Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-319true2022-06-01falseTour operator11trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02094642 2022-06-01 2023-05-31 02094642 2021-06-01 2022-05-31 02094642 2023-05-31 02094642 2022-05-31 02094642 1 2022-06-01 2023-05-31 02094642 d:Director1 2022-06-01 2023-05-31 02094642 c:Buildings 2022-06-01 2023-05-31 02094642 c:Buildings 2023-05-31 02094642 c:Buildings 2022-05-31 02094642 c:Buildings c:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 02094642 c:Buildings c:LongLeaseholdAssets 2022-06-01 2023-05-31 02094642 c:Buildings c:LongLeaseholdAssets 2023-05-31 02094642 c:Buildings c:LongLeaseholdAssets 2022-05-31 02094642 c:LandBuildings 2023-05-31 02094642 c:LandBuildings 2022-05-31 02094642 c:PlantMachinery 2022-06-01 2023-05-31 02094642 c:PlantMachinery 2023-05-31 02094642 c:PlantMachinery 2022-05-31 02094642 c:PlantMachinery c:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 02094642 c:MotorVehicles 2022-06-01 2023-05-31 02094642 c:MotorVehicles 2023-05-31 02094642 c:MotorVehicles 2022-05-31 02094642 c:MotorVehicles c:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 02094642 c:FurnitureFittings 2022-06-01 2023-05-31 02094642 c:FurnitureFittings 2023-05-31 02094642 c:FurnitureFittings 2022-05-31 02094642 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 02094642 c:ComputerEquipment 2022-06-01 2023-05-31 02094642 c:ComputerEquipment 2023-05-31 02094642 c:ComputerEquipment 2022-05-31 02094642 c:ComputerEquipment c:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 02094642 c:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 02094642 c:CurrentFinancialInstruments 2023-05-31 02094642 c:CurrentFinancialInstruments 2022-05-31 02094642 c:CurrentFinancialInstruments 1 2023-05-31 02094642 c:CurrentFinancialInstruments 1 2022-05-31 02094642 c:CurrentFinancialInstruments 6 2023-05-31 02094642 c:CurrentFinancialInstruments 6 2022-05-31 02094642 c:Non-currentFinancialInstruments 2023-05-31 02094642 c:Non-currentFinancialInstruments 2022-05-31 02094642 c:CurrentFinancialInstruments c:WithinOneYear 2023-05-31 02094642 c:CurrentFinancialInstruments c:WithinOneYear 2022-05-31 02094642 c:Non-currentFinancialInstruments c:AfterOneYear 2023-05-31 02094642 c:Non-currentFinancialInstruments c:AfterOneYear 2022-05-31 02094642 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-05-31 02094642 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-05-31 02094642 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-05-31 02094642 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-05-31 02094642 c:ShareCapital 2023-05-31 02094642 c:ShareCapital 2022-05-31 02094642 c:SharePremium 2022-06-01 2023-05-31 02094642 c:SharePremium 2023-05-31 02094642 c:SharePremium 2022-05-31 02094642 c:CapitalRedemptionReserve 2022-06-01 2023-05-31 02094642 c:CapitalRedemptionReserve 2023-05-31 02094642 c:CapitalRedemptionReserve 2022-05-31 02094642 c:RevaluationReserve 2022-06-01 2023-05-31 02094642 c:RevaluationReserve 2023-05-31 02094642 c:RevaluationReserve 2022-05-31 02094642 c:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 02094642 c:RetainedEarningsAccumulatedLosses 2023-05-31 02094642 c:RetainedEarningsAccumulatedLosses 2022-05-31 02094642 c:AcceleratedTaxDepreciationDeferredTax 2023-05-31 02094642 c:AcceleratedTaxDepreciationDeferredTax 2022-05-31 02094642 d:FRS102 2022-06-01 2023-05-31 02094642 d:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 02094642 d:FullAccounts 2022-06-01 2023-05-31 02094642 d:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 02094642 2 2022-06-01 2023-05-31 02094642 5 2022-06-01 2023-05-31 02094642 6 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Registered number: 02094642









