Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false242truetruetruetruetrueNo description of principal activityfalsetruefalse2023-01-02246 SC097606 2023-01-02 2023-12-31 SC097606 2022-01-03 2023-01-01 SC097606 2023-12-31 SC097606 2023-01-01 SC097606 2022-01-03 SC097606 c:PriorPeriodIncreaseDecrease 2023-01-02 2023-12-31 SC097606 d:CompanySecretary1 2023-01-02 2023-12-31 SC097606 d:Director1 2023-01-02 2023-12-31 SC097606 d:Director2 2023-01-02 2023-12-31 SC097606 d:RegisteredOffice 2023-01-02 2023-12-31 SC097606 c:PlantMachinery 2023-01-02 2023-12-31 SC097606 c:PlantMachinery 2023-12-31 SC097606 c:PlantMachinery 2023-01-01 SC097606 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-01-02 2023-12-31 SC097606 c:MotorVehicles 2023-01-02 2023-12-31 SC097606 c:MotorVehicles 2023-12-31 SC097606 c:MotorVehicles 2023-01-01 SC097606 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-01-02 2023-12-31 SC097606 c:FurnitureFittings 2023-01-02 2023-12-31 SC097606 c:FurnitureFittings 2023-12-31 SC097606 c:FurnitureFittings 2023-01-01 SC097606 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-02 2023-12-31 SC097606 c:OwnedOrFreeholdAssets 2023-01-02 2023-12-31 SC097606 c:CurrentFinancialInstruments 2023-12-31 SC097606 c:CurrentFinancialInstruments 2023-01-01 SC097606 c:Non-currentFinancialInstruments 2023-12-31 SC097606 c:Non-currentFinancialInstruments 2023-01-01 SC097606 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 SC097606 c:CurrentFinancialInstruments c:WithinOneYear 2023-01-01 SC097606 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 SC097606 c:Non-currentFinancialInstruments c:AfterOneYear 2023-01-01 SC097606 c:ReportableOperatingSegment1 2023-01-02 2023-12-31 SC097606 c:ReportableOperatingSegment1 2022-01-03 2023-01-01 SC097606 c:ReportableOperatingSegment2 2023-01-02 2023-12-31 SC097606 c:ReportableOperatingSegment2 2022-01-03 2023-01-01 SC097606 c:ReportableOperatingSegment3 2023-01-02 2023-12-31 SC097606 c:ReportableOperatingSegment3 2022-01-03 2023-01-01 SC097606 c:UKTax 2023-01-02 2023-12-31 SC097606 c:UKTax 2022-01-03 2023-01-01 SC097606 c:ShareCapital 2023-12-31 SC097606 c:ShareCapital 2023-01-01 SC097606 c:ShareCapital 2022-01-03 SC097606 c:RetainedEarningsAccumulatedLosses 2023-01-02 2023-12-31 SC097606 c:RetainedEarningsAccumulatedLosses 2023-12-31 SC097606 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2023-01-02 2023-12-31 SC097606 c:RetainedEarningsAccumulatedLosses 2022-01-03 2023-01-01 SC097606 c:RetainedEarningsAccumulatedLosses 2023-01-01 SC097606 c:RetainedEarningsAccumulatedLosses 2022-01-03 SC097606 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 SC097606 c:AcceleratedTaxDepreciationDeferredTax 2023-01-01 SC097606 c:OtherDeferredTax 2023-12-31 SC097606 c:OtherDeferredTax 2023-01-01 SC097606 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-01-02 2023-12-31 SC097606 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 SC097606 d:OrdinaryShareClass1 2023-01-02 2023-12-31 SC097606 d:OrdinaryShareClass1 2023-12-31 SC097606 d:OrdinaryShareClass1 2023-01-01 SC097606 d:FRS102 2023-01-02 2023-12-31 SC097606 d:Audited 2023-01-02 2023-12-31 SC097606 d:FullAccounts 2023-01-02 2023-12-31 SC097606 d:PrivateLimitedCompanyLtd 2023-01-02 2023-12-31 SC097606 c:WithinOneYear 2023-12-31 SC097606 c:WithinOneYear 2023-01-01 SC097606 c:BetweenOneFiveYears 2023-12-31 SC097606 c:BetweenOneFiveYears 2023-01-01 SC097606 c:MoreThanFiveYears 2023-12-31 SC097606 c:MoreThanFiveYears 2023-01-01 SC097606 c:HirePurchaseContracts c:WithinOneYear 2023-12-31 SC097606 c:HirePurchaseContracts c:WithinOneYear 2023-01-01 SC097606 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-12-31 SC097606 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-01-01 SC097606 c:HirePurchaseContracts c:MoreThanFiveYears 2023-12-31 SC097606 c:HirePurchaseContracts c:MoreThanFiveYears 2023-01-01 SC097606 1 2023-01-02 2023-12-31 SC097606 2 2023-01-02 2023-12-31 SC097606 e:PoundSterling 2023-01-02 2023-12-31 SC097606 c:ShareCapital c:PriorPeriodErrorIncreaseDecrease 2023-01-02 2023-12-31 SC097606 c:RetainedEarningsAccumulatedLosses c:PreviouslyStatedAmount 2023-01-01 SC097606 c:PreviouslyStatedAmount 2023-01-01 iso4217:GBP xbrli:shares xbrli:pure

