REGISTERED NUMBER: 06351416 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
TRANSPORTATION DATA SURVEYS LIMITED |
REGISTERED NUMBER: 06351416 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
TRANSPORTATION DATA SURVEYS LIMITED |
TRANSPORTATION DATA SURVEYS LIMITED (REGISTERED NUMBER: 06351416) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
for the year ended 31 March 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 8 |
Consolidated Other Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 17 |
TRANSPORTATION DATA SURVEYS LIMITED |
COMPANY INFORMATION |
for the year ended 31 March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Wayne Gutteridge FCA |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Seven Stars House |
1 Wheler Road |
Coventry |
CV3 4LB |
TRANSPORTATION DATA SURVEYS LIMITED (REGISTERED NUMBER: 06351416) |
GROUP STRATEGIC REPORT |
for the year ended 31 March 2023 |
The directors present their strategic report of the company and the group for the year ended 31 March 2023. |
The Transportation Data Surveys Group trades primarily through the subsidiaries operating under the Nationwide Data Collection name. |
Nationwide Data Collection (NDC) - Background information |
NDC has four regional offices in the UK. We have a Scottish office located in Glasgow, a Northern office located in Ossett, this office also houses our specialist video survey & ANPR division. Our Midlands office is located in Warwick, our ATC division is based at this office. Finally, we have a Southern office located in Greenwich, London. We have two regional offices in Ireland, these are located in Dublin and Athlone. We also have an office in the Netherlands which provides data collection throughout mainland Europe. All of these offices provide a quality data collection service to public and private sector clients. |
The traffic data collected by NDC is generally used to assist planning applications or major development projects e.g. HS2, new road and infrastructure schemes. Smaller developments such as new shopping centres or residential sites also require traffic data to help progress planning applications. Other uses of traffic data is to provide Government departments with statistical information so that they can report local and national trends e.g. increases or decreases in the patronage of public transport (rail and bus), cycle usage, car journeys, etc. |
The vast majority of data collection projects are undertaken during "neutral" periods when traffic conditions are deemed to be representative of normal travel patterns. Data collection is not normally undertaken during school holidays or close to bank holidays. Data collection is also generally avoided at locations where traffic flows could be influenced by a major event e.g. large sports meeting, diversions due to roadworks, public demonstrations, etc.. |
TRANSPORTATION DATA SURVEYS LIMITED (REGISTERED NUMBER: 06351416) |
GROUP STRATEGIC REPORT |
for the year ended 31 March 2023 |
REVIEW OF BUSINESS |
Nationwide Data Collection (NDC) - Review of Business |
In March 2020 the UK (like the rest of the world) was infected by Covid, the Government issued instructions that members of the public should, wherever possible, work from home, restaurants, bars, sports venues, cinemas, theatres, etc were closed as were many schools and public buildings. Travel on public transport (rail, underground, buses, aircraft) virtually ceased, road travel also substantially declined. |
The effect of Covid was devastating for the data collection industry as travel patterns were clearly not representative of normal conditions. Many of our competitors made large numbers of staff redundant or ceased trading. NDC was fortunate insofar that the DfT (a major Government client) whom we have a long-term monitoring contract with decided to continue collecting data during the two years when various Covid restrictions applied. The data collected provided the Government with statistical information which enabled them to report the decline in travel throughout Covid and the subsequent increase since March 2022. This work provided a small but much needed and appreciated income stream throughout the Covid years. |
The effect of trading during the Covid era is very evident from historical accounts, the three pre Covid years ending March 2018, 2019 and 2020 demonstrated a steady increase in turnover and EBITDA. |
The first "Covid year" ending March 2021 shows a sudden decline in turnover and EBITDA, the second "Covid year" ending March 2022 shows an improved turnover and EBITDA which reflects the relaxation of Covid restrictions during the year, this provided the confidence for clients to start recommissioning data collection. |
Despite the current economic difficulties that have mainly arisen as a result of the war in Ukraine (predominately high oil prices and interest rates) NDC's directors believe that the post Covid years will see a major improvement in turnover and EBITDA as trading conditions in our industry have gradually returned to "normal". |
ON BEHALF OF THE BOARD: |
TRANSPORTATION DATA SURVEYS LIMITED (REGISTERED NUMBER: 06351416) |
REPORT OF THE DIRECTORS |
for the year ended 31 March 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of transport data collection and consultancy. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2023. |
DIRECTORS |
The directors of the parent undertaking have held no shares directly in the group's subsidiary undertakings during the year. Their beneficial interests in the subsidiary undertakings of the group are reflected in the stake owned by the parent company as disclosed in the fixed asset investment note in the financial statements. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TRANSPORTATION DATA SURVEYS LIMITED |
Opinion |
We have audited the financial statements of Transportation Data Surveys Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's profit 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. |
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 directors' 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 group's and the parent 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 directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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 the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TRANSPORTATION DATA SURVEYS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are 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 directors determine 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 directors are responsible for assessing the group's and the parent 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' 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 a Report of the Auditors 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: |
The audit process includes an assessment of the entity's risk environment, through enquiry of and discussion with management, including an assessment of any key laws and regulations with which the company must comply in the ordinary course of its business. |
Additionally, the overall risks of irregular transactions occurring are assessed following our observations and confirmation of the design and implementation of management's controls. Whilst we are mindful of these risks, our audit focus is geared towards the risk of material misstatement in the financial statements as a whole. |
As such, our procedures cannot guarantee that all transactions have been fully compliant with all relevant laws and regulations, including those regulations relating to fraud, as our procedures are not designed to detect all instances of non-compliance. By definition, the risk of our detection of non-compliance is greater where compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. The risk is also greater regarding irregularities due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Comparative figures |
Comparative information in the financial statements is derived from the company's prior period financial statements which were not audited. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TRANSPORTATION DATA SURVEYS LIMITED |
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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
Seven Stars House |
1 Wheler Road |
Coventry |
CV3 4LB |
TRANSPORTATION DATA SURVEYS LIMITED (REGISTERED NUMBER: 06351416) |
CONSOLIDATED |
INCOME STATEMENT |
for the year ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 9,455,107 | 7,365,062 |
Cost of sales | 5,679,559 | 4,682,061 |
GROSS PROFIT | 3,775,548 | 2,683,001 |
Administrative expenses | 2,113,062 | 1,706,781 |
1,662,486 | 976,220 |
Other operating income | 379,029 | 229,860 |
OPERATING PROFIT | 5 | 2,041,515 | 1,206,080 |
Income from interest in associated undertakings |
186,188 |
153,426 |
Interest receivable and similar income | 16,045 | 11,647 |
202,233 | 165,073 |
2,243,748 | 1,371,153 |
Interest payable and similar expenses | 6 | 24,775 | 25,193 |
PROFIT BEFORE TAXATION | 2,218,973 | 1,345,960 |
Tax on profit | 7 | 365,399 | 208,754 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,618,367 | 944,937 |
Non-controlling interests | 235,207 | 192,269 |
1,853,574 | 1,137,206 |
TRANSPORTATION DATA SURVEYS LIMITED (REGISTERED NUMBER: 06351416) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
for the year ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,853,574 | 1,137,206 |
OTHER COMPREHENSIVE INCOME |
Foreign exchange on consolidation | 34,429 | (6,147 | ) |
Adjustment to reserves on share purchase | (64,054 | ) | - |
Income tax relating to components of other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(29,625 |
) |
(6,147 |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,823,949 |
1,131,059 |
Total comprehensive income attributable to: |
Owners of the parent | 1,922,887 | 938,790 |
Non-controlling interests | (98,938 | ) | 192,269 |
1,823,949 | 1,131,059 |
TRANSPORTATION DATA SURVEYS LIMITED (REGISTERED NUMBER: 06351416) |
CONSOLIDATED BALANCE SHEET |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 196,236 | 8,513 |
Tangible assets | 10 | 1,076,099 | 960,132 |
Investments | 11 |
Interest in associate | 762,105 | 680,347 |
Investment property | 12 | - | 140,000 |
2,034,440 | 1,788,992 |
CURRENT ASSETS |
Stocks | 13 | - | 10,756 |
Debtors | 14 | 3,820,336 | 2,090,658 |
Cash at bank and in hand | 2,207,764 | 2,778,604 |
6,028,100 | 4,880,018 |
CREDITORS |
Amounts falling due within one year | 15 | 1,016,731 | 1,036,901 |
NET CURRENT ASSETS | 5,011,369 | 3,843,117 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
7,045,809 |
5,632,109 |
CREDITORS |
Amounts falling due after more than one year | 16 | (101,807 | ) | (268,145 | ) |
PROVISIONS FOR LIABILITIES | 20 | (250,502 | ) | (160,268 | ) |
NET ASSETS | 6,693,500 | 5,203,696 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 100 | 100 |
Retained earnings | 22 | 5,947,278 | 4,358,536 |
SHAREHOLDERS' FUNDS | 5,947,378 | 4,358,636 |
NON-CONTROLLING INTERESTS | 23 | 746,122 | 845,060 |
TOTAL EQUITY | 6,693,500 | 5,203,696 |
The financial statements were approved by the Board of Directors and authorised for issue on 24 November 2023 and were signed on its behalf by: |
G O'Regan - Director |
TRANSPORTATION DATA SURVEYS LIMITED (REGISTERED NUMBER: 06351416) |
COMPANY BALANCE SHEET |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,428,794 | - |
The financial statements were approved by the Board of Directors and authorised for issue on |
TRANSPORTATION DATA SURVEYS LIMITED (REGISTERED NUMBER: 06351416) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 March 2023 |
Called up |
share | Retained | Non-controlling | Total |
capital | earnings | Total | interests | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2021 | 100 | 3,419,746 | 3,419,846 | 652,791 | 4,072,637 |
Changes in equity |
Total comprehensive income | - | 938,790 | 938,790 | 192,269 | 1,131,059 |
Balance at 31 March 2022 | 100 | 4,358,536 | 4,358,636 | 845,060 | 5,203,696 |
Changes in equity |
Total comprehensive income | - | 1,588,742 | 1,588,742 | (98,938 | ) | 1,489,804 |
Balance at 31 March 2023 | 100 | 5,947,278 | 5,947,378 | 746,122 | 6,693,500 |
TRANSPORTATION DATA SURVEYS LIMITED (REGISTERED NUMBER: 06351416) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 March 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Balance at 31 March 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2023 |
TRANSPORTATION DATA SURVEYS LIMITED (REGISTERED NUMBER: 06351416) |
CONSOLIDATED CASH FLOW STATEMENT |
for the year ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (70,328 | ) | 803,139 |
Interest paid | (10,745 | ) | (9,387 | ) |
Interest element of hire purchase payments paid |
(14,030 |
) |
(15,806 |
) |
Tax paid | (281,256 | ) | (174,152 | ) |
Net cash from operating activities | (376,359 | ) | 603,794 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (275,000 | ) | - |
Purchase of tangible fixed assets | (287,366 | ) | (312,400 | ) |
Sale of tangible fixed assets | 82,022 | 39,300 |
Sale of fixed asset investments | 182,242 | - |
Foreign exchange on consolidation | 34,429 | (6,147 | ) |
Interest received | 16,045 | 11,647 |
Dividends received | 104,429 | - |
Net cash from investing activities | (143,199 | ) | (267,600 | ) |
Cash flows from financing activities |
Capital repayments in year | (201,282 | ) | (197,792 | ) |
Amount introduced by directors | 150,000 | 141,185 |
Amount withdrawn by directors | - | (150,000 | ) |
Net cash from financing activities | (51,282 | ) | (206,607 | ) |
(Decrease)/increase in cash and cash equivalents | (570,840 | ) | 129,587 |
Cash and cash equivalents at beginning of year |
2 |
2,778,604 |
2,649,017 |
Cash and cash equivalents at end of year | 2 | 2,207,764 | 2,778,604 |
TRANSPORTATION DATA SURVEYS LIMITED (REGISTERED NUMBER: 06351416) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
for the year ended 31 March 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 2,218,973 | 1,345,960 |
Depreciation charges | 329,500 | 327,771 |
(Profit)/loss on disposal of fixed assets | (350,603 | ) | 772 |
Other non cash adjustments | (17,229 | ) | - |
Finance costs | 24,775 | 25,193 |
Finance income | (202,233 | ) | (165,073 | ) |
2,003,183 | 1,534,623 |
Decrease in stocks | 10,756 | 1,419 |
Increase in trade and other debtors | (1,879,678 | ) | (698,383 | ) |
Decrease in trade and other creditors | (204,589 | ) | (34,520 | ) |
Cash generated from operations | (70,328 | ) | 803,139 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 2,207,764 | 2,778,604 |
Year ended 31 March 2022 |
31.3.22 | 1.4.21 |
£ | £ |
Cash and cash equivalents | 2,778,604 | 2,649,017 |
TRANSPORTATION DATA SURVEYS LIMITED (REGISTERED NUMBER: 06351416) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
for the year ended 31 March 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
Other |
non-cash |
At 1.4.22 | Cash flow | changes | At 31.3.23 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 2,778,604 | (570,840 | ) | 2,207,764 |
2,778,604 | (570,840 | ) | 2,207,764 |
Debt |
Finance leases | (182,891 | ) | 201,282 | - | (207,063 | ) |
Debts falling due |
within 1 year | (64,805 | ) | 64,805 | - | - |
Debts falling due |
after 1 year | (230,742 | ) | 230,742 | - | - |
(478,438 | ) | 496,829 | - | (207,063 | ) |
Total | 2,300,166 | (74,011 | ) | - | 2,000,701 |
TRANSPORTATION DATA SURVEYS LIMITED (REGISTERED NUMBER: 06351416) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
for the year ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Transportation Data Surveys Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and remain unchanged from the prior year. |
The presentation and functional currency of the group is Pounds Sterling |
Basis of consolidation |
The consolidated financial statements incorporate those of Transportation Data Surveys Limited and of its subsidiary undertakings as follows: |
Nationwide Data Collection Limited |
Nationwide Data Collection (Midlands) Limited |
Nationwide Data Collection (London) Ltd |
Nationwide Data Collection (Scotland) Limited |
Nationwide Data Collection (Ireland) Ltd |
All financial statements for the above are made up to 31 March 2023. |
The group holdings in the following companies were divested during the year: |
Nationwide IT Consultancy Limited |
Nationwide IT Consultancy (Ireland) Limited |
The above entities remained within the group until 28 February 2023 and the results to this date are included in these consolidated financial statements. |
All transactions and balances between group companies are eliminated on consolidation. |
Critical accounting judgements and key sources of estimation uncertainty |
The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
Accounting estimates: |
i) Depreciation & amortisation |
The group has invested in a significant asset base including both intangible and tangible assets. When setting and calculating the estimates of depreciation and amortisation, management consider a number of factors, including: industry standards for the asset concerned; market and residual values of the asset; the performance of the item and its contribution to production and ultimately the profitability of the company; and an estimate of the continued applicability of its future estimated useful economic life by considering both the future levels of repair with reference to past actual expenditure and the relevance of its continued productivity to the group's future business plans. |
TRANSPORTATION DATA SURVEYS LIMITED (REGISTERED NUMBER: 06351416) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover comprises the value of sales (net of value added tax) of goods and services provided in the normal course of business. Revenue is recognised in respect of service contracts when the company obtains the right to consideration. |
Goodwill |
Additional share purchases to increase the group's overall holdings are included within goodwill and amortised over ten years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures & fittings | - |
Motor vehicles | - |
Computer equipment | - |
Government grants |
Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred. Grants of a capital nature are attributed to the relevant capital item to which the grant is in respect of and amortised over the remaining useful life of the asset concerned. |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement. |
TRANSPORTATION DATA SURVEYS LIMITED (REGISTERED NUMBER: 06351416) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Exchange gains on consolidation totalling £34,429 (2022 losses on consolidation - £6,147) have been classified within equity. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
TRANSPORTATION DATA SURVEYS LIMITED (REGISTERED NUMBER: 06351416) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom | 9,359,855 | 7,282,654 |
Europe | 2,316 | 4,075 |
United States of America | 92,936 | 77,449 |
New Zealand | - | 884 |
9,455,107 | 7,365,062 |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 4,078,959 | 3,143,985 |
Social security costs | 334,568 | 254,155 |
Other pension costs | 90,811 | 76,793 |
4,504,338 | 3,474,933 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Operational and management |
2023 | 2022 |
£ | £ |
Directors' remuneration | 151,000 | 141,875 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 171,463 | 157,042 |
Depreciation - assets on hire purchase contracts | 134,814 | 168,601 |
(Profit)/loss on disposal of fixed assets | (350,603 | ) | 772 |
Goodwill amortisation | 23,223 | 2,128 |
Auditors' remuneration | 20,000 | - |
Operating lease rentals | 127,953 | 131,679 |
TRANSPORTATION DATA SURVEYS LIMITED (REGISTERED NUMBER: 06351416) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank loan interest | 10,615 | 9,387 |
Other interest | 130 | - |
Hire purchase | 14,030 | 15,806 |
24,775 | 25,193 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 274,794 | 204,910 |
Deferred tax | 90,605 | 3,844 |
Tax on profit | 365,399 | 208,754 |
UK corporation tax has been charged at 19 % (2022 - 19 %). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 2,218,973 | 1,345,960 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
421,605 |
255,732 |
Effects of: |
Expenses not deductible for tax purposes | 12,919 | 929 |
Income not taxable for tax purposes | (94,327 | ) | (36 | ) |
Capital allowances in excess of depreciation | (51,198 | ) | (21,773 | ) |
Profits taxed overseas at different rates | (14,205 | ) | (29,942 | ) |
Timing differences relating to deferred tax | 90,605 | 3,844 |
Total tax charge | 365,399 | 208,754 |
TRANSPORTATION DATA SURVEYS LIMITED (REGISTERED NUMBER: 06351416) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
7. | TAXATION - continued |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Foreign exchange on consolidation | 34,429 | - | 34,429 |
Adjustment to reserves on share purchase | (64,054 | ) | - | (64,054 | ) |
(29,625 | ) | - | (29,625 | ) |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Foreign exchange on consolidation | (6,147 | ) | - | (6,147 | ) |
During the year the UK corporation tax rate remained at 19%. |
Following the budget in March 2021, pledges were made to keep the main rate at 19% up to April 2023, after which the main rate is set to rise to 25%. |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 April 2022 | 21,282 |
Additions | 210,946 |
At 31 March 2023 | 232,228 |
AMORTISATION |
At 1 April 2022 | 12,769 |
Amortisation for year | 23,223 |
At 31 March 2023 | 35,992 |
NET BOOK VALUE |
At 31 March 2023 | 196,236 |
At 31 March 2022 | 8,513 |
TRANSPORTATION DATA SURVEYS LIMITED (REGISTERED NUMBER: 06351416) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
10. | TANGIBLE FIXED ASSETS |
Group |
Plant and | Fixtures | Motor | Computer |
machinery | & fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2022 | 1,696,468 | 58,423 | 796,886 | 124,110 | 2,675,887 |
Additions | 180,632 | 2,295 | 329,895 | 1,486 | 514,308 |
Disposals | (97,368 | ) | (643 | ) | (269,421 | ) | (26,205 | ) | (393,637 | ) |
At 31 March 2023 | 1,779,732 | 60,075 | 857,360 | 99,391 | 2,796,558 |
DEPRECIATION |
At 1 April 2022 | 937,175 | 49,454 | 628,365 | 100,761 | 1,715,755 |
Charge for year | 138,422 | 1,236 | 162,890 | 3,729 | 306,277 |
Eliminated on disposal | (59,767 | ) | 486 | (226,616 | ) | (15,676 | ) | (301,573 | ) |
At 31 March 2023 | 1,015,830 | 51,176 | 564,639 | 88,814 | 1,720,459 |
NET BOOK VALUE |
At 31 March 2023 | 763,902 | 8,899 | 292,721 | 10,577 | 1,076,099 |
At 31 March 2022 | 759,293 | 8,969 | 168,521 | 23,349 | 960,132 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2022 | 180,250 | 461,543 | 641,793 |
Additions | - | 221,654 | 221,654 |
Disposals | - | (109,557 | ) | (109,557 | ) |
Transfer to ownership | - | (232,459 | ) | (232,459 | ) |
At 31 March 2023 | 180,250 | 341,181 | 521,431 |
DEPRECIATION |
At 1 April 2022 | 69,555 | 343,993 | 413,548 |
Charge for year | 16,604 | 118,210 | 134,814 |
Eliminated on disposal | - | (88,636 | ) | (88,636 | ) |
Transfer to ownership | - | (228,918 | ) | (228,918 | ) |
At 31 March 2023 | 86,159 | 144,649 | 230,808 |
NET BOOK VALUE |
At 31 March 2023 | 94,091 | 196,532 | 290,623 |
At 31 March 2022 | 110,695 | 117,550 | 228,245 |
TRANSPORTATION DATA SURVEYS LIMITED (REGISTERED NUMBER: 06351416) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures | Computer |
& fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
and 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
11. | FIXED ASSET INVESTMENTS |
Group |
Interest |
in |
associate |
£ |
COST |
At 1 April 2022 | 680,347 |
Share of profit/(loss) | 186,187 |
Dividends received | (104,429 | ) |
At 31 March 2023 | 762,105 |
NET BOOK VALUE |
At 31 March 2023 | 762,105 |
At 31 March 2022 | 680,347 |
TRANSPORTATION DATA SURVEYS LIMITED (REGISTERED NUMBER: 06351416) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in | Interest |
group | in |
undertakings | associate | Totals |
£ | £ | £ |
COST |
At 1 April 2022 | 89,416 |
Additions | 275,000 |
Disposals | ( |
) | (150 | ) |
At 31 March 2023 | 364,266 |
NET BOOK VALUE |
At 31 March 2023 | 364,266 |
At 31 March 2022 | 89,416 |
12. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 April 2022 | 140,000 |
Disposals | (140,000 | ) |
At 31 March 2023 | - |
NET BOOK VALUE |
At 31 March 2023 | - |
At 31 March 2022 | 140,000 |
13. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks | - | 10,756 |
TRANSPORTATION DATA SURVEYS LIMITED (REGISTERED NUMBER: 06351416) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
14. | DEBTORS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 1,658,112 | 1,240,583 |
Amounts owed by related parties | 50,512 | - |
Other debtors | 484,897 | 372,480 |
Directors' current accounts | - | 150,000 | - | 150,000 |
Prepayments and accrued income | 73,633 | 63,865 |
2,267,154 | 1,826,928 |
Amounts falling due after more than one year: |
Other debtors | 1,553,182 | 263,730 |
Aggregate amounts | 3,820,336 | 2,090,658 |
An impairment loss of £nil (2022 reversal of impairment losses - £10,438) was recognised against trade debtors |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | - | 64,805 |
Hire purchase contracts (see note 18) | 105,256 | 145,488 |
Trade creditors | 244,302 | 240,436 |
Amounts owed to group undertakings | - | - |
Tax | 127,749 | 133,840 |
Social security and other taxes | 80,862 | 82,976 |
VAT | 229,176 | 215,893 | 229,176 | 198,877 |
Other creditors | 151,115 | 87,781 |
Accruals and deferred income | 78,271 | 65,682 |
1,016,731 | 1,036,901 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans (see note 17) | - | 230,742 |
Hire purchase contracts (see note 18) | 101,807 | 37,403 |
101,807 | 268,145 |
TRANSPORTATION DATA SURVEYS LIMITED (REGISTERED NUMBER: 06351416) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans - less than 1 year | - | 64,805 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | - | 24,183 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | - | 187,388 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans - more than 5 years | - | 19,171 | - | 19,171 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 105,256 | 145,488 |
Between one and five years | 101,807 | 37,403 |
207,063 | 182,891 |
Group |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year | 109,908 | 127,953 |
Between one and five years | 261,298 | 182,790 |
In more than five years | - | 27,641 |
371,206 | 338,384 |
TRANSPORTATION DATA SURVEYS LIMITED (REGISTERED NUMBER: 06351416) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
18. | LEASING AGREEMENTS - continued |
Company |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2023 | 2022 |
£ | £ |
Bank loans | - | 295,547 |
Hire purchase contracts | 207,063 | 182,891 |
207,063 | 478,438 |
Hire purchase debts are secured against the assets to which they relate. |
Debts are secured by a supported joint and several personal guarantee of the directors of the company in the sum of £500,000. |
There are also corporate guarantees across the Group including: |
Transportation Data Surveys Limited; |
Nationwide Data Collection Limited; |
Nationwide Data Collection (London) Ltd; |
Nationwide Data Collection (Scotland) Limited; and |
Nationwide Data Collection (Midlands) Limited. |
20. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 250,502 | 160,268 |
TRANSPORTATION DATA SURVEYS LIMITED (REGISTERED NUMBER: 06351416) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
20. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2022 | 160,268 |
Charge to Income Statement during year | 90,605 |
Utilised during year | (371 | ) |
Balance at 31 March 2023 | 250,502 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
22. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 April 2022 | 4,358,536 |
Profit for the year | 1,618,367 |
Foreign exchange variances | 34,429 |
Reserves on share acquisition | (64,054 | ) |
At 31 March 2023 | 5,947,278 |
Retained earnings |
Retained earnings represent cumulative retained profits and losses from incorporation. |
23. | NON-CONTROLLING INTERESTS |
Transportation Data Surveys owns a controlling interest in each of its subsidiary undertakings. |
Each of the subsidiaries also has a non-controlling interest owned by select individuals in the following proportions: |
Nationwide Data Collection Limited | - 6.5% |
Nationwide Data Collection (Midlands) Limited | - 23.0% |
Nationwide Data Collection (London) Ltd | - 13.0% |
Nationwide Data Collection (Scotland) Limited | - 13.0% |
Nationwide Data Collection (Ireland) Ltd | - 19.0% |
TRANSPORTATION DATA SURVEYS LIMITED (REGISTERED NUMBER: 06351416) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
24. | PENSION COMMITMENTS |
The group operates a defined contribution pension scheme. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the group and amounted to £90,811 (2022 - £76,793). Included within creditors is a balance due to pension providers of £415 (2022 - £695), which represents amounts due to the funds. |
25. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022: |
2023 | 2022 |
£ | £ |
G O'Regan and Mrs M O'Regan |
Balance outstanding at start of year | 150,000 | 125,000 |
Amounts advanced | - | 150,000 |
Amounts repaid | (150,000 | ) | (125,000 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | - | 150,000 |
26. | GOVERNMENT GRANTS |
Included within other income is an amount of £2,000 (2022 - £203,179) relating to revenue grants whose conditions have been met during the year |