Merseyside Passenger Transport Executive



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* The net book value for “Land and Buildings Leasehold” of £68.4m relates to long-term leases (15 years or more).

** Adjustments for impairments of fixed assets on revaluation for 2008/09.
*** Under “land and buildings: leasehold” is included the new Paradise Street Interchange. The Executive occupies the new Paradise Street Interchange under a licence under the same terms as the draft lease.
**** Disposals relate to three properties purchased under a blight notice in respect of future transport infrastructure plans.
Merseyside Passenger Transport Executive
Notes To The Financial Statements (Cont’d)
12. Tangible Assets
(b) Fixed Assets (Group)

Executive



Land &

Buildings

Freehold


Land &

Buildings

Leasehold*


Plant

&

Machinery


Vessels

Vehicles


Assets Under Construction

Non-Operational Assets

Total





£000

£000

£000

£000

£000

£000


£000

£000



























Cost





















































Value as at 1 April 2008

26258

60119

25373

10964

936

6028

617

130295


Adjustments **

(7447)

(5647)

(12453)

(13)

(536)

149

(21)

(25968)

Assets brought into operation

1623

4544

10

-

-

(6,177)

-

-

Re-classification

575

(575)

-

-

-

-

-

-



























Additions


1057

6611

7176

-

-

1639

44

16527




























Revaluation during year

2959

10204

4533

2259

8

-

3

19966

Disposals

-

-

-

-

-

-

(313)

(313)

Write back of accum’l depreciation at 31.3.09

(5883)


(6175)

(15466)

(4095)

(398)

-

-

(32017)




























Value as at 31 March 2009

19142

69081

9173

9115

10

1639

330

108490





















































Depreciation




















































Value as at 1 April 2008

5043

5469

13148

3590

302

-

-

27552


























Adjustments in respect of FRS11 **

-

-

-

-

-

-

-



-




























Depreciation for Year

840

706

2318

505

96

-

-

4465




























Disposals

-

-

-


-

-

-

-

-

Write back of accum’l depreciation at 31.3.09

(5883)

(6175)

(15466)

(4095)

(398)

-

-

(32017)




























Value as at 31 March 2009

-

-

-

-

-

-

-

-





















































Net Book Value as at 31 March 2009

19142

69081

9173

9115

10

1639

330

108,490



























* The net book value for “Land and Buildings Leasehold” of £69.1m relates to long-term leases (15 years or more).


** Adjustments for impairments of fixed assets on revaluation for 2008/09 (£25.225m), other adjustments (£0.743m).

*** Under “land and buildings: leasehold” is included the new Paradise Street Interchange. The Executive occupies the new Paradise Street Interchange under a licence under the same terms as the draft lease.

**** Disposals relate to three properties purchased under a blight notice in respect of future transport infrastructure plans.
Merseyside Passenger Transport Executive
Notes To The Financial Statements (Cont’d)
(c) Capital Commitments
As at 31 March 2009 the Executive was contractually committed to further capital works which amounted to approximately £23.0m. Major contracts included the following schemes:-

£m
Seacombe Strengthening 0.5

Underground Rail Stations 0.1

SET Project 0.8

Lime Street Centre 0.1

Station Improvements 0.8

Various Corridors & Centres

Bus Schemes 8.7

Rail Schemes 2.4

Kirkby Bus/Rail Interchange 0.2

Bus Shelters etc 2.0

HQ Building Project 0.8

Pier Head Ferry Terminal: Visitor Attraction Devlpt 3.5

Pier Head Ferry Terminal – Visitor Attraction 0.3

LTPSU 2.2

Property Acquisition 0.2

Terminal Improvements 0.4

______


£23.0m

______
These commitments will be financed by a contribution of MITA grants and contributions from partners.


(d) Fixed assets of the Executive, as at 31 March 2009 are as follows:-

HQ Buildings (Hatton Garden, Beetham Court and Beetham House)

Bus Stations at St Helens, Heswall, Queen Square (Liverpool), Paradise Street (Liverpool), Woodside, Birkenhead, Huyton, Bootle New Strand, Kirkby, Prescot, Halewood and Earlestown

An interchange at Liverpool South Parkway

Five bus turning circles

One rail station car park

Three Ferry terminals including Spaceport at Seacombe and the U534 U-Boat at Woodside (a temporary arrangement exists until the Pier Head Landing Stage is replaced)

Three Ferries

(e) As at 31 March 2009 the fixed assets of the Executive were in at least the same state of repair as they were when the District Valuer last carried out his formal valuation. Downward adjustments in value reflect economic values as at 31 March 2009 arising from the District Valuer’s most recent valuation exercise.

