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Registered number: SC332161










BARRHEAD TRAVEL 2007 LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
BARRHEAD TRAVEL 2007 LIMITED
 
 
COMPANY INFORMATION


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




Company secretary
S Taylor



Registered number
SC332161



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 2007 LIMITED
 

CONTENTS



Page
Group strategic report
1 - 4
Directors' report
5 - 8
Independent auditors' report
9 - 13
Consolidated statement of comprehensive income
14
Consolidated statement of financial position
15
Company statement of financial position
16
Consolidated statement of changes in equity
17 - 18
Company statement of changes in equity
19
Consolidated statement of cash flows
20 - 21
Consolidated analysis of net debt
22
Notes to the financial statements
23 - 43


 
BARRHEAD TRAVEL 2007 LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

Principal activities
 
The principal activity of the Group 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 2007 LIMITED
 

GROUP 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 2007 LIMITED
 

GROUP 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

£80.5m
 
+ 12%
 
Gross Profit


£43.5m

£37.7m
 
+ 20%
 
Adjusted EBITDA


£4.7m

£3.2m
 
+ 50%
 
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 29 of these financial statements

Page 3

 
BARRHEAD TRAVEL 2007 LIMITED
 

GROUP 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 43, 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 2007 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 Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group 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 £1,945,720 (2023 - £4,324,278).

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 Group are covered in the Business Review section of the Strategic Report.

Page 5

 
BARRHEAD TRAVEL 2007 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 group does not engage in research and development activities.  The group does however invest in developing systems that support the improved efficiency in the business’ key operations.
Branches outside the UK
The group 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 2007 LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disabled employees

The group 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 group.

Greenhouse gas emissions, energy consumption and energy efficiency action

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


2024
2023

Emissions resulting from activities for which the Group 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 Group 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 Group 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 Group 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 and the Group'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 and the Group's auditors are aware of that information.

Page 7

 
BARRHEAD TRAVEL 2007 LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Post balance sheet events

There have been no significant events affecting the Group 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 2007 LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARRHEAD TRAVEL 2007 LIMITED
 

Opinion


We have audited the financial statements of Barrhead Travel 2007 Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company 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 Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's 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 Group 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 Group's or the parent 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 2007 LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARRHEAD TRAVEL 2007 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Page 10

 
BARRHEAD TRAVEL 2007 LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARRHEAD TRAVEL 2007 LIMITED (CONTINUED)


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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 11

 
BARRHEAD TRAVEL 2007 LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARRHEAD TRAVEL 2007 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 Group 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 Group 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 Group is subject to many other laws and regulations where the consequence of noncompliance 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 Group’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 Group’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 12

 
BARRHEAD TRAVEL 2007 LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARRHEAD TRAVEL 2007 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 13

 
BARRHEAD TRAVEL 2007 LIMITED
 
 
CONSOLIDATED 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
80,500,775

Cost of sales
  
(46,355,259)
(42,764,485)

Gross profit
  
43,494,789
37,736,290

Administrative expenses
  
(41,720,529)
(36,478,531)

Other operating income
 6 
15,900
17,900

Operating profit
 7 
1,790,160
1,275,659

Interest receivable and similar income
 11 
1,003,622
484,596

Interest payable and similar expenses
  
(17)
(63)

Profit before tax
  
2,793,765
1,760,192

Tax on profit
 12 
(848,045)
2,564,086

Profit for the financial year
  
1,945,720
4,324,278

Profit for the year attributable to:
  

Owners of the parent company
  
1,945,720
4,324,278

  
1,945,720
4,324,278

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

The notes on pages 23 to 43 form part of these financial statements.

