Company registration number 12560803 (England and Wales)
MAXION THERAPEUTICS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
MAXION THERAPEUTICS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 11
MAXION THERAPEUTICS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,248,240
1,027,967
Current assets
Debtors
5
4,015,377
1,323,131
Cash at bank and in hand
48,520,762
3,457,018
52,536,139
4,780,149
Creditors: amounts falling due within one year
6
(2,838,988)
(743,625)
Net current assets
49,697,151
4,036,524
Net assets
50,945,391
5,064,491
Capital and reserves
Called up share capital
7
783
273
Share premium account
8
71,010,220
12,945,845
Other reserves
455,527
340,498
Profit and loss reserves
(20,521,139)
(8,222,125)
Total equity
50,945,391
5,064,491

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the board of directors and authorised for issue on 20 March 2026 and are signed on its behalf by:
A J G Schottelius
Director
Company registration number 12560803 (England and Wales)
MAXION THERAPEUTICS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2024
255
12,944,854
178,591
(3,351,916)
9,771,784
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
-
(4,870,209)
(4,870,209)
Issue of share capital
7
18
991
-
-
1,009
Share based payments
9
-
-
161,907
-
0
161,907
Balance at 31 December 2024
273
12,945,845
340,498
(8,222,125)
5,064,491
Year ended 31 December 2025:
Loss and total comprehensive income
-
-
-
(12,299,014)
(12,299,014)
Issue of share capital
7
510
58,064,375
-
-
58,064,885
Share based payments
9
-
-
115,029
-
0
115,029
Balance at 31 December 2025
783
71,010,220
455,527
(20,521,139)
50,945,391
MAXION THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
1
Accounting policies
Company information

Maxion Therapeutics Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Mishcon De Reya, Africa House, 70 Kingsway, London, United Kingdom, WC2B 6AH.

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 a mounts 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
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 at least 12 months following the approval of these financial statements. During the 2025 year-end, a fund raise of £58m was completed, providing sufficient funding 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
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred.

1.4
Tangible fixed assets

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

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

Leasehold improvements
20% straight line basis
Plant and equipment
25% straight line basis
Fixtures and fittings
25% straight line basis
Computers
25% straight line basis

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.

1.5
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.

MAXION THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -

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.

1.6
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.

1.7
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.

MAXION THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
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 paymen ts 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. A m ounts 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.

1.8
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.

1.9
Hedge accounting

The company designates certain hedging instruments, including derivatives, embedded derivatives and non-derivatives, as either fair value hedges or cash flow hedges. At the inception of the hedge relationship, the company documents the relationship between the hedging instrument and the hedged item along with risk management objectives and strategy for undertaking various hedge transactions. At the inception of the hedge and on an ongoing basis, the company documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.10
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The company also recognises research and development tax credits under the Enhanced R&D Intensive Support (ERIS) scheme and qualifies for said scheme as it does not breach the turnover (EUR 100m), balance sheet (EUR 86m) or staff (500) thresholds).

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.

MAXION THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 6 -
1.11
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.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

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.

1.15
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

MAXION THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 7 -
1.16
Foreign exchange

Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting period end date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value,the rate when that fair value was determined.

1.17

Growth shares

Growth shares are fully paid for and measured at cost at the date of grant. They are subject to the same vesting conditions as existing share options and any unvested shares are cancelled should the employee leave the company.

1.18
Preference shares
Preference shares that are wholly classified as equity instruments are measured at the fair value of the cash or other resources receivable, net of direct costs of issuing the preference shares.
MAXION THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
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.

Critical judgements and estimates

The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements.

Share-based payments

The directors make key estimates and judgements in respect of the share-based payments for following:

- inputs to their Black-Scholes valuation model including market share price, share volatility and risk-free rate;

- the number of employees expected to exercise their options;

- the close proximity of their Black-Scholes valuation model at the year end to the grant date;

- historic vesting dates result in immediate vesting under FRS 102.

Changes to these estimates and judgements could result in changes being required to the annual share-based payment charges in the profit and loss account.

R&D Tax Credits

The directors have made required judgement and estimate with regards to the R&D tax credit recognised in the income statement. These claims are based on specialist input provided by the company’s tax advisors and are compliant with the applicable tax laws and regulations in this regard.