13. Leases


The Executive's policy is generally to acquire vehicles, plant, furniture and equipment through operating leases. The Executive currently has just one operating lease for vehicles resulting in an annual payment to leasing companies of £168k in 2008/09 compared to £208k for 2007/08. As at 31 March 2009, future commitments for operating leases are £168k, £Nil and £Nil for one year, two to five years and over five years respectively. It is the Executive’s intention to enter into further operating leases in the future, however, there is no commitment as at 31 March 2009 to do so. The Executive has not entered into any finance leasing arrangements. The capital value of leased assets at 31 March 2009 stood at zero as all finance leasing agreements had expired by that date.
A “Master Operating Lease Agreement” for rolling stock with Angel Trains operates through one of the Executive’s subsidiary companies. The consolidated position is as follows: payments in 2008/09 £11.6m; in 2009/10 £11.8m; for two to five years £36.8m; and £25.9m thereafter. All leasing payments relating to rolling stock are reimbursed by a train operating company.

Merseyside Passenger Transport Executive
Notes To The Financial Statements (Continued)

14. Fixed Asset Valuation

The majority of the freehold and leasehold properties which comprise the Executive's property portfolio were valued in a quinquennial valuation as at 31 March 2009 by external independent valuers. The valuers were:-

- Christopher Smith MRICS, District Valuer Service

- J Kent Tech RICS and JF Russell MRICS, Asset Value Team with the District Valuer Service


on the undermentioned basis in accordance with the Statements of Asset Valuation Practice and Guidance Notes of the Royal Institution of Chartered Surveyors:
- Plant and machinery is included in the valuation of the buildings

- The majority of properties regarded by the Executive as operational were valued on the basis of depreciated replacement cost as market value could not be assessed.

The Beatles Story and Gemtex Ltd are subsidiaries of the Mersey Ferries Ltd and Beatles Memorabilia were valued as at the purchase date (29/02/08) by E G Owen (expert on Rock and Roll memorabilia), Fame Bureau Ltd, London.

15. Debtors







2007/08

2008/09




Executive

£000


Consolidated £000

Executive

£000


Consolidated £000

Due within one year:













Trade Debtors

815


831

1012

1502

Provision for Doubtful Debts

(169)

(173)

(161)

(167)




646

658

851

1335
















Other Debtors

917

1038

919

1051

Prepayments and Accrued Income

4693

4967

1227

1541

Taxation (VAT)

1960


2035

1382

1407




8216

8698

4379

5334
















Merseyside Passenger Transport Executive
Notes To The Financial Statements (Continued)

16. Investments








2007/08

2008/09




£

£

Shareholdings in wholly owned subsidiary companies:-















Merseytravel Ltd (Co. No. 02027686)








- 2 £1 Ordinary Shares

2

2

- Aggregated capital and reserves equates to the nominal value of the share holdings







- Profit and Loss for the year

-

-

- Status: Dormant
















Merseyside Rapid Transit Ltd (Co. No. 3364584)







- 1 £1 Ordinary Shares

1

1

- Aggregated capital and reserves equates to the nominal value of the share holdings







- Profit and Loss for the year







- Status: Dormant

-

-











Merseytravel Facilities Management Ltd (Co. No. 3880267)







- 1 £1 Ordinary Shares

1

1

- Aggregated capital and reserves equates to the nominal value of the share holdings







- Profit and Loss for the year

-

-

- Status: Dormant
















Merseytravel Commercial Services Ltd (Co. No. 3884483)







- 1 £1 Ordinary Shares

1

1

- Aggregated capital and reserves equates to the nominal value of the share holdings







- Profit and Loss for the year

-


-

- Status: Dormant
















Merseyside Passenger Transport Services Ltd (Co. No. 1065002)







- 25 £1 Ordinary Shares and

25

25

375 £1 5% Non-Cumulative Preference Shares

375

375

- Aggregated capital and reserves equates to the nominal value of the share holdings







