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REGISTERED NUMBER: SC527831 (Scotland)















Report of the Directors and

Unaudited Financial Statements for the Year Ended 28 February 2023

for

ACE Travel (Scotland) Ltd

ACE Travel (Scotland) Ltd (Registered number: SC527831)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Report of the Directors 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 6


ACE Travel (Scotland) Ltd

Company Information
for the Year Ended 28 February 2023







DIRECTORS: Miss S Mclean
A J Mclean





SECRETARY:





REGISTERED OFFICE: 191 Station Road
Shotts
North Lanarkshire
ML7 4BA





REGISTERED NUMBER: SC527831 (Scotland)





ACCOUNTANTS: Williams & Company
191 Station Road
Shotts
North Lanarkshire
ML7 4BA

ACE Travel (Scotland) Ltd (Registered number: SC527831)

Report of the Directors
for the Year Ended 28 February 2023

The directors present their report with the financial statements of the company for the year ended 28 February 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of bus and coach operator.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 March 2022 to the date of this report.

Miss S Mclean
A J Mclean

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Miss S Mclean - Director


2 November 2023

ACE Travel (Scotland) Ltd (Registered number: SC527831)

Income Statement
for the Year Ended 28 February 2023

28.2.23 28.2.22
Notes £    £   

TURNOVER 3,031,548 1,607,403

Cost of sales 1,284,798 745,033
GROSS PROFIT 1,746,750 862,370

Administrative expenses 1,130,453 782,179
616,297 80,191

Other operating income - 189,383
OPERATING PROFIT 4 616,297 269,574


Interest payable and similar
expenses

61,802

44,603
PROFIT BEFORE TAXATION 554,495 224,971

Tax on profit 120,486 45,613
PROFIT FOR THE FINANCIAL YEAR 434,009 179,358

ACE Travel (Scotland) Ltd (Registered number: SC527831)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 7,200 8,400
Tangible assets 6 2,063,602 1,465,067
2,070,802 1,473,467

CURRENT ASSETS
Debtors 7 171,027 308,502
Cash at bank 561,877 86,530
732,904 395,032
CREDITORS
Amounts falling due within one year 8 763,378 501,576
NET CURRENT LIABILITIES (30,474 ) (106,544 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,040,328

1,366,923

CREDITORS
Amounts falling due after more than
one year

9

(787,071

)

(666,161

)

PROVISIONS FOR LIABILITIES (375,047 ) (254,561 )
NET ASSETS 878,210 446,201

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 877,210 445,201
878,210 446,201

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ACE Travel (Scotland) Ltd (Registered number: SC527831)

Balance Sheet - continued
28 February 2023


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 2 November 2023 and were signed on its behalf by:





Miss S Mclean - Director


ACE Travel (Scotland) Ltd (Registered number: SC527831)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

ACE Travel (Scotland) Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at various annual rates in order to write off each asset over its estimated useful life.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

ACE Travel (Scotland) Ltd (Registered number: SC527831)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 14 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

28.2.23 28.2.22
£    £   
Depreciation - owned assets 303,405 217,041
Goodwill amortisation 1,200 1,200

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2022
and 28 February 2023 12,000
AMORTISATION
At 1 March 2022 3,600
Charge for year 1,200
At 28 February 2023 4,800
NET BOOK VALUE
At 28 February 2023 7,200
At 28 February 2022 8,400

ACE Travel (Scotland) Ltd (Registered number: SC527831)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2022 2,023,339
Additions 932,000
Disposals (36,300 )
At 28 February 2023 2,919,039
DEPRECIATION
At 1 March 2022 558,272
Charge for year 303,405
Eliminated on disposal (6,240 )
At 28 February 2023 855,437
NET BOOK VALUE
At 28 February 2023 2,063,602
At 28 February 2022 1,465,067

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 42,990 249,666
Other debtors 128,037 58,836
171,027 308,502

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Hire purchase contracts 709,352 449,088
Trade creditors 43,765 37,596
Taxation and social security 10,261 14,892
763,378 501,576

ACE Travel (Scotland) Ltd (Registered number: SC527831)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans 32,500 42,500
Hire purchase contracts 738,709 570,613
Other creditors 15,862 53,048
787,071 666,161