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Registered number: 05655519









WHITE DESERT LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
WHITE DESERT LTD
 
 
COMPANY INFORMATION


Directors
T Baker 
R Hain 
S Woodhead 




Registered number
05655519



Registered office
Aston House
Cornwall Avenue

London

N3 1LF




Independent auditors
Adler Shine LLP
Chartered Accountants & Statutory Auditor

Aston House

Cornwall Avenue

London

N3 1LF





 
WHITE DESERT LTD
 

CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 9
Consolidated statement of income and retained earnings
10
Consolidated balance sheet
11
Company balance sheet
12 - 13
Consolidated statement of changes in equity
14
Company statement of changes in equity
15
Consolidated statement of cash flows
16
Notes to the financial statements
17 - 34


 
WHITE DESERT LTD
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Introduction
 
The directors of White Desert Ltd present their strategic report for the year ended 31 March 2023.The principal activity of the group is that of providing luxury adventures in Antarctica.
The principal activity of the group is that of providing luxury adventures in Antarctica.

Business review
 
The directors are pleased with the performance and growth of the group for the year ended 31 March 2023. The group generated revenues of $19.9m (2022 - $17.0m), an increase of 17% compared to the previous year.
The group's loss after tax for the year was $669k (2022 - $908k profit).
The directors have implemented strategic plans to carefully manage the significant growth, including the maintenance of the group’s South African office which has enabled the group to provide streamlined luxury adventures to customers.

Financial key performance indicators
 
The group considers the financial key performance indicators to be:
     2023   2022
     $m   $m
 Turnover   19.9m   17.0m
 (Loss)/ profit before tax (626k)   550k

Other key performance indicators
 
Other key performance indicators include the number of trips booked and guest numbers.

Page 1

 
WHITE DESERT LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Directors' statement of compliance with duty to promote the success of the Group
 
Section 172(1) Statement
As directors of White Desert Ltd,  we are committed to upholding our duties under Section 172 of the Companies Act 2006. This statement outlines how we have considered and balanced the needs of our stakeholders in our decision-making processes over the past financial year.
Long-Term Impact
Our strategy continues to focus on sustainable growth, ensuring that our tours and services are not only of high quality but also contribute to the long-term success of the company. Also ensuring our operations minimise environmental impact.
Interests of Employees
We recognize that our employees are vital to our success. Throughout the year, we have prioritized their health, safety, and well-being, particularly in response to the challenges posed by global travel conditions to our tour destination. We have invested in additional training programs and enhanced our mental health support services.
Fostering Business Relationships
Strong relationships with our suppliers and partners are crucial. We maintain regular communication with them, ensuring fair terms and mutual benefits. We renegotiated contracts with key suppliers to secure better terms while ensuring they continue to receive fair compensation.
Maintaining High Standards of Business Conduct
Integrity and ethical practices are at the core of our business. We have reinforced our commitment to compliance with all relevant regulations, and our internal processes have been strengthened to ensure adherence to the highest standards of business conduct.
Acting Fairly Between Members
We ensure that all decisions are made with a view to promoting the success of the company for the benefit of all shareholders. We have kept our shareholders informed through regular updates and consultations, ensuring transparency and accountability in our decision-making processes.


This report was approved by the board and signed on its behalf.





T Baker
Director

Date: 15 November 2024

Page 2

 
WHITE DESERT LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors' responsibilities statement

The Directors are responsible for preparing the Group strategic report, the directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to $668,948 (2022 - profit $908,488). No dividends were declared for the year ended (2022:$Nil).

Directors

The directors who served during the year were:

T Baker 
R Hain 
S Woodhead 

Future developments

The Group intends to continue growing and developing its core market of providing luxury adventures to Antarctica. It intends to grow and develop further the luxury adventures provided to guests.

Page 3

 
WHITE DESERT LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

Adler Shine LLP were appointed as auditors during the year and they will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Going Concern
Having reviewed the group’s results for the period, its financial forecasts and expected future cash flows, the directors are of the opinion the group has adequate resources available to it to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements for the period ended 31 March 2023.

This report was approved by the board and signed on its behalf.
 





