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Registered number: SC057208










BARRHEAD TRAVEL SERVICE LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
BARRHEAD TRAVEL SERVICE LIMITED
 
 
COMPANY INFORMATION


Directors
J Dobson 
S Taylor 
J D O'Hara 
G T Rizzi 
H Daras 




Company secretary
S Taylor



Registered number
SC057208



Registered office
Libertas House
5th Floor

39 St. Vincent Place

Glasgow

G1 2ER




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditors

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD





 
BARRHEAD TRAVEL SERVICE LIMITED
 

CONTENTS



Page
Strategic report
1 - 4
Directors' report
5 - 8
Independent auditors' report
9 - 12
Statement of comprehensive income
13
Statement of financial position
14
Statement of changes in equity
15 - 16
Notes to the financial statements
17 - 33


 
BARRHEAD TRAVEL SERVICE LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their strategic report for the year ended 31 December 2024.

Introduction
 
The principal activity of the Company is that of a tour operator and travel agent.

Business review
 
As the President of Barrhead Travel, I am pleased to present the 2024 Strategic Report, marking a year that has been the most successful in our company’s history with record-breaking turnover and profits. Demand persisted throughout the year, resulting in each month surpassing 2023 sales and the completion of our order book earlier than anticipated in October. This early completion allowed us to focus on bookings for 2025.
The UK leisure travel market in 2024 experienced robust growth across all seasons. Consistent with industry trends and forecasts, the peak booking season (January and February) witnessed exceptionally high demand, surpassing 2023 levels. The peak booking season extended beyond its usual timeframe, with ongoing appetite for holidays prevalent throughout the year.
A notable feature of the 2024 holiday market was the resurgence of late bookings. Adverse weather during key holiday periods, such as Easter, Bank Holidays, and summer, led to an increase in spontaneous getaways. Our data indicates that while customers secured their primary annual holiday earlier than usual, many subsequently booked additional trips later in the year. This trend underscored confidence in the leisure market, reaffirming that consumers prioritize travel for discretionary spending.
Despite the industry's and our business's success, several challenges impacted our operations. Geopolitical tensions and ongoing global conflicts, rising costs for consumers and businesses alike, transport strikes, and political changes both domestically and internationally were some of the issues faced by the travel industry this year.
As an organisation, our strategy is centred on innovation, with various initiatives and growth plans implemented to address challenges and ensure business stability. Barrhead Travel's agility and ability to respond to global market conditions place us in a strong position to achieve our expansion goals, despite external challenges.  Reports from organisations such as Barclays and PwC continue to highlight travel as a top spending priority for consumers, presenting opportunities for us to diversify our product offerings and deliver market-leading experiences to our clients.
The expansion of our Product team in 2024 has enabled us to pursue new partnerships and product offerings, particularly in the cruise and Canada sectors. Securing exclusive cruise groups, for example, has provided us with competitive advantages, allowing us to meet our objective of offering unique products to our customers. Our refined approach to cruises has led to significant growth in this sector.
Applying a similar strategy to our Canada product, we have leveraged the extensive expertise of our team to negotiate exclusive itineraries hosted by Barrhead Travel, resulting in increased growth in this area.
As we enter our 50th year in business, our commitments to our local high street and communities are as resolute today as they were in 1975. The last 12 months has seen further investment in our retail network including four store upgrades in Scotland: Braehead, The Gyle, Newton Mearns, and Glasgow Forge. We recognise that retail is changing and our modern approach to the high street travel agency is not only retaining our existing loyal customers, but it is attracting a newer and younger demographic. 
Part our retail investment in 2024 included the launch of our new look uniform for customer-facing teams. Featuring twenty-five separate pieces in its collection, it is designed to be mixed and matched for different looks and complete flexibility – further underpinning our commitment to making sure our people can express their diverse personalities and individuality at work. 