Registered number: SC097606










TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

COMPANY INFORMATION


Directors
G Ballantyne 
R Roberts 




Company secretary
G Ballantyne



Registered number
SC097606



Registered office
44/48 East Dock Street

Dundee

DD1 3JS




Independent auditors
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditors

1st Floor 24 Blythswood Square

Glasgow

G2 4BG





 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Balance Sheet
 
10
Statement of Changes in Equity
 
11 - 12
Notes to the Financial Statements
 
13 - 31

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023

Introduction
The principal activities of the company are to provide urban, rural and inter-city stage carriage bus services based in Dundee and serving the Tayside area. 

Business review
As shown in the company's profit and loss account, the company's turnover was £18.9 million compared to £16.2 million in the prior period. Business activity continued to be affected by slower than anticipated recovery from COVID-19. Passenger volumes continue to be impacted by changing work patterns and recreational activity.

Principal risks and uncertainties
There are several potential risks and uncertainties that could have an impact on the company's long-term performance. The directors have established an ongoing process for identifying, evaluating and managing the significant risks and uncertainties faced by the company and continue to assess these on a regular basis in the light of internal and external events.
Specific business risks faced by the company include the following:
Competition risk
The company faces the risk of loss of customers through other bus companies providing improved services or
more competitive pricing. Management mitigate the competitive pressure by monitoring competitors' behaviour
and strategies to ensure that the company acts appropriately under current market conditions.
Legal and regulatory risk
The directors are aware of the continual change in laws and other regulations and the increasing costs of compliance. The directors conduct regular reviews of safety procedures, equipment specifications, employment requirements, environmental procedures, insurance coverage and other areas to ensure they are appropriate and operating effectively.
Litigation and claims risk
The company has three main insurance risks: third party claims arising from vehicle and general operations; employee injuries; and property damage.
Fuel cost risk
Fuel costs represent a significant proportion of the company's cost base. Fuel prices are directly influenced by international, political and economic circumstances as well as natural disasters. Wherever possible, the company seek to minimise the operational and financial impact of such events through fixed price forward contracts and other operational efficiency measures.
Labour cost and employee relations and retention risk
Labour costs represent the most significant element of the company's operating costs. The directors continue to monitor employee recruitment, training, personal development and remuneration to ensure the company attracts and retains the right people.