T Baker
Director

Date: 15 November 2024

Page 4

 
WHITE DESERT LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITE DESERT LTD
 

Qualified opinion


We have audited the financial statements of White Desert Ltd  and its subsidiary (the ‘Group’)  for the year ended 31 March 2023 which comprise the consolidated statement of income and retained earnings, the consolidated balance sheet, the company balance sheet, the consolidated statement of cashflows, the consolidated statement of changes in equity, the company statement of changes in equity and the related notes, including 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, except for the possible effects of the matters described in the basis for qualified opinion section of our report, the financial statements: 
• give a true and fair view of the state of the Group and company’s affairs as at 31 March 2023 and of the    Group's loss 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 qualified opinion


We were unable to obtain sufficient appropriate audit evidence regarding the existence and valuation of the Group's stock and fixed assets as of 31 March 2023 due to the following reasons:
 
Stock: We were unable to observe the physical stock take as at 31 March 2023 and satisfy ourselves by alternative means concerning the stock quantities held at 31 March 2023, which are included in the balance sheet at $1.76m, by using other audit procedures. Consequently we were unable to determine whether any adjustments to this amount was necessary.

Fixed Assets: We were unable to verify the existence and valuation of certain fixed assets and satisfy ourselves by alternative means concerning the fixed assets held at 31 March 2023, which are included in the balance sheet at $5.97m, by using other audit procedures. Consequently we were unable to determine whether any adjustments to this amount was necessary.

Because of these matters, we were unable to determine whether any adjustments might have been necessary to the carrying amount of stock, fixed assets, and the corresponding elements of the consolidated financial statements, including the related disclosures.
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 Auditor’s 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 qualified opinion.
 
Page 5

 
WHITE DESERT LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITE DESERT LTD (CONTINUED)


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 group and 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
 
Opinion on other matters prescribed by the Companies Act 2006
 

Except for the possible effects of the matters described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit.


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Page 6

 
WHITE DESERT LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITE DESERT LTD (CONTINUED)


Matters on which we are required to report by exception
 

Except for the matters described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit,  we have not identified material misstatements in the Group strategic report or the Directors' report.
Arising solely from the limitation on the scope of our work relating to stock and fixed assets, referred to above;

we have not obtained all the information and explanations that we considered necessary for the purpose            of our audit; and 
• we were unable to determine whether adequate accounting records have been kept.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
• the Group’s financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of directors' remuneration specified by law are not made.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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 is 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
WHITE DESERT LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITE DESERT LTD (CONTINUED)


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 an Auditors' Report 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.


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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we have:
 •  considered the nature of the industry and sectors, control environment and business performance;
 •  made enquires of management about their own identification and assessment of the risk of        irregularities;
 •  performed audit work over the risk of management override of controls, including testing of journal       entries and  other adjustments for appropriateness and reviewing accounting estimates for bias;
 •  reviewed minutes of meetings;
 •  undertaken appropriate sample based testing of bank transactions;
 •  identified and evaluated compliance with relevant laws and regulations and made enquiries of any
           instances of non-compliance. The key laws and regulations we considered in this context included UK
  Companies Act, data protection, anti-bribery, employment law, health and safety and Money Laundering    Act.
 • discussed matters among the audit engagement team regarding how and where fraud might occur in the       financial statements and potential indicators of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' report.


Other matters 
 

The corresponding figures for year ended 31 March 2022 are unaudited as the company was exempt from the requirement to have an audit for that year.


Page 8

 
WHITE DESERT LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITE DESERT LTD (CONTINUED)


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 2006Our 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 an Auditors' report 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.