Page 1

 
BARRHEAD TRAVEL SERVICE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Our retail investment is not limited to our existing locations. At the end of 2024, we opened our third location in Northern Ireland, in the suburb town of Newtownabbey. The Northern Irish market is a key target for further growth as we know that customers are seeking trusted travel agents in their local communities. 
Part of our growth strategy incorporates our Brilliant Travel division, home to our Managed Service Travel Partners (MSTPs) and independent home-based agents. During 2024, we significantly grew our homeworking network, onboarded several new MSTPs and provided strategic support for several members to expand their own businesses. The future of the independent travel agent is buoyant, particularly as consumers seek the expertise and financial protection of reputable advisors and our Brilliant Travel division will be central to future expansion plans. 
Our most important asset at Barrhead Travel is the people and we do not underestimate the role of our colleagues in the success that the business is enjoying. It is therefore more important than ever to focus on a comprehensive programme of investment in development and training.  The highlights from 2024 encompass the commencement of our new Development Academy, the continued success of our bespoke apprenticeship programme and the launch of our Menopause Employee Resource Group – ‘Menomates’, to work to destigmatise the menopause, educate our colleagues, and provide signposting for support.  As part of this last initiative, we were delighted to host a dedicated event in our Glasgow HQ, led by the UK Government’s first menopause champion, Helen Tomlinson, for a productive discussion on integrating the menopause and women’s health into the workplace. 
Our mission is to be the best place to work in travel. There is thus no better judge of this than our people, so we were incredibly proud to once again feature in the 100 Best Companies to Work in the UK, moving up 18 positions to place 62nd in the UK listings. This award is based on colleague feedback which indicates that the measures we are putting in place to support our people are being well-received. Listening and acting on colleague feedback is what helps make Barrhead Travel a great place to work and we are looking forward to implementing more ideas through ongoing engagement. 
As well as people-focused awards, our recognition during 2024 spans a wide range of industry recognition. To name just a few: for the 23rd year running, we took the title of Best Large Agency in Scotland at the esteemed Travel Weekly Agent Achievement Awards and, for the third consecutive year, we were named Best Retail Agent at the UK’s Wave Awards which celebrates cruise success. 
Finally, as the business enters its 50th year, one of the key things that keeps us grounded as an organisation are the communities in which we operate. For the last five decades, we have been supporting localised initiatives both at home and away through charity events, volunteering and fundraising. We simply wouldn’t exist without our local and global community – which is why we’re passionate about supporting meaningful projects that allow us to give a little back. Charities we’ve supported over the last year include: Dress for Success Glasgow; Cash for Kids; Just a Drop; MacMillan Cancer Support; ABTA Lifeline; Save the Children; Glasgow Children’s Hospital Charity; and Samaritans. 
Overall, the future is very bright for Barrhead Travel and we are confident that the next 12 months will bring more opportunity for success and growth. 

Principal risks and uncertainties
 
The principal risks and uncertainties affecting the business are economic and geopolitical. The economic uncertainty relates to the economic confidence of our customers which in turn feed through to those in the marketplace. The geopolitical risks capture the global threat of terrorism, conflict, disease, and adverse weather conditions, all of which we monitor in conjunction with ABTA and our suppliers. The impact of which we track through our Order Book and will feed through into our product offering and marketing to ensure a strong value proposition is maintained.

Page 2

 
BARRHEAD TRAVEL SERVICE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators
 
The directors consider the following to be the key performance indicators.

2024
2023
Change
Gross Turnover


£354m

£315m
 
+ 12%
 
Reported Turnover*


£89.9m

£80.7m
 
+ 11%
 
Gross Profit


£43.5m

£33.2m
 
+ 31%
 
Adjusted EBITDA


£4.7m

£2.9m
 
+ 62%
 
Travel Commissions - Order Book as at 31st December


£15.8m

£13.4m
 
+ 18%
 

*Reconciliation of Gross Turnover to Reported Turnover included in Note 5 on page 22 of these financial statements

Page 3

 
BARRHEAD TRAVEL SERVICE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Directors’ duties under s172(1)
 
The directors of the company must act in accordance with a set of general duties. These duties are detailed in section 172 of the UK Companies Act 2006 and include a duty to promote the success of the company for the benefit of its members as a whole.
The directors fulfil these duties in the following ways:
Employees – the driving force behind our success is our people.  We therefore engage with our people through regular business and team meetings, newsletters, and a wide range of training.
Suppliers - we are in regular dialogue with our suppliers at a strategic and tactical level, along with hosting an annual supplier conference to strengthen the relationships and knowledge with our managers.
Customers – our business is built around the personal service offered by our sales team and the holiday offerings developed in conjunction with our suppliers.
Environment - as travel providers, airlines, operators and cruise lines work towards Net Zero goals over the coming decade, we also believe that we have a responsibility to make positive changes and influence customer decision-making when it comes to travel.  Our Sustainability Committee represents all areas of our business and is currently working to reduce the carbon footprint of our network, deliver training programmes for colleagues, hold our partners accountable for sustainability actions, and educate our customers. We have created a bespoke training programme for our people to help inform them about the climate crisis and what this means for the travel industry, as we firmly believe that education is key to making positive changes.  In partnership with our parent organisation, Internova Travel Group, we offset all our employee business travel.  We believe that tourism can be a force for good and we will work with our travel colleagues to ensure that the global travel industry plays its part in protecting the planet. 
Business conduct - through regular contact and ongoing training in addition to the submission of the required returns, we meet the standards set by the sector regulators.
Shareholders – as noted on page 33, the company is 100% owned and controlled by the Internova Holdings, LLC.  Our performance is reported and reviewed monthly with our parent company which is also the sole shareholder. The Board will continue to keep engagement methods under review to ensure they remain effective.


