REGISTERED NUMBER: SC394090 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 MARCH 2024 TO 31 DECEMBER 2024

FOR

OUR TRAVEL INSURANCE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D Nicholson

G A Clarkson

K Anderson

REGISTERED OFFICE:

43a High Street

Kirkcaldy

Fife

KY1 1LL

REGISTERED NUMBER:

SC394090 (Scotland)

ACCOUNTANTS:

Haines Watts

Business Advisors and Accountants

Cluny Court

John Smith Business Park

Kirkcaldy

Fife

KY2 6QJ

FIXED ASSETS

Intangible assets

4

2,757

3,487

Tangible assets

5

76,175

37,099

78,932

40,586

CURRENT ASSETS

Debtors

6

42,884

38,490

Cash at bank and in hand

17,289

6,444

60,173

44,934

CREDITORS

Amounts falling due within one year

7

94,259

52,597

NET CURRENT LIABILITIES

(34,086

)

(7,663

)

TOTAL ASSETS LESS CURRENT LIABILITIES

44,846

32,923

CREDITORS

Amounts falling due after more than one year

8

(4,560

)

(12,500

)

PROVISIONS FOR LIABILITIES

(7,780

)

(374

)

NET ASSETS

32,506

20,049

CAPITAL AND RESERVES

Called up share capital

1

1

Revaluation reserve

32,015

-

Retained earnings

490

20,048

SHAREHOLDERS' FUNDS

32,506

20,049

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

D Nicholson - Director

1.	STATUTORY INFORMATION

Our Travel Insurance Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

At 31 December 2024 the company had net current liabilities of £34,086 (29 February 2024: £7,663) and relies on the continued support of related parties to finance its working capital requirements. The directors consider it appropriate to prepare the financial statements on the going concern basis as they expect that this support will continue for the foreseeable future.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable for the provision of travel insurance broking.

Turnover from travel insurance broking is recognised in accordance with the relevant period that the transactions occurred.

INTANGIBLE ASSETS

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Land and buildings

-

Nil

Plant and machinery etc

-

33% per annum reducing balance

IMPAIRMENT OF ASSETS

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

FINANCIAL INSTRUMENTS

The Company 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 from banks and other third parties and loans to related parties.

Short-term debt instruments, 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 financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

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 impairment loss is recognised in the profit and loss account. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

TAXATION

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

HIRE PURCHASE AND LEASING COMMITMENTS

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

CHANGE OF REPORTING PERIOD

The financial period end of the company was changed from 28 February 2025 to 31 December 2024 so as to align with the financial year-ends of companies within the group. Accordingly, the current financial statements are prepared for the period 1 March 2024 to 31 December 2024.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2024 - NIL).

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 March 2024

and 31 December 2024

6,200

AMORTISATION

At 1 March 2024

2,713

Charge for period

730

At 31 December 2024

3,443

NET BOOK VALUE

At 31 December 2024

2,757

At 29 February 2024

3,487

5.	TANGIBLE FIXED ASSETS

Heritable

Computer

property

equipment

Totals

£

£

£

COST OR VALUATION

At 1 March 2024

35,475

3,618

39,093

Revaluations

39,525

-

39,525

At 31 December 2024

75,000

3,618

78,618

DEPRECIATION

At 1 March 2024

-

1,994

1,994

Charge for period

-

449

449

At 31 December 2024

-

2,443

2,443

NET BOOK VALUE

At 31 December 2024

75,000

1,175

76,175

At 29 February 2024

35,475

1,624

37,099

Cost or valuation at 31 December 2024 is represented by:

Heritable

Computer

property

equipment

Totals

£

£

£

Valuation in 2024

39,525

-

39,525

Cost

35,475

3,618

39,093

75,000

3,618

78,618

Heritable property was valued on an open market basis on 31 December 2024 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2024

£

£

Other debtors

42,884

38,490

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2024

£

£

Bank loans and overdrafts

10,000

10,000

Trade creditors

-

2,710

Taxation and social security

28,697

37,437

Other creditors

55,562

2,450

94,259

52,597

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2024

£

£

Bank loans

4,560

12,500

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 December 2024 and the year ended 29 February 2024:

2024

2024

£

£

D Nicholson

Balance outstanding at start of period

9,971

9,972

Amounts repaid

-

(1

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

9,971

9,971

Interest of 2.25% is charged on overdrawn loan balances over £10,000. The loan is repayable on demand.

10.	RELATED PARTY DISCLOSURES

Included in 'Other creditors' is an amount of £51,647 (29 February 2024 - £Nil) due to a related party company. This loan is interest free and has no fixed terms of repayment.