- Profit and Loss for the year

-

-

- Status: Active
















Merseytram 2005 Ltd (Co No 5416198)














- 1 £1 ordinary shares

1

1

- Aggregated capital and reserves equates to nominal value of the share holdings

-

-


- Profit & Loss for the year

-

-

- Status: Dormant

-

-










Liverpool South Parkway Ltd (Co. No. 5059232)







- One £1 Ordinary Share

1

1

- Aggregated Capital and Reserves equates to the nominal value of the share holdings



- Profit and Loss for the Year

-

-

- Status: Dormant













Carried Forward


407

407











Merseyside Passenger Transport Executive
Notes To The Financial Statements (Continued)

16. Investments (Cont’d)








2007/08

2008/09




£

£

Shareholdings in wholly owned subsidiary companies:-
















Brought Forward

407

407










Gemtex Ltd (Co. No. 4331950)






- 1000 £1 Ordinary Shares


1000

1000

- Aggregated capital and reserves equates to the nominal value of the share holdings and the Profit and Loss Reserve







- Profit and Loss for the year

-

-

- Status: Active







- Accounting year end: 31 December **
















The Beatles Story Ltd (Co. No. 2275265)







- 290,000 £1 Ordinary Shares (investment shown against MFL Ltd)

-

-

- Aggregated capital and reserves equates to the nominal value of the share holdings and the P&L Reserve







- Profit for the year = £86,000 (£159,000 before tax)





- Status: Active








- Accounting year end: 31 December **
















U-534 Ltd (Co. No. 6678337)







- 1 £1 Ordinary Shares

-

1

- Aggregated capital and reserves equates to the nominal value of the share holdings







- Loss for the year = £20,000







- Status: Active (wef 18/12/08)
















Former U-534 Ltd (Co. No. 6596359)







- A company limited by guarantee

-


-

- Aggregated capital and reserves equates to the nominal value of the share holdings







- Profit and Loss for the year







- Status: Dormant
















Spaceport Ltd (Co. No. 6678336)







- 1 £1 Ordinary Shares and

-

1

- Aggregated capital and reserves equates to the nominal value of the share holdings







- Loss for the year = £143,000







- Status: Active (wef 18/12/08)















Former Spaceport Ltd (Co No 6631210)

















- A Company Limited by guarantee

-

-

- Aggregated capital and reserves equates to nominal value of the share holdings







- Profit & Loss for the year







- Status: Dormant
















Livesmart Ltd (Co. No. 4992246)







- 100 £1 Ordinary Shares equivalent to a 51% stake

-

100

- 837,183 Preference Shares (value offset by retained losses)

-

-

- Aggregated Capital and Reserves equates to the nominal value of the share holdings


- Profit and Loss for the Year (grouped with GSM P&L)


-

-

- Status: Active





- Accounting year end: 31 July **
















Carried Forward

1407

1509











Merseyside Passenger Transport Executive
Notes To The Financial Statements (Continued)
16. Investments (Cont’d)






2007/08

2008/09




£

£

Shareholdings in wholly owned subsidiary companies:-















Brought Forward


1407

1509










GMS (PR) Ltd (Co. No. 5138008)







- 100 £1 Ordinary Shares

-

100

- Aggregated capital and reserves equates to the nominal value of the share holdings







- Profit and Loss for the year (grouped with GSM P&L)

-

-

- Status: Active







- Accounting year end: 31 July **
















Applied Card Technologies Ltd (Co. No. 4476799)






- GSM has a 26% stake in ATL Ltd which means that the Executive has a stake of just under 23%.








- Status: Active







- Accounting year end: 30 June **
















Real Time Information Group (Co. No. 5037998)







- 1 £1 Ordinary Shares

-

1

- Aggregated capital and reserves equates to the nominal value of the share holdings







- Profit and Loss for the year = £7,001







- Status: Dormant
















Mersey Ferries Ltd (Co. No. 2495472)






- A Company Limited by guarantee and not having a share capital


-




- Trading deficit

3,107,000

2,982,000

- Executive Grants

(3,107,000)

(2,982,000)

- Aggregated Capital and Reserves

-

-

- Profit and Loss for the Year

-

-

- Status: Active







- Investment in a subsidiary (The Beatles Story)

4,500,000

4,403,350*



















Global Smart Media Ltd (Co. No. 4852017)






- 17648 ordinary shares equivalent to a 87.9% stake


-

229,379

- Executive’s share of GSM’s investments







- Status: Active







- Accounting year end: 31 July **

























Accrington Technologies Ltd







- 500 £1 ordinary shares equivalent to a 51% stake

500

500

- Status: Active
















Long term Investments

4,501,907

4,634,839








Analysis







Executive

4,500,000

4,403,350










Group

1,907

231,489

Total

4,501,907

4,634,839









* Items relating to the Executive. All other items relate to the Group.