This report was approved by the board and signed on its behalf.



J Dobson
Director

Date: 18 June 2025

Page 4

 
BARRHEAD TRAVEL SERVICE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £2,289,721 (2023 - £4,775,874).

The directors have not proposed the payment of a final dividend (2023: £Nil).

Directors

The directors who served during the year are:

J Dobson 
S Taylor 
J D O'Hara 
G T Rizzi 
H Daras 

Future developments

The future developments for the Company are covered in the Business Review section of the Strategic Report.

Page 5

 
BARRHEAD TRAVEL SERVICE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial Risk Management

Liquidity risk – The group aims to mitigate liquidity risk by managing cash generated by its operations and maintaining significant cash reserves.  This is achieved though the preparation and review of detailed cash flow forecasts.
Credit risk – Whilst the group has external debtors, the level of risk is minimised as customers are required to settle balances in advance of departure.
Foreign currency risk – The group reviews its foreign currency exposure on an ongoing basis and closely monitors the level of foreign currencies held and changes in exchange rates.  The risk is mitigated through the use of forward contracts.
Research and development
As a tour operator and travel agent, the activity of the business means the company does not engage in research and development activities.  The company does however invest in developing systems that support the improved efficiency in the business’s key operations.
Branches outside the UK
The company does not have any branches outside the UK as defined in section 1046(3) of the Companies Act 2006.

Engagement with employees

Our most important asset at Barrhead Travel is the people. We do not underestimate the role of our colleagues in the success that the business is enjoying. It is therefore more important than ever to focus on a comprehensive programme of investment in development and training. 
We are very proud to have delivered in excess of 30,000 hours of training across our network during 2024 – including webinars, in-person sessions, and independent learning opportunities. Last year also saw the launch of our new Development Academy – encompassing Leadership, Aspiring Leaders, and Mentorship programmes. Every member of our management team is in the process of completing our Leadership programme to ensure consistent standards and best practice across the business. 
Our ongoing bespoke apprenticeship programme saw further success during 2024 as we welcomed a new intake of young talent. Apprentices are our leaders of tomorrow, which is why we’re providing ongoing investment and increasing placements across our network. We were particularly proud that, in 2024, we had a 100% completion rate from our apprentices with every single one progressing into a full-time position with the business.  
Complementing our extensive training and development programmes is our resounding commitment to providing wellbeing and wellness support to our colleagues. A healthy and happy workforce is the foundation to a successful business and we’re always looking at new initiatives to support this.
Last year, we launched our official Menopause Employee Resource Group – ‘Menomates. The group have been working to destigmatise the menopause, educate our colleagues, and provide signposting for support. 

Engagement with suppliers, customers and others

Engagement with suppliers, customers and others have been discussed in the Strategic Report.

Page 6

 
BARRHEAD TRAVEL SERVICE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disabled employees

The company is committed to a policy of recruitment and promotion based on aptitude and ability without discrimination of any kind. Management actively pursues both the employment of disabled persons whenever suitable vacancies arise and the continued employment and retraining of employees who become disabled whilst employed by the company.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 requires the Company to disclose annual energy consumption and emissions.  These are detailed below:


2024
2023

Emissions resulting from activities for which the Company is responsible involving the combustion of gas or consumption of fuel for the purposes of transport (in tonnes of CO2 equivalent)
23.3
30.7

Emissions resulting from the purchase of the electricity by the Company for its own use, including the purposes of transport (in tonnes of CO2 equivalent)
218.1
205.2

Energy consumed from activities for which the Company is responsible involving the combustion of gas, or the consumption of fuel for the purposes of transport, and the annual quantity of energy consumed resulting from the purchase of electricity by the Company for its own use, including for the purposes of transport, in kWh
1,089,402
1,185,079

Quantification and reporting methodology
Electricity usage and combustion of gas has been extracted from combination of our energy broker consumption report for the group in addition to invoices for locations not covered by energy broker. For company vehicles we have calculated the figures above using the recorded mileage.
The total kWh has been converted to CO2 equivalent using the appropriate multipliers extracted from the UK Government GHG Conversion Factors for Company Reporting 2024 and 2023.

