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Company Registration Number SC027238
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MCGILL'S BUS SERVICE LIMITED
COMPANY INFORMATION
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MCGILL'S BUS SERVICE LIMITED
CONTENTS
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MCGILL'S BUS SERVICE LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
The directors present their strategic report of the company and the group for the period 2 January 2023 to 31 December 2023.
McGill’s Bus Group is Britain’s largest independently owned bus company and a pioneer in fleet decarbonisation, with over 110 zero emission electric buses. Our wide and diverse portfolio includes local, city, rural and interurban quality bus services across Scotland under the McGill’s, Midland Bluebird, Xplore Dundee and BrightBus brands, as well as open-top hop on & hop off tours, airport connections, expansive coach touring and private hire. We are also a key strategic partner to global intercity coach brand Flixbus across the UK. The Group prides itself on high-level customer service and invests heavily in new vehicles, people, skills and development. We have in-house driver training academies in Johnstone, Dundee and Falkirk and we work with the Prince's Trust on the 'Get Into Bus Engineering' scheme, to allow younger workers an opportunity to become engineers with McGill's. In 2022, McGill’s Bus Group was named Public Transport Operator of the Year at the Scottish Transport Awards and was first runner-up in 2023. The company was awarded one Gold and three Silver accolades at UK Bus Awards in 2023.
Turnover increased from £57.6m to £91.2m due to the full year impact of the business in Stirlingshire and the Lothians acquired through the acquisitions from First Group Plc. These businesses have added substantially to group revenue, fleet size and headcount and following a period of integration will contribute to future profitability.
Operating profit increased from £0.72m to £1.88m. Business recovery continued to be impacted by a slower than expected recovery from the economic impacts of the Covid-19 pandemic while passenger volumes continued to be impacted by consequent changing customer travel patterns and recreational activity.
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MCGILL'S BUS SERVICE LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
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' actions 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. Where appropriate, this may be through fixed price forward contracts or through operational efficiency measures.
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MCGILL'S BUS SERVICE LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
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 in the right numbers. To retain the right people, the company believes that good communication with employees is affected through regular briefing, personal contact with senior management and through the use of a company intranet and mobile phone application. Rapid communication and feedback is of fundamental value in employee relations and in a well-functioning operation. 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 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 in moving towards more sustainable travel. We recognise the environmental impacts arising from our business activities and are committed to reducing these through substantial investment in zero emission electric buses and in the care, maintenance and efficient running of the non-electric part of our bus fleet. 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 group is able to modify services to react to market changes and to focus on controlling costs to ensure that it remains competitive.
The key performance indicators for the company are turnover, operating profit and net assets. 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.
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MCGILL'S BUS SERVICE LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
The directors acknowledge and understand their duties and responsibilities, including that of section 172, of the Companies Act 2006. A director of a company must act in the way he or she considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
- the likely consequences of any decision in the long term; - the interest of the company's employees; - the need to foster the company's business relationships with suppliers, customers and others; - the impact of the company's operating on the local community and the environment; - the desirability of the company maintaining a reputation for high standards of business conduct; and - the need to act fairly as members of the company. The board recognises that the long term success of the Group is dependent on the way we interact with a large number of stakeholders including our colleagues, customers and shareholders. The directors have had regard to the interest of our stakeholders while complying with their obligations to promote the ongoing success of the Group in line with the section 172 of the Companies Act. Ahead of all board meetings the directors ares supplied with board papers that highlight relevant stakeholder considerations along with performance metrics. The board's decision making considers both risk and reward in the pursuit of delivering long term value to our stakeholders and acknowledging and understanding the current and potential risks to the business, both financial and non-financial, are fundemental to how we manage the Group. The directors, both individually and collectively as a board, consider the decisions taken during the period ended 31 December 2023 were in conformance of their duty under section 172 of the Companies Act.
This report was approved by the board and signed on its behalf.
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MCGILL'S BUS SERVICE 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.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the period, after taxation, amounted to £328,470 (2023 - loss £1,425,280).
No dividends were declared or paid in the current or prior period.
The directors who served during the period were:
The trading environment for the next twelve months is positive as passenger demand is expected to grow and the businesses acquired from First Group Plc are fully integrated. The directors will review all aspects of performance on a continuous basis and tailor the group's activity to balance achievable revenue levels with available Government support while giving due consideration to all stakeholder groups.
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MCGILL'S BUS SERVICE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
To retain the right people, the company believes that good communication with employees is essential and affected through regular briefing, personal contact with senior management and through the use of a company intranet and mobile phone application. Rapid communication and feedback is of fundamental value in employee relations and in a well-functioning operation.
