Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31Tour operator and a licensed travel agent9false2023-01-0113truetrue 03484973 2023-01-01 2023-12-31 03484973 c:OtherGroupMember1 2023-01-01 2023-12-31 03484973 c:EntityControlledByKeyManagementPersonnel2 2023-01-01 2023-12-31 03484973 c:OtherGroupMember2 2023-01-01 2023-12-31 03484973 2022-01-01 2022-12-31 03484973 2023-12-31 03484973 c:OtherGroupMember1 2023-12-31 03484973 c:EntityControlledByKeyManagementPersonnel2 2023-12-31 03484973 c:OtherGroupMember2 2023-12-31 03484973 2022-12-31 03484973 c:OtherGroupMember1 2022-12-31 03484973 c:EntityControlledByKeyManagementPersonnel2 2022-12-31 03484973 c:OtherGroupMember2 2022-12-31 03484973 2022-01-01 03484973 c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 03484973 d:CompanySecretary1 2023-01-01 2023-12-31 03484973 d:Director2 2023-01-01 2023-12-31 03484973 d:Director3 2023-01-01 2023-12-31 03484973 d:Director4 2023-01-01 2023-12-31 03484973 d:RegisteredOffice 2023-01-01 2023-12-31 03484973 c:Buildings c:ShortLeaseholdAssets 2023-01-01 2023-12-31 03484973 c:Buildings c:ShortLeaseholdAssets 2022-12-31 03484973 c:FurnitureFittings 2023-01-01 2023-12-31 03484973 c:FurnitureFittings 2022-12-31 03484973 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03484973 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03484973 c:CurrentFinancialInstruments 2023-12-31 03484973 c:CurrentFinancialInstruments 2022-12-31 03484973 c:Non-currentFinancialInstruments 2023-12-31 03484973 c:Non-currentFinancialInstruments 2022-12-31 03484973 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 03484973 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 03484973 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 03484973 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 03484973 c:ShareCapital 2023-12-31 03484973 c:ShareCapital 2022-12-31 03484973 c:ShareCapital 2022-01-01 03484973 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03484973 c:RetainedEarningsAccumulatedLosses 2023-12-31 03484973 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 03484973 c:RetainedEarningsAccumulatedLosses 2022-12-31 03484973 c:RetainedEarningsAccumulatedLosses 2022-01-01 03484973 d:FRS102 2023-01-01 2023-12-31 03484973 d:Audited 2023-01-01 2023-12-31 03484973 d:FullAccounts 2023-01-01 2023-12-31 03484973 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03484973 c:Buildings c:ShortLeaseholdAssets c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 03484973 c:FurnitureFittings c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 03484973 c:Subsidiary1 2023-01-01 2023-12-31 03484973 c:Subsidiary1 1 2023-01-01 2023-12-31 03484973 c:CurrentFinancialInstruments 6 2023-12-31 03484973 c:CurrentFinancialInstruments 6 2022-12-31 03484973 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03484973 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03484973 c:AcceleratedTaxDepreciationDeferredTax 2022-12-31 03484973 2 2023-01-01 2023-12-31 03484973 6 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 03484973


DISCOVERY WORLDWIDE LIMITED
t/a Expert Africa
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
DISCOVERY WORLDWIDE LIMITED
 
 
COMPANY INFORMATION


Directors
P V D der Parthog 
N C L Josephides 
C J McIntyre 




Company secretary
S McIntyre



Registered number
03484973



Registered office
Tatenda Boundary Road
Dockenfield

Farnham

Surrey

GU10 4EU




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
DISCOVERY WORLDWIDE LIMITED
 

CONTENTS



Page
Statement of Financial Position
1 - 2
Statement of Changes in Equity
3
Notes to the Financial Statements
4 - 13


 
DISCOVERY WORLDWIDE LIMITED
REGISTERED NUMBER: 03484973

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
29,673
27,213

Investments
 6 
1
1

  
29,674
27,214

Current assets
  

Debtors: amounts falling due within one year
 7 
9,407,027
8,363,929

Cash at bank and in hand
  
1,026,985
342,256

  
10,434,012
8,706,185

Creditors: amounts falling due within one year
 8 
(8,434,608)
(7,005,545)

Net current assets
  
 
 
1,999,404
 
 
1,700,640

Creditors: amounts falling due after more than one year
  
(68,759)
-

Provisions for liabilities
  

Deferred tax
 10 
(4,981)
(3,147)

  
 
 
(4,981)
 
 
(3,147)

Net assets
  
1,955,338
1,724,707


Capital and reserves
  

Called up share capital 
  
44,250
44,250

Profit and loss account
  
1,911,088
1,680,457

  
1,955,338
1,724,707


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 by: 




C J McIntyre
Director

Date: 19 July 2024
Page 1

 
DISCOVERY WORLDWIDE LIMITED
REGISTERED NUMBER: 03484973
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023



The notes on pages 4 to 13 form part of these financial statements.

Page 2

 
DISCOVERY WORLDWIDE LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
44,250
697,392
741,642


Comprehensive income for the year

Profit for the year
-
983,065
983,065



At 1 January 2023
44,250
1,680,457
1,724,707


Comprehensive income for the year

Profit for the year
-
230,631
230,631


At 31 December 2023
44,250
1,911,088
1,955,338


The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
DISCOVERY WORLDWIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Discovery Worldwide Limited is a private company limited by shares incorporated in England and Wales, United Kingdom.
The address of the registered office is given on the Company Information page of these financial statements. 
The principal acitivity continued to be that of a tour operator and a licensed travel agent.