Intensity measurement
The Intensity Ratio is 0.426 (2023: 0.437), being based on total metric tonnes of CO2e per average monthly number of employees.
Measures taken to improve energy efficiency
Our Sustainability Committee represents all areas of our business and is currently working to reduce the carbon footprint of our network, implement training programmes for colleagues, hold our partners accountable for sustainability actions, and educate our customers.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 7

 
BARRHEAD TRAVEL SERVICE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsXeinadin Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





J Dobson
Director

Date: 18 June 2025

Page 8

 
BARRHEAD TRAVEL SERVICE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARRHEAD TRAVEL SERVICE LIMITED
 

Opinion


We have audited the financial statements of Barrhead Travel Service Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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 United Kingdom, including the Financial Reporting Council's Ethical Standard 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 opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 9

 
BARRHEAD TRAVEL SERVICE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARRHEAD TRAVEL SERVICE LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 10

 
BARRHEAD TRAVEL SERVICE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARRHEAD TRAVEL SERVICE LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Enquiry of management and those charged with governance around actual and potential litigation and claims;
Reviewing minutes of meetings of those charged with governance;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations.

The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. 
Secondly, the Company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Company’s license to operate. We identified the following areas as those most likely to have such an effect: ABTA, IATA and ATOL compliance recognising the nature of the Company’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Page 11

 
BARRHEAD TRAVEL SERVICE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARRHEAD TRAVEL SERVICE LIMITED (CONTINUED)




Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Yasin Khandwalla FCCA (Senior statutory auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Chartered Accountants
Statutory Auditors
  
8th Floor, Becket House
36 Old Jewry
London
EC2R 8DD

18 June 2025
Page 12

 
BARRHEAD TRAVEL SERVICE LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Gross turnover
     5
354,313,279
314,759,462

 
Turnover
 4 
89,850,048
80,727,017

Cost of sales
  
(46,355,259)
(47,493,769)

Gross profit
  
43,494,789
33,233,248

Administrative expenses
  
(41,375,652)
(35,849,731)

Other operating income
 6 
15,900
4,320,242

Operating profit
 7 
2,135,037
1,703,759

Interest receivable and similar income
 11 
1,002,746
483,854

Interest payable and similar expenses
  
(17)
(63)

Profit before tax
  
3,137,766
2,187,550

Tax on profit
 12 
(848,045)
2,588,324

Profit for the financial year
  
2,289,721
4,775,874

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 17 to 33 form part of these financial statements.

Page 13

 
BARRHEAD TRAVEL SERVICE LIMITED
REGISTERED NUMBER: SC057208

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
2,006,823
2,278,824

Investments
 15 
100,103
100,103

  
2,106,926
2,378,927

Current assets
  

Debtors
 16 
14,713,064
14,803,247

Cash at bank and in hand
  
32,802,192
25,768,580

  
47,515,256
40,571,827

Creditors: amounts falling due within one year
 17 
(54,677,286)
(44,240,579)

Net current liabilities
  
 
 
(7,162,030)
 
 
(3,668,752)

Total assets less current liabilities
  
(5,055,104)
(1,289,825)

Creditors: amounts falling due after more than one year
 18 
-
(6,055,000)

  

Net liabilities
  
(5,055,104)
(7,344,825)


Capital and reserves
  

Called up share capital 
 20 
200,000
200,000

Revaluation reserve
 21 
94,406
95,712

Other reserve
 21 
179,000
179,000

Profit and loss account
 21 
(5,528,510)
(7,819,537)

  
(5,055,104)
(7,344,825)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J Dobson
Director

Date: 18 June 2025

The notes on pages 17 to 33 form part of these financial statements.

