Company registration number 08966900 (England and Wales)
BROWNHILLS INVESTMENTS PROPERTY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
BROWNHILLS INVESTMENTS PROPERTY LIMITED
COMPANY INFORMATION
Director
Mr M Harrison
Company number
08966900
Registered office
Brownhills Glass Co Ltd
Beecham Close
Walsall
WS9 8UZ
Auditor
BK Plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
WS9 0RB
BROWNHILLS INVESTMENTS PROPERTY LIMITED
CONTENTS
Page
Director's report
1
Director's 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
BROWNHILLS INVESTMENTS PROPERTY LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -

The director presents her annual report and financial statements for the year ended 30 November 2024.

Principal activities

The principal activity of the company continued to be that of property rental.

Director

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

Mr M Harrison
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 M Harrison
Director
20 August 2025
BROWNHILLS INVESTMENTS PROPERTY LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -

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.

BROWNHILLS INVESTMENTS PROPERTY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BROWNHILLS INVESTMENTS PROPERTY LIMITED
- 3 -
Opinion

We have audited the financial statements of Brownhills Investments Property Limited (the 'company') for the year ended 30 November 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 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:

BROWNHILLS INVESTMENTS PROPERTY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BROWNHILLS INVESTMENTS PROPERTY 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 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.

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

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.

From the preliminary of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

BROWNHILLS INVESTMENTS PROPERTY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BROWNHILLS INVESTMENTS PROPERTY LIMITED (CONTINUED)
- 5 -

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.

Keval Dattani ACA (Senior Statutory Auditor)
For and on behalf of BK Plus Audit Limited, Statutory Auditor
Chartered Certified Accountants
Azzurri House
Walsall Road
Aldridge
Walsall
WS9 0RB
20 August 2025
BROWNHILLS INVESTMENTS PROPERTY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 6 -
2024
2023
Notes
£
£
Turnover
215,001
215,000
Administrative expenses
(36,276)
(39,882)
Operating profit
178,725
175,118
Interest payable and similar expenses
4
(47,976)
(49,591)
Profit before taxation
130,749
125,527
Tax on profit
-
0
-
0
Profit for the financial year
130,749
125,527

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

BROWNHILLS INVESTMENTS PROPERTY LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
3,366,258
3,402,233
Current assets
Cash at bank and in hand
204
617
Creditors: amounts falling due within one year
6
(1,182,898)
(1,140,838)
Net current liabilities
(1,182,694)
(1,140,221)
Total assets less current liabilities
2,183,564
2,262,012
Creditors: amounts falling due after more than one year
7
(585,646)
(694,843)
Provisions for liabilities
(332,500)
(332,500)
Net assets
1,265,418
1,234,669
Capital and reserves
Called up share capital
1
1
Revaluation reserve
1,220,346
1,230,321
Profit and loss reserves
45,071
4,347
Total equity
1,265,418
1,234,669

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 and signed by the director and authorised for issue on 20 August 2025
Mr M Harrison
Director
Company registration number 08966900 (England and Wales)
BROWNHILLS INVESTMENTS PROPERTY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 8 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2022
1
876,996
18,820
895,817
Year ended 30 November 2023:
Profit
-
-
125,527
125,527
Other comprehensive income:
Revaluation of tangible fixed assets
-
460,825
-
460,825
Tax relating to other comprehensive income
-
(107,500)
-
0
(107,500)
Total comprehensive income
-
353,325
125,527
478,852
Dividends
-
-
(140,000)
(140,000)
Balance at 30 November 2023
1
1,230,321
4,347
1,234,669
Year ended 30 November 2024:
Profit and total comprehensive income
-
-
130,749
130,749
Dividends
-
-
(100,000)
(100,000)
Transfers
-
-
0
9,975
9,975
Other movements
-
(9,975)
-
(9,975)
Balance at 30 November 2024
1
1,220,346
45,071
1,265,418
BROWNHILLS INVESTMENTS PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 9 -
1
Accounting policies
Company information

Brownhills Investments Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is Brownhills Glass Co Ltd, Beecham Close, Walsall, WS9 8UZ.

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
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable, excluding discount, and value added tax.

 

Rental income is accounted for so as to recognise income in the period for which the leaseholder has an obligation to pay rent.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
No depreciation - 2% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

 

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

1.4
Impairment of fixed assets

At each reporting period 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). 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.

BROWNHILLS INVESTMENTS PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 10 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
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.

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.