Engin Zekia BSc FCA (Senior statutory auditor)
for and on behalf of
Adler Shine LLP
Chartered Accountants
Statutory Auditor
Aston House
Cornwall Avenue
London
N3 1LF

15 November 2024
Page 9

 
WHITE DESERT LTD
 
 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
$
$

  

Turnover
 4 
19,853,347
17,006,372

Cost of sales
  
(17,456,674)
(13,772,694)

Gross profit
  
2,396,673
3,233,678

Administrative expenses
  
(3,020,187)
(2,660,741)

Operating (loss)/profit
 5 
(623,514)
572,937

Interest receivable and similar income
 9 
-
2,712

Interest payable and similar expenses
 10 
(2,817)
(25,431)

(Loss)/profit before tax
  
(626,331)
550,218

Tax on (loss)/profit
 11 
(42,617)
358,270

(Loss)/profit after tax
  
(668,948)
908,488

  

  

Retained earnings at the beginning of the year
  
(363,063)
(1,271,551)

  
(363,063)
(1,271,551)

(Loss)/profit for the year attributable to the owners of the parent
  
(668,948)
908,488

Retained earnings at the end of the year
  
(1,032,011)
(363,063)

Non-controlling interest at the end of the year
  

The notes on pages 17 to 34 form part of these financial statements.

Page 10

 
WHITE DESERT LTD
REGISTERED NUMBER: 05655519

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2023

As restated
2023
2022
Note
$
$

Fixed assets
  

Tangible assets
 12 
6,044,101
4,470,162

  
6,044,101
4,470,162

Current assets
  

Stocks
 14 
1,757,564
1,279,576

Debtors due within 1 year
  
592,466
1,553,170

Cash at bank and in hand
 16 
136,843
1,688,342

  
2,486,873
4,521,088

Creditors: amounts falling due within one year
 17 
(7,777,879)
(7,780,331)

Net current liabilities
  
 
 
(5,291,006)
 
 
(3,259,243)

Total assets less current liabilities
  
753,095
1,210,919

Creditors: amounts falling due after more than one year
 18 
(251,907)
-

Provisions for liabilities
  

Deferred tax
  
6,125
256

  
 
 
6,125
 
 
256

Net assets
  
507,313
1,211,175


Capital and reserves
  

Called up share capital 
 20 
202
202

Share premium account
  
1,572,201
1,572,201

Foreign exchange reserve
  
(33,079)
1,835

Profit and loss account
  
(1,032,011)
(363,063)

  
507,313
1,211,175


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


T Baker
Director

Date: 15 November 2024

The notes on pages 17 to 34 form part of these financial statements.

Page 11

 
WHITE DESERT LTD
REGISTERED NUMBER: 05655519

COMPANY BALANCE SHEET
AS AT 31 MARCH 2023

As restated
2023
2022
Note
$
$

Fixed assets
  

Tangible assets
 12 
5,968,853
4,393,167

Investments
 13 
7,120
7,120

  
5,975,973
4,400,287

Current assets
  

Stocks
 14 
1,757,564
1,279,576

Debtors: amounts falling due within one year
 15 
332,662
1,364,126

Cash at bank and in hand
 16 
129,463
1,660,437

  
2,219,689
4,304,139

Creditors: amounts falling due within one year
  
(7,675,589)
(7,655,401)

Net current liabilities
  
 
 
(5,455,900)
 
 
(3,351,262)

Total assets less current liabilities
  
520,073
1,049,025

  

Creditors: amounts falling due after more than one year
  
(251,907)
-

Provisions for liabilities
  

Deferred taxation
 19 
(2,829)
(2,829)

  
 
 
(2,829)
 
 
(2,829)

Net assets
  
265,337
1,046,196


Capital and reserves
  

Called up share capital 
 20 
202
202

Share premium account
  
1,572,201
1,572,201

Profit and loss account
  
(1,307,066)
(526,207)

  
265,337
1,046,196


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


T Baker
Director

Date: 15 November 2024

The notes on pages 17 to 34 form part of these financial statements.
Page 12

 
WHITE DESERT LTD
REGISTERED NUMBER: 05655519
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023


Page 13

 
WHITE DESERT LTD
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Share premium account
Foreign exchange reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

$
$
$
$
$
$


At 1 April 2021
202
1,572,201
-
(1,271,551)
300,852
300,852


Comprehensive income for the year

Profit for the year
-
-
-
908,488
908,488
908,488

Currency translation differences
-
-
1,835
-
1,835
1,835
Total comprehensive income for the year
-
-
1,835
908,488
910,323
910,323



At 1 April 2022
202
1,572,201
1,835
(363,063)
1,211,175
1,211,175


Comprehensive income for the year

Loss for the year
-
-
-
(668,948)
(668,948)
(668,948)

Currency translation differences
-
-
(34,914)
-
(34,914)
(34,914)
Total comprehensive income for the year
-
-
(34,914)
(668,948)
(703,862)
(703,862)


At 31 March 2023
202
1,572,201
(33,079)
(1,032,011)
507,313
507,313


The notes on pages 17 to 34 form part of these financial statements.