Page 14

 
BARRHEAD TRAVEL SERVICE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Revaluation reserve
Other reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2024
200,000
95,712
179,000
(7,819,537)
(7,344,825)


Comprehensive income for the year

Profit for the year
-
-
-
2,289,721
2,289,721
Total comprehensive income for the year
-
-
-
2,289,721
2,289,721

Transfer to/from profit and loss account
-
(1,306)
-
1,306
-


At 31 December 2024
200,000
94,406
179,000
(5,528,510)
(5,055,104)


The notes on pages 17 to 33 form part of these financial statements.

Page 15

 
BARRHEAD TRAVEL SERVICE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Revaluation reserve
Other reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2023
200,000
97,018
179,000
(12,596,717)
(12,120,699)


Comprehensive income for the year

Profit for the year
-
-
-
4,775,874
4,775,874
Total comprehensive income for the year
-
-
-
4,775,874
4,775,874

Transfer to/from profit and loss account
-
(1,306)
-
1,306
-


At 31 December 2023
200,000
95,712
179,000
(7,819,537)
(7,344,825)


The notes on pages 17 to 33 form part of these financial statements.

Page 16

 
BARRHEAD TRAVEL SERVICE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Barrhead Travel Service Limited is a private company limited by shares and incorporated, domiciled and registered in the UK. The Company number is SC057208. The registered address can be found on the company information page. The nature of the Company's operations and its principal activity are set out in the Strategic Report on page 1.
The main activity of the Company is defined as holiday travel specialist.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The company has taken advantage of the requirements of Section 7 Statement of Cash Flows. This 
information is included in the consolidated financial statements of Barrhead Travel 2007 Limited which can be found at Libertas House, 5th Floor, 39 St. Vincent Street, Glasgow G1 2ER.

 
2.2

Exemption from preparing consolidated financial statements

The company is a parent company and is also a subsidiary which is included in the consolidated financial statements of its parent undertaking, Barrhead Travel 2007 Limited. The financial statements of Barrhead Travel 2007 Limited, which is registered in Scotland, are available to the public from Companies House,  4th Floor, Edinburgh Quay 2, 139 Fountainbridge, Edinburgh EH3 9FF. Accordingly, the company is exempt from the requirement to prepare consolidated accounts under Section 400 of the Companies Act 2006.

Page 17

 
BARRHEAD TRAVEL SERVICE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on a going concern basis, which the directors believe to be appropriate for the following reasons:  
At the year end, the Company had net liabilities of £5.1 million and net current liabilities of £7.3 million. It manages its day to day and medium-term funding requirements through cash balances and loans from its parent or other group undertakings.
The directors have prepared projected cash flow information for the eighteen months from the date of approval of these financial statements. These forecasts reflect the Company will have sufficient funds to meet its liabilities as they fall due with the existing bookings to date and expected trading activity in 2025.
Those forecasts do not require nor include any additional financial support from Travel Leaders Group, LLC (see Note 29) , however it has indicated its intentions to continue to support the business and make available such funds as are needed by the company for the period covered by the forecasts.
Based on the above indications, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 18

 
BARRHEAD TRAVEL SERVICE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, and where applicable value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Where the Company acts as agent, turnover represents commission earned on the collection of receipts in respect of passenger fares and holiday tours during the year. Turnover excludes VAT.  
Where the Company operates as the principal tour operator, turnover represents the gross value of the holiday sold including air tickets, hotel bookings and other related services. The full cost of such holidays including any related value added tax, is included within cost of sales.
All turnover is recognised at the date of departure of the holiday.
Commissions earned from the sale of foreign currency is included in turnover.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. 

Page 19

 
BARRHEAD TRAVEL SERVICE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.




 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Websites
-
20%
on cost

Page 20

 
BARRHEAD TRAVEL SERVICE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% on cost/deemed cost
Long leasehold property
-
over the period of the lease
Fixtures and fittings
-
10% on cost
Computer equipment
-
20% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

      Gains  and  losses on  disposals  are  determined by comparing the proceeds at the date of disposal
         with the carrying amount and are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Associates

Associates are held at cost less impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash balances, cash in hand, cash in trust accounts and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts debtors and creditors, loans from related parties and investments in non-puttable ordinary shares.


