REGISTERED NUMBER: SC060888 (Scotland)

Audited Financial Statements

for the Year Ended 1 December 2025

for

Border Travel Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C H McGhie

Mrs A M McKnight

REGISTERED OFFICE:

15 Castle Street

Dumfries

DG1 1BJ

REGISTERED NUMBER:

SC060888 (Scotland)

AUDITORS:

Gillespie & Anderson

Statutory Auditors

Chartered Accountants

147 Bath Street

Glasgow

G2 4SN

BANKERS:

The Royal Bank of Scotland plc

151 High Street

Dumfries

DG21 2RA

FIXED ASSETS

Tangible assets

4

136,434

88,885

Investment property

5

15,000

-

151,434

88,885

CURRENT ASSETS

Stocks

100

100

Debtors

6

106,761

63,135

Cash at bank and in hand

7

1,815,432

3,408,098

1,922,293

3,471,333

CREDITORS

Amounts falling due within one year

8

1,252,211

1,201,091

NET CURRENT ASSETS

670,082

2,270,242

TOTAL ASSETS LESS CURRENT LIABILITIES

821,516

2,359,127

PROVISIONS FOR LIABILITIES

13,304

6,575

NET ASSETS

808,212

2,352,552

CAPITAL AND RESERVES

Called up share capital

10

120,000

120,000

Fair value reserve

11

84,400

-

Retained earnings

11

603,812

2,232,552

SHAREHOLDERS' FUNDS

808,212

2,352,552

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 May 2026 and were signed on its behalf by:

C H McGhie - Director

1.	STATUTORY INFORMATION

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

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Going concern

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

Significant judgements and estimates

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

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

Turnover

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

Tangible fixed assets

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

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on cost and 15% on reducing balance

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

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

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

Financial instruments

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

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

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

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employment benefits

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

Provision for liabilities

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2024 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 2 December 2024

176,502

196,084

372,586

Additions

-

21,741

21,741

Disposals

(61,001

)

-

(61,001

)

Revaluations

2,500

-

2,500

Reclassification/transfer

(18,001

)

-

(18,001

)

At 1 December 2025

100,000

217,825

317,825

DEPRECIATION

At 2 December 2024

110,753

172,948

283,701

Charge for year

-

8,443

8,443

Eliminated on disposal

(11,573

)

-

(11,573

)

Revaluation adjustments

(81,900

)

-

(81,900

)

Reclassification/transfer

(17,280

)

-

(17,280

)

At 1 December 2025

-

181,391

181,391

NET BOOK VALUE

At 1 December 2025

100,000

36,434

136,434

At 1 December 2024

65,749

23,136

88,885

Cost or valuation at 1 December 2025 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2025

2,500

-

2,500

Cost

97,500

217,825

315,325

100,000

217,825

317,825

If freehold land & buildings had not been revalued it would have been included at the following historical cost:

2025

2024

£

£

Cost

97,500

97,500

Aggregate depreciation

81,900

81,900

Freehold land & buildings were valued on an open market basis on 24 November 2025 by D M Hall LLP .

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Revaluations

14,279

Reclassification/transfer

721

At 1 December 2025

15,000

NET BOOK VALUE

At 1 December 2025

15,000

Fair value at 1 December 2025 is represented by:

£

Valuation in 2025

(3,001

)

Cost

18,001

15,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2025

2024

£

£

Cost

18,001

18,001

Aggregate depreciation

(17,280

)

(17,280

)

The investment properties were valued on market value basis on 28 October 2025 by Mr McGhie, a director of the company .

The fair value of the investment properties is based on a open market valuation by one of the directors of the company. As required by FRS 102, the director does not hold any recognised and relevant professional qualifications and has no recent experience in the locations and classes of the investment properties being valued.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

57,805

54,991

Other debtors

48,956

8,144

106,761

63,135

7.	CASH AT BANK AND IN HAND

Within cash at bank and in hand as at 1 December 2025 is an amount of £274,557 (2024 - £232,132) held within a bank account with the Royal Bank of Scotland in relation to the company's ABTA bond. The Royal Bank of Scotland hold security over this and as such, there are restrictions against the company spending this money.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

1,002,705

901,742

Taxation and social security

153,180

216,766

Other creditors

96,326

82,583

1,252,211

1,201,091

Trade creditors include an amount of £119,974 (2024 - £87,699) payable to IATA, being BSP outstanding cash sales.

9.	SECURED DEBTS

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

The bank also hold a fixed charge over the deposit amount held by the company within an RBS bank account in relation to their ABTA bond, as well as any future deposits made into this bank account, as disclosed elsewhere within the notes to the financial statements. In connection with this charge, the bank has provided a guarantee in favour of ABTA limited amounting to £274,557 in relation to the company's IATA/ABTA bonds with a maturity date of 31/3/27, secured over company funds held by the bank.

10.	CALLED UP SHARE CAPITAL

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

11.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 2 December 2024

2,232,552

-

2,232,552

Profit for the year

371,260

371,260

Dividends

(2,000,000

)

(2,000,000

)

Revaluations made in year

-

84,400

84,400

At 1 December 2025

603,812

84,400

688,212

Retained earnings at 1.12.25 include a non-distributable amount of £14,279 (2024 - Nil) relating to the gain arising in the year on revaluation of the company's investment properties.

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

The Report of the Auditors was unqualified.

Alun Johnstone BAcc CA (Senior Statutory Auditor)

for and on behalf of Gillespie & Anderson

13.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The company settled a liability of £130,000 on behalf of Mr McGhie (a director of the company) in September 2025 which he subsequently reimbursed to the company in the following month. No interest was charged on this advance.

14.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

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

15.	POST BALANCE SHEET EVENTS

On 19 February 2026, the company declared a dividend by the transfer of the whole title and interest in those assets classed as investment property in the balance sheet at 1.12.25 (valued at £15,000 at that date).

16.	ULTIMATE CONTROLLING PARTY

At 1 December 2025, the ultimate controlling party was C H McGhie, by virtue of his shareholding in the parent company, Border Travel Holdings Limited.