Company registration number SC210532 (Scotland)
TRAVELINE SCOTLAND LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
TRAVELINE SCOTLAND LIMITED
COMPANY INFORMATION
Directors
D Bradley
D Y Cameron
S G Chambers
R R Roberts - Chairman
S E Whitelaw Ginestri
D Robertson
(Appointed 27 July 2023)
Secretary
M Milne
Company number
SC210532
Registered office
2 Marischal Square
Broad Street
Aberdeen
AB10 1DQ
Auditor
Thomson Cooper
3 Castle Court
Carnegie Campus
Dunfermline
Fife
KY11 8PB
TRAVELINE SCOTLAND LIMITED
CONTENTS
Page
Chairman's report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Balance sheet
8
Notes to the financial statements
9 - 13
TRAVELINE SCOTLAND LIMITED
CHAIRMAN'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
Traveline Scotland provides Scotland’s national public transport information service and delivers impartial and accurate journey information on all modes of Public Transport for journeys within the UK.
In addition, it compiles and maintains the Scottish National Public Transport Information Data base.
In delivering this service we are required to meet specified quality criteria and I am pleased to report that we continue to meet these standards.
During 2023, we handled over 30 million customer contacts through our range of channels.
I record our thanks to the Operators, Transport Scotland, Regional Transport Partnerships and Local Authorities for continuing to work in partnership to ensure we deliver the best possible service for the people of Scotland.
I also wish to record our thanks to the agents at our call centre for the excellent customer service they give 24/7.
R R Roberts
Chairman
24 July 2024
TRAVELINE SCOTLAND LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of providing a National Public Transport Timetable
database and Journey Planner for Scotland.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
D Bradley
D Y Cameron
S G Chambers
S Greer
(Resigned 27 July 2023)
R R Roberts - Chairman
S E Whitelaw Ginestri
D Robertson
(Appointed 27 July 2023)
Auditor
Thomson Cooper were appointed as auditor to the company during the current financial year.
Statement of directors' responsibilities
The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
TRAVELINE SCOTLAND LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
By order of the board
M Milne
Secretary
24 July 2024
TRAVELINE SCOTLAND LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRAVELINE SCOTLAND LIMITED
- 4 -
Opinion
We have audited the financial statements of Traveline Scotland Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditor's 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 auditor's 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
TRAVELINE SCOTLAND LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRAVELINE SCOTLAND LIMITED
- 5 -
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 remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption 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, 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.
Auditor's 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 auditor's 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.
We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: existence and timing of recognition of income and posting of unusual journals. We discussed these risks with management, designed audit procedures to test the timing and existence of revenue and tested a sample of journals to confirm they were appropriate to address these risks.
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the officers and other management (as required by the auditing standards).
We reviewed the laws and regulations in areas that directly affect the financial statements including financial and taxation legislation and considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.
TRAVELINE SCOTLAND LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRAVELINE SCOTLAND LIMITED
- 6 -
With the exception of any known or possible non-compliance with relevant and significant laws and regulations, and as required by the auditing standards, our work in respect of these was limited to enquiry of the officers and management of the company.
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's 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.
Sharon Collins (Senior Statutory Auditor)
For and on behalf of Thomson Cooper, Statutory Auditors
Dunfermline
12 August 2024
TRAVELINE SCOTLAND LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
£
£
Turnover
794,616
780,337
Administrative expenses
(1,282,840)
(1,173,807)
Other operating income
495,931
417,030
Operating profit
7,707
23,560
Interest receivable and similar income
3,310
328
Profit before taxation
11,017
23,888
Tax on profit
(2,015)
(4,589)
Profit for the financial year
9,002
19,299
The profit and loss account has been prepared on the basis that all operations are continuing operations.