** The reason for these subsidiaries/associates having a different year-end to the parent company is that these companies are managed in partnership with the private sector and a degree of independence by partners is deemed necessary.
Merseyside Passenger Transport Executive
Notes To The Financial Statements (Continued)
16. Investments (Cont’d)

The Executive's wholly owned subsidiary, Merseyside Passenger Transport Services Limited, manages the lease for Beetham Court for the provision of offices for Merseyside Passenger Transport Executive employees and the operation of a “Master Operating Lease Agreement”, for rolling stock, with Angel Trains and Merseyrail Electrics 2002 Ltd. Any deficit arising from the company’s operations is funded by a grant from the Executive.

The Executive's ferry operation was transferred to Mersey Ferries Limited, on 19 June 1990. However, the ferry infrastructure and vessels were retained by the Executive. The principal activity of this company is to provide water transport (of any form) in and around Merseyside for the benefit of the public and provide ferry services including carrying out statutory and other obligations in relation to the provision of cross-river services. Any deficit arising from the company's operations is funded by grant from the Executive, so during the year to 31 March 2009 the company made neither profit nor loss.
Further wholly owned subsidiaries are Merseytravel Ltd, Merseytravel Facilities Management Ltd, Merseytram 2005 Ltd, Merseytravel Commercial Services Ltd, Merseyside Rapid Transit Ltd, Liverpool South Parkway Ltd, Former U-534 Ltd and Former Spaceport Ltd, which were dormant to the period ended 31 March 2009. Consolidated Accounts of the Executive and its trading subsidiary companies have been prepared.
The Executive’s subsidiary, Mersey Ferries Ltd, acquired Gemtex Ltd and the Beatles Story as wholly owned subsidiaries (a total of £290k shares apportioned in two lots of £145k shares being A and B shares) on 29 February 2008. In addition, U-534 Ltd and Spaceport Ltd are also subsidiaries to Mersey Ferries Ltd. The consolidated accounts for Mersey Ferries Ltd are used for the Executive’s consolidated accounts.
During 2008/09, the Executive took ownership of Real Time Information Group Ltd as part of an initiative to develop passenger real time information.

The Global Smart Media Group includes Livesmart Ltd, Global Smart Media (PR) Ltd and Applied Card Technologies Ltd., a group of companies developing a Liverpool Visitor Smartcard. This product will allow the holder entry to various visitor attractions and includes use of specified public transport. This product is based upon the ITSO Industry Standard and the opportunity is being taken to integrate the Visitor Smartcard with the above SAS technology. During 2008/09, the Executive increased its stake in GSM to 87.9% and the Executive’s group accounts now include the trading results for the GSM Ltd group.

With the exception of Global Smart Media Ltd and Accrington Technologies Ltd, the accounts of all other subsidiary companies in note 17 can be acquired from 24 Hatton Garden, Liverpool, L3 2AN. There has not been any qualification to the audit opinion in respect of these accounts.
The name and address of the Ultimate Parent undertaking for which group accounts are drawn up, and of which the entity is a member, is the Merseyside Integrated Transport Authority, 24 Hatton Garden, Liverpool, L3 2AN.

17. Partly Owned Subsidiary and Associated Companies


To further explore the Smartcard concept for both concessionary and prepaid travel on public transport a 51/49 partly owned subsidiary arrangement was formed to develop and market a new form of security control for Smartcard based ticketing. This is achieved by use of a new product called SAS (Security and Access Module Array System) and is based on the ITSO Industry Standard.
The subsidiary company is called Accrington Technologies Ltd (ATL).


