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REGISTERED NUMBER: 03311102 (England and Wales)












NATURETREK LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






NATURETREK LIMITED (REGISTERED NUMBER: 03311102)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 14

Cash Flow Statement 15

Notes to the Cash Flow Statement 16

Notes to the Financial Statements 17


NATURETREK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr D G H Mills
Mrs M C Mills
Mr T J H Mills
Mr O C H Mills
Mr A P Tucker



SECRETARY: Mrs M C Mills



REGISTERED OFFICE: Mingledown Barn
Wolf's Lane
Chawton
Hampshire
GU34 3HJ



REGISTERED NUMBER: 03311102 (England and Wales)



SENIOR STATUTORY AUDITOR: James Flood FCA



AUDITORS: Hopper Williams & Bell Limited
Statutory Auditor
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR

NATURETREK LIMITED (REGISTERED NUMBER: 03311102)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
Naturetrek Limited is a tour operator specialising in expert-escorted birdwatching and natural history group and tailor-made holidays worldwide.

The results for the company show a pre-tax profit of £5,142,037 (2022: £3,101,266) for the year and turnover of £22,734,169 (2022: £17,676,242). These figures, like those for 2022, reflect a continuing post-pandemic bounce back, as well as a much-valued, loyal and trusting clientele.

The company has net assets of £19,831,664 (2022: £16,070,826).

PRINCIPAL RISKS AND UNCERTAINTIES
There are a number of risks associated with the type of business. These relate to worldwide events, such as natural catastrophes, wars, pandemics and increases in terrorist activities. The weakness of Sterling will additionally affect the performance of the business.

KEY PERFORMANCE INDICATORS ("KPIS")
The directors consider turnover and gross margin to be key performance indicators and an analysis of the KPIs for the current and prior year is set out below:

2023 2022 Variance %
Turnover £ 22,734,169 £17,676,242 £5,057,927 28.6%
Gross margin 30.1% 28.0% 2.1%

RESEARCH AND DEVELOPMENT
Each year new tours are researched and the company's programme is extended. New destinations and types of holidays are continually developed in order to retain the interest of customers, many of whom have travelled with Naturetrek previously. Also the tour leaders that the company engages are reviewed in order to ensure that their knowledge is appropriate, and new tour leaders are recruited as necessary.

FOCUS ON CARBON OFFSETTING AND NATURE RESTORATION AND CONSERVATION
In the light of a catastrophic worldwide decline in our planet's biodiversity during the 38 years in which Naturetrek has been trading, a climate change emergency (to which, as an operator of flight-inclusive overseas holidays, the company been a contributor), and the UK Government's initiative to achieve net zero carbon emissions by 2050, it is the company's goal hereon to offset both the current, and all historic, carbon emissions generated by its clients' holidays and UK office headquarters, as well as to ensure that it operates as a 'nature net positive' business. To achieve this the company will be continuing to invest, more actively than previously, in the acquisition of land to be managed by appropriate wildlife conservation organisations for the purpose of both nature restoration and conservation, and of carbon offsetting through the planting of native woodland, peatland and wetland restoration, etc. To date, a cloud forest reserve of 1715 acres has been purchased in the Ecuadorian Andes through capital gifted to the World Land Trust and a 120-acre farm in Italy's Apennine Mountains was purchased by the company in December 2023, to be operated as a wildlife reserve by the Italian conservation charities Salviamo L'Orso (Save the Bear) and IntraMontes under an initial 30-year stewardship agreement.


NATURETREK LIMITED (REGISTERED NUMBER: 03311102)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

FUTURE OUTLOOK
After three challenging years of Covid-created disruption, 2023 generally saw a welcome return to healthy pre-pandemic trading conditions. Further, at this point, forward bookings for 2024 and 2025 are stronger than they have ever been.

The directors are therefore confident that the company will continue to trade successfully into the future.

ON BEHALF OF THE BOARD:





Mr A P Tucker - Director


30 July 2024

NATURETREK LIMITED (REGISTERED NUMBER: 03311102)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the provision of tour operator services.

RESEARCH AND DEVELOPMENT
Information in respect of the company's research and development activities has been included within the strategic report.