TRAVELINE SCOTLAND LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
486
72
Current assets
Debtors
4
225,946
246,777
Cash at bank and in hand
217,649
159,192
443,595
405,969
Creditors: amounts falling due within one year
5
(179,240)
(150,201)
Net current assets
264,355
255,768
Net assets
264,841
255,840
Capital and reserves
Called up share capital
7
70
70
Profit and loss reserves
264,771
255,770
Total equity
264,841
255,840
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 July 2024 and are signed on its behalf by:
R R Roberts - Chairman
Director
Company registration number SC210532 (Scotland)
TRAVELINE SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
1
Accounting policies
Company information
Traveline Scotland Limited is a private company limited by shares incorporated in Scotland. The registered office is 2 Marischal Square, Broad Street, Aberdeen, AB10 1DQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have prepared the financial statements on a going concern basis following a detailedtrue assessment of the company's liquidity. The directors have considered their 2023 trading results to date and consider there is a reasonable expectation that the company has sufficient resources in place to allow the company to continue as a going concern for a minimum period of 12 months from the date of approving the financial statements.
1.3
Turnover
Turnover represents amounts receivable for the provision of call centre services.
Turnover is recognised as the service is provided.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
1 to 3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
TRAVELINE SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 10 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.
Financial assets are Impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the profit and loss account.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
TRAVELINE SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure fs incurred.
2
Employees
The average monthly number of persons employed by the company during the year was 3 (2022- 4). This number excludes the directors who are not remunerated through the company.
2023
2022
Total
3
4
TRAVELINE SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
4,763
Additions
730
At 31 December 2023
5,493
Depreciation and impairment
At 1 January 2023
4,691
Depreciation charged in the year
316
At 31 December 2023
5,007
Carrying amount
At 31 December 2023
486
At 31 December 2022
72
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
64,135
97,636
Other debtors
161,811
149,141
225,946
246,777
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
105,196
70,290
Corporation tax
2,015
4,590
Deferred grant income
6
36,876
58,491
Advances received from shareholders
18,205
136
Other creditors
16,948
16,694
179,240
150,201
TRAVELINE SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
6
Government grants
Government
grants
£
Balance at 1 January 2023
58,491
Grants received during the year
474,316
Released to the profit and loss account during the year
(495,931)
36,876
Due to be released within one year
(36,876)
Amounts falling due after one year
-
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
70
70
70
70
8
Related party transactions
The company has taken advantage of the disclosure exemption available within Section 1A of FRS 102, whereby only related party transactions which are not performed under normal market conditions need to be disclosed. There are no transactions with any related parties that are not performed under normal market conditions.
TRAVELINE SCOTLAND LIMITED
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.200D BradleyD Y CameronS G ChambersS GreerS E Whitelaw GinestriD RobertsonD RobertsonM MilnefalsetrueSC2105322023-01-012023-12-31SC210532bus:Director12023-01-012023-12-31SC210532bus:Director22023-01-012023-12-31SC210532bus:Director32023-01-012023-12-31SC210532bus:Chairman2023-01-012023-12-31SC210532bus:Director52023-01-012023-12-31SC210532bus:Director62023-01-012023-12-31SC210532bus:CompanySecretaryDirector12023-01-012023-12-31SC210532bus:Director42023-01-012023-12-31SC210532bus:Director72023-01-012023-12-31SC210532bus:CompanySecretary12023-01-012023-12-31SC210532bus:RegisteredOffice2023-01-012023-12-31SC2105322023-12-31SC2105322022-01-012022-12-31SC2105322022-12-31SC210532core:OtherPropertyPlantEquipment2023-12-31SC210532core:OtherPropertyPlantEquipment2022-12-31SC210532core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-31SC210532core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-31SC210532core:CurrentFinancialInstruments2023-12-31SC210532core:CurrentFinancialInstruments2022-12-31SC210532core:ShareCapital2023-12-31SC210532core:ShareCapital2022-12-31SC210532core:RetainedEarningsAccumulatedLosses2023-12-31SC210532core:RetainedEarningsAccumulatedLosses2022-12-31SC210532core:ComputerEquipment2023-01-012023-12-31SC210532core:OtherPropertyPlantEquipment2022-12-31SC210532core:OtherPropertyPlantEquipment2023-01-012023-12-31SC210532core:WithinOneYear2023-12-31SC210532core:WithinOneYear2022-12-31SC210532bus:PrivateLimitedCompanyLtd2023-01-012023-12-31SC210532bus:FRS1022023-01-012023-12-31SC210532bus:Audited2023-01-012023-12-31SC210532bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP