Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falsefalsetour operator3423true 04498708 2023-01-01 2023-12-31 04498708 2022-01-01 2022-12-31 04498708 2023-12-31 04498708 2022-12-31 04498708 1 2023-01-01 2023-12-31 04498708 d:Director4 2023-01-01 2023-12-31 04498708 c:MotorVehicles 2023-01-01 2023-12-31 04498708 c:FurnitureFittings 2023-01-01 2023-12-31 04498708 c:FurnitureFittings 2023-12-31 04498708 c:FurnitureFittings 2022-12-31 04498708 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04498708 c:OfficeEquipment 2023-01-01 2023-12-31 04498708 c:OfficeEquipment 2023-12-31 04498708 c:OfficeEquipment 2022-12-31 04498708 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04498708 c:ComputerEquipment 2023-01-01 2023-12-31 04498708 c:ComputerEquipment 2023-12-31 04498708 c:ComputerEquipment 2022-12-31 04498708 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04498708 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04498708 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 04498708 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 04498708 c:Goodwill 2023-12-31 04498708 c:Goodwill 2022-12-31 04498708 c:ComputerSoftware 2023-12-31 04498708 c:ComputerSoftware 2022-12-31 04498708 c:CurrentFinancialInstruments 2023-12-31 04498708 c:CurrentFinancialInstruments 2022-12-31 04498708 c:CurrentFinancialInstruments 1 2023-12-31 04498708 c:CurrentFinancialInstruments 1 2022-12-31 04498708 c:CurrentFinancialInstruments 6 2023-12-31 04498708 c:CurrentFinancialInstruments 6 2022-12-31 04498708 c:Non-currentFinancialInstruments 2023-12-31 04498708 c:Non-currentFinancialInstruments 2022-12-31 04498708 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 04498708 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 04498708 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 04498708 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 04498708 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-12-31 04498708 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-12-31 04498708 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-12-31 04498708 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-12-31 04498708 c:ShareCapital 2023-12-31 04498708 c:ShareCapital 2022-12-31 04498708 c:SharePremium 2023-12-31 04498708 c:SharePremium 2022-12-31 04498708 c:RetainedEarningsAccumulatedLosses 2023-12-31 04498708 c:RetainedEarningsAccumulatedLosses 2022-12-31 04498708 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04498708 c:AcceleratedTaxDepreciationDeferredTax 2022-12-31 04498708 c:TaxLossesCarry-forwardsDeferredTax 2023-12-31 04498708 c:TaxLossesCarry-forwardsDeferredTax 2022-12-31 04498708 c:RetirementBenefitObligationsDeferredTax 2023-12-31 04498708 c:RetirementBenefitObligationsDeferredTax 2022-12-31 04498708 d:OrdinaryShareClass1 2023-01-01 2023-12-31 04498708 d:OrdinaryShareClass1 2023-12-31 04498708 d:OrdinaryShareClass1 2022-12-31 04498708 d:FRS102 2023-01-01 2023-12-31 04498708 d:Audited 2023-01-01 2023-12-31 04498708 d:FullAccounts 2023-01-01 2023-12-31 04498708 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04498708 c:WithinOneYear 2023-12-31 04498708 c:WithinOneYear 2022-12-31 04498708 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04498708 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 04498708 c:Goodwill c:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 04498708 c:ComputerSoftware c:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 04498708 2 2023-01-01 2023-12-31 04498708 4 2023-01-01 2023-12-31 04498708 c:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 04498708 c:Goodwill c:OwnedIntangibleAssets 2023-01-01 2023-12-31 04498708 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:OwnedIntangibleAssets 2023-01-01 2023-12-31 04498708 c:ComputerSoftware c:OwnedIntangibleAssets 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 04498708










WILD FRONTIERS ADVENTURE TRAVEL LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WILD FRONTIERS ADVENTURE TRAVEL LIMITED
REGISTERED NUMBER: 04498708

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
64,759
81,106

Tangible assets
 5 
16,231
6,076

  
80,990
87,182

Current assets
  

Debtors: amounts falling due within one year
 6 
918,878
1,134,214

Cash at bank and in hand
 7 
4,680,173
3,184,306

  
5,599,051
4,318,520

Creditors: amounts falling due within one year
 8 
(4,065,850)
(2,493,663)

Net current assets
  
 
 
1,533,201
 
 
1,824,857

Total assets less current liabilities
  
1,614,191
1,912,039

Creditors: amounts falling due after more than one year
 9 
(36,308)
(498,408)

Provisions for liabilities
  

Deferred tax
  
(5,548)
-

  
 
 
(5,548)
 
 
-

Net assets
  
1,572,335
1,413,631


Capital and reserves
  

Called up share capital 
  
2,756
2,756

Share premium account
  
1,381,394
1,381,394

Profit and loss account
  
188,185
29,481

  
1,572,335
1,413,631


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 20 June 2024.

Page 1

 
WILD FRONTIERS ADVENTURE TRAVEL LIMITED
REGISTERED NUMBER: 04498708
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023



D. L. Leung
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
WILD FRONTIERS ADVENTURE TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Wild Frontiers Adventure Travel Limited is a private company limited by shares incorporated in England and Wales, United Kingdom.
The address of the registered office can be found on the Company Information, page 2 of these financial statements.
The nature of the Company's operations and principal activities are that of a tour operator.

