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REGISTERED NUMBER: SC299214 (Scotland)
















Unaudited Financial Statements

for the Period 1 January 2023 to 31 July 2023

for

IBT Travel Limited

IBT Travel Limited (Registered number: SC299214)






Contents of the Financial Statements
for the Period 1 January 2023 to 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IBT Travel Limited

Company Information
for the Period 1 January 2023 to 31 July 2023







DIRECTORS: R Parry
Mrs C Halpin-Rose





REGISTERED OFFICE: Cairn House
15 Skye Road
Prestwick
Ayrshire
KA9 2TA





REGISTERED NUMBER: SC299214 (Scotland)





ACCOUNTANTS: McLay McAlister & McGibbon LLP
Chartered Accountants
145 St Vincent Street
Glasgow
G2 5JF

IBT Travel Limited (Registered number: SC299214)

Balance Sheet
31 July 2023

31.7.23 31.12.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 137,500 166,667
Tangible assets 5 189,213 82,234
326,713 248,901

CURRENT ASSETS
Debtors 6 4,890,498 4,675,099
Investments 7 2,558,549 2,060,204
Cash at bank and in hand 2,464,013 4,839,146
9,913,060 11,574,449
CREDITORS
Amounts falling due within one year 8 (3,713,932 ) (5,697,890 )
NET CURRENT ASSETS 6,199,128 5,876,559
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,525,841

6,125,460

CREDITORS
Amounts falling due after more than one
year

9

-

(360,000

)

PROVISIONS FOR LIABILITIES (163,946 ) (161,455 )
NET ASSETS 6,361,895 5,604,005

CAPITAL AND RESERVES
Called up share capital 12 240,000 240,000
Capital redemption reserve 613,492 613,492
Retained earnings 5,508,403 4,750,513
SHAREHOLDERS' FUNDS 6,361,895 5,604,005

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 July 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.

IBT Travel Limited (Registered number: SC299214)

Balance Sheet - continued
31 July 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 April 2024 and were signed on its behalf by:





Mrs C Halpin-Rose - Director


IBT Travel Limited (Registered number: SC299214)

Notes to the Financial Statements
for the Period 1 January 2023 to 31 July 2023

1. STATUTORY INFORMATION

IBT Travel Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The end of the reporting period was shortened from 31 December 2023 to 31 July 2023. As 100% of the company's share capital was purchased by Huron Bidco Limited on 5 December 2023, it was decided that the company's period end date should be amended to bring it in line with all other companies within the Huron Topco Group. As such comparative amounts presented in these financial statements (including related notes) are not entirely comparable.

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 comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company's activities. Turnover is shown net of sales, value added tax, returns, rebates and discounts and after eliminating sales within the company. The company recognises revenue at the point of travel.

Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measure at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life. This is deemed to be 20 years due to recurring profits and the sustainable business model.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Computer Software - 25% on reducing balance
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 10% on reducing balance

The company's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

Taxation
Taxation for the period 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.


IBT Travel Limited (Registered number: SC299214)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 July 2023

2. ACCOUNTING POLICIES - continued
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 period 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 19 (2022 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 July 2023 1,007,500
AMORTISATION
At 1 January 2023 840,833
Amortisation for period 29,167
At 31 July 2023 870,000
NET BOOK VALUE
At 31 July 2023 137,500
At 31 December 2022 166,667

5. TANGIBLE FIXED ASSETS
Fixtures
Computer Plant and and
Software machinery fittings
£    £    £   
COST
At 1 January 2023 26,744 12,747 18,205
Additions - - -
At 31 July 2023 26,744 12,747 18,205
DEPRECIATION
At 1 January 2023 15,780 9,085 7,161
Charge for period 1,599 214 644
At 31 July 2023 17,379 9,299 7,805
NET BOOK VALUE
At 31 July 2023 9,365 3,448 10,400
At 31 December 2022 10,964 3,662 11,044

IBT Travel Limited (Registered number: SC299214)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 July 2023

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 - 196,495 254,191
Additions 112,736 - 112,736
At 31 July 2023 112,736 196,495 366,927
DEPRECIATION
At 1 January 2023 - 139,931 171,957
Charge for period - 3,300 5,757
At 31 July 2023 - 143,231 177,714
NET BOOK VALUE
At 31 July 2023 112,736 53,264 189,213
At 31 December 2022 - 56,564 82,234

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.12.22
£    £   
Other debtors 4,890,498 4,675,099

7. CURRENT ASSET INVESTMENTS
31.7.23 31.12.22
£    £   
Other investments 2,558,549 2,060,204

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.12.22
£    £   
Bank loans and overdrafts 410,000 120,000
Hire purchase contracts (see note 10) 84,015 -
Taxation and social security 413,925 248,098
Other creditors 2,805,992 5,329,792
3,713,932 5,697,890

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.23 31.12.22
£    £   
Bank loans - 360,000

IBT Travel Limited (Registered number: SC299214)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 July 2023

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.7.23 31.12.22
£    £   
Net obligations repayable:
Within one year 84,015 -

Non-cancellable operating leases
31.7.23 31.12.22
£    £   
Within one year - 2,039

11. SECURED DEBTS

The following secured debts are included within creditors:

31.7.23 31.12.22
£    £   
Bank loans 410,000 480,000

There is a bond and floating charge over the assets of the company.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.12.22
value: £    £   
240,000 Ordinary £1 240,000 240,000

13. RELATED PARTY DISCLOSURES

During the period £5,309 was transferred to a partnership which a director has a material interest in. At the balance sheet date the amount due from IBT Travel Group was £1,404,538 (31.12.2022: £1,399,229).