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Registered number: 02503049









AFRICA EXCLUSIVE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
AFRICA EXCLUSIVE LIMITED
REGISTERED NUMBER: 02503049

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
139,985
64,208

Tangible assets
 5 
25,651
29,809

  
165,636
94,017

Current assets
  

Debtors: amounts falling due within one year
 6 
836,955
769,804

Cash at bank and in hand
 7 
462,361
993,980

  
1,299,316
1,763,784

Creditors: amounts falling due within one year
 8 
(1,201,134)
(1,382,567)

Net current assets
  
 
 
98,182
 
 
381,217

Total assets less current liabilities
  
263,818
475,234

Creditors: amounts falling due after more than one year
 9 
(426,791)
(584,403)

  

Net liabilities
  
(162,973)
(109,169)


Capital and reserves
  

Called up share capital 
 12 
75,004
75,004

Share premium account
 13 
180,550
180,550

Profit and loss account
 13 
(418,527)
(364,723)

  
(162,973)
(109,169)


Page 1

 
AFRICA EXCLUSIVE LIMITED
REGISTERED NUMBER: 02503049
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2024

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 income statement 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 24 December 2024.




J Burdett
Director

The notes on pages 6 to 15 form part of these financial statements.

Page 2

 

 
AFRICA EXCLUSIVE LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024



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


£
£
£
£



At 1 October 2022
75,004
180,550
(377,780)
(122,226)



Comprehensive income for the year


Profit for the year
-
-
13,057
13,057

Total comprehensive income for the year
-
-
13,057
13,057



Total transactions with owners
-
-
-
-





At 1 October 2023
75,004
180,550
(364,723)
(109,169)



Comprehensive income for the year


Loss for the year
-
-
(53,804)
(53,804)

Total comprehensive income for the year
-
-
(53,804)
(53,804)



Total transactions with owners
-
-
-
-



At 30 September 2024
75,004
180,550
(418,527)
(162,973)



The notes on pages 6 to 15 form part of these financial statements.

Page 3

 
AFRICA EXCLUSIVE LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(53,804)
13,057

Adjustments for:

Amortisation of intangible assets
33,406
25,559

Depreciation of tangible assets
7,293
11,659

Loss on disposal of tangible assets
3,041
-

Interest paid
27,465
28,570

Interest received
(11,778)
(9,576)

Taxation charge
(25,730)
5,672

(Increase) in debtors
(55,001)
(82,897)

(Decrease)/increase in creditors
(279,721)
350,504

Corporation tax received
3,939
13,799

Fair value of foreign currency contracts
18,499
(6,289)

Net cash generated from operating activities

(332,391)
350,058


Cash flows from investing activities

Purchase of intangible fixed assets
(109,185)
(17,921)

Purchase of tangible fixed assets
(6,175)
(8,248)

Interest received
11,778
9,576

Net cash from investing activities

(103,582)
(16,593)
Page 4

 
AFRICA EXCLUSIVE LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(68,181)
(68,182)

Interest paid
(27,465)
(28,570)

Net cash used in financing activities
(95,646)
(96,752)

Net (decrease)/increase in cash and cash equivalents
(531,619)
236,713

Cash and cash equivalents at beginning of year
993,980
757,267

Cash and cash equivalents at the end of year
462,361
993,980


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
462,361
993,980

462,361
993,980


The notes on pages 6 to 15 form part of these financial statements.

Page 5

 
AFRICA EXCLUSIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Africa Exclusive Limited is a private company limited by shares and incorporated in England. Its registered office is 2nd Floor, Nucleus House, 2 Lower Mortlake Road, Richmond TW9 2JA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The management reviews the financial position and the forecasts for the Company on a regular basis, to ensure they are in a position to react to and mitigate the financial impact from any downturn in trading. The directors have made an assessment of the Company's ability to continue as a going concern, and have considered a number of future scenarios, synthesizing key drivers of the Company’s trading performance, including consumer demand, post balance sheet trading, booking trajectory, and impact from both financial and geopolitical instability. However, economic uncertainty from interest rates and a new UK government means the Company remains in a volatile environment.
The directors have prepared budgets and cashflow forecasts to March 2026 which reflect good operational liquidity and profitability throughout. Company management and the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements.
As a result, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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. Turnover represents revenue receivable from tours departed during the year plus 25% of non refundable cash deposits received on the bookings departing in future.

Page 6

 
AFRICA EXCLUSIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

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.

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.

 
2.5

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.

 
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.

Page 7

 
AFRICA EXCLUSIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
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

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.

 The estimated useful lives range as follows:

Video footage
-
5 years
Development expenditure
-
5 years
Brands
-
5 years

 
2.12

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 8

 
AFRICA EXCLUSIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.12
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:

Fixtures and fittings
-
10%
Reducing balance
Computer equipment
-
20%
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.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

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 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 Company's cash management.

 
2.15

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.

 
2.16

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.

Page 9

 
AFRICA EXCLUSIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Employees

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


        2024
        2023
            No.
            No.







Average number of employees
20
18


4.


Intangible assets




Video footage
Development expenditure
Brands
Total

£
£
£
£



Cost


At 1 October 2023
43,463
142,738
28,298
214,499


Additions
-
109,185
-
109,185


Disposals
-
(94,353)
-
(94,353)



At 30 September 2024

43,463
157,570
28,298
229,331



Amortisation


At 1 October 2023
11,471
110,522
28,298
150,291


Charge for the year on owned assets
8,693
24,713
-
33,406


On disposals
-
(94,351)
-
(94,351)



At 30 September 2024

20,164
40,884
28,298
89,346



Net book value



At 30 September 2024
23,299
116,686
-
139,985



At 30 September 2023
31,992
32,216
-
64,208



Page 10

 
AFRICA EXCLUSIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 October 2023
96,005
52,838
148,843


Additions
-
6,175
6,175


Disposals
(10,367)
(4,337)
(14,704)



At 30 September 2024

85,638
54,676
140,314



Depreciation


At 1 October 2023
79,537
39,497
119,034


Charge for the year on owned assets
1,647
5,644
7,291


Disposals
(7,326)
(4,336)
(11,662)



At 30 September 2024

73,858
40,805
114,663



Net book value



At 30 September 2024
11,780
13,871
25,651



At 30 September 2023
16,468
13,341
29,809


6.


Debtors

2024
2023
£
£


Other debtors
57,373
61,640

Prepayments and accrued income
632,289
575,932

Deferred taxation
147,293
121,235

Financial instruments
-
10,997

836,955
769,804


Included in prepayments and accrued income is the sum of £588,416 (2023 - £530,352) of supplier payments made in advance for departures post 30 September 2024.

Page 11

 
AFRICA EXCLUSIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
462,361
993,980

462,361
993,980


Included in the cash at bank as at 30 September 2024 was the sum of £19,556 in a CAA Escrow Trust Account and are consumer protected restricted funds. The Company's cash at bank as at 30 September 2024 was :
Unrestricted cash - £442,805
Restricted cash - £19,556
Total cash - £462,361
The CAA Escrow Trust Account is independently managed by PT Trustees, a professional trustee company.


8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
68,182
68,182

Trade creditors
52,676
74,493

Other taxation and social security
88,870
116,717

Other creditors
18,271
31,954

Accruals and deferred income
965,633
1,091,221

Financial instruments
7,502
-

1,201,134
1,382,567


Included in deferred income is the sum of £740,424 (2023 - £858,231) of customer monies received in advance for departures post 30 September 2024.

Page 12

 
AFRICA EXCLUSIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
45,455
113,636

Other loans
350,000
350,000

Other creditors
31,336
120,767

426,791
584,403


Other loans consist of shareholder's loans which are subject to a subordinated undertaking in favour of  the Civil Aviation Authority ("CAA") and cannot be paid without the CAA's prior written consent.
The Coronavirus business interruption loan is provided by NatWest Bank and is supported by the Coronavirus Business Interruption Loan Scheme. The loan is for a 72 month term with no capital repayments or interest payments in the the first 12 months. Interest is payable at 2.71% per annum over the bank base rate thereafter.


10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
68,182
68,182


68,182
68,182

Amounts falling due 1-2 years

Bank loans
45,455
68,182

Other loans
350,000
350,000


395,455
418,182

Amounts falling due 2-5 years

Bank loans
-
45,454


-
45,454


463,637
531,818


Page 13

 
AFRICA EXCLUSIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


Deferred taxation




2024


£






At beginning of year
121,235


Charged to profit or loss
26,058



At end of year
147,293

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(34,833)
(23,305)

Tax losses carried forward
182,126
144,540

147,293
121,235


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



75,004 (2023 - 75,004) Ordinary shares shares of £1.00 each
75,004
75,004



13.


Reserves

Share premium account

Share premium is the amount by which the amount received by the Company for a share issue exceeds its nominal value.

Profit and loss account

The profit and loss account represents the net distributable reserves of the Company at the date of the statement of financial position.


14.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension charge represents contributions payable by the Company to the fund and amounted to £13,480 (2023: £12,823).

Page 14

 
AFRICA EXCLUSIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


Related party transactions

Exclusive Americas Limited - Mr W Hoffman and Mr J Burdett the directors and shareholders are also directors and shareholders in Exclusive Americas Limited.There is £32,875 due from the related party (2023: £32,875) at the year end included in debtors due within one year. Exclusive Americas Limited was dormant and there were no transactions in the year.


16.


Controlling party

In the opinion of the directors there is no one controlling party.

 
Page 15