Page 14

 
BARRHEAD TRAVEL 2007 LIMITED
REGISTERED NUMBER: SC332161

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
-
343,444

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

Investments
 15 
103
103

  
2,006,926
2,622,371

Current assets
  

Debtors: amounts falling due within one year
 16 
14,713,064
14,803,247

Cash at bank and in hand
 17 
32,826,408
25,793,350

  
47,539,472
40,596,597

Creditors: amounts falling due within one year
 18 
(54,581,391)
(44,144,681)

Net current liabilities
  
 
 
(7,041,919)
 
 
(3,548,084)

Total assets less current liabilities
  
(5,034,993)
(925,713)

Creditors: amounts falling due after more than one year
 19 
-
(6,055,000)

  

Net liabilities
  
(5,034,993)
(6,980,713)


Capital and reserves
  

Called up share capital 
 21 
198,109
198,109

Capital contribution
 22 
2,500,000
2,500,000

Other reserves
 22 
179,000
179,000

Revaluation reserve
 22 
94,406
95,712

Profit and loss account
 22 
(8,006,508)
(9,953,534)

  
(5,034,993)
(6,980,713)


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 23 to 43 form part of these financial statements.

Page 15

 
BARRHEAD TRAVEL 2007 LIMITED
REGISTERED NUMBER: SC332161

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
4,290,016
4,290,016

  
4,290,016
4,290,016

Current assets
  

Cash at bank and in hand
 17 
3,020
3,075

  
3,020
3,075

Creditors: amounts falling due within one year
 18 
(500)
(500)

Net current assets
  
 
 
2,520
 
 
2,575

Total assets less current liabilities
  
4,292,536
4,292,591

  

  

Net assets
  
4,292,536
4,292,591


Capital and reserves
  

Called up share capital 
 21 
198,109
198,109

Capital contribution
 22 
2,500,000
2,500,000

Profit and loss account
 22 
1,594,427
1,594,482

  
4,292,536
4,292,591


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 23 to 43 form part of these financial statements.

As permited by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. The parent company's loss for the financial year was £55 (2024: loss £1,841,146).

Page 16
 

 
BARRHEAD TRAVEL 2007 LIMITED


 

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



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


£
£
£
£
£
£


At 1 January 2024
198,109
2,500,000
95,712
179,000
(9,953,534)
(6,980,713)



Comprehensive income for the year


Profit for the year
-
-
-
-
1,945,720
1,945,720

Total comprehensive income for the year
-
-
-
-
1,945,720
1,945,720


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



At 31 December 2024
198,109
2,500,000
94,406
179,000
(8,006,508)
(5,034,993)



The notes on pages 23 to 43 form part of these financial statements.

Page 17

 

 
BARRHEAD TRAVEL 2007 LIMITED


 

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



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


£
£
£
£
£
£


At 1 January 2023
198,109
2,500,000
97,018
179,000
(14,279,118)
(11,304,991)



Comprehensive income for the year


Profit for the year
-
-
-
-
4,324,278
4,324,278

Total comprehensive income for the year
-
-
-
-
4,324,278
4,324,278


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



At 31 December 2023
198,109
2,500,000
95,712
179,000
(9,953,534)
(6,980,713)



The notes on pages 23 to 43 form part of these financial statements.

Page 18
 
BARRHEAD TRAVEL 2007 LIMITED
 

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


Called up share capital
Capital contribution
Profit and loss account
Total equity

£
£
£
£

At 1 January 2024
198,109
2,500,000
1,594,482
4,292,591



Loss for the year
-
-
(55)
(55)
Total comprehensive income for the year
-
-
(55)
(55)


At 31 December 2024
198,109
2,500,000
1,594,427
4,292,536


The notes on pages 23 to 43 form part of these financial statements.


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


Called up share capital
Capital contribution
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
198,109
2,500,000
3,435,628
6,133,737



Loss for the year
-
-
(1,841,146)
(1,841,146)
Total comprehensive income for the year
-
-
(1,841,146)
(1,841,146)


At 31 December 2023
198,109
2,500,000
1,594,482
4,292,591


The notes on pages 23 to 43 form part of these financial statements.

