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Company No: SC357334 (Scotland)

R & B TRAVEL LTD.

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

R & B TRAVEL LTD.

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

R & B TRAVEL LTD.

BALANCE SHEET

AS AT 31 MARCH 2024
R & B TRAVEL LTD.

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 3,428 3,514
3,428 3,514
Current assets
Debtors 4 40,010 41,625
Cash at bank and in hand 5 136,894 73,418
176,904 115,043
Creditors: amounts falling due within one year 6 ( 84,491) ( 63,864)
Net current assets 92,413 51,179
Total assets less current liabilities 95,841 54,693
Creditors: amounts falling due after more than one year 7 ( 32,156) ( 37,893)
Provision for liabilities 8, 9 ( 847) ( 869)
Net assets 62,838 15,931
Capital and reserves
Called-up share capital 10 22 22
Profit and loss account 62,816 15,909
Total shareholders' funds 62,838 15,931

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of R & B Travel Ltd. (registered number: SC357334) were approved and authorised for issue by the Board of Directors on 15 October 2024. They were signed on its behalf by:

Mr R Watkinson
Director
R & B TRAVEL LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
R & B TRAVEL LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

R & B Travel Ltd. (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 59 Scott Street, Perth, PH2 8JN, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents commission receivable net of VAT and trade discounts.

Revenue is recognised when the company has entitlement to the income in exchange for the provision of services.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is
provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax
rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more
likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 15 - 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one
year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the
initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 7,817 7,817
Additions 849 849
At 31 March 2024 8,666 8,666
Accumulated depreciation
At 01 April 2023 4,303 4,303
Charge for the financial year 935 935
At 31 March 2024 5,238 5,238
Net book value
At 31 March 2024 3,428 3,428
At 31 March 2023 3,514 3,514

4. Debtors

2024 2023
£ £
Trade debtors 23,126 24,917
Other taxation and social security 4,159 5,839
Other debtors 12,725 10,869
40,010 41,625

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 136,894 73,418

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 5,737 5,595
Trade creditors 0 1,451
Corporation tax 38,514 20,656
Other taxation and social security 13,520 8,984
Other creditors 26,720 27,178
84,491 63,864

Included in bank loans is a bounce back loan, advanced to the company in the year ending 31 March 2021 which is covered by a government backed guarantee.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 32,156 37,893

Included in bank loans is a bounce back loan, advanced to the company in the year ending 31 March 2021 which is covered by a government backed guarantee.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (repayable by instalments) 7,722 14,061

8. Provision for liabilities

2024 2023
£ £
Deferred tax 847 869

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 869) ( 434)
Credited/(charged) to the Statement of Income and Retained Earnings 22 ( 435)
At the end of financial year ( 847) ( 869)

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10 A Ordinary shares of £ 1.00 each 10 10
10 B Ordinary shares of £ 1.00 each 10 10
1 C Ordinary share of £ 1.00 1 1
1 D Ordinary share of £ 1.00 1 1
22 22

11. Related party transactions

Transactions with the entity’s directors (or members of its governing body)

Amounts owed by directors

2024 2023
£ £
Loan to director 12,725 10,869

Advances have been made in the year to a director totalling £52,265 and £50,570 has been repaid. Interest of £161 was charged at 2%. At 31 March 2024, the total amounts owed to the company by the director was £12,725 (2023 - £10,869). The loan is unsecured and has no fixed terms of repayment. Taxation under S455 has been applied on balances not repaid within 9 months of the company year end.

Amounts owed to directors

2024 2023
£ £
Loan from director 22,157 23,648

Advances have been made in the year to a director totalling £52,061 and £50,570 has been repaid. At 31 March 2024, the total amounts owed to the director by the company was £22,157 (2023 - £23,648). The loan is unsecured and has no fixed terms of repayment.