Company registration number 01508388 (England and Wales)
GPDF LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
GPDF LIMITED
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -
The Directors remain determined to continue the reforms of the GPDF to ensure it can do all it can to support the profession in meeting the challenges it faces.

The accounts show a period of on-going change.

• In the previous year, the accounting reference date was extended to make the year end conterminous with the Levy  year. As such the previous set of accounts ran for a period of fifteen months.  These financial statements cover a  period of twelve months, as will sets in future years.  This will make comparisons easier going forward.

• In response to concerns about the level of reserves, the voluntary levy was proposed to remain at 3p per head of  patient population.  This produced a deficit in the financial year of £616,030.

• With the fluctuations and deficit in the in the markets, the value of the GPDF share portfolio fell from £15,569, 693  to £14,411,013.

• We have spent an additional £310,469 above the Deed of Grant in support of GPCs.  £308,592 related to GPC  England and £1,877 related to GPC Scotland.

These accounts relate to the period when Dr Phil Cox was in the Chair, and I would like to express my thanks for all his diligence and hard work in leading the organisation.  I would also like to express my gratitude to all the Board members and Secretariat team.  All of them give their very best on a daily basis on behalf of the GPDF.  Thank you everybody.

As highlighted, the previous period was for 15 months, which makes comparatives very difficult. If you have any questions please feel free to contact me, or David Wood, Head of Secretariat on David.wood@gpdf.org.uk.  It would be our pleasure to discuss any elements that you would find helpful.

Yours sincerely




Roger Scott
Chair

Roger.scott@gpdf.org.uk
12 August 2025
GPDF LIMITED
CONTENTS
Page
Statement of financial position (balance sheet)
6
Notes to the financial statements
7 - 13
GPDF LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The Company acts to support and promote the interests of Local Medical Committees and General Medical Practitioners in Great Britain and will continue to do so in the foreseeable future. The members of the Company are the nominees of Local Medical Committees.

Directors

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

Dr R Scott - Chair
Dr P Cox
Dr J Stanley
(Resigned 12 December 2024)
Dr J Booth
(Resigned 5 September 2024)
Dr C J Castle
Dr B Curtis
(Resigned 13 January 2025)
Dr K McIntyre
Dr R Tumurugoti
(Appointed 5 September 2024)
Dr G Chawla
(Appointed 14 January 2025)
Results

The results of the Company show an operating deficit of £1,011,890 (2024: £1,200,660 deficit) before investment gains.

 

The deficit after investment losses and taxation is £602,330 (2024: £392,310 surplus). The deficit was, after accounting for realised gains of £770,106 (2024: £394,271) and unrealised losses of £767,546 (2024 £1,301,449 gain).

 

The closing balance on the accumulated fund now stands at £16,299,869 (2024: £16,902,199), of which £14,411,013 (2024: £15,569,693) represents investments held at fair value, in relation to which there is a deferred tax liability of £411,000 (2024: £818,000).

GPDF LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
What is the GPDF

Immediate Purpose :

To advance the interests of Local Medical Committees (LMCs) in England, Wales and Scotland, and through the GPs they represent.

What we do :

To visibly and actively fund critical interventions, development programmes and policy-making conferences for devolved nations and voluntary collaborations amongst LMCs.

Values :

  • Committed : We are committed to LMCs and general practice and place them at the heart of every decision we make.

  • Trust : We do all we can to encourage a climate of mutual trust with LMCs and other stakeholders.

  • Challenging : We have to courage to challenge effectively on behalf of all LMCs.

  • Transparency : Our decisions for funding and for internal spending are open and transparent, and the support we provide is clearly presented.

  • Accountable : We hold ourselves to account and are proactive in being accountable to LMCs and general practice.

Key Aims :

  • General practice in England, Scotland and Wales will have national representation that is fit for purpose.

  • English, Scottish and Wales LMCs will share and learn from each other, within and across to the devolved nations.

  • Support will be tailored to LMCs to embrace the unique characteristics of their devolved healthcare systems.

  • LMCs will have enhanced capacity to increase meet their constituent’s needs.