Page 19

 
BARRHEAD TRAVEL 2007 LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,945,720
4,324,278

Adjustments for:

Amortisation of intangible assets
343,444
230,679

Depreciation of tangible assets
640,485
770,433

Goodwill - impairment charge
-
530,635

Interest paid
17
63

Interest received
(1,003,622)
(484,596)

Taxation charge
848,045
(2,564,086)

(Increase) in debtors
(757,862)
(1,543,470)

Increase in creditors
5,655,852
6,798,256

Decrease in amounts owed by groups
-
40,310

Increase/(decrease) in amounts owed to groups
1,483,092
(668,468)

Net cash generated from operating activities

9,155,171
7,434,034


Cash flows from investing activities

Purchase of tangible fixed assets
(369,848)
(578,048)

Sale of tangible fixed assets
1,364
-

Interest received
1,003,622
484,596

Net cash from investing activities

635,138
(93,452)

Cash flows from financing activities

Loans from group companies repaid
(2,757,234)
-

Interest paid
(17)
(63)

Net cash used in financing activities
(2,757,251)
(63)

Net increase in cash and cash equivalents
7,033,058
7,340,519
Page 20

 
BARRHEAD TRAVEL 2007 LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023

£
£



Cash and cash equivalents at beginning of year
25,793,350
18,452,831

Cash and cash equivalents at the end of year
32,826,408
25,793,350


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
32,826,408
25,793,350

32,826,408
25,793,350


The notes on pages 23 to 43 form part of these financial statements.

Page 21

 
BARRHEAD TRAVEL 2007 LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024





At 1 January 2024
Cash flows
Other non-cash changes
At 31 December 2024
£

£

£

£

Cash at bank and in hand

25,793,350

7,033,058

-

32,826,408

Debt due within 1 year

(396,904)

-

(3,297,766)

(3,694,670)

Debt due after 1 year

(6,055,000)

2,500,000

3,555,000

-


19,341,446
9,533,058
257,234
29,131,738

The notes on pages 23 to 43 form part of these financial statements.

Page 22

 
BARRHEAD TRAVEL 2007 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Barrhead Travel 2007 Limited is a private company limited by shares and incorporated, domiciled and registered in the UK. The company number is SC332161. The registered address can be found on the company information page. The nature of the Group's operations and its principal activity are set out in the Strategic Report on page 1.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

  
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the acquistion method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The share of the results of associated companies have not been included on the basis of materiality.

Page 23

 
BARRHEAD TRAVEL 2007 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 Group had net liabilities of £5.0 million and net current liabilities of £7.0 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 Group 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 30), however it has indicated its intentions to continue to support the business and make available such funds as are needed by the group 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 Consolidated 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 24

 
BARRHEAD TRAVEL 2007 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 Group 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 Group 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 Group 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 Group 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 25

 
BARRHEAD TRAVEL 2007 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 Group operates defined contribution plans for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group 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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.




Page 26

 
BARRHEAD TRAVEL 2007 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other 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

The useful life of goodwill is estimated up to maximum of 10 years.

 
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 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.

Page 27

 
BARRHEAD TRAVEL 2007 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated 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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Barrhead Travel 2007 Limited, as an individual entity, meets the definition of a qualifying entity per FRS 102 and has taken advantage of the exemption available in paragraph 1.12 of FRS 102 from presenting a company-only statement of cash flows. These consolidated financial statements include a consolidated statement of cash flows which include the cash flows of Barrhead Travel 2007 Limited.

 
2.16

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an
Page 28

 
BARRHEAD TRAVEL 2007 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

impairment loss is recognised in the Consolidated statement of comprehensive income.


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
51,641,949

Foreign currency commissions
767,012
525,645

89,850,048
80,500,775


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 Group, which is 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)
(234,258,687)

89,850,048
80,500,775

Page 29

 
BARRHEAD TRAVEL 2007 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Other operating income

2024
2023
£
£

Sundry income
15,900
17,900

15,900
17,900



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

Goodwill amortisation
343,444
230,679

Impairment charge
-
530,635

Foreign exchange differences
(266,315)
4,264

Management fee (Parent Company)
2,236,333
382,312


8.


Auditors' remuneration

During the year, the Group 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:

The auditing of these financial statements
5,500
5,500

The auditing of financial statements of subsidiaries of the Group
98,000
97,000

Non-audit services
55,000
53,500


Auditors' remuneration was charged in full to a subsidiary undertaking.  




Page 30

 
BARRHEAD TRAVEL 2007 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Employees

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


Group
Group
2024
2023
£
£


Wages and salaries
16,939,942
15,410,626

Social security costs
1,668,762
1,500,667

Cost of defined contribution scheme
355,915
315,187

18,964,619
17,226,480


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


        2024
        2023
            No.
            No.







