Company Registration Number: SC097606
FOR THE PERIOD ENDED 29 DECEMBER 2024
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
COMPANY INFORMATION
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
CONTENTS
TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 29 DECEMBER 2024
The principal activities of the company are to provide urban, rural and inter-city stage carriage bus services in Dundee and serving the Tayside area.
The company's turnover was £21.4m million compared to £18.9 million in the prior period, while Profit before tax has grown to £5.0m compared to £3.7m in the prior period.
Growth in passenger volumes and revenue has been driven by year-on-year improvements in service reliability and punctuality. There has been constant improvement in the vehicle fleet through group investment and this, along with controlling the impact of a national labour shortage, is helping to contribute to the consistency of service delivery. We operate 99.5% of scheduled mileage on a daily basis.
Growth in passenger volumes and revenue has been driven by year-on-year improvements in service reliability and punctuality. There has been constant improvement in the vehicle fleet through group investment and this, along with controlling the impact of a national labour shortage, is helping to contribute to the consistency of service delivery. We operate 99.5% of scheduled mileage on a daily basis.
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 mitigates 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 McGill’s group are Real Living Wage employers. The directors continue to monitor employee recruitment, training, personal development and remuneration to ensure the company attracts and retains the right people.
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 mitigates 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 McGill’s group are Real Living Wage employers. The directors continue to monitor employee recruitment, training, personal development and remuneration to ensure the company attracts and retains the right people.
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TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2024
To retain the right people, the company believes that good communication with employees is essential. This is delivered through regular briefing and negotiating meetings between the directors, the senior management and employee representatives on the central and depot negotiating committees. The briefing meetings enable senior management to consult employees and to ascertain their views on matters likely to affect their interests.
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, reducing energy consumption and procuring zero emission vehicles to replace fossil fuelled types.
The investment cost of zero emission vehicles comes at a significant premium over fossil fuelled vehicles.
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.
The environmental impact of our operations would be reduced significantly, no matter the type of fuel used for propulsion, if bus priority lanes and other congestion busting measures were implemented by local and national government.
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. To an extent, the company can modify services to react to market changes and to focus on controlling costs to ensure it remains competitive.
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, reducing energy consumption and procuring zero emission vehicles to replace fossil fuelled types.
The investment cost of zero emission vehicles comes at a significant premium over fossil fuelled vehicles.
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.
The environmental impact of our operations would be reduced significantly, no matter the type of fuel used for propulsion, if bus priority lanes and other congestion busting measures were implemented by local and national government.
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. To an extent, the company can modify services to react to market changes and to focus on controlling costs to ensure it remains competitive.
The primary key performance indicators for the company are turnover, net assets and operating profit, which have been discussed above. However, the company's directors use a suite of operational key performance indicators for an understanding of the development, performance or position of the business.
This report was approved by the board and signed on its behalf.
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TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 29 DECEMBER 2024
The directors present their report and the financial statements for the Period ended 29 December 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the Period, after taxation, amounted to £3,833,732 (2023 - £3,582,361).
During the current and prior period there were no dividends declared or paid.
The directors who served during the Period were:
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.
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TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2024
There have been no significant events affecting the Company 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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TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
We have audited the financial statements of Tayside Public Transport Company Limited (the 'Company') for the Period ended 29 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED (CONTINUED)
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.
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.
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TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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:
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;
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.
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TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED (CONTINUED)
In response to the risk of irregularities and non compliance with laws and regulations, we designed procedures
which included, but were not limited to:
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.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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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TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 29 DECEMBER 2024
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TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
REGISTERED NUMBER: SC097606
STATEMENT OF FINANCIAL POSITION
AS AT 29 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 29 form part of these financial statements.
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TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 29 DECEMBER 2024
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TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
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.
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
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 judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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 29 December 2024 and these financial statements may be obtained from Companies House.
The information used to make this assessment is the preparation 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.
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TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
2.Accounting policies (continued)
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.
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TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
2.Accounting policies (continued)
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 Statement of Financial Position 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 profit or loss.
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 instrument is 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 creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). 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.
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TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
2.Accounting policies (continued)
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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 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.
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.
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TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
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TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
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TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
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TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
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TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
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TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
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TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
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TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
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TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
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TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
Profit and loss account
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 £445,285 (2023: £479,898 ). Total contributions of £159,888 (2023: £215,233 ) were payable at the reporting date.
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 £
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TAYSIDE PUBLIC TRANSPORT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
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 ofDalglen (No 1812) 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 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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