I missed or I've missed the bus?

‘Sorry, I’m late. I missed the bus.’
‘Sorry, I’m late. I’ve missed the bus.’

Could you explain which one is correct and why? Or could both be correct?

Thanks in advance.

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Under normal circumstances, #1 is correct; he is late because the bus was clearly missed in the past. I would expect to hear these:

‘Sorry I’m late. I missed the bus.’
‘Sorry, I’ll be late. I’ve missed the bus.’

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Thanks for your promt response!

Thank for the clear explanation.