SAFARI CONSULTANTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2023

 
SAFARI CONSULTANTS LIMITED
REGISTERED NUMBER: 02094642

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
531,738
494,369

Investments
 5 
32,000
32,000

  
563,738
526,369

Current assets
  

Debtors: amounts falling due within one year
 6 
510,137
895,757

Current asset investments
 7 
1,641
1,634

Cash at bank and in hand
 8 
1,951,604
1,934,894

  
2,463,382
2,832,285

Creditors: amounts falling due within one year
 9 
(1,711,749)
(1,958,274)

Net current assets
  
 
 
751,633
 
 
874,011

Total assets less current liabilities
  
1,315,371
1,400,380

Creditors: amounts falling due after more than one year
 10 
(511,360)
(776,368)

Provisions for liabilities
  

Deferred tax
 12 
(13,684)
-

  
 
 
(13,684)
 
 
-

Net assets
  
790,327
624,012


Capital and reserves
  

Called up share capital 
  
16,575
16,575

Share premium account
 13 
7,500
257,500

Revaluation reserve
 13 
57,062
57,062

Capital redemption reserve
 13 
8,425
8,425

Profit and loss account
 13 
700,765
284,450

  
790,327
624,012


Page 1

 
SAFARI CONSULTANTS LIMITED
REGISTERED NUMBER: 02094642
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 August 2023.




R J Slater
Director

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
SAFARI CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

Safari Consultants Limited is a private company Limited by shares incorporated in England & Wales.
The nature of the Company's operations and principal activities are that of a tour operator, specialising in safaris around Africa.
The address of the registered office is; Africa House, 2 Cornard Mills, Mill Tye, Great Cornard, Suffolk, CO10 0GW.                                                                               

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 Section 1A of 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 management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

Company management and the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements. 
The directors are confident that the existing funding facilities will provide sufficient headroom to meet the forecast cash requirements during the 12 months from date of approval of the financial  statements having considered any additional requirements that would be contingent on a downturn in activity over the same period.
The directors consider it appropriate to prepare the financial statements on a going concern basis.

Page 3

 
SAFARI CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.3

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 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'.

 
2.4

Revenue

Revenue represents sales of tours and other services supplied to customers net of VAT. Revenue and expenses are taken to profit and loss account on a final balance received date basis. At this point, the full sales value is recognised as income in the year. Cancellation income is recognised at the date of cancellation.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
SAFARI CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company 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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.11

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 5

 
SAFARI CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance method were appropriate..

Depreciation is provided on the following basis:

Freehold property
-
2%
on cost of building
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
25%
reducing balance

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 with the carrying amount and are recognised in profit or loss.

 
2.12

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

 
SAFARI CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand 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.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

  
2.18

Advanced receipts and payments

All revenue received relating to bookings that depart after the balance sheet date on which final balance was not received, is treated as advance receipts and is separately disclosed under accruals and deferred income. Payments made to suppliers relating to such bookings are treated as advance payments and are separately disclosed under prepayments and accrued income.

 
2.19

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, loans to related parties and investments in non-puttable ordinary shares.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2022 - 9).

Page 7

 


 
SAFARI CONSULTANTS LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


4.


Tangible fixed assets






Freehold property
Property improvement
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£
£



Cost or valuation


At 1 June 2022
525,000
4,525
28,805
-
67,793
36,198
662,321


Additions
-
-
-
48,727
-
-
48,727



At 31 May 2023

525,000
4,525
28,805
48,727
67,793
36,198
711,048



Depreciation


At 1 June 2022
40,000
4,525
26,931
-
65,541
30,955
167,952


Charge for the year on owned assets
8,000
-
469
1,015
563
1,311
11,358



At 31 May 2023

48,000
4,525
27,400
1,015
66,104
32,266
179,310



Net book value



At 31 May 2023
477,000
-
1,405
47,712
1,689
3,932
531,738



At 31 May 2022
485,000
-
1,874
-
2,252
5,243
494,369

Page 8

 
SAFARI CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

           4.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
477,000
485,000

477,000
485,000



5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 June 2022
32,000



At 31 May 2023
32,000





6.