FUTURE DEVELOPMENTS
Information in respect of the company's future developments has been included within the strategic report.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mr D G H Mills
Mrs M C Mills
Mr T J H Mills
Mr O C H Mills
Mr A P Tucker

DONATIONS
Donations were made in the year to the Morocco earthquake appeal (British Red Cross), the Turkey Appeal (Disasters Emergency Committee) and the World Land Trust.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.


NATURETREK LIMITED (REGISTERED NUMBER: 03311102)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr A P Tucker - Director


30 July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NATURETREK LIMITED


Opinion
We have audited the financial statements of Naturetrek Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NATURETREK LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NATURETREK LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Principles and the relevant tax compliance regulations for the company.

- We obtained an understanding of how the company is complying with these frameworks through discussions with management.

- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence.

- We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.

- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NATURETREK LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




James Flood FCA (Senior Statutory Auditor)
for and on behalf of Hopper Williams & Bell Limited
Statutory Auditor
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR

30 July 2024

NATURETREK LIMITED (REGISTERED NUMBER: 03311102)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £ £

TURNOVER 22,734,169 17,676,242

Cost of sales (15,889,955 ) (12,718,203 )
GROSS PROFIT 6,844,214 4,958,039

Administrative expenses (2,555,428 ) (2,044,234 )
4,288,786 2,913,805

Other operating income 14,729 21,450
OPERATING PROFIT 4 4,303,515 2,935,255

Interest receivable and similar income 838,522 166,011
PROFIT BEFORE TAXATION 5,142,037 3,101,266

Tax on profit 5 (1,233,823 ) (601,622 )
PROFIT FOR THE FINANCIAL YEAR 3,908,214 2,499,644

NATURETREK LIMITED (REGISTERED NUMBER: 03311102)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £ £

PROFIT FOR THE YEAR 3,908,214 2,499,644


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

3,908,214

2,499,644

NATURETREK LIMITED (REGISTERED NUMBER: 03311102)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £
FIXED ASSETS
Intangible assets 7 29,499 91,054
Tangible assets 8 251,329 80,978
280,828 172,032

CURRENT ASSETS
Stocks 9 29,118 40,799
Debtors: amounts falling due within one year 10 13,003,036 10,250,531
Debtors: amounts falling due after more than
one year

10

987,220

1,520,173
Cash at bank and in hand 27,094,367 20,983,096
41,113,741 32,794,599
CREDITORS
Amounts falling due within one year 11 (20,395,403 ) (15,251,718 )
NET CURRENT ASSETS 20,718,338 17,542,881
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,999,166

17,714,913

CREDITORS
Amounts falling due after more than one
year

12

(1,167,502

)

(1,641,180

)

PROVISIONS FOR LIABILITIES 14 - (2,907 )
NET ASSETS 19,831,664 16,070,826

CAPITAL AND RESERVES
Called up share capital 15 30,300 30,300
Retained earnings 16 19,801,364 16,040,526
SHAREHOLDERS' FUNDS 19,831,664 16,070,826

NATURETREK LIMITED (REGISTERED NUMBER: 03311102)

BALANCE SHEET - continued
31 DECEMBER 2023



The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





Mr A P Tucker - Director


NATURETREK LIMITED (REGISTERED NUMBER: 03311102)

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

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 January 2022 30,300 13,654,542 13,684,842

Changes in equity
Dividends - (113,660 ) (113,660 )
Total comprehensive income - 2,499,644 2,499,644
Balance at 31 December 2022 30,300 16,040,526 16,070,826

Changes in equity
Dividends - (147,376 ) (147,376 )
Total comprehensive income - 3,908,214 3,908,214
Balance at 31 December 2023 30,300 19,801,364 19,831,664

NATURETREK LIMITED (REGISTERED NUMBER: 03311102)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 6,541,742 3,529,181
Tax paid (1,076,250 ) -
Tax refund 109,876 -
Net cash from operating activities 5,575,368 3,529,181

Cash flows from investing activities
Purchase of intangible fixed assets (10,800 ) -
Purchase of tangible fixed assets (191,030 ) (43,672 )
Interest received 838,522 166,011
Net cash from investing activities 636,692 122,339

Cash flows from financing activities
Equity dividends paid (100,789 ) (74,694 )
Net cash from financing activities (100,789 ) (74,694 )

Increase in cash and cash equivalents 6,111,271 3,576,826
Cash and cash equivalents at beginning of
year

2

20,983,096

17,406,270

Cash and cash equivalents at end of year 2 27,094,367 20,983,096

NATURETREK LIMITED (REGISTERED NUMBER: 03311102)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS
2023 2022
£ £
Operating profit 4,303,515 2,935,255
Depreciation charges 93,033 92,834
Loss on disposal of fixed assets - 96
4,396,548 3,028,185
Decrease in stocks 11,681 6,293
Increase in trade and other debtors (2,299,452 ) (553,992 )
Increase in trade and other creditors 4,432,965 1,048,695
Cash generated from operations 6,541,742 3,529,181

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£ £
Cash and cash equivalents 27,094,367 20,983,096
Year ended 31 December 2022
31.12.22 1.1.22
£ £
Cash and cash equivalents 20,983,096 17,406,270


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£ £ £
Net cash
Cash at bank and in hand 20,983,096 6,111,271 27,094,367
20,983,096 6,111,271 27,094,367
Total 20,983,096 6,111,271 27,094,367

NATURETREK LIMITED (REGISTERED NUMBER: 03311102)

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


1. STATUTORY INFORMATION

Naturetrek Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102").

The disclosure requirements of FRS102 have been applied other than where additional disclosure is required to show a true and far view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover
Turnover represents the aggregate amount of revenue receivable from inclusive tours and other services supplied to customers in the ordinary course of business, net of discounts.

Revenue is taken to the profit and loss account based on the date of departure.

Goodwill
Goodwill, which is presented within intangible fixed assets, represents the excess of the purchase price compared with the fair value of assets acquired and is capitalised and written off over 20 years, as in the opinion of the directors this represents the period over which the goodwill is effective.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website development costs are being amortised over the estimated useful life of 5 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - No depreciation on Freehold land
Office equipment - Straight line over 10 years, Straight line over 5 years and Straight line over 3 years

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 recognised in the income statement.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


NATURETREK LIMITED (REGISTERED NUMBER: 03311102)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
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 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

Financial assets
The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

NATURETREK LIMITED (REGISTERED NUMBER: 03311102)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. EMPLOYEES AND DIRECTORS
2023 2022
£ £
Wages and salaries 1,341,503 1,228,827
Social security costs 162,033 127,401
Other pension costs 159,923 30,749
1,663,459 1,386,977

The average number of employees during the year was as follows:
2023 2022

Directors 5 4
Operations managers 9 7
Administration staff 27 23
41 34

2023 2022
£ £
Directors' remuneration 260,784 113,175
Directors' pension contributions to money purchase schemes 9,660 1,460

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director for the year ended 31 December 2023 is as follows:
2023
£
Emoluments etc 150,314
Pension contributions to money purchase schemes 8,308

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£ £
Depreciation - owned assets 20,679 13,710
Loss on disposal of fixed assets - 96
Goodwill amortisation 60,000 60,000
Website development costs amortisation 12,355 19,124
Auditors' remuneration 11,000 10,500
Auditors' remuneration for non audit work 20,071 13,081
Foreign exchange differences 12,188 (81,837 )
Operating lease expense 3,620 3,628
Government grants - CJRS - (6,600 )

NATURETREK LIMITED (REGISTERED NUMBER: 03311102)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£ £
Current tax:
UK corporation tax 1,262,408 601,953

Deferred tax (28,585 ) (331 )
Tax on profit 1,233,823 601,622

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£ £
Profit before tax 5,142,037 3,101,266
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

1,285,509

589,241

Effects of:
Expenses not deductible for tax purposes 6 18
Amortisation 15,000 11,400
Movement in accrued donations 10,981 -
Unpaid pension contributions - 183
Depreciation on assets not qualifying for capital allowances 932 912
Effect of superdeduction (58 ) -
Effect of Difference Between Rates of Tax Used For Current Tax (79,407 ) -
Other differences leading to an increase/(decrease) in tax charge 860 (132 )
Total tax charge 1,233,823 601,622

