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REGISTERED NUMBER: SC527831 (Scotland)















Report of the Directors and

Unaudited Financial Statements for the Year Ended 29 February 2024

for

ACE Travel (Scotland) Ltd

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






Contents of the Financial Statements
for the Year Ended 29 February 2024




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 29 February 2024







DIRECTORS: Miss S Mclean
A J Mclean
A J Mclean





SECRETARY:





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





REGISTERED NUMBER: SC527831 (Scotland)





ACCOUNTANTS: EAC Accountancy Limited
191 Station Road
Shotts
North Lanarkshire
ML7 4BA

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

Report of the Directors
for the Year Ended 29 February 2024

The directors present their report with the financial statements of the company for the year ended 29 February 2024.

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 2023 to the date of this report.

Miss S Mclean
A J Mclean

Other changes in directors holding office are as follows:

A J Mclean - appointed 2 August 2023

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


28 November 2024

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

Income Statement
for the Year Ended 29 February 2024

29.2.24 28.2.23
Notes £    £   

TURNOVER 4,456,512 3,031,548

Cost of sales 1,770,861 1,284,798
GROSS PROFIT 2,685,651 1,746,750

Administrative expenses 1,733,138 1,130,453
952,513 616,297

Other operating income 25 -
OPERATING PROFIT 4 952,538 616,297


Interest payable and similar
expenses

65,469

61,802
PROFIT BEFORE TAXATION 887,069 554,495

Tax on profit 140,770 120,486
PROFIT FOR THE FINANCIAL YEAR 746,299 434,009

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

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 6,000 7,200
Tangible assets 6 2,777,581 2,063,602
2,783,581 2,070,802

CURRENT ASSETS
Debtors 7 429,900 171,027
Cash at bank 675,661 561,877
1,105,561 732,904
CREDITORS
Amounts falling due within one year 8 923,719 763,378
NET CURRENT ASSETS/(LIABILITIES) 181,842 (30,474 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,965,423

2,040,328

CREDITORS
Amounts falling due after more than
one year

9

(830,075

)

(787,071

)

PROVISIONS FOR LIABILITIES (515,817 ) (375,047 )
NET ASSETS 1,619,531 878,210

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 1,618,531 877,210
1,619,531 878,210

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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
29 February 2024


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 28 November 2024 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 29 February 2024

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 29 February 2024

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 (2023 - 20 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

29.2.24 28.2.23
£    £   
Depreciation - owned assets 407,865 303,405
Goodwill amortisation 1,200 1,200

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 12,000
AMORTISATION
At 1 March 2023 4,800
Charge for year 1,200
At 29 February 2024 6,000
NET BOOK VALUE
At 29 February 2024 6,000
At 28 February 2023 7,200

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

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023 2,919,039
Additions 1,198,484
Disposals (150,200 )
At 29 February 2024 3,967,323
DEPRECIATION
At 1 March 2023 855,437
Charge for year 407,865
Eliminated on disposal (73,560 )
At 29 February 2024 1,189,742
NET BOOK VALUE
At 29 February 2024 2,777,581
At 28 February 2023 2,063,602

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 150,963 42,990
Other debtors 278,937 128,037
429,900 171,027

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Hire purchase contracts 408,565 709,352
Trade creditors 256,258 43,765
Taxation and social security 27,813 10,261
Other creditors 231,083 -
923,719 763,378

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

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans 22,500 32,500
Hire purchase contracts 807,575 738,709
Other creditors - 15,862
830,075 787,071