Sales
389
360



Administrative and management
177
180

566
540


10.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
457,412
511,998

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

Page 31

 
BARRHEAD TRAVEL 2007 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Interest receivable

2024
2023
£
£


Bank and other interest receivable
1,003,622
484,596

1,003,622
484,596


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
24,238


Total current tax
-
24,238

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)


Tax on profit
848,045
(2,564,086)
Page 32

 
BARRHEAD TRAVEL 2007 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
12.Taxation (continued)


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
2,793,765
1,760,192


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
698,441
413,997

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

Non-taxable income
-
(4,210)

Effect of change in tax rate and other deductions
31,819
108,806

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

Group relief
-
78,145

Total tax charge for the year
848,045
(2,564,086)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 33

 
BARRHEAD TRAVEL 2007 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Intangible assets

Group





Websites
Goodwill
Total

£
£
£



Cost


At 1 January 2024
301,954
2,896,388
3,198,342



At 31 December 2024

301,954
2,896,388
3,198,342



Amortisation


At 1 January 2024
301,954
2,552,944
2,854,898


Charge for the year on owned assets
-
343,444
343,444



At 31 December 2024

301,954
2,896,388
3,198,342



Net book value



At 31 December 2024
-
-
-



At 31 December 2023
-
343,444
343,444





Page 34

 
BARRHEAD TRAVEL 2007 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Tangible fixed assets

Group






Freehold property
Long leasehold
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
915,413
3,019,084
193,361
1,041,471
5,169,329


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


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



At 31 December 2024

915,413
2,865,740
213,735
1,032,621
5,027,509



Depreciation


At 1 January 2024
164,587
1,949,991
128,905
647,022
2,890,505


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
1,945,418
165,457
726,916
3,020,686



Net book value



At 31 December 2024
732,518
920,322
48,278
305,705
2,006,823



At 31 December 2023
750,826
1,069,093
64,456
394,449
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
£
£

Group


Cost
828,356
828,356

Accumulated depreciation
(231,852)
(213,544)

Net book value
596,504
614,812

Page 35

 
BARRHEAD TRAVEL 2007 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Fixed asset investments

Group





Investments in associates

£



Cost or valuation


At 1 January 2024
103



At 31 December 2024
103






Net book value



At 31 December 2024
103



At 31 December 2023
103

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
4,290,016



At 31 December 2024
4,290,016






Net book value



At 31 December 2024
4,290,016



At 31 December 2023
4,290,016

Page 36

 
BARRHEAD TRAVEL 2007 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Holding

Barrhead Travel Service Limited
Scotland
Retail Travel Agents
100%
The Holiday Specialists Limited
Scotland
Retail Travel Agents
100%
Brilliant Travel Limited
Scotland
Dormant
100%
*Travel Transportation Services Limited
Scotland
Passenger Transport Provider
100%
*Greig Avinou Travel Limited
Scotland
Retail Travel Agents
26%
*Craig Carroll Travel Limited
Scotland
Retail Travel Agents
26%
*Leona Mackie Travel Limited
Scotland
Retail Travel Agents
25%
*A&M Holidays Limited
Scotland
Retail Travel Agents
26%
**The Cruise Specialists Limited
Scotland
Dormant
100%
*Cruise Direct Limited
Scotland
Dormant
100%
*Flightsdirect.com (Int) Limited
Scotland
Dormant
100%

All companies listed above are registered at Libertas House, 5th Floor, 39 St. Vincent Place, Glasgow, G1 2ER.
No further disclosure has been made in respect of associated companies on the basis of materiality.  
* Subsidiaries of Barrhead Travel Service Limited
** Subsidiary of The Holiday Specialists Limited

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Share capital
Profit/(Loss)
£
£

Barrhead Travel Service Limited
200,000
2,550,001

The Holiday Specialists Limited
40,000
820

*Travel Transportation Services Limited
100,000
(1,322)

Page 37

 
BARRHEAD TRAVEL 2007 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Debtors

Group
Group
2024
2023
£
£


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

Other debtors
661,566
939,570

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

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

14,713,064
14,803,247



17.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
32,826,408
25,793,350
3,020
3,075

32,826,408
25,793,350
3,020
3,075


Included within cash at bank is £12.8m (2023: £12.5m) held in trust by the Air Travel Trustees ("ATT") as a condition of BTSL 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 BTSL's ATOL protection obligations, which will be released by ATT upon supplier performance or reimbursed when relevant suppliers are paid.


