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Registered number: SC240425
LOCH LOMOND BUS SERVICES LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
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LOCH LOMOND BUS SERVICES LTD
REGISTERED NUMBER: SC240425
STATEMENT OF FINANCIAL POSITION
AS AT 29 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Page 1
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LOCH LOMOND BUS SERVICES LTD
REGISTERED NUMBER: SC240425
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 DECEMBER 2024
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
R Roberts
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The notes on pages 3 to 11 form part of these financial statements.
Page 2
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LOCH LOMOND BUS SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
Loch Lomond Bus Services Ltd is a private company limited by shares registered in Scotland. Registered number SC240425. The Company's registered office and principal place of business is 99 Earnhill Road, Larkfield Industrial Estate, Greenock, Renfrewshire, PA16 0EQ.
The principal activities of the company are that of an urban, rural and inter-city stage coach services provider.
2.Accounting policies
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Basis of preparation of financial statements
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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 requirements and the Companies Act 2006 and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liabilities Partnerships'. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The Company's functional and presentational currency is GBP and amounts are rounded to the nearest pound.
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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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 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 Crown Way, Cardiff, CF14 3UZ.
In making their going concern assessment the Directors have considered group financial forecasts which cover a period of at least 12 months from the expected signing date of these financial statements.
These show that the business is expected to have sufficient cash reserves to meet its liabilities as they fall due for a period of at least one year from the date the financial statements are signed. Given the losses incurred in the current year a letter of support has been obtained from the Parent Company which confirms the availability of financial support to the Company should it be required and that amounts owed to the group will not be sought for repayment should this hinder the Company’s ability to meet its 3rd party obligations as they fall due.
On this basis, 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 3
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LOCH LOMOND BUS SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
2.Accounting policies (continued)
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.
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Operating leases: the Company as lessee
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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.
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Leased assets: the Company as lessee
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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.
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.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Page 4
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LOCH LOMOND BUS SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
2.Accounting policies (continued)
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Current and deferred taxation
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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 reporting 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 reporting 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 reporting date.
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.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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.
The estimated useful lives range as follows:
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 5
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LOCH LOMOND BUS SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
2.Accounting policies (continued)
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.
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Cash and cash equivalents
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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.
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.
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Provisions for liabilities
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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.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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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 settled 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 6
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LOCH LOMOND BUS SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
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The average monthly number of employees, including directors, during the period was 153 (2023 - 106).
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Charge for the period on owned assets
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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Page 7
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LOCH LOMOND BUS SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Page 8
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LOCH LOMOND BUS SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Charged to profit or loss
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Page 9
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LOCH LOMOND BUS SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
11.Deferred taxation (continued)
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The provision for deferred taxation is made up as follows:
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Fixed asset timing differences
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Charged to profit or loss
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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.
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Allotted, called up and fully paid
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1,000 (2023 - 1,000) Ordinary shares of £1.00 each
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Page 10
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LOCH LOMOND BUS SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
Profit and loss account
Includes all current and prior period retained profit and losses.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £97,325 (31st December 2023 - £27,325). Contributions totalling £2,591 (31st December 2023 - £8,477) were payable to the fund at the balance sheet date and are included in creditors.
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Related party transactions
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As a wholly owned subsidiary undertaking of McGill's Bus Service Limited, the Company has taken advantage of the exemption granted by FRS 102 not to disclose transactions with its parent undertaking or other wholly owned fellow subsidiary undertakings.
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The Company's immediate parent undertaking is McGill's Bus Service Limited, a company registered in Scotland, which is the smallest and largest group of companies for which group financial statements are prepared. McGill's Bus Service Limited's registered office and principal place of business is 99 Earnhill Road, Larkfield Industrial Estate, Greenock, Renfrewshire, PA16 0EQ.
Copies of the financial statements of McGill's Bus Service Limited are available to the public from Companies House, Crown Way, Cardiff, CF14 3UZ,
The ultimate parent company is Dalglen (No 1812) Limited which in the opinion of the directors does not have an ultimate controlling party.
The auditors' report on the financial statements for the period ended 29 December 2024 was unqualified.
The audit report was signed on 12 December 2025 by Martin Johnston (Senior Statutory Auditor) on behalf of Armstrong Watson Audit Limited.
Page 11
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