  • LMCs will be supported deliver the best possible service for their constituent GPs.

Pillars of Work :

  • To contribute to national representation of general practice across England, Scotland and Wales.

  • To fund the delivery of conferences for UK, Englis, Scottish and Welsh LMCs, and a conference for LMC Secretaries.

  • To fund projects proposed by LMCs through a fair and transparent process, with clearly defined governance.

  • To fund legal cases proposed by LMCs through a fair and transparent process, with clearly defined governance.

  • To ensure the efficient and effective collection of the GPDF Levy, and its payment to allied organisations.

  • To ensure standards of internal corporate governance, through the development of a consistent and transparent organisational structure.

In terms of the six pillars of work the Directors are pleased to report.

 

 

This is currently achieved through the Deed of Grant. A new three-year deed was signed on 8th April 2024 and runs from 1st January 2024 to 31st December 2026. This includes a discretionary element as requested by LMC’s, to be voted on at AGMs.

 

There is an established feedback process for anyone to use. GPDF have regular meetings with the BMA, at different levels of the organisation. This combines formal and informal communication routes.

 

We have funded the Policy Leads for GPC England to support their smooth working. Additional meetings are also funded as required.

 

We have funded the ‘Rebuild GP Practice’ campaign which operates across all nations. We have funded the LMC Support Network including a liaison role with GPC England.

 

 

GPDF LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

LMCs regularly remind GPDF of the value placed in the conferences it funds. We work closely with the Chairs of Conference and Agenda Committees to ensure any changes in the way they are delivered is appropriately funded and improves the experience of attendees. In the year, we also funded an additional Special conference for England. Apart from the Deed of Grant, these remain our largest area of expenditure.

 

We specifically have been mandated to continue finding conference dinners as it has been communicated to us by our members that these are a vital opportunity for progressing key issues affecting our community. We recognize that there is not one for England at present.

 

 

GPDF launched a new clearly explained grant rounds. As requested, this is clearly documented and available via email or on our website. It has been promoted at all the nations conferences.

 

Up to £50k of grants are given to LMCs every quarter. These support the development and/​​or increase the effectiveness of LMCs. We are in the process of creating case studies for all of these which will soon be available on our website so you can see the sort of projects we fund.

 

We have a specific team member to support enquiries regarding grants.

             

We are regularly presented with ideas for funding. Our commitment is that all significant new expenditures will be presented to LMC’s to guide us on.

 

To fund legal cases proposed by LMCs through a fair and transparent process, with clearly defined governance.

 

This year we supported and successfully won a major case. This has been heralded by others as a major achievement for the profession.

 

We support requests for legal support dealing with issues that have significant implications for general practice, GPs or LMCs.

 

 

During the year we have worked very hard to understand how we can improve our relationship with LMC’s. As part of that process, we continue to try and help LMC’s arrange payment of their levy contributions. Regular quarterly statements have also been introduced to help ensure both LMC’s and GPDF have a shared understanding of balances.

 

 

 

During the period these services have been supported by the Secretariat. This was piloted in 2023 and in the early part of 2024, and a new three-year contract was signed from 1st July 2024 to give continuity to our work.

 

There has been a significant overhaul of many aspects including a review, and the introduction of new policies and procedures, reviewed financial process, and fresh documentation of all roles. The world of regulation changes constantly, and this is an area we are constantly mindful of.

 

We have continued to be open to any contact from LMC’s, and have introduced a GPDF newsletter which is made available on Listserver, and our website. Following LMC’s observations, our website will also be undergoing some minor amendments to make it more accessible.

 

 

GPDF LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
Auditor

In accordance with the Company's articles, a resolution proposing that Mitchell Charlesworth (Audit) Limited be reappointed as auditor of the Company will be put at the next Annual General Meeting.

Statement of directors' responsibilities

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

 

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

 

 

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

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.

Principal risks and uncertainties

Risks are identified by the board of directors and appropriate processes are put in place to monitor and mitigate them.

 

The Company's portfolio of investments is subject to some valuation risk as a result of volatility in share prices.