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 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 judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Financial reporting standard 102 - reduced disclosure exemption

The Company has taken advantage of the disclosure exemption for the requirement of Section 7 Statement of Cash Flows in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
This information is included in the consolidated financial statements of Sunvil International Sales Limited as at 31 December 2022 and these financial statements may be obtained from Sunvil House, Upper Square, Isleworth, Middlesex, TW7 7BJ.

 
2.3

Revenue

Turnover represents the amounts receivable from the sales of holidays and other services supplied to customers net of TOMS VAT. Revenue and expenses are taken to the Statement of comprehensive income on date of departure.

 
2.4

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.

Page 4

 
DISCOVERY WORLDWIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

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:

Land and building leasehold
-
5% on cost of improvements
Fixtures, fittings & equipment
-
10% and 33% on cost

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.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

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.

 
2.7

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.

 
2.8

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 ordinary shares.

 
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.

Page 5

 
DISCOVERY WORLDWIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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 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'.

 
2.11

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.

 
2.12

Interest income

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

 
2.13

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.

Page 6

 
DISCOVERY WORLDWIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

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.

  
2.15
Advanced receipts and payments

All revenue received relating to bookings that depart after the Statement of Financial Position date is treated as advanced receipts and is disclosed separately under accruals and deferred income.
Payments made to suppliers relating to bookings that depart after the Statement of Financial Position date are treated as advance payments and are separately disclosed under prepayments and accrued income.

Page 7

 
DISCOVERY WORLDWIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based historical experience and other factors that are recognised to be relevant. Actual results may differ from these estimates. 
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.
Critical judgements
The directors are of the view that there are no further citical judgements (apart from those involving estimates) in applying their accounting policies that have had a significant effect on amounts recognised in the financial statements.
Key sources of estimation uncertainty
The directors are of the view that there are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.


4.


Employees

2023
2022
£
£

Wages and salaries
989,913
723,149

Cost of defined contribution scheme
41,257
38,051

1,031,170
761,200


The average monthly number of employees, including directors, during the year was 13 (2022 - 9).

Page 8

 
DISCOVERY WORLDWIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost


At 1 January 2023
97,497
148,098
245,595


Additions
-
26,912
26,912



At 31 December 2023
97,497
175,010
272,507



Depreciation


At 1 January 2023
87,748
130,634
218,382


Charge for the year on owned assets
4,875
19,577
24,452



At 31 December 2023
92,623
150,211
242,834



Net book value



At 31 December 2023
4,874
24,799
29,673



At 31 December 2022
9,749
17,464
27,213

Page 9

 
DISCOVERY WORLDWIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1



At 31 December 2023
1






Net book value



At 31 December 2023
1



At 31 December 2022
1


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

Expert Africa Limited
Ordinary
100%


7.


Debtors

2023
2022
£
£


Trade debtors
38,637
34,457

Amounts owed by group undertakings
5,723,953
5,749,035

Other debtors
201,915
150,957

Prepayments and accrued income
3,442,522
2,429,480

9,407,027
8,363,929


Prepayments and accrued income includes advanced payments to suppliers for departures after the Statement of Financial Position date amounting to £3,268,169 (2022: £2,332,153).

Page 10

 
DISCOVERY WORLDWIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,554,516
1,790,865

Amounts owed to group undertakings
3,190,255
3,190,255

Corporation tax
72,091
205,915

Accruals and deferred income
2,593,174
1,818,510

Financial instruments
24,572
-

8,434,608
7,005,545


Accruals and deferred income includes advanced receipts from customers for departures after the Statement of Financial Position date amounting to £2,604,879 (2022: £1,774,608).


9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Accruals and deferred income
68,759
-

68,759
-


Page 11

 
DISCOVERY WORLDWIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Deferred taxation




2023


£






At beginning of year
(3,147)


Charged to profit or loss
(1,834)



At end of year
(4,981)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(4,981)
(3,147)

(4,981)
(3,147)


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 19 July 2024 by Ian Palmer FCA (Senior Statutory Auditor) on behalf of Xeinadin Audit Limited.


12.


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 £41,257 (2022: £38,051). Contributions totalling £nil (2022: £nil) were payable to the fund at the reporting date.


13.


Cash flow hedging

The Company enters into forward foreign currency contracts to mitigate the exchange rate risk for certain
foreign currency payables. At 31 December 2023, the outstanding contracts all mature within 12 months.
.
The company is committed to buy USD 815,000 and ZAR 10m (2021: $nil) and pay a fixed sterling amount of £1,089,471.
As at 31 December 2022, the recognised net loses on currency cash flow hedging instruments amounted
to £24,572 which is reflected within the profit and loss account. 

Page 12

 
DISCOVERY WORLDWIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Related party transactions

During the year under review, there were £nil (2022: £nil) intercompany recharges from Sunvil Holidays Limited, a connected company. An amount of £3,189,655 (2022: £3,189,655) is owed by the Company at the year end.
During the year under review, there were £nil (2022: £nil) intercompany recharges from Villa Centre Holidays LimitedVilla Centre Holidays Limited, a connected company. An amount of £600 (2022: £600) is owed by the Company at the year end.
During the year under review, there were £144,281 (2022: £162,573) intercompany charges from Sunvil International Sales Limited, the ultimate parent company. An amount of £5,708,398 (2022: £5,740,467) is owed to the Company at the year end.
During the year under review, there were £nil (2022: £nil) intercompany recharges to Sunvil U.K. Limited, a connected company. An amount of £8,568 (2022: £8,568) is owed to the Company at the year end.


15.


Controlling party

The ultimate parent company is Sunvil International Sales Limited, whose registered office and prinicpal place of business is carried out at Sunvil House, Upper Square, Isleworth, Middlesex, TW7 7BJ. 

 
Page 13