Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-01falseThe principal activty on the comapny was that of an agent for companies in Uganda and Rwanda that provide luxury safari holidays in Africa44trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03091038 2023-01-01 2023-12-31 03091038 c:KeyManagementIndividualGroup1 2023-01-01 2023-12-31 03091038 c:KeyManagementIndividualGroup2 2023-01-01 2023-12-31 03091038 c:KeyManagementIndividualGroup3 2023-01-01 2023-12-31 03091038 c:KeyManagementIndividualGroup4 2023-01-01 2023-12-31 03091038 2022-01-01 2022-12-31 03091038 2023-12-31 03091038 c:KeyManagementIndividualGroup2 2023-12-31 03091038 c:KeyManagementIndividualGroup2 2022-12-31 03091038 c:KeyManagementIndividualGroup3 2023-12-31 03091038 c:KeyManagementIndividualGroup3 2022-12-31 03091038 c:KeyManagementIndividualGroup4 2023-12-31 03091038 c:KeyManagementIndividualGroup4 2022-12-31 03091038 c:KeyManagementIndividualGroup1 2023-12-31 03091038 c:KeyManagementIndividualGroup1 2022-12-31 03091038 2022-12-31 03091038 d:Director5 2023-01-01 2023-12-31 03091038 c:PlantMachinery 2023-01-01 2023-12-31 03091038 c:PlantMachinery 2023-12-31 03091038 c:PlantMachinery 2022-12-31 03091038 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03091038 c:FurnitureFittings 2023-01-01 2023-12-31 03091038 c:FurnitureFittings 2023-12-31 03091038 c:FurnitureFittings 2022-12-31 03091038 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03091038 c:ComputerEquipment 2023-01-01 2023-12-31 03091038 c:ComputerEquipment 2023-12-31 03091038 c:ComputerEquipment 2022-12-31 03091038 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03091038 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03091038 c:CurrentFinancialInstruments 2023-12-31 03091038 c:CurrentFinancialInstruments 2022-12-31 03091038 c:Non-currentFinancialInstruments 2023-12-31 03091038 c:Non-currentFinancialInstruments 2022-12-31 03091038 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 03091038 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 03091038 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 03091038 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 03091038 c:ShareCapital 2023-12-31 03091038 c:ShareCapital 2022-12-31 03091038 c:RetainedEarningsAccumulatedLosses 2023-12-31 03091038 c:RetainedEarningsAccumulatedLosses 2022-12-31 03091038 d:FRS102 2023-01-01 2023-12-31 03091038 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03091038 d:FullAccounts 2023-01-01 2023-12-31 03091038 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03091038 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03091038 c:AcceleratedTaxDepreciationDeferredTax 2022-12-31 03091038 c:TaxLossesCarry-forwardsDeferredTax 2023-12-31 03091038 c:TaxLossesCarry-forwardsDeferredTax 2022-12-31 03091038 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 03091038


VOLCANOES UK LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
VOLCANOES UK LIMITED
REGISTERED NUMBER: 03091038

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,188
5,592

  
6,188
5,592

Current assets
  

Debtors
 5 
2,882,058
3,082,960

Cash at bank and in hand
 6 
315,993
215,943

  
3,198,051
3,298,903

Creditors: amounts falling due within one year
 7 
(2,472,969)
(2,492,900)

Net current assets
  
 
 
725,082
 
 
806,003

Total assets less current liabilities
  
731,270
811,595

Creditors: amounts falling due after more than one year
 8 
(183,538)
(283,786)

Provisions for liabilities
  

Deferred tax
 9 
(1,547)
(1,371)

  
 
 
(1,547)
 
 
(1,371)

Net assets
  
546,185
526,438


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
545,185
525,438

  
546,185
526,438


Page 1

 
VOLCANOES UK LIMITED
REGISTERED NUMBER: 03091038
    
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 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: 




K R James
Director

Date: 12 November 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

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

1.


General information

Volcanoes UK Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is given in the company information page of these financial statements. 
The nature of the company's operations and principal activities in the year under review were those of a 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 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.

 
2.2

Going concern

The directors have assessed the ability of the company to continue as a going concern and have concluded that company is able to meet its liabilities as they fall due for at least the next twelve months from the date of signing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Revenue

Revenue represents commission receivable excluding VAT, for tours departing during the financial
year, recognised on a departure date basis.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 3

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

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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.

 
2.8

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
-
33.33% straight line
Fixtures and fittings
-
33.33% straight line
Computer equipment
-
33.33% 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.

 
2.9

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 4

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

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Page 5

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

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

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

Page 6

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

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
6,907
840
30,672
38,419


Additions
-
-
3,327
3,327



At 31 December 2023

6,907
840
33,999
41,746



Depreciation


At 1 January 2023
4,213
840
27,774
32,827


Charge for the year on owned assets
1,090
-
1,641
2,731



At 31 December 2023

5,303
840
29,415
35,558



Net book value



At 31 December 2023
1,604
-
4,584
6,188



At 31 December 2022
2,694
-
2,898
5,592

Page 7

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

5.


Debtors

2023
2022
£
£



Trade debtors
1,820,102
1,568,743

Other debtors
994,151
1,463,851

Prepayments and accrued income
67,805
50,366

2,882,058
3,082,960



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
315,993
215,943

315,993
215,943



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
16,411
68,448

Corporation tax
1,853
15,544

Other taxation and social security
9,601
5,483

Other creditors
8,745
(1)

Accruals and deferred income
2,436,359
2,403,426

2,472,969
2,492,900


Included within accruals and deferred income are advance receipts of £2,434,842 (2022: £2,335,074) for
holidays departing after the year end.

Page 8

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

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Accruals and deferred income
183,538
283,786

183,538
283,786


Included within accruals and deferred income are advance receipts of £183,538  (2022: £283,786) for holidays departing after the year end.


9.


Deferred taxation




2023


£






At beginning of year
(1,371)


Charged to profit or loss
(176)



At end of year
(1,547)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(1,547)
(1,398)

Short term timing differences
-
27

(1,547)
(1,371)


10.


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 £1,321 (2022 - £1,321). Contributions totalling £Nil (2022: £257) were receivable from the fund at the reporting date and are included in other debtors.

Page 9

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

11.


Related party transactions

During the year, the company received money from clients on behalf of Volcanoes Safaris Limited, a company under common control registered in Rwanda. The net balance of these transactions was £543,304. As at the year end, an amount of £478,627 (2022: £1,021,931) was due from Volcanoes Safaris Limited.
The company also received money from clients on behalf of Volcanoes Safaris Limited, a company under common control registered in Uganda. The net balance of these transactions was £37,764. As at the year end, an amount of £75,255 (2022: £113,019) was due from Volcanoes Safaris Limited.
At the year end, the company was owed £121,070 (2022: £92,750) by Volcanoes PM Holding Co Limited, a connected company. The net balance of these transactions was £28,320.
At the year end, the company was owed £1,385 (2022: £1,385) by Volcanoes Uganda Holding Co Limited, a connected company. The net balance of these transactions was £Nil.
At the year end, the company was owed £307,253 (2022: £223,117) by Volcanoes Safaris Partnership Trust, a connected company. The net balance of these transactions was £84,136.


12.


Controlling party

The parent company is Volcanoes Uganda Holding Co Limited. The ultimate parent company is Volcanoes PM Holding Co Limited, a company controlled by P Moman.

 
Page 10