Government grants

Government Grant Income is repayable in full unless the projects are complete by 30 April 2026. The directors make a key judgement that the projects are on track and will be complete by 2026 and therefore no provision for a repayment of the Grant Income is required.

3
Employees

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

2025
2024
Number
Number
39
30
MAXION THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2025
112,820
1,408,974
1,521,794
Additions
45,414
638,101
683,515
Disposals
-
0
(61,982)
(61,982)
At 31 December 2025
158,234
1,985,093
2,143,327
Depreciation and impairment
At 1 January 2025
30,654
463,173
493,827
Depreciation charged in the year
31,810
431,378
463,188
Eliminated in respect of disposals
-
0
(61,928)
(61,928)
At 31 December 2025
62,464
832,623
895,087
Carrying amount
At 31 December 2025
95,770
1,152,470
1,248,240
At 31 December 2024
82,166
945,801
1,027,967
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
92,077
-
0
Corporation tax recoverable
2,089,848
481,976
Other debtors
440,952
456,367
Prepayments
1,041,723
384,788
3,664,600
1,323,131
2025
2024
Amounts falling due after more than one year:
£
£
Derivative financial instruments
350,777
-
0
Total debtors
4,015,377
1,323,131
MAXION THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
2,130,542
315,406
Taxation and social security
92,223
47,756
Other creditors
19,477
3,365
Accruals
596,746
377,098
2,838,988
743,625
7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 0.01p each
1,183,800
1,183,800
118
118
Growth shares of 0.01p each
183,146
183,146
18
18
Ordinary B shares of 0.01p each
2,070
2,070
-
0
-
0
Series A shares of 0.01p each
5,102,234
0
510
-
0
6,471,250
1,369,016
646
136
2025
2024
2025
2024
Preference share capital
Number
Number
£
£
Issued and fully paid
Preferred A shares of of 1p each
1,369,641
1,369,641
137
137
Preference shares classified as equity
137
137
Total equity share capital
783
273

During the year, the company issued 5,102,234 Series A shares at a value of £0.0001 per share for a total cash consideration of £58,064,885.

In 2024, the company issued 183,146 Growth shares at value of £0.0001 per share at par value for cash consideration and also issued 2070 Ordinary B shares at a value of £0.0001 per share for a total cash consideration of £1,009.

Ordinary A shares and Preferred A shares have attached to them full voting, dividend and capital distribution rights and do not confer any rights of redemption. In the event of liquidation, dissolution or winding up of the company or a return of capital, the holders of Preferred A shares shall receive a distribution of assets ahead of the holders of A ordinary shares.

Ordinary B shares and Growth shares have no rights to voting or dividends.

MAXION THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
8
Reserves

Profit and loss reserves

The profit and loss reserves represent cumulative profit and loss recognised by the company, net of any distributions to owners.

Share premium

The share premium account represents consideration received for shares issued above their nominal value net of transaction costs.

9
Share based payments

The share based payment expense recognised in the year is £115,029 (2024: £178,591).
S hares options have been granted over Ordinary shares that permit the purchase of Ordinary shares for a purchase price of £0.6170 and £0.4788 per share respectively once vesting criteria have been met. The share options vest over 4 years.

The number of share option s as at the reporting date was 285,659 (202 4: 188,750). In 2025, share options of 98,4 03 (2024: 22,224) were granted, with 846 (2024: Nil) share options have lapsed in the year.

