FOR THE YEAR ENDED 31 DECEMBER 2022
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BATH BUS COMPANY LIMITED
COMPANY INFORMATION
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BATH BUS COMPANY LIMITED
CONTENTS
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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.
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).
The Directors who served during the year and to the date of this report were:
D E Mather (resigned 31 March 2023)
A Herlingshaw (resigned 30 April 2022)
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.
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BATH BUS COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
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.
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.
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.
No significant events have occurred since the balance sheet date.
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BATH BUS COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The auditors, Mazars LLP, will 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.
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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 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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BATH BUS COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BATH BUS COMPANY LIMITED
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 policies. The 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).
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.
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.
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 Report. 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. 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.
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BATH BUS COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BATH BUS COMPANY LIMITED (CONTINUED)
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.
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.
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BATH BUS COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BATH BUS COMPANY LIMITED (CONTINUED)
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.
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BATH BUS COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BATH BUS COMPANY LIMITED (CONTINUED)
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 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.
for and on behalf of
Chartered Accountants and Statutory Auditor
Statutory Auditors
30 Old Bailey
EC4M 7AU
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BATH BUS COMPANY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
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BATH BUS COMPANY LIMITED
REGISTERED NUMBER:03290006
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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BATH BUS COMPANY LIMITED
REGISTERED NUMBER:03290006
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022
The notes on pages 13 to 31 form part of these financial statements.
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BATH BUS COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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BATH BUS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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
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:
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BATH BUS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.ACCOUNTING POLICIES (continued)
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.
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BATH BUS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.ACCOUNTING POLICIES (continued)
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.
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BATH BUS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.ACCOUNTING POLICIES (continued)
Functional and presentation currency
Transactions and balances
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BATH BUS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.ACCOUNTING POLICIES (continued)
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. Grants for revenue expenditure are presented as part of the profit or loss in the periods in which the expenditure is recognised.
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BATH BUS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.ACCOUNTING POLICIES (continued)
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.
The estimated useful lives range as follows:
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BATH BUS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.ACCOUNTING POLICIES (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:
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.
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BATH BUS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.ACCOUNTING POLICIES (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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
Impairment of financial assets
Financial liabilities
Fair value through profit or loss
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BATH BUS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.ACCOUNTING POLICIES (continued)
At amortised cost
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.
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BATH BUS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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.
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BATH BUS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The material grants received in the year are listed below:
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
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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.
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BATH BUS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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BATH BUS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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BATH BUS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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BATH BUS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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BATH BUS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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BATH BUS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Profit and loss account
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.
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.
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.
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