18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

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

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

Amounts owed to related parties
5,564,527
783,669
-
-

Other taxation and social security
377,475
357,371
-
-

VAT
130,225
499,304
-
-

Other creditors
3,034,748
3,261,822
-
-

Accruals and deferred income
12,540,658
11,294,255
500
500

54,581,391
44,144,681
500
500


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

Page 38

 
BARRHEAD TRAVEL 2007 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Amounts owed to related companies
-
6,055,000

-
6,055,000





20.


Deferred taxation


Group



2024
2023


£

£






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


Credited 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:

Group
Group
2024
2023
£
£

Accelerated capital allowances
(127,313)
(97,233)

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

Other timing differences
34,854
35,024

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

1,911,886
3,017,165

Page 39

 
BARRHEAD TRAVEL 2007 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



97,488 (2023 - 97,488) Ordinary A shares of £1.00 each
97,488
97,488
97,488 (2023 - 97,488) Ordinary B shares of £1.00 each
97,488
97,488
3,133 (2023 - 3,133) Ordinary C shares of £1.00 each
3,133
3,133

198,109

198,109

Each class of share ranks pari passu in all respects save that the following voting rights shall 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;
(iii) At a General Meeting of the company, the holders of "C" shares shall not be entitled to vote.



22.


Reserves

Revaluation reserve

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

Capital contribution

The capital contribution of £2.5m was paid by the ultimate parent company, Internova Holdings, LLC.

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.

Page 40

 
BARRHEAD TRAVEL 2007 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

23.


Regulatory requirements and contingent liabilities

The Group's subsidiary Barrhead Travel Service Limited (''BTSL'') 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, BTSL 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. BTSL 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 BTSL 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 BTSL's ATOL protection obligations, which will be released by ATT upon supplier performance or reimbursed when relevant suppliers are paid.
BTSL 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 BTSL 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. BTSL complies with the financial criteria requirements of IATA.
There are no other material contingent liabilities.


24.


Forward contracts

At the year end, the Group 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 Group 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.


25.


Pension commitments

The Group operates defined contribution schemes. The assets of the schemes are held separately from those of the Group in independently administered funds. The pension costs charge represents contributions payable by the Group to these funds and amounted to £355,915 (2023: £315,187).
Contributions totalling £78,135 (2023: £62,921) were payable to the fund at the balance sheet date and are included in creditors.

Page 41

 
BARRHEAD TRAVEL 2007 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

26.


Commitments under operating leases

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


Group
Group
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


27.


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 of the subsidiary Barrhead Travel Limited.
Lloyds Bank plc holds cross company guarantees from the Company, its subsidiaries Barrhead Travel Service Limited and The Holiday Specialists Limited.

Page 42

 
BARRHEAD TRAVEL 2007 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

28.


Related party transactions

The company has taken advantage of exemption under the terms of FRS102 33.1A not to disclose related party transactions with wholly owned subsidiaries within Barrhead Travel 2007 Limited group of companies.
During the year the group received/(paid) net management fees due from, or to, the following associated 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 Group owed  £283,702 (2023: £277,963) to Greig Avinou Travel Limited.
At the year end the Group owed £55,116 (2023: £4,000) to Craig Carroll Travel Limited
At the year end the Group owed £ 1,240 (2023: £2,000) to Leona Mackie Travel Limited.
At the year end the Group owed £ 132,139 (2023: £5,000 owed from) to A&M Holidays Limited.
At the year end the Group 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)
 


29.


Post balance sheet events

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


30.


Controlling party

Internova Holdings, LLC is regarded as the ultimate parent company of Barrhead Tavel 2007 Limited.
The Company 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 43