Page 21

 
BARRHEAD TRAVEL SERVICE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of Financial Statements requires management to make judgments, estimates and assumptions that affect the application of the accounting policies and reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates. Estimates and assumptions are reviewed on an ongoing basis and revisions to estimates are recognised in the period in which the estimate is revised and in any future periods affected.
The directors did not consider there were any areas of significant estimation in preparing these financial statements.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Travel agency commissions
32,486,179
28,333,181

Tour operator sales
56,596,857
51,868,191

Foreign currency commissions
767,012
525,645

89,850,048
80,727,017


2024
2023
£
£

United Kingdom
89,850,048
80,727,017

89,850,048
80,727,017


All turnover arose within the United Kingdom.


5.

Gross turnover

Gross turnover is included on the profit and loss account as a non-statutory disclosure to aid the user of the financial statements. This represents the gross value of sales by the Company, as reported to ABTA.
Gross turnover reconciles to statutory turnover as follows:

2024
2023
        £
        £
Gross Turnover

354,313,279

314,759,462
 
Less: Travel agency cost of sales

(264,463,231)

(234,032,445)
 

89,850,048

80,727,017
 

Page 22

 
BARRHEAD TRAVEL SERVICE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Other operating income

2024
2023
£
£

Management fee income
-
4,302,342

Sundry income
15,900
17,900

15,900
4,320,242



7.


Operating profit

The operating loss is stated after charging / (crediting):

2024
2023
£
£

Other operating lease rentals
2,939,872
2,692,341

Depreciation of tangible fixed assets
640,485
770,433

Exchange differences
(266,315)
4,264

Management fee (Parent Company)
2,240,326
382,312


8.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates in respect of:

Audit of these financial statements
95,000
102,500

Non-audit services
40,000
53,500

Page 23

 
BARRHEAD TRAVEL SERVICE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
16,939,942
15,152,440

Social security costs
1,668,762
1,474,560

Cost of defined contribution scheme
355,915
309,653

18,964,619
16,936,653


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Sales
389
349



Administrative and management
177
180

566
529


10.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
457,412
511,998

Company contributions to defined contribution pension schemes
14,939
27,838

472,351
539,836


The highest paid director received remuneration of £265,741 (2023 - £274,206).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £9,715 (2023 - £4,404).


11.


Interest receivable

2024
2023
£
£


Bank and other interest receivable
1,002,746
483,854

1,002,746
483,854

Page 24

 
BARRHEAD TRAVEL SERVICE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Taxation


2024
2023
£
£



Deferred tax


Origination and reversal of timing differences
(23,591)
(109,696)

Capital gains/(losses)
-
9,008

Losses and other deductions
871,636
(2,487,636)

Total deferred tax
848,045
(2,588,324)


848,045
(2,588,324)

Factors affecting tax charge for the year

The standard rate of Corporation Tax in the UK is 25%. The effective tax rate may differ mainly due to non-qualifying depreciation, disallowable acquisition costs, non-deductible share based payment costs, other non-deductible items in the UK, prior year adjustments and overseas tax rate.
The tax assessed for the year is the same as
 (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
3,137,766
2,187,550


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
784,442
514,524

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,490
3,001

Fixed asset differences
115,295
62,808

Income not taxable for tax purposes
-
(4,210)

Effect of change in tax rate and other deductions
(54,182)
(15,959)

Movement in deferred tax not recognised
-
(3,226,633)

Group relief surrended
-
78,145

Total tax charge for the year
848,045
(2,588,324)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 25

 
BARRHEAD TRAVEL SERVICE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Intangible assets




Websites

£



Cost


At 1 January 2024
301,954



At 31 December 2024

301,954



Amortisation


At 1 January 2024
301,954



At 31 December 2024

301,954



Net book value



At 31 December 2024
-



At 31 December 2023
-



Page 26

 
BARRHEAD TRAVEL SERVICE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Tangible fixed assets





Freehold property
Long leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
915,413
3,185,116
590,456
941,630
5,632,615


Additions
-
294,099
20,374
55,375
369,848


Disposals
-
(447,443)
-
(64,225)
(511,668)



At 31 December 2024

915,413
3,031,772
610,830
932,780
5,490,795



Depreciation


At 1 January 2024
164,587
2,116,023
412,477
660,704
3,353,791


Charge for the year on owned assets
18,308
441,506
36,552
144,119
640,485


Disposals
-
(446,079)
-
(64,225)
(510,304)



At 31 December 2024

182,895
2,111,450
449,029
740,598
3,483,972



Net book value



At 31 December 2024
732,518
920,322
161,801
192,182
2,006,823



At 31 December 2023
750,826
1,069,093
177,979
280,926
2,278,824



If the freehold property had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
828,356
828,356

