Kenneth Macleod Travel Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: SC137477 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2016

for

Kenneth Macleod Travel Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs E Tait

J M C Stark

SECRETARY:

Mrs E Tait

REGISTERED OFFICE:

4 Mains Avenue

Giffnock

Glasgow

G46 6QY

REGISTERED NUMBER:

SC137477 (Scotland)

ACCOUNTANTS:

Innes & Partners Limited

Chartered Certified Accountants

Innes House

18 Shairps Business Park

Houstoun Road

Livingston

EH54 5FD

FIXED ASSETS

Tangible assets

4

27,629

28,244

CURRENT ASSETS

Debtors

5

293,280

318,481

Cash at bank and in hand

566,441

504,853

859,721

823,334

CREDITORS

Amounts falling due within one year

6

513,099

498,965

NET CURRENT ASSETS

346,622

324,369

TOTAL ASSETS LESS CURRENT LIABILITIES

374,251

352,613

CAPITAL AND RESERVES

Called up share capital

7

33,600

33,600

Capital redemption reserve

8

8,400

8,400

Retained earnings

8

332,251

310,613

SHAREHOLDERS' FUNDS

374,251

352,613

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 15 June 2017 and were signed on its behalf by:

Mrs E Tait - Director

J M C Stark - Director

1.	STATUTORY INFORMATION

Kenneth Macleod Travel 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax, and is recognised on payment of

balance by customer.

Tangible fixed assets

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

Land and buildings

-

2% on cost

Plant and machinery etc

-

33% on cost

Taxation

Taxation for the year 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 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2015 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2016

and 31 December 2016

30,700

51,237

81,937

DEPRECIATION

At 1 January 2016

2,456

51,237

53,693

Charge for year

615

-

615

At 31 December 2016

3,071

51,237

54,308

NET BOOK VALUE

At 31 December 2016

27,629

-

27,629

At 31 December 2015

28,244

-

28,244

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

289,574

314,782

Prepayments and accrued income

3,706

3,699

293,280

318,481

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

296

-

Taxation and social security

24,358

24,547

Social security and other taxes

14,927

16,204

VAT

16,101

15,362

Other creditors

413,829

422,087

Accruals and deferred income

43,588

20,765

513,099

498,965

The Royal Bank of Scotland have issued a Letter of Guarantee on behalf of the company in favour of The

Association of British Travel Agents Limited in the amount of £151,306 (2015: £150,325) secured by the

company's cash deposits of £151,306.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

33,600

Ordinary

£1

33,600

33,600

(2015 - 42,000 )

8.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 January 2016

310,613

8,400

319,013

Profit for the year

95,138

-

95,138

Dividends

(73,500

)

-

(73,500

)

At 31 December 2016

332,251

8,400

340,651

9.	RELATED PARTY DISCLOSURES

Private Pension - JEB, a pension scheme in which the two (2015: three) directors are trustees and members.

The company entered into a lease of office premises at 4 Mains Avenue, Glasgow on 11 May 2010 now at a

rental of £12,000 per annum and a lease of office premises at 211 Hope Street, Glasgow on 6 January 2009 now

at a rental of £20,000 per annum. The lease renewals will continue on a year by year basis by virtue of tacit

relocation, until either party gives notice to terminate the lease. Both of these properties are owned by Private

Pension - JEB.

10.	ULTIMATE CONTROLLING PARTY