Page 1

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023


Environmental risk (including climate change)
The company recognises the importance of its environmental policies, monitors its impact on the environment,
and designs and implements policies to reduce any damage that might be caused by its activities. Initiatives
designed to minimise the company's impact on the environment include safe disposal of waste, recycling and
reducing energy consumption.
Through our core business activities, we are committed to providing a safe, good quality, reliable and cost-
effective public transport service to all our customers. Our core business strategy is to increase customer
numbers and encourage a greater move towards the use of bus transport. This will support the needs of society
to achieve more sustainable travel. We recognise the environmental impacts arising from our business activities
and are committed to reducing these through effective environmental management.
Economic risk
An uncertain economic outlook coupled with inflated costs of living could have a negative impact on our
businesses in terms of reduced demand and reduced opportunities for growth. The uncertainty around appetite
for return to travel post-pandemic and consumer means may result in reduced demand for public transportation
due to people travelling less for both business and pleasure. To an extent, the company is able to modify
services to react to market changes and to focus on controlling costs to ensure it remains competitive.
 

Financial key performance indicators
The key performance indicators for the company are turnover, net assets and operating profit, which have been
discussed above. The company's directors believe that further key performance indicators for the company are
not necessary or appropriate for an understanding of the development, performance or position of the business.

31 December
01 January 
2023
2023
        £
        £
Turnover

18,891,909

16,230,414
 
Operating profit

3,731,227

1,130,246
 
Net assets

16,898,339

13,315,978
 


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


R Roberts
Director

Date: 9 April 2025
Page 2

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the Period ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, 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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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.

Results and dividends

The profit for the Period, after taxation, amounted to £3,582,361 (2023 - £644,650).

During the current and prior period there were no dividends declared or paid.

Directors

The directors who served during the Period were:

G Ballantyne 
R Roberts 

Future developments

The trading environment for the next 12 months is likely to remain relatively challenging as the economy and
customers re-establish their normal patterns of activity and behaviour. The directors will review all aspects of
performance on a continuous basis and tailor the company’s activity to balance achievable revenue levels with
available Government support while giving due consideration to all stakeholder groups.

Page 3

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023

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

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsArmstrong Watson Audit Limitedwill 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.
 





R Roberts
Director

Date: 9 April 2025
Page 4

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

Qualified opinion


We have audited the financial statements of Tayside Public Transport Company Limited (the 'Company') for the Period ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, 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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion, except for the possible effects on the corresponding figures as described in the Basis for qualified opinion section of our report, 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 Period 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 qualified opinion


The 2 January 2022 financial statements contained a qualified opinion as a result of the previous auditors being unable to verify certain transactions relating to income and expenditure in the first quarter of the year ended 2 January 2022. Therefore, we were unable to gain assurance over the opening balances of the 1 January 2023 financial statements. Whilst we did not identify any material issues from our audit procedures over the year end Balance sheet and Statement of comprehensive income for the period ending 1 January 2023, the lack of assurance over opening balances in this period presented a pervasive risk and on that basis the prior year financial statements did not give a true and fair view. 

We have not identified any material issues from our audit procedures over the year end Balance sheet and Statement of comprehensive income for the period ending 31 December 2023. Therefore our qualified opinion relates solely to the effect on the corresponding figures of the matter described above.


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 qualified opinion on the financial statements. 


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.


Page 5

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED (CONTINUED)


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.


As described in the basis for qualified opinion section of our report, we were unable to gain assurance over the prior period opening balances. We have concluded that the other information in respect of the prior period is materially misstated for the same reason with respect to the amounts or other items related to the prior year opening balances. 


Opinion on other matters prescribed by the Companies Act 2006
 

Except for the possible effects of the matter described in the basis for qualified opinion section
of our report, in our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial Period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

Except for the matter described in the basis for qualified opinion section of our report, 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 Strategic Report or 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:


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.

Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAYSIDE PUBLIC TRANSPORT 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.


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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and knowledge of the Company to identify or recognise non compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management and review of appropriate industry knowledge. Key laws and regulations we identified during the audit were the UK Companies Act 2006 and tax legislation, UK employment legislation, UK health and safety legislation and public service vehicle operator licensing regulations;
we assessed the extent of compliance with the laws and regulations identified above by making enquiries of management; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non compliance throughout the audit.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 
considering the internal controls in place to mitigate risks of fraud and non compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships; 
tested journal entries recorded on the Company’s finance system to identify unusual transactions that may indicate override of controls;
reviewed key judgements and estimates for any evidence of management bias; and 
reviewed the application of accounting policies with focus on those with heightened estimation uncertainty.