Page 14

 
WHITE DESERT LTD
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

$
$
$
$


At 1 April 2021
202
1,572,201
(1,396,643)
175,760


Comprehensive income for the year

Profit for the year
-
-
870,436
870,436
Total comprehensive income for the year
-
-
870,436
870,436



At 1 April 2022
202
1,572,201
(526,207)
1,046,196


Comprehensive income for the year

Loss for the year
-
-
(780,859)
(780,859)
Total comprehensive income for the year
-
-
(780,859)
(780,859)


At 31 March 2023
202
1,572,201
(1,307,066)
265,337


The notes on pages 17 to 34 form part of these financial statements.

Page 15

 
WHITE DESERT LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
$
$

Cash flows from operating activities

(Loss)/profit for the financial year
(668,948)
908,488

Adjustments for:

Depreciation of tangible assets
992,586
707,750

Loss on disposal of tangible assets
1,837
-

Interest paid
2,817
21,806

Interest received
-
(2,712)

Taxation charge
42,617
(358,270)

(Increase) in stocks
(477,988)
(340,996)

Decrease/(increase) in debtors
957,997
(1,908,189)

Decrease in amounts owed by groups
2,708
38,751

Increase in creditors
321,475
3,184,938

Corporation tax (paid)
(141,387)
(8,871)

Net cash generated from operating activities

1,033,714
2,242,695


Cash flows from investing activities

Purchase of tangible fixed assets
(2,582,396)
(1,293,486)

Interest received
-
2,712

Net cash from investing activities

(2,582,396)
(1,290,774)

Cash flows from financing activities

Interest paid
(2,817)
(21,806)

Net cash used in financing activities
(2,817)
(21,806)

Net (decrease)/increase in cash and cash equivalents
(1,551,499)
930,115

Cash and cash equivalents at beginning of year
1,688,342
758,227

Cash and cash equivalents at the end of year
136,843
1,688,342


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
136,843
1,688,342

136,843
1,688,342


The notes on pages 17 to 34 form part of these financial statements.

Page 16

 
WHITE DESERT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

White Desert Ltd is a private company limited by shares. The company is incorporated in England and Wales and its registered address is Aston House, Cornwall Avenue, London, N3 1LF.
The financial statements are presented in US Dollars ($), rounded to the nearest $1.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 April 2022.

Page 17

 
WHITE DESERT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The financial statements have been prepared on a going concern basis, notwithstanding that there are net current liabilities of $5,173,168 as at 31 March 2023, the validity of which is dependent on the continued financial support of the shareholders and creditors. The financial statements do not include any adjustments that would result from discontinuance of their financial support. At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is USD.

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 Consolidated statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Dollars at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 18

 
WHITE DESERT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

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

 
2.8

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.

Page 19

 
WHITE DESERT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Balance sheet. The assets of the plan are held separately from the Group 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 balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 balance sheet date.

 
2.11

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 20

 
WHITE DESERT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.11
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:

Long-term leasehold property
-
Over the period of the lease
Plant and machinery
-
3 to 10 years straight line
Motor vehicles
-
10 year straight line
Fixtures and fittings
-
6 year straight line
Office equipment
-
6 year straight line
Computer equipment
-
5 year straight line
Assets under contruction
-
no depreciation

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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately 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 21

 
WHITE DESERT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
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 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.