6. DIVIDENDS

20232022
££
Shares of different classes all of £1 each
Interim147,376113,660

NATURETREK LIMITED (REGISTERED NUMBER: 03311102)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. INTANGIBLE FIXED ASSETS
Website Reservations
development & management
Goodwill costs system Totals
£ £ £ £
COST
At 1 January 2023 1,200,000 95,621 16,200 1,311,821
Additions - - 10,800 10,800
At 31 December 2023 1,200,000 95,621 27,000 1,322,621
AMORTISATION
At 1 January 2023 1,140,000 80,767 - 1,220,767
Amortisation for year 60,000 12,355 - 72,355
At 31 December 2023 1,200,000 93,122 - 1,293,122
NET BOOK VALUE
At 31 December 2023 - 2,499 27,000 29,499
At 31 December 2022 60,000 14,854 16,200 91,054

8. TANGIBLE FIXED ASSETS
Freehold Office
property equipment Totals
£ £ £
COST
At 1 January 2023 - 192,238 192,238
Additions 175,619 15,411 191,030
At 31 December 2023 175,619 207,649 383,268
DEPRECIATION
At 1 January 2023 - 111,260 111,260
Charge for year - 20,679 20,679
At 31 December 2023 - 131,939 131,939
NET BOOK VALUE
At 31 December 2023 175,619 75,710 251,329
At 31 December 2022 - 80,978 80,978

9. STOCKS
2023 2022
£ £
Stocks 29,118 40,799

Stock recognised in cost of sales during the year as an expense was £11,681 (2022: £nil).

NATURETREK LIMITED (REGISTERED NUMBER: 03311102)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. DEBTORS
2023 2022
£ £
Amounts falling due within one year:
Trade debtors 8,650,567 7,180,765
Other debtors 284,133 309,141
Tax - 105,579
VAT - 389,118
Deferred tax asset 25,678 -
Prepayments and accrued income 4,042,658 2,265,928
13,003,036 10,250,531

Amounts falling due after more than one year:
Trade debtors 937,259 1,300,206
Prepayments and accrued income 49,961 219,967
987,220 1,520,173

Aggregate amounts 13,990,256 11,770,704

Deferred tax asset
2023
£
Other timing differences 29,811
Accelerated capital allowances (4,133 )
25,678

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 495,443 236,902
Tax 792,408 601,953
Social security and other taxes 35,173 25,932
VAT 3,776 -
Other creditors 126,925 247,883
Directors' current accounts 122,369 75,782
Accruals and deferred income 18,819,309 14,063,266
20,395,403 15,251,718

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Accruals and deferred income 1,167,502 1,641,180

NATURETREK LIMITED (REGISTERED NUMBER: 03311102)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 3,620 3,620
Between one and five years 6,901 10,521
10,521 14,141

14. PROVISIONS FOR LIABILITIES
2022
£
Deferred tax
Accelerated capital allowances 2,907

Deferred tax
£
Balance at 1 January 2023 2,907
Accelerated capital allowances 1,226
Movement in unpaid ers pension (29,811 )
Balance at 31 December 2023 (25,678 )

15. CALLED UP SHARE CAPITAL

Alloted, issued and fully paid:
Nominal 2023 2022
Number: Class: Value: £ £
30,000 Ordinary £1 30,000 30,000
100 Ordinary B1 £1 100 100
100 Ordinary B2 £1 100 100
100 Ordinary B3 £1 100 100
30,300 30,300

All classes of shares rank equally in all respects except that the company may propose dividends at different rates for each class of share.

16. RESERVES
Retained
earnings
£

At 1 January 2023 16,040,526
Profit for the year 3,908,214
Dividends (147,376 )
At 31 December 2023 19,801,364

NATURETREK LIMITED (REGISTERED NUMBER: 03311102)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


17. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The contributions payable during the year totalled £35,262 (2022: £30,750). Contributions totalling £4,243 (2022: £3,270) were unpaid at the balance sheet date, and are included within other creditors.

18. CONTINGENT LIABILITIES

The company has provided a bond to the value of of £325,000 (2022: £250,000) to The Association of Bonded Travel Organisers Trust Limited.

19. RELATED PARTY DISCLOSURES

During the year, a total of key management personnel compensation of £ 476,984 (2022 - £ 299,457 ) was paid.