Merseyside Passenger Transport Executive
Notes To The Financial Statements (Continued)

Disclosures required by FRS 9 are as follows:





2007/08




2008/09

ATL

GSM


ATL


GSM **

999

20072

Total numbers of shares

999




500

4998

Shares held by MPTE

500




51%

24.9%

MPTE’s interest

51%




31/3/08

31/7/08

Accounts prepared

31/03/09



















£000

£000




£000




5

424

Turnover


-




2

(1150)

Profit/(Loss) before tax

-




-

-

Tax

-




2

(1150)

Profit/(Loss) after tax

-



















-

-

Fixed Assets – Tangible

-




438

269

Fixed Assets – Intangible

438




14

62

Current Assets

15




(9)

(433)

Current Liabilities


(9)




(438)

(3770)

Long term Liabilities (after 1 year)

(438)



















1

749

Funding – Share Capital

1




4

(4621)

Funding – P & L Reserve

5



















2

(747)*

MPTE’s Proportion of profits/losses derived by consolidation using the equity method

3




-

747

MPTE’s cost of investment

-





2

-

MPTE’s net investment

3



* Losses limited to actual cost of the Executive’s investment.

** GSM accounts now consolidated within the MPTE Group.

Disclosures required by FRS6 are as follows:-


During the year, the Executive purchased additional shares in GSM Ltd as follows:-
On 14 April 2008, Global Smart Media Limited and its subsidiary Livesmart Limited underwent a capital re-organisation. Under the terms of the re-organisation, Global Smart Media Limited assumed responsibility for the Merseyside Passenger Transport Executive Debenture Loan from Livesmart Limited which was converted into Ordinary “A” Share Capital in Global Smart Media Limited. Amounts due to Global Smart Media Limited by Livesmart Limited were rescheduled and made repayable in annual instalments of £100,000 commencing December 2009 with the balance repayable in December 2013. Merseyside Passenger Transport Executive has become the ultimate parent company through increasing its shareholding from 24.9% to 87.9%. The re organisation has enabled Livesmart Limited to attract new investment which will enable it to continue to deliver the existing range of loyalty, membership and ticketing products throughout the Liverpool city region, using smartcard technology and the internet, and position it for national expansion.

The fair value of the asset, as at 31 March 2009, is negative (taken to be NIL), and the fair value of the consideration is £30k (payment to previous shareholders), however a restructuring took place along with an injection of working capital costing up to a maximum of £1.5m, and subject to meeting certain covenants.

Merseyside Passenger Transport Executive
Notes To The Financial Statements (Cont’d)
18. Creditors
The Accounting Policies refer to a Performance Plan target in respect of undisputed creditor payments made within 30 days. Actual performance is as follows:-





2007/08

2008/09










Total number of invoices paid

21,521

21,174

Invoices paid within 30 days

20,729

20,677

Actual proportion paid within 30 days

96.3%

97.7%




_______

_______










Target

100%

100%





_______

_______
















2007/08

2008/09




Executive

Consolidated

Executive

Consolidated




£000

£000

£000

£000

Due within one year:




























Trade Creditors

24,364

25,178


16,622

17,949

Deferred Income

4,366

4,366

4,395

4,395

Taxation (Corporation Tax)

-

-

-

73

Tax (Income Tax and National Insurance)

315

372

8

9

Internal loans due within 1 year

-

-

101

101




______

______

______

______



















29,045

29,916


21,126

22,527

Due after one year:

Claims not met by Insurance


142

142

65

69


External loans

-

427

-

955

Internal loans

4,500

4,500

4,302

4,408




______

______

______

______
















Total Creditors

33,687

34,985

25,493

27,959





______

______

______

______


19. Provisions


In accordance with FRS12, provision is made for anticipated liabilities arising from an estimated liability for the affects of job harmonisation costs and a likely write-off against certain rechargeable charges. No analysis is provided between the different sums provided as disclosure could seriously prejudice the position of Merseytravel during the course of negotiations with third parties.


Total Provisions

2007/08

2008/2009




Executive

£000


Consolidated

£000


Executive

£000


Consolidated

£000


Opening Balance

214

325

214

3,835

Movement during the year













- Additions

-

3,510

679

708

- Drawings

-

-

-

(7)

- Reversed (unused)

-

-

-

(2,750)

Closing Balance

214

3,835

893

1,786

To be utilised between 1 and 5 years







893

1,786




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