 
2.18

Financial instruments

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

The Group 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 Group's Balance sheet when the Group 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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Page 22

 
WHITE DESERT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)


Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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 instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of
Page 23

 
WHITE DESERT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group 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 Group's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
The key judgement relates to estimating accruals, deferred income and stock valuation.
Judgement and estimation is also applied to the useful economic life of tangible assets acquired by the business. The members consider the depreciation rates applied are consistent with the economic use of the asset. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
$
$

Tour Operator
19,853,347
17,006,372

19,853,347
17,006,372


Analysis of turnover by country of destination:

2023
2022
$
$

United Kingdom
3,150,080
2,431,911

United States
7,807,700
6,139,299

Rest of the world
8,895,567
8,435,162

19,853,347
17,006,372


Page 24

 
WHITE DESERT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Operating (loss)/profit

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

2023
2022
$
$

Other operating lease rentals
7,346
-


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
$
$

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
36,000
-


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
$
$
$
$


Wages and salaries
794,530
447,474
53,208
179,581

Social security costs
323,991
136,114
922
12,888

Cost of defined contribution scheme
686
1,726
686
1,726

1,119,207
585,314
54,816
194,195


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Directors
4
4
3
3



Staff
21
7
2
2

25
11
5
5

Page 25

 
WHITE DESERT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Directors' remuneration

2023
2022
$
$

Directors' emoluments
-
81,453

-
81,453



9.


Interest receivable

2023
2022
$
$


Other interest receivable
-
2,712

-
2,712


10.


Interest payable and similar expenses

2023
2022
$
$


Other loan interest payable
2,817
21,806

Other interest payable
-
3,625

2,817
25,431

Page 26

 
WHITE DESERT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Taxation


2023
2022
$
$

Corporation tax


Current tax on loss/profits for the year
49,312
28,763


49,312
28,763


Total current tax
49,312
28,763

Deferred tax


Origination and reversal of timing differences
(6,695)
(387,033)

Total deferred tax
(6,695)
(387,033)


Tax on (loss)/profit
42,617
(358,270)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 19% (2022 - 19   %). The differences are explained below:

2023
2022
$
$


(Loss)/profit on ordinary activities before tax
(626,331)
550,217

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(58,065)
29,770

Capital allowances for year in excess of depreciation
(436,600)
(351,490)

Short-term timing difference leading to an increase (decrease) in taxation
(6,695)
(387,033)

Unrelieved tax losses carried forward
642,720
229,429

Foreign tax and other related adjustments
(98,743)
121,054

Total tax charge for the year
42,617
(358,270)

The company has unutilised tax losses of $6.09m (2022: $4.00m). No deferred tax asset has been recognised in respect of these losses.
Page 27

 
WHITE DESERT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Tangible fixed assets

Group






LT leasehold property
 $
Plant and machinery
$
Motor vehicles
$
Fixtures and fittings
$
Office equipment
$




Cost or valuation


At 1 April 2022 (as restated)
41,683
5,809,936
898,205
5,071
4,031


Additions
3,595
2,025,563
452,641
8,399
11,035


Disposals
-
-
-
(457)
-


Exchange adjustments
(5,189)
-
(5,897)
(1,042)
(618)



At 31 March 2023

40,089
7,835,499
1,344,949
11,971
14,448



Depreciation


At 1 April 2022
10,748
2,079,364
220,556
647
2,544


Charge for the year on owned assets
9,242
826,188
137,844
1,687
2,637



At 31 March 2023

19,990
2,905,552
358,400
2,334
5,181



Net book value



At 31 March 2023
20,099
4,929,947
986,549
9,637
9,267



At 31 March 2022 (as restated)
30,935
3,730,572
677,649
4,424
1,487
Page 28

 
WHITE DESERT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

           12.Tangible fixed assets (continued)


Computer equipment
$
Other fixed assets
$
Total
$




Cost or valuation


At 1 April 2022 (as restated)
56,418
12,318
6,827,662


Additions
19,326
61,837
2,582,396


Disposals
(1,381)
-
(1,838)


Exchange adjustments
(1,287)
-
(14,033)