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

Revenue

Turnover comprises revenue recognised by the Company in respect of holidays sold and services rendered during the year, exclusive of Value Added Tax and trade discounts.  Turnover is recognised on a departure date basis.

  
2.3

Advance receipts and payments

All revenue received relating to tours with departure dates after the financial year end are treated as advance receipts as at the balance sheet date and are seperately disclosed under other accruals and deferred income.  
Payments made to suppliers in respect of future departures are treated as advance payments and are seperately disclosed under prepayments and accrued income.

Page 3

 
WILD FRONTIERS ADVENTURE TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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'.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
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.

 
2.8

Borrowing costs

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

Page 4

 
WILD FRONTIERS ADVENTURE TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 5

 
WILD FRONTIERS ADVENTURE TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.12

Intangible assets

Goodwill                                                                                                                                                                        
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life. 

Other intangible assets                                                                                                                                                            
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.      
                                                                                                                                                                                                                                                                                                                                                                                                 All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. 

 
2.13

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:

Leasehold improvements
-
20%
Straight Line
Fixtures and fittings
-
20%
Straight Line
Office equipment
-
20%
Straight Line
Computer equipment
-
33%
Straight Line

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.

 
2.14

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

 
WILD FRONTIERS ADVENTURE TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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

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.

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 34 (2022 - 23).

Page 7

 
WILD FRONTIERS ADVENTURE TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Development expenditure
Computer software
Goodwill
Total

£
£
£
£



Cost


At 1 January 2023
137,061
34,875
141,447
313,383


Additions
12,767
-
-
12,767



At 31 December 2023

149,828
34,875
141,447
326,150



Amortisation


At 1 January 2023
55,955
34,875
141,447
232,277


Charge for the year on owned assets
29,114
-
-
29,114



At 31 December 2023

85,069
34,875
141,447
261,391



Net book value



At 31 December 2023
64,759
-
-
64,759



At 31 December 2022
81,106
-
-
81,106



Page 8

 
WILD FRONTIERS ADVENTURE TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
28,202
12,417
55,418
96,037


Additions
-
-
15,559
15,559



At 31 December 2023

28,202
12,417
70,977
111,596



Depreciation


At 1 January 2023
26,770
10,941
52,250
89,961


Charge for the year on owned assets
1,100
609
3,695
5,404



At 31 December 2023

27,870
11,550
55,945
95,365



Net book value



At 31 December 2023
332
867
15,032
16,231



At 31 December 2022
1,432
1,476
3,168
6,076


6.


Debtors

2023
2022
£
£


Trade debtors
20,349
23,795

Other debtors
106,433
486,400

Prepayments and accrued income
782,196
586,802

Deferred taxation
-
37,217

Financial instruments
9,900
-

918,878
1,134,214


Prepayments and accrued income includes £659,140 (2022: £556,150) of amounts paid to suppliers in respect of future departures.

Page 9

 
WILD FRONTIERS ADVENTURE TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
4,680,173
3,184,306

4,680,173
3,184,306



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
67,961
62,194

Other loans
394,139
-

Trade creditors
27,119
20,811

Corporation tax
192,352
-

Other taxation and social security
57,916
28,341

Other creditors
119,069
71,637

Accruals and deferred income
3,207,294
2,302,405

Financial instruments
-
8,275

4,065,850
2,493,663


Accruals and deferred income includes £2,981,177 (2022: £2,169,000) of amounts received from customers in respect of future departures.


9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
36,308
104,269

Other loans
-
394,139

36,308
498,408


Page 10

 
WILD FRONTIERS ADVENTURE TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
67,961
62,194

Other loans
394,139
-


462,100
62,194

Amounts falling due 1-2 years

Bank loans
36,308
67,961

Other loans
-
394,139


36,308
462,100

Amounts falling due 2-5 years

Bank loans
-
36,308


-
36,308


498,408
560,602


During 2020, the company secured a loan of £250,000 through a Coronavirus Business Interruption Loan scheme. The loan is guaranteed by the UK government. The company commenced repayments on this loan in July 2021 and will be fully repaid in June 2025.
During 2021, company issued 3% fixed rate unsecured convertible loan notes 2024 totalling £394,139 .


11.


Deferred taxation




2023


£






At beginning of year
37,217


Charged to profit or loss
(42,765)



At end of year
(5,548)

Page 11

 
WILD FRONTIERS ADVENTURE TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(6,960)
(2,932)

Losses and other deductions
-
38,394

Short term timing differences
1,412
1,755

(5,548)
37,217


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2,756 (2022 - 2,756) Ordinary shares of £1.00 each
2,756
2,756



13.


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 £77,315 (2022: £39,889). Contributions totalling £45,409 (2022: £7,824) were payable to the fund at the reporting date and are included in creditors.


14.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
39,900
-

39,900
-

Page 12

 
WILD FRONTIERS ADVENTURE TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.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 $2,400,000 (2022: $3,150,000).
As at 31 December 2023, the unrecognised net gains on currency cash flow hedging instruments amounted to £9,900, which is reflected within the profit and loss account.


16.


Related party transactions

Included within other debtors is a balance of £65,078 (2022: £462,788) owing from Wild Frontiers USA Inc, a US entity that has common control.


17.


Post balance sheet events

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


18.


Controlling party

The Company is controlled by J G Bealby, a director and majority shareholder of the company.


19.


Auditors' information

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

The audit report was signed on 20 June 2024 by Ian Palmer (Senior Statutory Auditor) on behalf of Xeinadin Audit Limited.

 
Page 13