| REGISTERED NUMBER: |
| Audited Financial Statements |
| for the Year Ended 1 December 2024 |
| for |
| Border Travel Services Limited |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Chartered Accountants |
| 147 Bath Street |
| Glasgow |
| G2 4SN |
| BANKERS: |
| 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 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand | 6 |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Land and buildings | - |
| Plant and machinery etc | - |
| 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 |
| 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 |
| DEPRECIATION |
| At 2 December 2023 |
| Charge for year |
| At 1 December 2024 |
| NET BOOK VALUE |
| At 1 December 2024 |
| At 1 December 2023 |
| 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 |
| Other debtors |
| 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 |
| Taxation and social security |
| Other creditors |
| 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. |
| for and on behalf of |
| 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. |