In response to the risk of irregularities and non compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation; and 
enquiring of management to identify actual and potential litigation and claims. 
 


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

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAYSIDE PUBLIC TRANSPORT 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.





Martin Johnston (Senior Statutory Auditor)
  
for and on behalf of
Armstrong Watson Audit Limited
 
Chartered Accountants & Statutory Auditors
  
1st Floor 24 Blythswood Square
Glasgow
G2 4BG

10 April 2025
Page 8

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023

Period ended
31 December
As restated
Period ended 01 January
2023
2023
Note
£
£

  

Turnover
 4 
18,891,909
16,230,414

Cost of sales
  
(10,815,572)
(11,189,793)

Gross profit
  
8,076,337
5,040,621

Administrative expenses
  
(5,906,752)
(7,030,592)

Other operating income
 5 
1,561,642
3,120,217

Operating profit
 6 
3,731,227
1,130,246

Interest receivable and similar income
 10 
687,018
-

Interest payable and similar expenses
 11 
(699,776)
(454,110)

Profit before tax
  
3,718,469
676,136

Tax on profit
 12 
(136,108)
(31,486)

Profit for the financial Period
  
3,582,361
644,650

Total comprehensive income for the Period
  
3,582,361
644,650

The notes on pages 13 to 31 form part of these financial statements.
Page 9

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
REGISTERED NUMBER: SC097606

BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
31 December 2023
01 January 2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
11,105,090
12,552,441

  
11,105,090
12,552,441

Current assets
  

Stocks
 14 
137,840
194,968

Debtors
 15 
21,115,148
14,878,259

Cash at bank and in hand
 16 
1,008,717
4,076,560

  
22,261,705
19,149,787

Creditors: amounts falling due within one year
 17 
(7,599,679)
(8,220,485)

Net current assets
  
 
 
14,662,026
 
 
10,929,302

Total assets less current liabilities
  
25,767,116
23,481,743

Creditors: amounts falling due after more than one year
 18 
(8,287,136)
(9,833,633)

Provisions for liabilities
  

Deferred tax
 20 
(468,240)
(332,132)

Other provisions
 21 
(113,401)
-

  
 
 
(581,641)
 
 
(332,132)

Net assets
  
16,898,339
13,315,978


Capital and reserves
  

Called up share capital 
 22 
1,700,000
1,700,000

Profit and loss account
 23 
15,198,339
11,615,978

  
16,898,339
13,315,978


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




R Roberts
Director

Date: 9 April 2025

The notes on pages 13 to 31 form part of these financial statements.
Page 10

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 2 January 2023 (as previously stated)
1,700,000
11,877,030
13,577,030

Prior year adjustment - correction of error
-
(261,052)
(261,052)

At 2 January 2023 (as restated)
1,700,000
11,615,978
13,315,978


Comprehensive income for the Period

Profit for the Period
-
3,582,361
3,582,361


At 31 December 2023
1,700,000
15,198,339
16,898,339


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

Page 11

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 1 JANUARY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
1,700,000
10,971,328
12,671,328


Comprehensive income for the period

Profit for the period
-
644,650
644,650


At 1 January 2023
1,700,000
11,615,978
13,315,978


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

Page 12

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Tayside Public Transport Company Limited is a private company, limited by shares, registered in Scotland. The company's registration number is SC097606 and its registered office address is 44/48 East Dock Street, Dundee, DD1 3JS.
The Company’s principal activities are the provision of bus and coach operations in Dundee, Scotland.
These financial statements have been prepared in Pounds Sterling, rounded to the nearest pound, as this is the currency of the primary economic environment in which the Company operates.

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 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 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 following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of McGill's Bus Service Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The information used to make this assessment is the preperation of forecasts to at least twelve months from the date of the financial statement approval. These showed that company has a sufficient cash position for the foreseeable future and has sufficient funding facilities available.
On this bases the directors are confident that the company will continue to meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements and the company will continue as a going concern for at least this twelve month period.

