Company No: SC250017 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	3	16,883		22,779
		16,883		22,779
Current assets
Debtors	4	1,160,279		553,784
Cash at bank and in hand	5	2,549,327		2,664,509
		3,709,606		3,218,293
Creditors: amounts falling due within one year	6	( 4,693,346)		( 4,032,706)
Net current liabilities		(983,740)		(814,413)
Total assets less current liabilities		(966,857)		(791,634)
Provision for liabilities	7, 8	( 3,082)		( 4,276)
Net liabilities		( 969,939)		( 795,910)
Capital and reserves
Called-up share capital	9	33,500		33,500
Capital redemption reserve		20,000		20,000
Profit and loss account		( 1,023,439 )		( 849,410 )
Total shareholder's deficit		( 969,939)		( 795,910)

For the financial year ending 31 March 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of McKinlay Kidd Limited (registered number: SC250017) were approved and authorised for issue by the Board of Directors on 05 October 2026. They were signed on its behalf by:

Zoe Davidson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

McKinlay Kidd Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 6/1 The Hatrack 144 St. Vincent Street, Glasgow, G2 5LQ, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise.

Turnover

Turnover represents amounts receivable from the sale of holidays and other travel related services supplied to customers net of VAT.

Revenue and expenses relating to the travel are taken to the profit and loss on a departure date basis.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	3 years straight line
Plant and machinery etc.	3 years straight line
	not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

No depreciation has been provided in respect of a sculpture held in the other property, plant and equipment category. This is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. However, the directors believe that the sculpture will maintain its value as shown in the accounts and as such no depreciation has been charged.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	24		25

3. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 April 2025	32,279		97,543		129,822
Additions	0		9,206		9,206
At 31 March 2026	32,279		106,749		139,028
Accumulated depreciation
At 01 April 2025	32,279		74,764		107,043
Charge for the financial year	0		15,102		15,102
At 31 March 2026	32,279		89,866		122,145
Net book value
At 31 March 2026	0		16,883		16,883
At 31 March 2025	0		22,779		22,779

4. Debtors

	2026		2025
	£		£
Other debtors	1,160,279		553,784

5. Cash and cash equivalents

	2026		2025
	£		£
Cash at bank and in hand	2,549,327		2,664,509

6. Creditors: amounts falling due within one year

	2026		2025
	£		£
Trade creditors	584,986		16,643
Corporation tax	204,770		157,766
Other taxation and social security	13,391		15,079
Other creditors	3,890,199		3,843,218
	4,693,346		4,032,706

7. Provision for liabilities

	2026		2025
	£		£
Deferred tax	3,082		4,276

8. Deferred tax

	2026		2025
	£		£
At the beginning of financial year	( 4,276)		( 5,002)
Credited to the Profit and Loss Account	1,194		726
At the end of financial year	( 3,082)		( 4,276)

9. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
33,500 Ordinary shares of £ 1.00 each	33,500		33,500

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2026		2025
	£		£
Within one year	40,218		15,660
Between one and five years	15,293		22,185
	55,511		37,845