The group's greenhouse gas emissions and energy consumption for the period ended 31 December 2023 are as follows:
Equivalent carbon dioxide emissions as a result of combustion of gas or other consumption of fuel for the purposes of transport is 24,074 tonnes CO2e (1 January 2023: 17,257 tonnes CO2e). Equivalent carbon dioxide emissions as a result of the purchase of electricity by the group for its own use is 1,939 tonnes CO2e (1 January 2023: 1,401 tonnes CO2e). The aggregate of the annual quantity of energy consumed from activities for which the group is responsible involving the combustion of fuel for the purposes of transport and the purchase of electricity for its own use is 110,847,429 kWh (1 January 2023: 78,805,248 kWh). The footprint is calculated in accordance with the standards and principles of international standard EN ISO 14064 parts 1 & 2: 2019. Activity data has been converted into carbon emissions using published emissions factors. The assessment uses the 'operational control' consolidation approach on the basis that the organisation has the authority to direct operating policies of each entity defined below, and that regulatory compliance ordinarily falls to the responsibility of the operator. The organisational boundary extends to the entire operations of the Group. Intensity ratios have been calculated from the value of turnover and include all of the energy usage and emissions stated within the values reported above and in accordance with the methodology applied. The intensity ratio for the group is 0.29 kgCO2e/£ (1 January 2023: 0.34kgCO2/£). The most significant area of focus, providing material reductions, continues to be the ongoing electrification of our fleet.
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MCGILL'S BUS SERVICE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
There have been no significant events affecting the Group since the year end.
The auditors, Armstrong Watson Audit Limited, 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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MCGILL'S BUS SERVICE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MCGILL'S BUS SERVICE LIMITED
We have audited the financial statements of McGills Bus Service Limited (the ‘parent company') and its subsidiaries (the ‘Group’) for the period ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company 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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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MCGILL'S BUS SERVICE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MCGILL'S BUS SERVICE LIMITED (CONTINUED)
The prior period group financial statements contained a disclaimer of opinion for the following reasons.
In the financial statements for the period ended 2nd January 2022, two subsidiary financial statements contained a qualified opinion as a result of the previous auditors being appointed after their year-end date and therefore not being able to observe the counting of the physical stock as at their year-end dates. We were not appointed as auditor of the group until after 1 January 2023 and thus did not observe the counting of physical inventories at the end of the prior year. Furthermore, the parent entity acquired Midland Bluebird Limited and McGills Scotland East Limited in September 2022. However management were unable to access the books and records for the first two quarters of the period ended 1 January 2023. Therefore we were unable to gain assurance over the profit and loss account and balance sheet in the prior period. Furthermore we were unable to gain the necessary assurance over the prior period opening balances. The lack of assurance obtained as a result of these matters represented a pervasive risk and therefore on this basis the group financial statements did not give a true and fair view. Our opinion on the group financial statements in the previous period was disclaimed accordingly. The effect of the above points on the current period’s results cannot be determined. Our opinion on the current period’s group financial statements is also modified because of the possible material effect of the prior year matters on the accuracy and comparability of the current period’s figures and the corresponding figures. Additionally, we were not appointed as auditor of the group until after 31 December 2023 and thus did not observe the counting of physical inventories at the end of the period ended 31 December 2023. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2023, which are included in the group balance sheet at £1,243,927, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary. Whilst we have not identified any material issues from our current year audit procedures over the period end Balance sheet and Statement of comprehensive income with the exception of the stock matter identified above, the lack of assurance over the possible material effect of the prior period matters on the accuracy and comparability of the current period’s figures and the corresponding figures presents a pervasive risk and therefore on this basis the group financial statements do not give a true and fair view. Our opinion on the parent company financial statements is unmodified as a result of stock being immaterial at the parent company level and the aforementioned issues being restricted to the group. 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 group and the parent 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 adverse opinion on the group financial statements and unqualified opinion on the parent company financial statements.
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MCGILL'S BUS SERVICE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MCGILL'S BUS SERVICE LIMITED (CONTINUED)
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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.
As described in the basis for adverse opinion section of our report, due to management being unable to access the books and records for the first two quarters of the previous period we were unable to gain assurance over the profit and loss account and balance sheet in the prior period. The impact on the current year results in a pervasive risk on the accuracy and comparability of the current period’s figures and the corresponding figures. We have concluded that the other information may be materially misstated for the same reason.
Additionally, as described in the basis for adverse opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £1,243,927. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.
Except for the effects of the basis for adverse opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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MCGILL'S BUS SERVICE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MCGILL'S BUS SERVICE LIMITED (CONTINUED)
Notwithstanding our adverse opinion on the Group financial statements, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit performed subject to the pervasive limitation described above, we have not identified material misstatements in the Group strategic report or the Directors' report.
Arising solely from the limitation on the scope of our work relating to inventory and the possible effect of the prior period matters on the accuracy and comparability of the current period’s figures and the corresponding figures referred to in the basis for adverse opinion above;
• we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and • we were unable to determine whether adequate accounting records have been kept. 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;
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MCGILL'S BUS SERVICE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MCGILL'S BUS SERVICE 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 Group 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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: • 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.
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MCGILL'S BUS SERVICE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MCGILL'S BUS SERVICE LIMITED (CONTINUED)
Due 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. For example, as with any audit, there remains a higher risk of non- detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
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.
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 & Statutory Auditors
Glasgow
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MCGILL'S BUS SERVICE LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023
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MCGILL'S BUS SERVICE LIMITED
REGISTERED NUMBER: SC027238
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 22 to 50 form part of these financial statements.
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MCGILL'S BUS SERVICE LIMITED
REGISTERED NUMBER: SC027238
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
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MCGILL'S BUS SERVICE LIMITED
REGISTERED NUMBER: SC027238
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 22 to 50 form part of these financial statements.
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