Accumulated depreciation
(231,852)
(215,284)

Net book value
596,504
613,072

Page 27

 
BARRHEAD TRAVEL SERVICE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 January 2024
100,000
103
100,103



At 31 December 2024
100,000
103
100,103






Net book value



At 31 December 2024
100,000
103
100,103



At 31 December 2023
100,000
103
100,103


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Travel Transportation Services Limited
Libertas House, 5th Floor, 39 St. Vincent Street, Glasgow G1 2ER
Passenger transport provider
Ordinary
100%


Associates


The following were associates of the Company:


Name

Registered office

Holding

Greig Avinou Travel Limited
*
26%
Craig Carroll Travel Limited
*
26%
Leona Mackie Travel Limited
*
25%
A&M Holidays Limited
*
26%

* All of the associated companies above operate as Retail Travel Agents and are all registered at Libertas House, 5th Floor, 39 St. Vincent Street, Glasgow G1 2ER. The accounting date for all of the associated companies is 31 December.

Page 28

 
BARRHEAD TRAVEL SERVICE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Debtors

2024
2023
£
£


Trade debtors
1,560,039
1,529,172

Prepayments and accrued income
10,579,573
9,317,340

Deferred taxation (note 20)
1,911,886
3,017,165

Other debtors
661,566
939,570

14,713,064
14,803,247



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
5,714,602
5,063,644

Net customer deposits
27,219,156
22,884,616

Amounts owed to group undertakings
5,661,423
880,565

Other taxation and social security
377,475
357,371

VAT payable
130,225
499,304

Accruals and deferred income
12,539,658
11,293,255

Other creditors
3,034,747
3,261,824

54,677,286
44,240,579


Amount owed to group undertakings relate to intra group funding. These are unsecured, no interest applies and are repayable on demand.


18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertaking
-
6,055,000

-
6,055,000


Page 29

 
BARRHEAD TRAVEL SERVICE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Deferred taxation




2024
2023


£

£






At beginning of year
3,017,165
485,954


Charged to profit or loss
(848,045)
2,531,211


Group relief surrendered
(257,234)
-



At end of year
1,911,886
3,017,165

The deferred tax asset is made up as follows:

2024
2023
£
£


Fixed assets timing differences
(127,313)
(97,233)

Capital gains/ (Losses)
(33,262)
(33,262)

Short term timing differences
34,854
35,024

Losses and other deductions
2,037,607
3,112,636

1,911,886
3,017,165


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100,000 (2023 - 100,000) Ordinary "A" shares of £1.00 each
100,000
100,000
100,000 (2023 - 100,000) Ordinary "B" shares of £1.00 each
100,000
100,000

200,000

200,000

Each class of share ranks pari passu in all respects save that the following voting rights attach to the respective class of shares:
(i) At a General Meeting of the Company, the holders of "A" shares shall be entitled to five votes in respect of every "A" share held;
(ii) At a General Meeting of the Company, the holders of "B" shares shall be entitled to two votes in respect of every "B" share held.


Page 30

 
BARRHEAD TRAVEL SERVICE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Reserves

Revaluation reserve

The revaluation reserve records the surplus arising on the valuation of the property held for own use by the Company.

Other reserve

Other reserve of £179k (2023: £179k) arose from the transfer to reserves of outstanding balances on certain loans that were unconditionally waived in 1995.

Profit and loss account

Includes all current and prior year retained profit and losses.


22.


External regulatory requirements and contingent liabilities

The Company holds an Air Travel Organiser's Licence ("ATOL") issued by the Civil Aviation Authority ("CAA") and is an accredited agent of the International Air Transport Association ("IATA").
In order to offer air inclusive package holidays, the company requires the annual renewal by the CAA of its ATOL license. The CAA grants this license on the basis of the company operating a Trust account and meeting agreed financial criteria and renews the license in September (effective 1st October) each year. The company has complied with these requirements in previous year and does not envisage any issues in the granting of a new license from October 2025.
Included within cash at bank is £12.8m (2023: £12.5m) held in trust by the Air Travel Trustees ("ATT") as a condition of the Company continuing to hold an ATOL licence. Under the Trust Deed the Company pays into this trust account any receipts relating to holiday bookings that fall under the Company's ATOL protection obligations, which will be released by ATT upon supplier performance or reimbursed when relevant suppliers are paid.
The company is a member of ABTA and requires this membership to protect consumer cash for retail bookings through a scheme of bonding.
Travel & General Insurance Services Limited ("TGIS") holds an insurance bond of £3.8m (2023: £2.4m)  issued to ABTA to cover any contingent liabilities of the Company to ABTA. The bond expires at the end of March 2026. Accelerant Insurance Europe SA ("Accelerant") holds counter indemnities from Barrhead Travel 2007 Limited and all of its subsidiary undertakings, including the Company.
Included within other debtors is an amount of £150k (2023: £150k) which represents a deposit held with IATA. The Company complies with the financial criteria requirements of IATA.
There are no other material contingent liabilities.

Page 31

 
BARRHEAD TRAVEL SERVICE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

23.


Forward contracts

At the year end, the Company is commited to buying CAD 6.5m (2023: Nil) at a rate of 1.7485 and paying a fixed sterling amount of £3,717,765 and USD 700k (2023: Nil) at a rate of 1.2916 and paying a fixed sterling amount of £541,952 through forward contracts. 
The Company has revalued these contracts at the year end rate resulting in a loss of £95,723 (2023: Nil) including loss on CAD contracts of £112,819 and gain on USD contracts of £17,096.


24.


Pension commitments

The Company operates defined contribution schemes. The assets of the schemes are held separately from those of the Company in independently administered funds. The pension costs charge represents contributions payable by the Company to these funds and amounted to £355,915 (2023: £309,653).
Contributions totalling £78,135 (2023: £62,921) were payable to the fund at the balance sheet date and are included in creditors.


25.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
2,173,077
2,490,078

Later than 1 year and not later than 5 years
4,520,483
5,290,181

Later than 5 years
394,375
417,396

7,087,935
8,197,655


26.


Financial guarantees and indemnities

Barclays Bank PLC holds a fixed charge over a deposit of £Nil (2023: £2.5m) which is included in cash at bank.
Lloyds Bank plc holds cross company guarantees amongst the Company, its parent company Barrhead Travel 2007 Limited and a fellow subsidiary, The Holiday Specialists Limited.

Page 32

 
BARRHEAD TRAVEL SERVICE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

27.


Related party transactions

The Company has taken advantage of exemption under the terms of FRS102 33.1A not to disclose related party transactions with the wholly owned subsidiaries within the Barrhead Travel 2007 Limited group of companies.
During the year the company received/(paid) net management fees due from, or to,the following companies:


2024
2023
£
£

Greig Avinou Travel Limited
378,177
290,176
Craig Carroll Travel Limited
220,048
198,803
Leona Mackie Travel Limited
137,103
111,628
A&M Holidays Limited
271,428
237,564
Travel Leaders Group, LLC
(2,240,326)
(382,312)

At the year end the Company owed £283,702 (2023: £277,963) to Greig Avinou Travel Limited.
At the year end the Company owed £55,116 (2023: £4,000) to Craig Carroll Travel Limited.
At the year end the Company owed £1,240 (2023: £2,000) to Leona Mackie Travel Limited.
At the year end the Company owed £132,139 (2023: £5,000) to A&M Holidays Limited.
At the year end the Company owed the following amounts to companies within the Travel Leaders Group of companies:
   -   Global Travel Collection UK, Limited - £3,555,000 (2023: £6,055,000)
   -   Y.E.S. (Your Event Solutions) Limited - £139,670 (2023: £396,904)
   -   Travel Leaders Group, LLC - £1,869,857 (2023: £386,765)
 


28.


Post balance sheet events

The directors have concluded that no material events have occurred since the date of approval of these financial statements that would affect the financial statements of the Company.


29.


Controlling party

Internova Holdings, LLC is regarded as the ultimate parent company of Barrhead Travel Service Limited. 
The Company is a 100% subsidiary of Barrhead Travel 2007 Limited (incorporated in Scotland), which is a 100% subsidiary of Global Travel Collection, LLC (incorporated in the USA).
Global Travel Collection, LLC is a 100% subsidiary of Tzell Holdings, LLC (incorporated in the USA), which is a 100% subsidiary of Travel Leaders Group, LLC (incorporated in the USA).
Travel Leaders Group, LLC is a 100% subsidiary of Travel Leaders Group Holdings, LLC (incorporated in the USA), which is a 100% subsidiary of Internova Holdings, LLC.

Page 33

 
BARRHEAD TRAVEL SERVICE LIMITED
 
 
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