consolidated2023-12-3111074235core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2024-12-3111074235core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2024-12-3111074235core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2023-12-3111074235core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2023-12-31110742352023-12-3111074235core:ShareCapitalbus:Consolidated2024-12-3111074235core:ShareCapitalbus:Consolidated2023-12-3111074235core:SharePremiumbus:Consolidated2024-12-3111074235core:SharePremiumbus:Consolidated2023-12-3111074235core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-12-3111074235core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-3111074235core:ShareCapital2024-12-3111074235core:ShareCapital2023-12-3111074235core:SharePremium2024-12-3111074235core:SharePremium2023-12-3111074235core:RetainedEarningsAccumulatedLosses2024-12-3111074235core:RetainedEarningsAccumulatedLosses2023-12-3111074235core:ShareCapitalbus:Consolidated2022-12-3111074235core:SharePremiumbus:Consolidated2022-12-3111074235core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-12-3111074235core:ShareCapital2022-12-3111074235core:SharePremium2022-12-3111074235core:RetainedEarningsAccumulatedLosses2022-12-3111074235core:Non-currentFinancialInstruments2024-12-3111074235core:Non-currentFinancialInstruments2023-12-3111074235core:ShareCapitalbus:Consolidated2023-01-012023-12-3111074235core:SharePremiumbus:Consolidated2023-01-012023-12-3111074235core:ShareCapitalbus:Consolidated2024-01-012024-12-3111074235core:SharePremiumbus:Consolidated2024-01-012024-12-3111074235core:ShareCapital2023-01-012023-12-3111074235core:SharePremium2023-01-012023-12-3111074235core:ShareCapital2024-01-012024-12-3111074235core:SharePremium2024-01-012024-12-3111074235core:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3111074235core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2023-12-3111074235core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2023-12-3111074235bus:Consolidated2023-12-3111074235core:PatentsTrademarksLicencesConcessionsSimilarcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2024-01-012024-12-3111074235core:DevelopmentCostsCapitalisedDevelopmentExpenditurecore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2024-01-012024-12-3111074235core:ExternallyAcquiredIntangibleAssetsbus:Consolidated2024-01-012024-12-3111074235core:Subsidiary12024-01-012024-12-3111074235core:Subsidiary22024-01-012024-12-3111074235core:Subsidiary32024-01-012024-12-3111074235core:Subsidiary112024-01-012024-12-3111074235core:Subsidiary222024-01-012024-12-3111074235core:Subsidiary332024-01-012024-12-3111074235core:CurrentFinancialInstrumentsbus:Consolidated2024-12-3111074235core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3111074235core:CurrentFinancialInstruments2024-12-3111074235core:CurrentFinancialInstruments2023-12-3111074235core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-12-3111074235core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3111074235core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3111074235core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3111074235bus:PrivateLimitedCompanyLtd2024-01-012024-12-3111074235bus:FRS1022024-01-012024-12-3111074235bus:AuditExemptWithAccountantsReport2024-01-012024-12-3111074235bus:ConsolidatedGroupCompanyAccounts2024-01-012024-12-3111074235bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP