Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-31Tour operator2023-01-01false45falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07144473 2023-01-01 2023-12-31 07144473 2022-01-01 2022-12-31 07144473 2023-12-31 07144473 2022-12-31 07144473 2022-01-01 07144473 c:Director1 2023-01-01 2023-12-31 07144473 d:PlantMachinery 2023-01-01 2023-12-31 07144473 d:PlantMachinery 2023-12-31 07144473 d:PlantMachinery 2022-12-31 07144473 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07144473 d:CurrentFinancialInstruments 2023-12-31 07144473 d:CurrentFinancialInstruments 2022-12-31 07144473 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07144473 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07144473 d:ShareCapital 2023-01-01 2023-12-31 07144473 d:ShareCapital 2023-12-31 07144473 d:ShareCapital 2022-01-01 2022-12-31 07144473 d:ShareCapital 2022-12-31 07144473 d:ShareCapital 2022-01-01 07144473 d:CapitalRedemptionReserve 2023-01-01 2023-12-31 07144473 d:CapitalRedemptionReserve 2023-12-31 07144473 d:CapitalRedemptionReserve 2022-01-01 2022-12-31 07144473 d:CapitalRedemptionReserve 2022-12-31 07144473 d:CapitalRedemptionReserve 2022-01-01 07144473 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 07144473 d:RetainedEarningsAccumulatedLosses 2023-12-31 07144473 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 07144473 d:RetainedEarningsAccumulatedLosses 2022-12-31 07144473 d:RetainedEarningsAccumulatedLosses 2022-01-01 07144473 c:OrdinaryShareClass1 2023-01-01 2023-12-31 07144473 c:OrdinaryShareClass1 2023-12-31 07144473 c:OrdinaryShareClass1 2022-12-31 07144473 c:FRS102 2023-01-01 2023-12-31 07144473 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07144473 c:FullAccounts 2023-01-01 2023-12-31 07144473 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07144473 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 07144473 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07144473









BUFFALO TOURS UK LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
BUFFALO TOURS UK LIMITED
REGISTERED NUMBER: 07144473

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,226
89

  
2,226
89

Current assets
  

Debtors: amounts falling due within one year
 5 
557,524
570,480

Cash at bank and in hand
 6 
33,546
24,107

  
591,070
594,587

Creditors: amounts falling due within one year
 7 
(10,300)
(16,764)

Net current assets
  
 
 
580,770
 
 
577,823

Total assets less current liabilities
  
582,996
577,912

Provisions for liabilities
  

Deferred tax
 8 
(557)
(226)

  
 
 
(557)
 
 
(226)

Net assets
  
582,439
577,686


Capital and reserves
  

Called up share capital 
 9 
30,000
30,000

Capital redemption reserve
 10 
85,000
85,000

Profit and loss account
 10 
467,439
462,686

  
582,439
577,686


Page 1

 
BUFFALO TOURS UK LIMITED
REGISTERED NUMBER: 07144473
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 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 income statement 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 16 April 2024.




S Y Lee
Director

The notes on pages 5 to 10 form part of these financial statements.

Page 2

 
BUFFALO TOURS UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
30,000
85,000
462,686
577,686


Comprehensive income for the year

Profit for the year
-
-
4,753
4,753


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
4,753
4,753


Total transactions with owners
-
-
-
-


At 31 December 2023
30,000
85,000
467,439
582,439


The notes on pages 5 to 10 form part of these financial statements.

Page 3

 
BUFFALO TOURS UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
30,000
85,000
457,958
572,958


Comprehensive income for the year

Profit for the year
-
-
4,728
4,728


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
4,728
4,728


Total transactions with owners
-
-
-
-


At 31 December 2022
30,000
85,000
462,686
577,686


The notes on pages 5 to 10 form part of these financial statements.

Page 4

 
BUFFALO TOURS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Buffalo Tours UK Limited is a private company limited by shares and incorporated in England under registered number 07144473. Its registered office is 2nd Floor, Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA.

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 following principal accounting policies have been applied:

  
2.2

Going concern

The economy is experiencing the benefit of a post Covid-19 bounce back, however it is still experiencing the knock-on effect of the pandemic in relation to supplier resource and ability to service. This combined with consumer unease in relation to the current economic environment, with increasing energy costs and inflation impact directors have continued to review the Company’s financial position, as well as forecasts and plan mitigation actions in order to neutralise the financial impact from any significant downturn in trading.
The directors have carefully considered all aspects of the Company's finances to ensure that the Company has sufficient financial resources to operate throughout the next 12 months. The directors have also implemented cost control measures. The Company also has the continuing financial support of its group. 
The directors believe it is appropriate to complete these accounts on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

Turnover represents the total of all travel arrangements organised by the Company travelling within the year plus group recharges.

 
2.4

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.

Page 5

 
BUFFALO TOURS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
33%

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.

 
2.7

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

 
BUFFALO TOURS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

 
2.10

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 5).

Page 7

 
BUFFALO TOURS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 January 2023
3,679


Additions
2,764



At 31 December 2023

6,443



Depreciation


At 1 January 2023
3,590


Charge for the year on owned assets
627



At 31 December 2023

4,217



Net book value



At 31 December 2023
2,226



At 31 December 2022
89


5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
552,519
570,165

Other debtors
3,315
65

Prepayments and accrued income
1,690
250

557,524
570,480


Included in prepayments and accrued income is the sum of £1,690 (2022 - £250) of supplier payments made in advance for departures post 31 December 2023.

Page 8

 
BUFFALO TOURS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
33,546
24,107

33,546
24,107



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
-
3,019

Other taxation and social security
5,012
8,178

Other creditors
968
1,247

Accruals and deferred income
4,320
4,320

10,300
16,764



8.


Deferred taxation




2023


£






At beginning of year
(226)


Charged to profit or loss
(331)



At end of year
(557)

2023
2022
£
£


Accelerated capital allowances
(557)
(226)

(557)
(226)

Page 9

 
BUFFALO TOURS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



30,000 (2022 - 30,000) Ordinary shares of £1.00 each
30,000
30,000



10.


Reserves

Profit and loss account

The profit and loss account represents the net distributable reserves of the company at the date of the statement of financial position.


11.


Contingent liabilities

At 31 December 2023 there were contingent liabilities outstanding in respect of counter indemnities and guarantees given by the Company in the normal course of business, to the Company's travel bond insurance obligors in respect of ABTA travel bonds amounting to £Nil ( 2022: £10,000). 


12.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension charge represents contributions payable by the Company to the fund and amounted to £5,744 (2022: £7,459). 


13.


Related party transactions

Olympus Tours SA De CV, a fellow group subsidiary based in Mexico. Normal arms length inter-company balance. Amount due from the related party (included in debtors owed from group undertakings) £Nil (2022: £114,729). 
  
Buffalo Tours (Singapore) Pte. Limited, the holding company based in Singapore. Normal arms length inter-company balance. Amount due from the related party (included in debtors owed from group undertakings) £552,519 (2022: £470,216).


14.


Holding company

The immediate holding company is Buffalo Tours (Singapore) Pte. Limited, a company incorporated in Singapore whose registered office is 30 Cecil Street, #22-01/08 Prudential Tower, 049712 Singapore.


15.


Controlling party

The ultimate controlling party is Flight Centre Travel Group Limited by virtue of its controlling ownership of the holding company Buffalo Tours (Singapore) Pte. Limited. Flight Centre Travel Group Limited is incorporated in Australia and its registered office is situated at 275 Grey Street, South Brisbane, Australia.

 
Page 10