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Registered number: 03290006
















BATH BUS COMPANY LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022





































BATH BUS COMPANY LIMITED

 
COMPANY INFORMATION


DIRECTORS
A M Masson 
D White 
G J Brooking 




REGISTERED NUMBER
03290006



REGISTERED OFFICE
Unit 14 Burnett Business Park
Gypsy Lane

Keynsham

BS31 2ED




AUDITOR
Mazars LLP
Chartered Accountants & Statutory Auditors

30 Old Bailey

London

EC4M 7AU






BATH BUS COMPANY LIMITED


CONTENTS



Page
Directors' report
 
1 - 3
Directors' responsibilities statement
 
4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Statement of financial position
 
10 - 11
Statement of changes in equity
 
12
Notes to the financial statements
 
13 - 31



BATH BUS COMPANY LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The Directors present their report and the financial statements for the year ended 31 December 2022.

Bath Bus Company Limited is a private company, limited by shares, registered in Englad and Wales. 
The Company's registration number is 03290006.

RESULTS AND DIVIDENDS

The results for the year are set out on page 9. 
No dividends were declared or paid in respect of the current financial year (2021: £Nil).

DIRECTORS

The Directors who served during the year and to the date of this report were:

A M Masson 
D White 
G J Brooking (appointed 4 May 2023) 
D E Mather (resigned 31 March 2023) 
A Herlingshaw (resigned 30 April 2022)

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have established a process of risk management within the company to evaluate, monitor and manage any potential risks and uncertainties that could have an impact upon the company’s long term performance. The directors have also established a strong culture of safety and security both for our staff and our passengers.
The directors have also considered the risks of the Covid 19 virus going forward. Passenger levels are at approximately 80% of the volume pre-Covid 19, in-line with the bus industry statistics within the UK. However, there remains uncertainty around levels of overseas tourists and the trade they bring in the coming year. This has been mitigated by the increased number of UK residents holidaying in the UK to historic cities such as Bath.
Other risks include increasing labour and fluctuating fuel costs as well as competitive pressures.
By far the largest element of the company’s operating costs relate to the cost of labour. Recruitment and retention of employees is a continuing risk factor for the transport industry and following the Covid 19 period, recruitment is a key priority for the directors.  The directors have established a process for monitoring all aspects of recruitment, training, personal development and remuneration to ensure the company remains competitive and retains and recruits the right calibre of staff.
The business is exposed to any decline in tourism for its open top sightseeing arm, the directors monitor revenue trends on a regular basis to establish appropriate levels of service for the expected demand.

Page 1


BATH BUS COMPANY LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
FUTURE DEVELOPMENTS

The directors consider the operating performance improved for the year under review, however the results still presented a loss. The directors will continue to keep all matters under review in view of operational constraints affecting tourism within the region.
Clean Air Zone requirements have now been successfully implemented in the region, and the directors have considered the need to replace the Buses used and intend to upgrade/purchase new vehicles where necessary. The Company has received grants from Bath and North East Somerset Council for the upgrade of the vehicles to be compliant with the clean air zone.
All vehicles operated by the company comply with the emissions levels required and as such there is no risk or future investment in vehicle upgrades required. 
The airport service stabilised in the year at timetables and frequencies similar to those operated in 2021. Actual patronage of passengers, airport personnel and local commuters increased in the year reflecting increasing airport activity and the attractiveness of the service as an alternative to other local travel offerings.
The directors have considered the need for employee training and development and this will continue in 2023.

GOING CONCERN

The Directors have a reasonable expectation that the Company has the adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adapt the going concern basis in preparing the financial statements. The Company parent undertaking RATP Dev UK Limited, has given assurance to continue to provide support to the Company for at least twelve months subsequent to the sign off date of this report.
In addition, and with particular reference to Covid-19, a steady recovery appears to be taking place in both the areas of tourism and, more slowly but nevertheless progressively, in general public transport use.
At every stage of this process, the Company has ensured care has been taken to incrementally increase activity with every indicator reflecting that this has been done in a sustainable way for the future. A cautious approach has also been taken toward embarking on limited future expansion where opportunities arise, and with the support of the relevant local authorities. Conversely, where any opportunity exists for further savings, these too are being reviewed. 

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS

The Company maintains Directors' and officers' liability insurance in respect of legal action that might be brought against its Directors. The Company has indemnified each of its Directors and other officers of the Company against certain liabilities that may be incurred as a result of their offices. 

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

POST BALANCE SHEET EVENTS

No significant events have occurred since the balance sheet date.

Page 2


BATH BUS COMPANY LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
AUDITORS

The auditorsMazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 






G J Brooking
Director

Date: 6 March 2024

Unit 14 Burnett Business Park
Gypsy Lane
Keynsham
BS31 2ED

Page 3


BATH BUS COMPANY LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022

The Directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:

select suitable accounting policies and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 4


BATH BUS COMPANY LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BATH BUS COMPANY LIMITED
OPINION


We have audited the financial statements of Bath Bus Company Limited (the 'Company') for the year ended December 2022, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the ompany's affairs as at December 2022 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. 


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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5


BATH BUS COMPANY LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BATH BUS COMPANY LIMITED (CONTINUED)

OPINION 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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.
the directors were not entitled to take advantage of the small companies' exemptions in preparing the Directors report and from the requirement to prepare a Strategic report. 


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' responsibilities statement set out on page 4, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6


BATH BUS COMPANY LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BATH BUS COMPANY LIMITED (CONTINUED)

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 an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. 

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation and the Companies Act 2006. 

In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the cut-off assertion) and significant one-off or unusual transactions

Our audit procedures in relation to fraud included but were not limited to:

Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.


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 Auditors' report.


Page 7


BATH BUS COMPANY LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BATH BUS COMPANY LIMITED (CONTINUED)

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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.






Gavin Barclay (Senior statutory auditor)
for and on behalf of
Mazars LLP
Chartered Accountants and Statutory Auditor
Statutory Auditors
30 Old Bailey
London
EC4M 7AU

6 March 2024
Page 8


BATH BUS COMPANY LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021
Note
£
£

  

Turnover
 4 
3,970,976
2,419,922

Cost of sales
  
(3,267,544)
(2,511,050)

Gross profit/(loss)
  
703,432
(91,128)

Administrative expenses
  
(1,338,415)
(1,770,655)

Other operating income
  
575,915
804,114

Operating loss
 6 
(59,068)
(1,057,669)

Interest payable and similar expenses
 9 
(127,300)
(96,181)

Loss before tax
  
(186,368)
(1,153,850)

Tax on loss
 10 
-
2,455

Loss for the financial year
  
(186,368)
(1,151,395)

Other comprehensive income:
  

Items that will not be reclassified to profit or loss:
  

Fair value gain on cash flow hedges
  
33,130
(8,758)

  
33,130
(8,758)

Total comprehensive income for the year
  
(153,238)
(1,160,153)

All activities carried out in the year relate to continuing operations.

The notes on pages 13 to 31 form part of these financial statements.

Page 9


BATH BUS COMPANY LIMITED
REGISTERED NUMBER:03290006

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

  

Fixed assets
  

Intangible assets
 11 
26,136
25,345

Tangible assets
 12 
3,314,684
3,678,029

  
3,340,820
3,703,374

Current assets
  

Stocks
 13 
93,053
46,894

Debtors: amounts falling due within one year
 14 
506,658
535,814

Cash at bank and in hand
  
27,040
4,770

  
626,751
587,478

Creditors: amounts falling due within one year
 15 
(3,568,890)
(3,534,944)

Net current liabilities
  
 
 
(2,942,139)
 
 
(2,947,466)

Total assets less current liabilities
  
398,681
755,908

  

Creditors: amounts falling due after more than one year
 16 
(1,291,784)
(1,504,532)

  
(893,103)
(748,624)

Provisions for liabilities
  

Provisions
 18 
(56,926)
(48,167)

  
 
 
(56,926)
 
 
(48,167)

  

Net assets excluding pension asset
  
(950,029)
(796,791)

Net liabilities
  
(950,029)
(796,791)


Capital and reserves
  

Called up share capital 
 20 
1,258,500
1,258,500

Cash flow hedging reserve
 21 
78,612
45,482

Profit and loss account
 21 
(2,287,141)
(2,100,773)

  
(950,029)
(796,791)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G J Brooking
Director
Page 10


BATH BUS COMPANY LIMITED
REGISTERED NUMBER:03290006
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022


Date: 6 March 2024

The notes on pages 13 to 31 form part of these financial statements.

Page 11


BATH BUS COMPANY LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Cash flow hedging reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2021
1,258,500
54,240
(949,378)
363,362



Loss for the year
-
-
(1,151,395)
(1,151,395)

Fair value loss on cash flow hedges
-
(8,758)
-
(8,758)



At 1 January 2022
1,258,500
45,482
(2,100,773)
(796,791)



Loss for the year
-
-
(186,368)
(186,368)

Fair value gain on cash flow hedges
-
33,130
-
33,130


At 31 December 2022
1,258,500
78,612
(2,287,141)
(950,029)


The notes on pages 13 to 31 form part of these financial statements.

Page 12


BATH BUS COMPANY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


GENERAL INFORMATION

Bath Bus Company Limited is a private company, limited by shares, registered in England and Wales. 
The company's registration number is 03290006.
The company's registered address is Unit 14 Burnett Business Park, Gypsy Lane, Keynsham, BS31 2ED

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The presentation currency of the financial statements is Pound Sterling (£).

The following principal accounting policies have been applied:

Page 13


BATH BUS COMPANY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.ACCOUNTING POLICIES (continued)

 
2.2

FINANCIAL REPORTING STANDARD 101 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
 - paragraph 118(e) of IAS 38 Intangible Assets;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

This information is included in the consolidated financial statements of Régie Autonome des Transports Parisiens as at 31 December 2022 and these financial statements may be obtained from 54, Quai de la Rapée - LAC LA 30, 75012 Paris.

In accordance with FRS 101 the Company has not made the disclosures mentioned above as it was a wholly owned subsidiary undertaking of Régie Autonome des Transports Parisiens which produces fully consolidated accounts which are publicly available.
The Company proposes to continue to adopt the reduced disclosure framework of FRS 101 in its next financial statements.
The following standards, amendments and interpretations have been issued by the International Accounting Standards Board (IASB) or by the International Financial Reporting Council Interpretations Committee (IFRIC) and have been adopted for the period ended 31 December 2022:
IAS 16                     'Property, Plant and Equipment (Amendment): Proceeds Before Intended Use'
IAS 37                 'Provisions, Contingent Liabilities and Contingent Assets: (Amendment): Onerous Contracts - Cost of Fulfilling a Contract'
IFRS 3                    ‘Business Combinations (Amendment): Reference to the  Conceptual Framework’
Annual Improvements to IFRSs (2018 – 2020 cycle)
The adoption of standards and interpretations above have not had a material impact on the company's financial statements.
 
Page 14


BATH BUS COMPANY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.ACCOUNTING POLICIES (continued)


2.2
FINANCIAL REPORTING STANDARD 101 - REDUCED DISCLOSURE EXEMPTIONS (CONTINUED)


 
2.3

GOING CONCERN

The directors have a reasonable expectation that the company has the adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adapt the going concern basis in preparing the financial statements. The company parent undertaking RATP Dev UK Limited, has given assurance to continue to provide support to the company for at least twelve months subsequent to the sign off date of this report.
In addition, and with particular reference to Covid-19, a steady recovery appears to be taking place in both the areas of tourism and, more slowly but nevertheless progressively, in general public transport use.
At every stage of this process, the company has ensured care has been taken to incrementally increase activity with every indicator reflecting that this has been done in a sustainable way for the future. A cautious approach has also been taken toward embarking on limited future expansion where opportunities arise, and with the support of the relevant local authorities. Conversely, where any opportunity exists for further savings, these too are being reviewed. 