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
Dr R Scott - Chair
Dr P Cox
Director
Director
12 August 2025
GPDF LIMITED
STATEMENT OF FINANCIAL POSITION (BALANCE SHEET)
AS AT
31 MARCH 2025
31 March 2025
- 6 -
2025
2024
Notes
£
£
£
£
Non-current assets
Investments
5
14,411,013
15,569,693
Current assets
Other receivables
7
421,435
287,208
Cash and cash equivalents
2,223,943
2,569,835
2,645,378
2,857,043
Current liabilities
8
(345,522)
(706,537)
Net current assets
2,299,856
2,150,506
Total assets less current liabilities
16,710,869
17,720,199
Provisions for liabilities
12
(411,000)
(818,000)
Net assets
16,299,869
16,902,199
Accumulated funds- reserves
Income and expenditure account
16,299,869
16,902,199

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

These financial statements have been prepared and delivered 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 12 August 2025 and are signed on its behalf by:
Dr R Scott - Chair
Dr P Cox
Director
Director
Company Registration No. 01508388
GPDF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
1
Accounting policies
Company information

GPDF Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 11-13 Cavendish Square, London, W1G 0AN.

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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At 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.

1.3
Reporting period

This comparative figures included within the financial statements are for a period of fifteen months to 31 March 2024.  As the current year figures are for a 12 month period the balances are not wholly comparable.

 

1.4
Income and expenditure

Voluntary quota contributions, net of provisions, are taken to income in the year to which they relate. Amounts received by the balance sheet date in respect of future years are deferred. Investment income, interest received and other income are included in the financial statements on an accruals basis.

 

Expenses are included in the financial statements as they become due and include VAT where applicable as the Company cannot reclaim it.

1.5
Cash and cash equivalents

Cash is a basic financial asset and includes deposits held at call with banks.

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 statement of financial position 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.

GPDF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 8 -
Basic financial assets

Basic financial assets, which include trade and other receivables 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 trade and other payables, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

Taxable income differs from the income reported in the income and expenditure 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 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. In calculating the deferred tax balance, the rate which will be enacted at the time the liability is likely to unwind is used, being 25%. 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 taxable 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 income and expenditure account, except when it relates to items charged or credited directly to reserves, in which case the deferred tax is also dealt with in reserves. 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.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

GPDF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 9 -
1.9

Companies Act 2006

Due to the special nature of its operations, the directors are of the opinion that the formats of the income and expenditure account prescribed by the Act are not relevant to the Company.

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.

Recoverability of levies receivable

Bad debts are recognised where there are indicators of non-recoverability, and appropriate action has been taken to recover the debt unsuccessfully. When assessing recoverability, the directors consider factors such as the ageing of the receivables and past experience of recoverability.

Accrued expenditure

Activity is accounted for in the year that it takes place. Expenses in relation to services received are recorded as expenditure in the period the services are received rather than when payments are made.

3
Employees

The average monthly number of persons (including directors) employed by the Company during the year was 7 (2024 - 8).

 

2025
2024
Number
Number
7
8

Directors and staff costs are split as Directors remuneration £126,093 (2024: £134,601) and other staff costs of £NIL (2024: £279,294). All staff costs in the current year were in relation to Directors, a full breakdown of Directors remuneration can be found in note 16.

GPDF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
4
Subsidiaries

Factorasset Limited, a wholly owned subsidiary with a nominal share capital of £2 was dissolved and written off in the financial statements in the comparative year.

 

LMC Support Limited, a wholly owned subsidiary with a nominal share capital of £1 was dissolved and written off in the financial statements in the comparative year.

 

National Association of Local Medical Committees Limited, a company limited by guarantee was dissolved and and written off in the financial statements in the comparative year.

 

 

5
Fixed asset investments
2025
2024
£
£
Other Investments
14,411,013
15,569,693

The value of investments at 31 March 2025 is determined by reference to market values and any gain or loss on the movement is taken to the income and expenditure account. As at March 2025 the total balance of the portfolio was £16,330,085. £14,411,013 of this balance is recognised in Investments and £1,919,072 is recognised in bank and cash.

