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REGISTERED NUMBER: SC060888 (Scotland)
















Audited Financial Statements

for the Year Ended 1 December 2024

for

Border Travel Services Limited

Border Travel Services Limited (Registered number: SC060888)






Contents of the Financial Statements
for the Year Ended 1 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Border Travel Services Limited

Company Information
for the Year Ended 1 December 2024







DIRECTORS: Mr C H McGhie
A M McKnight



REGISTERED OFFICE: 15 Castle Street
Dumfries
DG1 1BJ



REGISTERED NUMBER: SC060888 (Scotland)



AUDITORS: Gillespie & Anderson
Statutory Auditors
Chartered Accountants
147 Bath Street
Glasgow
G2 4SN



BANKERS: The Royal Bank of Scotland plc
151 High Street
Dumfries
DG21 2RA

Border Travel Services Limited (Registered number: SC060888)

Balance Sheet
1 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 88,885 96,490

CURRENT ASSETS
Stocks 100 100
Debtors 5 63,135 111,639
Cash at bank and in hand 6 3,408,098 4,689,574
3,471,333 4,801,313
CREDITORS
Amounts falling due within one year 7 1,201,091 943,438
NET CURRENT ASSETS 2,270,242 3,857,875
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,359,127

3,954,365

PROVISIONS FOR LIABILITIES 6,575 6,524
NET ASSETS 2,352,552 3,947,841

CAPITAL AND RESERVES
Called up share capital 9 120,000 200,000
Retained earnings 2,232,552 3,747,841
SHAREHOLDERS' FUNDS 2,352,552 3,947,841

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 May 2025 and were signed on its behalf by:





Mr C H McGhie - Director


Border Travel Services Limited (Registered number: SC060888)

Notes to the Financial Statements
for the Year Ended 1 December 2024

1. STATUTORY INFORMATION

Border Travel Services 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 (£).


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.

Going concern
The company has significant cash resources and no requirement for external funding. Consequently, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and therefore continue to believe the going concern basis of accountancy is appropriate in preparing the annual financial statements.

Significant judgements and estimates
In preparing the financial statements, management are required to make judgements, estimates and assumptions, based on historical experience and other relevant factors. Actual results may differ from these best estimates, which are reviewed on an ongoing basis.

The significant items in the financial statements where these judgements are required (and the factors in play) include debtors (likelihood of recovery), fixed assets (depreciation rates & useful lives) and the going concern basis of accounting.

Turnover
Turnover represents sales of services (excluding value added tax) and is recognised when the company becomes entitled to the commission earned, generally by deduction from the balance owed to the tour operator when paid over, approximately eight weeks before travel.

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.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on cost and 15% on reducing balance

Factors such as a change in how an asset is used, significant unexpected wear and tear, technological advancement, and changes in market prices may indicate that the residual value or useful life of an asset has changed since the most recent annual reporting date. If such indicators are present, the company will review its previous estimates and, if current expectations differ, amend the residual value, depreciation method or useful life, accounting for such revisions as a change in an accounting estimate in accordance with FRS 102.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Border Travel Services Limited (Registered number: SC060888)

Notes to the Financial Statements - continued
for the Year Ended 1 December 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has no complex financial instruments but does hold basic financial instruments of; cash at bank, debtors and creditors.

Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. A bank overdraft would be shown within current liabilities.

Trade and other debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less losses for bad debts except where the effect of discounting would be immaterial. In such cases, trade and other debtors are stated at cost less losses for bad debts.

Trade and other creditors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate unless the effect of discounting would be immaterial. In such cases, trade and other creditors are stated at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

Employment benefits
The total cost of employee benefits to which employees have become entitled as a result of service rendered to the entity during the reporting period are recognised and charged to the profit and loss account in the period to which they relate.

Provision for liabilities
A provision is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 17 ) .

Border Travel Services Limited (Registered number: SC060888)

Notes to the Financial Statements - continued
for the Year Ended 1 December 2024

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 2 December 2023
and 1 December 2024 176,502 196,084 372,586
DEPRECIATION
At 2 December 2023 107,223 168,873 276,096
Charge for year 3,530 4,075 7,605
At 1 December 2024 110,753 172,948 283,701
NET BOOK VALUE
At 1 December 2024 65,749 23,136 88,885
At 1 December 2023 69,279 27,211 96,490

Assets falling within the definition of "investment properties" with a cost of £79,002 (2023 - £84,502) are included within land and buildings at depreciated cost, rather than fair value as required under FRS 102. In the opinion of the directors, this departure from the requirements of FRS 102 is considered appropriate as the costs of obtaining the necessary valuations for the properties in question far outweigh any benefits involved in their restatement at fair value - management have concluded that the financial statements still give a true and fair view of the entity’s financial position and performance and that the financial statements comply fully with FRS 102 in all other regards.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 54,991 104,123
Other debtors 8,144 7,516
63,135 111,639

6. CASH AT BANK AND IN HAND

Within cash at bank and in hand as at 1 December 2024 is an amount of £232,132 (2023 - £232,132) held within a bank account with the Royal Bank of Scotland in relation to the company's ABTA bond. The Royal Bank of Scotland hold security over this and as such, there are restrictions against the company spending this money.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 901,742 719,667
Taxation and social security 216,766 166,551
Other creditors 82,583 57,220
1,201,091 943,438

Trade creditors include an amount of £87,699 (2023 - £126,638) payable to IATA, being BSP outstanding cash sales.

Border Travel Services Limited (Registered number: SC060888)

Notes to the Financial Statements - continued
for the Year Ended 1 December 2024

8. SECURED DEBTS

The Royal Bank of Scotland hold an unlimited bond and floating charge dated 7/4/88 for all monies over the heritable and moveable assets of the company.

The bank also hold a fixed charge over the deposit amount held by the company within an RBS bank account in relation to their ABTA bond, as well as any future deposits made into this bank account, as disclosed elsewhere within the notes to the financial statements. In connection with this charge, the bank has provided a guarantee in favour of ABTA limited amounting to £254,645 in relation to the company's IATA/ABTA bonds with a maturity date of 31/3/26.

9. CALLED UP SHARE CAPITAL

During the year under review, the company bought back 80,000 ordinary shares at a cost of £1,939,000 - these shares were subsequently cancelled.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
Included within land and buildings are assets with a net book value of £29,429 which meet the definition of investment properties under FRS 102. This standard requires such assets to be included in the balance sheet at fair value.

The directors consider that the costs of obtaining appropriate valuations far outweigh the benefits involved and has therefore retained the relevant assets at their depreciated cost value. As a result, the financial statements do not comply with the accounting practices required by FRS 102 on the basis that the properties in question are not included in the balance sheet at fair value.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in the notes to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Alun Johnstone BAcc CA (Senior Statutory Auditor)
for and on behalf of Gillespie & Anderson

11. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements and payroll.

12. ULTIMATE CONTROLLING PARTY

During the two years ending 1 December 2023 and 2024, Mr McGhie controlled the company by virtue of his shareholding.