Debtors

2023
2022
£
£


Other debtors
198,831
277,031

Prepayments and accrued income
311,306
512,645

Deferred taxation
-
3,932

Financial instruments
-
102,149

510,137
895,757


Prepayments and accrued income includes advance payments to suppliers for departures after the balance sheet date amounting to £280,630 (2022: £504,307). 

Page 9

 
SAFARI CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

7.


Current asset investments

2023
2022
£
£

Listed investments
1,634
1,634

Unlisted investments
7
-

1,641
1,634



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,951,599
1,934,894

1,951,599
1,934,894



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
110,116
132,724

Trade creditors
85,502
157,805

Corporation tax
99,183
103,957

Other taxation and social security
15,547
11,354

Other creditors
8,573
3,916

Accruals and deferred income
1,327,327
1,548,518

Financial instruments
65,501
-

1,711,749
1,958,274


Accruals and deferred income above and in note 10, shown within creditors due after more than one year, includes amounts relating to customer monies held on account for holidays departing after the balance sheet date amounting to £1,654,793 (2022: £1,956,544).

Page 10

 
SAFARI CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
170,299
359,633

Accruals and deferred income
341,061
416,735

511,360
776,368


The following liabilities were secured:

2023
2022
£
£



Bank loans
220,620
292,357

220,620
292,357

Details of security provided:

HSBC UK Bank Plc has a fixed and floating charge over all assets created on 28 November 2018. Additionally, HSBC UK Bank Plc has a legal mortgage over the freehold property and land at Unit C Cornard Mill, Great Cornard, Suffolk, CO10 0GW created on 18 December 2018 and 21 January 2019.

Page 11

 
SAFARI CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
110,116
132,724


110,116
132,724

Amounts falling due 1-2 years

Bank loans
110,116
232,724


110,116
232,724

Amounts falling due 2-5 years

Bank loans
60,183
126,909


60,183
126,909


280,415
492,357


Bank loans include a loan from the Company's bankers HSBC UK Bank Plc amounting to £500,000 The loan was drawn down in December 2018 payable over 7 years term at a fixed interest rate of 1.98% per annum over the base rate.
Bank loans also include a further loan from the Company's bankers HSBC UK Bank Plc amounting to £250,000 drawn down in May 2020 supported by the Coronavirus Business Interruption Loan Scheme. The loan is for 6 years with no capital repayments for the first 12 months. There is no interest payable for the first 12 months and an interest rate at 3.99% per annum charged over the base rate thereafter.


12.


Deferred taxation




2023


£






At beginning of year
3,932


Charged to profit or loss
(17,616)



At end of year
(13,684)

Page 12

 
SAFARI CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
 
12.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(13,684)
3,932

(13,684)
3,932


13.


Reserves

Share premium account

Share premium account includes any premiums received on issue of share capital. Any transaction costs associated with issuing of shares are deducted from share premium.

Revaluation reserve

Revaluation reserve includes the accumulation of freehold property revaluations gains and losses.

Capital redemption reserve

The capital redemption reserve includes the nominal value of all of the Company's own share capital that it has repurchased.

Profit and loss account

The profit and loss account includes all current and prior periods retained profits.


14.


Contingent liabilities

The company currently holds an Air Travel Organiser's License (ATOL) issued by the Civil Aviation Authority (CAA) and is a member of the Association of Bonded Travel Organisers Trust (ABTOT).
As at 31 May 2023, there were contingent liabilities given by the Company in the normal course of business in respect of ABTOT bonds, amounting to £230,629 (2022: £202,840). 


15.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £10,132 (2022: £5,985) . Contributions totalling £Nil (2022: £Nil) were payable to the fund at the reporting date.

Page 13

 
SAFARI CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

16.


Post balance sheet events

The directors have concluded that no other material events have occurred since the date of approval of these financial statements that would affect the financial statements of the Company.


17.


Controlling party

The Company was under the control of the directors throughout the year, by virtue of their shareholdings.

 
Page 14