Page 13

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Sale and leaseback

Where a sale and leaseback transaction results in a finance lease, no gain is immediately recognised for any excess of sales proceeds over the carrying amount of the asset. Instead, the proceeds are presented as a liability and subsequently measured at amortised cost using the effective interest method.
When a sale and leaseback transaction results in an operating lease, and it is clear that the transition is established at fair value any profit or loss is recognised immediately. If the sale price is below fair value, any profit or loss is recognised immediately unless the loss is compensated for by the future lease payments at below market price. In that case any such loss is amortised in proportion to the lease payments over the period for which the asset is expected to be used. If the sale price is above fair value, the excess over fair value is amortised over the period for which the asset is expected to be used.

Page 14

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.9

Interest income

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

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 15

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the Period comprises current and deferred tax. 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 balance sheet 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 balance sheet 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 balance sheet date.

 
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.

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:

Plant and machinery
-
Straight line over 3 to 10 years
Motor vehicles
-
Straight line over 5 to 15 years
Fixtures and fittings
-
Straight line from 3 to 5 years

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.

Page 16

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.

 
2.15

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.

 
2.16

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

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.

  
2.19

Insurance provision


Insurance provisions are recognised when the Company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. The Company's policy is to self-insure low value claims. Major claims are covered through third party insurance policies.
 

 
2.20

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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,
Page 17

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are
Page 18

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)

settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. 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 both current and future periods.
Measurement of provision for accident claims
The estimation of the self-insurance provision is based on an assessment of the expected settlement on known claims. The Company makes assumptions concerning these judgemental matters based on its own and its third party claims team's past experience of similar incidents as well as the advice of its lawyers and insurers.
Due to the uncertain nature of insurance claims, any provision made may be excessive or insufficient to cover the final settled value. However, analysis of settlement history for the year suggests that the total of finalised settlement claims is broadly similar to the total value of claims submitted.
The Directors have recognised as a liability in the accounts the undiscounted financial impact of the expected resolution of any outstanding claims on the basis of all information currently available. The directors do not consider the impact of discounting to be material.

Page 19

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


Period Ended
31 December 2023
Period Ended
01 January 2023
£
£

Bus ticket sales
8,126,569
7,236,369

Concessions
10,106,234
8,065,184

School and other contracts
659,106
928,861

18,891,909
16,230,414


All turnover arose within the United Kingdom.


5.


Other operating income

Period ended
31 December 2023
Period ended
01 January 2023
£
£

Other operating income
219,863
-

Government grants receivable
1,341,779
3,120,217

1,561,642
3,120,217



6.


Operating profit

The operating profit is stated after charging:

Period ended
Period ended 
31 December 2023
01 January 2023
£
£

Other Operating Leases
278,827
278,827

Depreciation of owned and leased assets
1,457,737
3,224,104

Profit/loss on sale of tangible assets
-
127,896

Page 20

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Auditors' remuneration

During the Period, the Company obtained the following services from the Company's auditors:


Period ended
31 December 2023
Period ended
01 January 2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
33,500
33,500

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

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


As restated
Period ended
31 December 2023
Period ended
01 January 2023
£
£

Wages and salaries
6,729,463
6,775,494

Social security costs
678,389
973,346

Other pension costs
479,898
521,779

7,887,750
8,270,619


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


 Period ended
31 December 2023
Period ended
01 January 2023
            No.
            No.







Drivers and Mechanics
228
220



Other operational staff
18
22

246
242

Page 21

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

9.


Directors' remuneration

Period ended
31 December
Period ended
01 January
2023
2023
£
£

Directors' emoluments
-
26,651

Company contributions to defined contribution pension schemes
-
1,693

-
28,344



10.


Interest receivable

Period ended
31 December
Period ended 01 January
2023
2023
£
£


Interest receivable from group companies
687,018
-

687,018
-


11.


Interest payable and similar expenses

Period ended
31 December
Period ended
01 January 
2023
2023
£
£


Finance leases and hire purchase contracts
695,623
438,696

Other interest payable
4,153
15,414

699,776
454,110

Page 22

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

12.