 
2.4

LEASES

The Company as a lessee

The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate, which ranges between 3.75% and 8.5% based on similar borrowings.

Lease payments included in the measurement of the lease liability comprise:

fixed lease payments (including in-substance fixed payments), less any lease incentives;


The lease liability is included in 'Creditors' on the Statement of Financial Position.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset
Page 15


BATH BUS COMPANY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.ACCOUNTING POLICIES (continued)


2.4
LEASES (CONTINUED)

is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
 

The right-of-use assets are included in the 'Tangible Fixed Assets' line in the Statement of Financial Position.

The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 2.14.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has used this practical expedient. When the value of the underlying asset is £5,000 or less, the company has recognised the lease payments associated with those leases on a straight-line basis over the lease term.

 
2.5

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 16


BATH BUS COMPANY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.ACCOUNTING POLICIES (continued)

 
2.6

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money.

Rendering of services
Revenue from providing services is recognised when the performance obligations have been satisfied. The company's activities are described in detail below. 
(a) Open-Tour Sightseeing ticket sales
Revenue from Open-Tour Sightseeing tickets is the invoiced amount of services, exclusive of Value Added Tax provided to customers during the year, encompassing tickets sold on board, pre-booked or to agents for resale. The revenue is recognised at the point of service delivery to customers. Non-refundable pre-booked tickets, or agent sales are recognised either when the ticket is utilise on a tour or when the tickets expire. Concessions tickets are provided, the revenue is recognised as the performance obligations are met by providing a tour. The company is then rebated for concessions by the local government monthly. 
(b) Bus routes
The company also covers a bus route between Bath and the Bristol airport. Revenue for tickets is recognised at the point in which the tickets are utilised and the obligations are performed.

 
2.7

GOVERNMENT GRANTS

Government grants received on capital expenditure are initially recognised within deferred income on the Company's Statement of financial position and are subsequently recognised in profit or loss on a systematic basis over the useful life of the related capital expenditure.
Grants for revenue expenditure are presented as part of the profit or loss in the periods in which the expenditure is recognised.

The year saw such recognition in respect of the Department for Transport Covid-19 Bus Services Support scheme. Further recognition was made in respect of the Bath and North East Somerset Clean Air Zone scheme. Income from this scheme is recognised after expenditure necessary for buses to meet the requirements of the clean air zone, have been made. 

 
2.8

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 17


BATH BUS COMPANY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.ACCOUNTING POLICIES (continued)

 
2.10

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.12

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

 The estimated useful lives range as follows:

Computer software
-
3-10 years

 
2.13

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 18


BATH BUS COMPANY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.ACCOUNTING POLICIES (continued)


2.13
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
over the life of the lease
Plant and machinery
-
between 3 to 15 years
Motor vehicles
-
between 3 to 15 years
Assets under construction
-
Not depreciated

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

IMPAIRMENT OF ASSETS

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.15

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Page 19


BATH BUS COMPANY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.ACCOUNTING POLICIES (continued)

 
2.18

CREDITORS

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

 
2.19

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

FINANCIAL INSTRUMENTS


The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets and financial liabilities are initially measured at fair value. 

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

Fair value through profit or loss

All of the Company's financial assets are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset. 

Impairment of financial assets

The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.

Financial liabilities

Fair value through profit or loss

Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency
Page 20


BATH BUS COMPANY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.ACCOUNTING POLICIES (continued)


2.20
FINANCIAL INSTRUMENTS (CONTINUED)

that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship.

At amortised cost

Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.

 
2.21

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING

The Company's activities expose it to certain financial risks including changes in fuel prices. The company uses forward contracts to hedge these exposures when considered appropriate. The company does not use derivative financial instruments for speculative purposes. 
The company has not applied hedge accounting, and all derivatives are initially and subsequently measured at fair value through profit and loss. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. 

Page 21


BATH BUS COMPANY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements in accordancce with FRS101 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about carrying values of assets and liabilities that are not readily apparent from other courses. 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Material estimates and assumptions are made in particular with regard to calculating the residual values of buses, the likelihood that tax assets can be realised, the provision for the recoverability of debts and the adequacy for claims that they are not covered by insurance policies. 
Provisions
A provision is recognised when the company has a legal or constructive obligation as a result of a past event and it is probably that an outflow of economic benefits will be required to settle the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured as the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
Right of use assets
Right of use assets are recognised when the company has contractual obligation containing a lease. The directors have used their best estimate for an appropriate discount rate to measure the liability based on similar borrowings. The lease term is set from the contracts and there is reasonable certainty that extension options will not be exercised.
Impairments
Impairments have been used to reduce the value of the buses that no longer meet the clean air zone requirements. The assets were impaired to the expected sale value by the directors.
 

Page 22


BATH BUS COMPANY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


TURNOVER

All turnover arose within the United Kingdom and relates to services in line with the policy outlined in note 2.6. 

5.
OTHER OPERATING INCOME 

The material grants received in the year are listed below:





2022
2021

£
£

Coronavirus Job Retention Scheme 
-
282,472

Department for Transport 
533,991
495,672

Bath and North East Somerset
41,924
25,970


575,915
804,114

                                                                                                                                                                                                                                                                                                                                                                    The Bath and North East Somerset funds are strictly to be used for vehicles purchased as a result of the Clean Air Zone introduced to Bath, the funds will be recognised in accordance with the terns of the grant. Subsequently, the funds that have not been recognised in the current year is recorded in deferred income with a balance of £264,335 (2021: £306,269). 
Grants received from the Department for Transport were in respect of the Covid-19 Bus Services Support scheme whose purpose is to support commercial bus operators in recognition of the impacts of Covid-19 on their reduced patronage and revenue.   
.
There are no conditions attached to the remaining grants



6.


OPERATING LOSS

The operating loss is stated after charging/(crediting):

2022
2021
£
£

Depreciation of tangible fixed assets
410,131
144,896

Depreciation of leased assets
132,707
330,623

Amortisation of intangible assets
9,936
10,454

Auditors remuneration
16,000
14,500

Exchange differences
1,084
1,942

Defined contribution pension cost
38,076
37,409

Cost of stocks recognised as an expense
427,752
278,524

Government grants
(575,915)
(804,114)

Page 23


BATH BUS COMPANY LIMITED



 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
  


7.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


2022
2021
£
£

Wages and salaries
1,960,933
1,773,941

Social security costs
187,440
156,732

Cost of defined contribution scheme
38,076
37,409

2,186,449
1,968,082


The staff costs given above are provided as gross costs, before any receipt from the Coronavirus Job Retention Scheme government grant (Note 5). 

The average monthly number of employees, including the directors, during the year was as follows:


        2022
        2021
            No.
            No.







Total
76
91


8.


DIRECTORS' REMUNERATION

2022
2021
£
£

Directors' emoluments
163,336
198,423

Company contributions to defined contribution pension schemes
3,935
4,744

167,271
203,167


During the year retirement benefits were accruing to 3 directors (2021: 3) in respect of defined contribution pension schemes.


9.


INTEREST PAYABLE AND SIMILAR EXPENSES

2022
2021
£
£


Bank interest payable
61,226
41,853

Loans from group undertakings
27,999
28,000

Interest on lease liabilities
38,075
26,328

127,300
96,181

Page 24


BATH BUS COMPANY LIMITED



 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
  


10.


TAXATION


2022
2021
£
£

CORPORATION TAX


Corporation tax on profits for the year
-
(2,455)


TOTAL CURRENT TAX
-
(2,455)


TAXATION ON PROFIT/(LOSS) ON ORDINARY ACTIVITIES
-
(2,455)

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is the same as (2021: the same as) the standard rate of corporation tax in the UK of 19% (2021: 19%) as set out below:

2022
2021
£
£


Loss on ordinary activities before tax
(186,368)
(1,153,850)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021: 19%)
(51,358)
(219,149)

EFFECTS OF:


Capital allowances for year in excess of depreciation
-
15,833

Short-term timing difference leading to an increase in taxation
708
200,861

Disallowable expenses
2,149
-

Movements in unrecognised deffered tax
63,817
-

Difference in deferred tax rate
(15,316)
-

TOTAL TAX CHARGE FOR THE YEAR
-
(2,455)


 


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

The UK corporation tax rate will rise from 19% to 25% in 2023 and this was substantively enacted on 24 May 2021. Accordingly, this rate will be used to measure any deferred tax assets and liabilities in current and future reporting periods.

Page 25


BATH BUS COMPANY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

11.


INTANGIBLE ASSETS




Computer software

£



COST


At 1 January 2022
76,111


Additions - internal
10,727



At 31 December 2022

86,838



AMORTISATION


At 1 January 2022
50,766


Charge for the year on owned assets
9,936



At 31 December 2022

60,702



NET BOOK VALUE



At 31 December 2022
26,136



At 31 December 2021
25,345




Page 26


BATH BUS COMPANY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


TANGIBLE ASSETS





Long-term leasehold property
Right of use assets
Plant and machinery
Assets under construction
Total

£
£
£
£
£



COST OR VALUATION


At 1 January 2022
5,032
1,140,897
4,258,782
10,727
5,415,438


Additions
-
114,961
123,614
-
238,575


Disposals
-
-
(151,453)
(10,727)
(162,180)



At 31 December 2022

5,032
1,255,858
4,230,943
-
5,491,833



DEPRECIATION


At 1 January 2022
5,032
135,124
1,597,253
-
1,737,409


Charge for the year
-
-
410,131
-
410,131


Charge for the year on right-of-use assets
-
132,707
-
-
132,707


Disposals
-
-
(103,098)
-
(103,098)



At 31 December 2022

5,032
267,831
1,904,286
-
2,177,149



NET BOOK VALUE



At 31 December 2022
-
988,027
2,326,657
-
3,314,684



At 31 December 2021
-
1,005,773
2,661,529
10,727
3,678,029

Right of use assets include lease of land and buildings with an average lease term over 3 properties of 7 years (maximum was 10 years). The average remaining term at December 2022 is 4 years 11 months. 
The net book value of tangible fixed assets include £949,545 (2021: £2,017,589) in respect of assets held under hire purchase agreements.

Page 27


BATH BUS COMPANY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

13.


STOCKS

2022
2021
£
£

Raw materials and consumables
93,053
46,894



The difference between purchase price or production cost of stocks and their replacement cost is not material.


14.


DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022
2021
£
£


Trade debtors
126,744
198,037

Amounts owed by group undertakings
-
73,525

Other debtors
124,788
100,926

Prepayments and accrued income
176,514
117,844

Financial instruments
78,612
45,482

506,658
535,814


Amounts owed by group undertakings are non interest bearing and have no fixed date for repayment.


15.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022
2021
£
£

Bank overdrafts
1,195,518
1,764,535

Trade creditors
53,045
34,688

Amounts owed to group undertakings
1,406,847
811,150

Other taxation and social security
36,458
41,106

Lease liabilities
293,909
336,685

Other creditors
65,765
67,666

Accruals and deferred income
517,348
479,114

3,568,890
3,534,944


Lease liabilities are secured against the asset to which they relate.
Amounts owed to group undertakings consist of an £800,000 loan bearing interest of 3.5% per annum and has no fixed date for repayment. The remaining amounts are non interest bearing and are repayable on demand.

Page 28


BATH BUS COMPANY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

16.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022
2021
£
£

Lease liabilities
1,291,784
1,504,532


Lease liabilities are secured against the asset to which they relate.