Movements in non-current investments
Investments
£
Cost or valuation
At 1 April 2024
15,569,693
Additions
4,549,870
Valuation changes
(1,068,595)
Disposals
(4,639,955)
At 31 March 2025
14,411,013
Carrying amount
At 31 March 2025
14,411,013
At 31 March 2024
15,569,693
6
Financial instruments
2025
2024
£
£
Carrying amount of financial assets
Instruments measured at fair value through surplus or deficit
14,411,013
15,569,693
GPDF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
(Continued)
- 11 -
7
Other receivables
2025
2024
Amounts falling due within one year:
£
£
Quotas expected from LMCs
151,667
130,793
Corporation tax recoverable
131,392
119,994
Prepayments and accrued income
138,376
36,421
421,435
287,208

Gross levies recoverable as at the year end were £223,353 (2024: £317,893) against which a provision for doubtful debts of £71,686 (2024: £187,100) has been recognised.

8
Current liabilities
2025
2024
£
£
Trade payables
147,399
111,553
Taxation and social security
4,998
5,582
Other payables
19,072
43,847
Accruals
174,053
545,555
345,522
706,537
9
Deferred taxation

Deferred tax assets and liabilities are offset where the Company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Tax losses
(463,000)
(324,000)
Investment revaluations
874,000
1,142,000
411,000
818,000
GPDF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
9
Deferred taxation
(Continued)
- 12 -
2025
Movements in the year:
£
Liability at 1 April 2024
818,000
Credit to profit or loss
(407,000)
Liability at 31 March 2025
411,000
10
Members' liability

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

 

The Company's reserves are non-distributable because, as set out in its Articles, the income and property of the Company is to be applied solely towards the promotion of its objects, and the Company may not pay or transfer, directly or indirectly, any dividend or bonus.

 

On the winding up or dissolution of the Company, after provision has been made for all its debts and liabilities, any assets or property that remains available to be distributed or paid, shall be paid or distributed to the Members, save that if any Quota Payments remain unremitted from a Member’s LMC (whether for the current or any previous financial year) at the time at which the Company is wound up or dissolved, the amount of the assets or property to be paid or distributed to that Member on the winding up or dissolution of the Company shall be reduced by the amount of Quota Payments which remain unremitted from that Member’s LMC at that date. Each Member who receives assets or property as a result of the winding up or dissolution of the Company shall hold such assets and property on trust for and apply such assets or property for the benefit of the LMC which appointed them. LMCs without a nominee will not share in any distribution upon winding up of the company.

11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Louise Casey
Statutory Auditor:
Mitchell Charlesworth (Audit) Limited
Date of audit report:
14 August 2025
12
Financial commitments, guarantees and contingent liabilities

The financial arrangements with the BMA are described in Note 5, the Company is committed to pay £4,776,000 to the BMA between the periods 1 January 2024 to 31 December 2026.

 

As at 31 March 2025 the total commitment outstanding was £2,786,000.

GPDF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
Year ended
15 month period
Salary
Expenses
2025 total
2024 Total
Directors
£
£
£
£
K McIntyre
10,500
714
11,214
20,259
J Tozer
-
-
-
427
Z Norris
-
-
-
7,906
R Tumurugoti
6,584
577
7,161
12,150
D Fielding
-
-
-
1,995
J Booth
4,537
-
4,537
5,941
C Castle
10,500
61
10,561
5,954
P Cox
62,028
2,411
64,439
43,500
B Curtis
9,338
350
9,688
6,146
R Scott
12,928
1,298
14,226
6,449
J Stanley
7,363
-
7,363
17,588
P Evans
-
-
-
5,244
J Parker
-
-
-
7,115
G Chawla
2,315
236
2,551
-
126,093
5,646
131,739
140,676
Amounts disclosed as expenses represent the direct reimbursement of costs (principally travel, subsistence and accommodation) incurred by an individual whilst travelling on the Company's business.
14
Ultimate controlling party

Membership of the Company is limited to nominees of LMCs, with each LMC entitled to nominate one natural person as a member of the Company at any one time.

 

There is no ultimate controlling party.

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