Taxation


Period ended
As restated
31 December 2023
Period ended 01 January 2023
£
£

Corporation tax


Current tax on profits for the year
-
(10,646)


-
(10,646)


Total current tax
-
(10,646)

Deferred tax


Origination and reversal of timing differences
136,108
42,132

Total deferred tax
136,108
42,132


Tax on profit
136,108
31,486
Page 23

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the period/period

The tax assessed for the period is lower than (01 Jan 2023- lower than) the standard rate of corporation tax in the UK of 19% (01 Jan 2023 - 19%). The differences are explained below:

Period ended 
As restated
Period ended
31 December 2023
01 January 2023
£
£


Profit on ordinary activities before tax
3,718,469
676,136


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2023 - 19%)
706,509
128,465

Effects of:


Expenses not deductible for tax purposes
4,768
8,150

Fixed asset differences
192
(111,464)

Remeasurement of deferred tax for changes in
tax rates
5,966
79,712

Group Relief
(533,438)
-

Movement in deferred tax not recognised
34,438
(73,377)

Adjustments to tax charge in respect of prior periods
(82,327)
-

Total tax charge for the Period/period
136,108
31,486


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 24

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

13.


Tangible fixed assets







Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 2 January 2023
2,182,897
24,699,408
62,176
26,944,481


Additions
2,250
8,136
-
10,386


Disposals
-
(732,292)
-
(732,292)



At 31 December 2023

2,185,147
23,975,252
62,176
26,222,575



Depreciation


At 2 January 2023
1,414,465
12,944,505
33,070
14,392,040


Charge for the Period on owned assets
120,955
1,320,712
16,070
1,457,737


Disposals
-
(732,292)
-
(732,292)



At 31 December 2023

1,535,420
13,532,925
49,140
15,117,485



Net book value



At 31 December 2023
649,727
10,442,327
13,036
11,105,090



At 01 January 2023
768,432
11,754,903
29,106
12,552,441

Page 25

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

14.


Stocks

31 December 2023
01 January 2023
£
£

Fuel and parts
137,840
194,968

137,840
194,968


15.


Debtors

As restated
31 December 2023
01 January 2023
£
£

Due after more than one year

Amounts owed by group undertakings
14,313,634
10,982,748

14,313,634
10,982,748

Due within one year

Trade debtors
1,192,634
258,813

Amounts owed by group undertakings
5,029,829
2,912,022

Other debtors
368,105
384,051

Prepayments and accrued income
210,946
340,625

21,115,148
14,878,259



16.


Cash and cash equivalents

31 December 2023
01 January 2023
£
£

Cash at bank and in hand
1,008,717
4,076,560

1,008,717
4,076,560


Page 26

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

17.


Creditors: Amounts falling due within one year

As restated
31 December 2023
01 January 2023
£
£

Trade creditors
705,015
498,438

Amounts owed to group undertakings
3,764,604
2,579,610

Other taxation and social security
321,898
1,886,965

Obligations under finance lease and hire purchase contracts
1,768,374
1,780,521

Other creditors
329,597
359,066

Accruals and deferred income
710,191
1,115,885

7,599,679
8,220,485


A restatement of prior period comparatives has been recognised in these financial statements to reclassify balances previously presented as other loans to obligations under finance lease and hire purchase contracts. The total balance reclassified in the prior period was £3,463,043 split between creditors falling due within one year £1,087,236 and creditors falling due after more than one year £2,375,808. The effect on brought forward reserves of this restatement of comparatives is Nil.


18.


Creditors: Amounts falling due after more than one year

As restated
31 December 2023
01 January 2023
£
£

Net obligations under finance leases and hire purchase contracts
6,759,673
8,166,446

Government grants received
1,527,463
1,667,187

8,287,136
9,833,633


Prior year comparatives of £2,375,808 have been restated on the same basis as discussed above in note 17.

Page 27

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

As restated
31 December 2023
01 January 2023
£
£


Within one year
1,768,374
1,780,521

Between 2-5 years
3,265,761
4,970,270

Over 5 years
3,493,923
3,196,173

8,528,058
9,946,964

Prior year comparatives of £3,463,044 have been restated as disclosed in note 17.