10
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 is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Senior Statutory Auditor:
Rowan Lindsay
Statutory Auditor:
Gerald Edelman LLP
Date of audit report:
20 March 2026
11
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
2,106,306
1,479,114
2025-12-31 2025-01-01 false false false 20 March 2026 CCH Software CCH Accounts Production 2025.300 No description of principal activity J McCafferty L E Jones A Karatt Vellatt E Coulter T Weaver T M Funnell A J G Schottelius S Mir E Viboch S Arroyo E Johnson 12560803 2025-01-01 2025-12-31 12560803 2025-12-31 12560803 2024-12-31 12560803 core:LandBuildings 2025-12-31 12560803 core:OtherPropertyPlantEquipment 2025-12-31 12560803 core:LandBuildings 2024-12-31 12560803 core:OtherPropertyPlantEquipment 2024-12-31 12560803 core:CurrentFinancialInstruments core:WithinOneYear 2025-12-31 12560803 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 12560803 core:CurrentFinancialInstruments 2025-12-31 12560803 core:CurrentFinancialInstruments 2024-12-31 12560803 core:ShareCapital 2025-12-31 12560803 core:ShareCapital 2024-12-31 12560803 core:SharePremium 2025-12-31 12560803 core:SharePremium 2024-12-31 12560803 core:OtherMiscellaneousReserve 2025-12-31 12560803 core:OtherMiscellaneousReserve 2024-12-31 12560803 core:RetainedEarningsAccumulatedLosses 2025-12-31 12560803 core:RetainedEarningsAccumulatedLosses 2024-12-31 12560803 core:ShareCapital 2023-12-31 12560803 core:SharePremium 2023-12-31 12560803 core:RetainedEarningsAccumulatedLosses 2023-12-31 12560803 core:ShareCapitalOrdinaryShareClass1 2024-12-31 12560803 core:ShareCapitalOrdinaryShareClass2 2024-12-31 12560803 core:ShareCapitalOrdinaryShareClass3 2025-12-31 12560803 core:ShareCapitalOrdinaryShareClass3 2024-12-31 12560803 core:ShareCapitalOrdinaryShareClass4 2024-12-31 12560803 core:ShareCapitalOrdinaryShares 2024-12-31 12560803 core:ShareCapitalPreferenceShareClass1 2025-12-31 12560803 core:ShareCapitalPreferenceShareClass1 2024-12-31 12560803 bus:Director7 2025-01-01 2025-12-31 12560803 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 12560803 2024-01-01 2024-12-31 12560803 core:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 12560803 core:ShareCapital 2024-01-01 2024-12-31 12560803 core:SharePremium 2024-01-01 2024-12-31 12560803 core:ShareCapital 2025-01-01 2025-12-31 12560803 core:SharePremium 2025-01-01 2025-12-31 12560803 core:LeaseholdImprovements 2025-01-01 2025-12-31 12560803 core:PlantMachinery 2025-01-01 2025-12-31 12560803 core:FurnitureFittings 2025-01-01 2025-12-31 12560803 core:ComputerEquipment 2025-01-01 2025-12-31 12560803 core:LandBuildings 2024-12-31 12560803 core:OtherPropertyPlantEquipment 2024-12-31 12560803 2024-12-31 12560803 core:LandBuildings 2025-01-01 2025-12-31 12560803 core:OtherPropertyPlantEquipment 2025-01-01 2025-12-31 12560803 core:Non-currentFinancialInstruments 2025-12-31 12560803 core:Non-currentFinancialInstruments 2024-12-31 12560803 bus:OrdinaryShareClass1 2025-01-01 2025-12-31 12560803 bus:OrdinaryShareClass2 2025-01-01 2025-12-31 12560803 bus:OrdinaryShareClass3 2025-01-01 2025-12-31 12560803 bus:PreferenceShareClass1 2025-01-01 2025-12-31 12560803 bus:OrdinaryShareClass2 2025-12-31 12560803 bus:OrdinaryShareClass2 2024-12-31 12560803 bus:OrdinaryShareClass3 2025-12-31 12560803 bus:OrdinaryShareClass3 2024-12-31 12560803 bus:OrdinaryShareClass4 2024-12-31 12560803 bus:AllOrdinaryShares 2025-12-31 12560803 bus:AllOrdinaryShares 2024-12-31 12560803 bus:PreferenceShareClass1 2025-12-31 12560803 bus:PreferenceShareClass1 2024-12-31 12560803 bus:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 12560803 bus:SmallCompaniesRegimeForAccounts 2025-01-01 2025-12-31 12560803 bus:FRS102 2025-01-01 2025-12-31 12560803 bus:Audited 2025-01-01 2025-12-31 12560803 bus:Director1 2025-01-01 2025-12-31 12560803 bus:Director2 2025-01-01 2025-12-31 12560803 bus:Director3 2025-01-01 2025-12-31 12560803 bus:Director4 2025-01-01 2025-12-31 12560803 bus:Director5 2025-01-01 2025-12-31 12560803 bus:Director6 2025-01-01 2025-12-31 12560803 bus:Director8 2025-01-01 2025-12-31 12560803 bus:Director9 2025-01-01 2025-12-31 12560803 bus:Director10 2025-01-01 2025-12-31 12560803 bus:Director11 2025-01-01 2025-12-31 12560803 bus:FullAccounts 2025-01-01 2025-12-31 xbrli:pure xbrli:shares iso4217:GBP