17.


FINANCIAL INSTRUMENTS

The company uses derivative financial instruments to reduce exposure to commodity price risk. The company's transport operations consume 0.31 million litres of diesel fuel per annum. As a result, the company's profits are exposed to the movement in the underlying price of crude oil, which is a major driver of diesel prices. The company manages the volatility in its fuel costs by maintaining an ongoing fuel hedging programme whereby derivatives are used to fix the variable unit cost of anticipated fuel consumption.
Derivative financial instruments used for hedging and measured at fair value are classified on the Statement of Financial Position as set out below:

2022
2021
£
£

FINANCIAL ASSETS


Financial assets measured at fair value through other comprehensive income
78,612
45,482




Fair value hierarchy
Financial instruments are recognised at fair value according to the measurement method used. The difference levels of fair value has been defined as follows:
  - Level 1: Quoted prices in active markets for identical assets or liabilities in active markets,
  - Level 2: Observable data other than quoted prices for identical assets or liabilities in active markets,
  - Level 3: Unobservable data.
The Company's derivative financial instruments are valued using level 2 valuation techniques.

Page 29


BATH BUS COMPANY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

18.


PROVISIONS





Other provisions

£





At 1 January 2022
48,167


Charged to profit or loss
8,759



AT 31 DECEMBER 2022
56,926

Other provisions relate to claims against the company to the extent that they are not covered by insurance policies. Claims are expected to be settled within one year except where there is extended litigation. 
A provision of £18,000 for the repayment of a Department for Transport grant has been included in the year which is expected to be settled within one year.


19.

LEASES

Company as a lessee

The Company has recognised lease liabilities and right-of-use assets for the property, vehicles and equpment that the group utilises for the purpose of carrying on their trade. The incremental borrowing rate used ranges between 3.75% and 8.5% based on similar borrowings.

Lease liabilities are due as follows:

2022
2021
£
£

No later than one year
293,909
336,685

Between one year and five years
847,275
912,202

Later than five years
444,509
592,330

1,585,693
1,841,217


The following amounts in respect of leases, where the Company is a lessee, have been recognised in profit or loss:

2022
2021
£
£

Interest expense on lease liabilities
38,075
26,328

Expenses relating to short-term leases
10,696
26,213

Depreciation charged on leased assets
132,707
330,623

Page 30


BATH BUS COMPANY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

20.


SHARE CAPITAL

2022
2021
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1,258,500 (2021: 1,258,500) Ordinary shares of £1.00 each
1,258,500
1,258,500



21.


RESERVES

Profit and loss account

Profit and loss reserve represents the cumulative profits or losses of the company net of distributions to the owners and the net value of the cash flow hedge.
Cash flow hedging reserve
The cash flow hedging reserve represents the net gains or losses, net of tax, on effective cash flow hedging instruments that will be recycled to the income statement when the hedged transaction affects profit or loss.
The underlying contracts relating to the cash flow hedging reserve are held by other group companies and therefore any associated derivative asset or liability form part of the intercompany balance. 


22.


PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £38,076 (2021: £37,409). Contributions totalling £3,976 (2021: £2,347) were payable to the fund at the reporting date and are included in other creditors.


23.


RELATED PARTY TRANSACTIONS

The Company has taken advantage of the exemption under paragraph 8(k) of FRS101 not to disclose transactions with fellow wholly owned group companies.


24.


POST BALANCE SHEET EVENTS

No significant events have occurred since the balance sheet date.


25.


CONTROLLING PARTY

RATP Dev UK Limited is the company's immediate parent company and parent company undertaking of the smallest group in which the company is a member.
The ultimate parent undertaking of the smallest and largest group of underakings for which group accounts are drawn up and of which the company is a member is Régic Autonome des Transport Parisiens (incorporated in France). The accounts for Régis Autonome des Transports Parisiens are available at 54 Quai de la Rapée - LAC LA 30, 75012 Paris.

Page 31