20.


Deferred taxation






Period ended 31 December 2023


£






At beginning of year
(332,132)


Charged to profit or loss
(136,108)



At end of year
(468,240)

The provision for deferred taxation is made up as follows:

31 December 2023
01 January 2023
£
£


Accelerated capital allowances
(409,893)
(389,926)

Short term timing differences
(58,347)
57,794

(468,240)
(332,132)

Page 28

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

21.


Provisions






Insurance Provision

£





Charged to profit or loss
113,401



At 31 December 2023
113,401

Insurance provision
The insurance provision relates to liabilities where there is uncertainty about the amount and the exact timing of any settlement. The Company self-insures bus-related insurance claims up to a certain individual claim value and up to an annual aggregate value of annual claims.
The directors have recognised as a liability in the accounts a plausible, cumulative estimate of claims made but not settled up to the balance sheet date. This liability has been quantified on the basis of all information currently available, business experience, legal input and the supporting advice of the company’s specialist insurance brokers. Claim settlement will likely be made within 5 years of the claim becoming live. No discounting has been applied to the amount of the claim provision as the impact of this is not considered material.


22.


Share capital

31 December 2023
01 January 2023
£
£
Allotted, called up and fully paid



1,700,000 (2023 - 1,700,000) Ordinary shares of £1.00 each
1,700,000
1,700,000



23.


Reserves

Profit and loss account

Includes all current and prior period retained profit and losses.


24.


Prior year adjustment

In the 2 January 2022 period, a write off of creditors was recognised in error of £322,287. This has been corrected by recognising a prior year adjustment to reinstate the creditor. The corporation tax effect of this adjustment was a decrease of tax charged of £61,235. The effect of this prior year adjustment on brought forward reserves  was £261,052.

Page 29

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

25.


Pension commitments

On 30 June 2017, the assets and liabilities of the Tayside Transport Fund were transferred to the Tayside Pension Fund which assumed financial responsibility for all past service benefits of current, preserved and pensioner members of the Tayside Transport Fund. Tayside Public Transport Company Limited has no further liability or risk in relation to these benefits. At the same time, the Company became an admitted body within the Tayside Pension Fund to enable existing employees who are members of the LGPS to retain membership and continue to accrue pension benefits. The Company's liabilities in respect of these future service benefits is limited to the value of the ongoing employer contributions made, which have been permanently fixed at an agreed percentage of pensionable pay.
The Company also 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 total employer's contributions made in respect of both funds by the company in the year was £479,898 (1 Jan 2023: £521,779). Total contributions of £215,233 (1 Jan 2023: £231,177) were payable at the reporting date.


26.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 December 2023
01 January 2023
£
£


Within 1 year
278,827
278,827

Between 2 - 5 years
1,115,308
1,115,308

Over 5 years
4,321,817
4,600,646

5,715,952
5,994,781


27.


Related party transactions

The Company has taken advantage of the exemption, under the terms of Financial Reporting 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
During the period the Company was charged £285,000 (1 Jan 2023: £90,000) by an associated company for management charges. At the balance sheet date, amounts owed to associated companies was £30,000 (1 Jan 2023: £12,000).

Page 30

 
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

28.


Controlling party

The Company's immediate parent undertaking is Taybus Holdings Limited. Taybus Holdings Limited is a wholly owned subsidiary of McGill's Bus Service Limited.
McGill's Bus Service Limited is a wholly owned subsidiary of Arranglen Limited and Arranglen Limited is a wholly owned subsidiary of Dalglen (No 1812) Limited.
 
Dalglen (No 1812) Limited is a private limited company and it does not have an ultimate controlling party.
 
The Company's results are included within the consolidated accounts of McGill's Bus Service Limited and these may be obtained from Companies House. The registered address of McGill's Bus Service Limited is 99 Earnhill Road, Larkfield Industrial Estate, Greenock, Renfrewshire, PA16 0EQ.

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