At 31 March 2023

73,076
74,155
9,394,187



Depreciation


At 1 April 2022
43,641
-
2,357,500


Charge for the year on owned assets
14,988
-
992,586



At 31 March 2023

58,629
-
3,350,086



Net book value



At 31 March 2023
14,447
74,155
6,044,101



At 31 March 2022 (as restated)
12,777
12,318
4,470,162

Page 29

 
WHITE DESERT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

Company






Plant and machinery
Motor vehicles
Computer equipment
Other fixed assets
Total

$
$
$
$
$

Cost or valuation


At 1 April 2022 (as restated)
5,809,936
852,886
44,964
12,318
6,720,104


Additions
2,025,563
452,641
-
61,837
2,540,041



At 31 March 2023

7,835,499
1,305,527
44,964
74,155
9,260,145



Depreciation


At 1 April 2022
2,079,364
210,737
36,836
-
2,326,937


Charge for the year on owned assets
826,188
130,039
8,128
-
964,355



At 31 March 2023

2,905,552
340,776
44,964
-
3,291,292



Net book value



At 31 March 2023
4,929,947
964,751
-
74,155
5,968,853



At 31 March 2022 (as restated)
3,730,572
642,149
8,128
12,318
4,393,167







13.


Fixed asset investments

Company





Investments in subsidiary companies

$



Cost or valuation


At 1 April 2022
7,120



At 31 March 2023
7,120




Page 30

 
WHITE DESERT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

White Desert Africa Proprietary Limited
78 Main Road, Wynberg, 7800, South Africa
Ordinary
100%

The aggregate of the share capital and reserves as at 31 March 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves ($)
Profit/(Loss) ($)

White Desert Africa Proprietary Limited
5,640
111,910


14.


Stocks

Group

Group
As restated
Company

Company
As restated
2023
2022
2023
2022
$
$
$
$

Consumables
1,757,564
1,279,576
1,757,564
1,279,576

1,757,564
1,279,576
1,757,564
1,279,576


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 31

 
WHITE DESERT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

15.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
$
$
$
$


Trade debtors
266,234
1,269,048
48,423
1,091,208

Amounts owed by group undertakings
30,914
33,622
129,409
30,915

Other debtors
295,317
145,241
154,830
136,745

Prepayments and accrued income
-
105,258
-
105,258

Deferred taxation
6,125
256
-
-

598,590
1,553,425
332,662
1,364,126



16.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
$
$
$
$

Cash at bank and in hand
136,843
1,688,342
129,463
1,660,437

136,843
1,688,342
129,463
1,660,437



17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
$
$
$
$

Trade creditors
3,567,429
969,454
3,529,123
965,199

Corporation tax
2,133
74,151
-
-

Other taxation and social security
57,506
71,310
28,819
47,827

Other creditors
31,728
198,644
31,728
198,640

Accruals and deferred income
4,119,083
6,466,772
4,085,919
6,443,735

7,777,879
7,780,331
7,675,589
7,655,401


Page 32

 
WHITE DESERT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

18.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
$
$
$
$

Hire purchase
251,907
-
251,907
-

251,907
-
251,907
-


The hire purchase creditor is repayable by 30 June 2026 and attracts interest at 4%.


19.


Deferred taxation


Group



2023


$






At beginning of year
256


Charged to profit or loss
5,869



At end of year
6,125

Company


2023


$






At beginning of year
(2,829)



At end of year
(2,829)

Group
Group
Company
Company
2023
2022
2023
2022
$
$
$
$

Accelerated capital allowances
6,125
256
(2,829)
(2,829)

6,125
256
(2,829)
(2,829)

Page 33

 
WHITE DESERT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

20.


Share capital

2023
2022
$
$
Allotted, called up and fully paid



27 (2022 - 27) Ordinary shares of $1.00 each
27
27
900 (2022 - 900) Ordinary shares of $0.10 each
90
90

117

117

Allotted, called up and partly paid



20 (2022 - 20) Ordinary shares of $1.00 each
20
20
653 (2022 - 650) Ordinary shares of $0.10 each
65
65

85

85



21.


Prior year adjustment

The prior year adjustment of $81,456 relates to the reclassification of fuel storage containers from stock to tangible fixed assets. The net effect of the adjustment to the retained earnings is $Nil.


22.


Commitments under operating leases

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


Group
Group
2023
2022
$
$

Not later than 1 year
71,722
63,209

Later than 1 year and not later than 5 years
34,304
116,647

106,026
179,856

23.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.


24.


Controlling party

There is no ultimate controlling party.

 
Page 34