BROWNHILLS INVESTMENTS PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 11 -
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
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.

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.

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

The company revalues its land and buildings periodically to reflect fair value, typically based on independent professional valuations. Changes in market conditions or assumptions can materially impact the revaluation surplus or deficit recognised in equity or profit.

BROWNHILLS INVESTMENTS PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 12 -
3
Employees

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

2024
2023
Number
Number
Total
1
1
4
Interest payable and similar expenses
2024
2023
£
£
Interest payable and similar expenses includes the following:
Interest payable to group undertakings
15,636
10,619
5
Tangible fixed assets
Land and buildings
£
Cost or valuation
At 1 December 2023 and 30 November 2024
3,430,000
Depreciation and impairment
At 1 December 2023
27,767
Depreciation charged in the year
35,975
At 30 November 2024
63,742
Carrying amount
At 30 November 2024
3,366,258
At 30 November 2023
3,402,233

The property was last revalued as at 11/05/2023 by Harris Lamb Limited, Chartered Surveyors, on an existing use open market value basis. Harris Lamb Limited are not connected with the Company. The valuation was based on recent market transactions on an arms length basis for similar properties.

 

No revaluation has been undertaken in the current financial year. The directors have considered market conditions and are of the opinion that the carrying amount of the property remains appropriate, and that there has been no material change in fair value since the last valuation.

 

Included in freehold property is freehold land valued at £1,050,000 (2023- £1,050,000) which is not depreciated.

 

Included within the net book value of tangible fixed assets is £3,366,258 (2023 - £3,402,233) relating to an asset held for use in an operating lease. The depreciation charged to the financial statements in the year in respect of the asset amounted to £35,975 (2023 - £39,644).

 

BROWNHILLS INVESTMENTS PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
5
Tangible fixed assets
(Continued)
- 13 -

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2024
2023
£
£
Cost
2,100,000
2,100,000
Accumulated depreciation
(253,500)
(227,500)
Carrying value
1,846,500
1,872,500
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
107,050
131,082
Amounts owed to group undertakings
1,073,972
1,007,587
Other creditors
1,876
2,169
1,182,898
1,140,838
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
585,646
694,843

The bank loan of £692,695 (2023: £797,519) relates to the freehold property known as Beecham Close, Walsall, WS9 8UZ. The loan is secured by a fixed and floating charge over this property. The interest rate of the loan is 4.37%.

 

BROWNHILLS INVESTMENTS PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 14 -
8
Financial commitments, guarantees and contingent liabilities

Lloyds Bank plc hold a letter of set off between the company, parent company and fellow subsidiaries, Brownhills Glass Company Limited, Peterlee Glass Company Limited, Tufwell Glass Limited, Peterleetwo Limited and London Architectural Ltd. The company is therefore jointly and severally liable for the amount owed by United Glass Group Ltd, Brownhills Glass Company Limited, Peterlee Glass Company Limited, Tufwell Glass Limited, Peterleetwo Limited and London Architectural Ltd. The total balances guaranteed at 30 November 2024 amounted to £3,228,446 (2023: £3,358,214)

 

Since March 2023, Lombard North Central PLC hold a guarantee and indemnity between the company and fellow subsidiaries Brownhills Glass Company Limited, Peterlee Glass Company Limited, Tufwell Glass Limited and London Architectural Ltd. The company is therefore jointly severely liable for the amount owed by Brownhills Glass Company Limited, Peterlee Glass Company Limited, Tufwell Glass Limited, Peterleetwo Limited and London Architectural Ltd to Lombard North Central PLC. The total balances guaranteed at 30 November 2024 amounted to £206,429 (2023: £261,334)

 

The company is party together with other group and related undertakings, to multilateral guarantees given to Duke Royalty UK Limited. The total balances guaranteed at 30 November 2024 amounted to £14,596,157 (2023: £11,694,434).

9
Related party transactions

The Company has taken advantage of the exemption in Section 33.1A of Financial Reporting Standard 102 from the requirement to disclose transactions with wholly owned members of the group.

10
Parent company

The Company is a wholly owned subsidiary undertaking of United Glass Group Ltd, which is also the ultimate parent company. The registered address of the parent company is Beecham Close, Aldridge, Walsall, WS9 8UZ.

 

United Glass Group Ltd prepares group financial statements and copies can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

 

At the Balance Sheet date, the ultimate controlling party was Duke Capital Limited.

BROWNHILLS INVESTMENTS PROPERTY LIMITED
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2024
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