Company Registration No. 14840952 (England and Wales)
Nomad Conservation Group Management Ltd
Annual report and
group financial statements
for the period ended 30 April 2024
Nomad Conservation Group Management Ltd
Company information
Directors
M J K Houldsworth
(Appointed 2 May 2023)
C A Stevens
(Appointed 2 May 2023)
G C Theobald
(Appointed 2 May 2023)
A W D N Edwards
(Appointed 2 May 2023)
Company number
14840952
Registered office
Unit 5 Manor Farm Barns
Burcombe
Salisbury
SP2 0EJ
Independent auditor
Saffery LLP
Midland House
2 Poole Road
Bournemouth
Dorset
United Kingdom
BH2 5QY
Nomad Conservation Group Management Ltd
Contents
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Group income statement
9
Group statement of comprehensive income
10
Group statement of financial position
11 - 12
Group statement of changes in equity
13 - 14
Group statement of cash flows
15
Notes to the group financial statements
16 - 40
Parent company statement of financial position
41
Parent company statement of changes in equity
42
Notes to the parent company financial statements
43 - 44
Nomad Conservation Group Management Ltd
Strategic report
For the period ended 30 April 2024
1

The directors present the strategic report for the period ended 30 April 2024.

Business Review

The groups results show consolidated turnover for the period of $29.2m, a fall of 5% compared to the preceding year ended 30 April 2023 (FY23). The preceding year was considered to be the first full year of travel following the Covid-19 pandemic and was enhanced by both a surge in pent-up demand for overseas travel, combined with a high level of pre-pandemic bookings that had seen long-term postponement due to related disruption in the sector. In stripping out postponed bookings that travelled in the period ended 30 April 2024, the underlying trend shows a continuing year-on-year improvement in turnover as the effects of the pandemic recede.

 

Gross profit fell by $0.7m to $8.0m (FY23 $8.7m) and as a percentage of turnover was 27.3% (FY23 28.4%). This is reflective of investment in fixed costs across the group’s property portfolio, a strategic step that recognised a challenging period for investment throughout the pandemic, balanced with a positive outlook for the following year that is supported by strong trading and increasing demand in the market.

 

Operating profit fell by $0.9m to $1.2m (FY23 $2.0m) with administrative costs increasing by 1.7% to $6.8m.

 

At 30 April 2024 the group had net liabilities of $0.9m (FY23 $1.0m).

 

Cash generated from operations rose to $4.0m (FY23 $1.7m) with the redemption terms of its debt arrangements allowing for investment in its property portfolio, delivering significant enhancements to key locations and developing new product offerings.

 

Customer satisfaction and guest feedback across the portfolio of Nomad services continues to be exceptional.

 

During the period, the group has invested in its digital strategy, optimising both internal and market-facing systems with a blend of proprietary and licensed software to further underpin its commercial strategy. Response in the market has been positive, and coupled with continued investment in the brand strategy is expected to swiftly yield a period of healthy growth as the group capitalises on continued demand for safari travel in East Africa.

 

The group completed a corporate re-structure at the beginning of the period, with a re-organisation that allows the group to achieve further efficiency and scalability from a structure more closely aligned to, and reflective of, the operational contribution of its different business units.

 

Future Outlook

The group continues to see strong demand for bespoke safari holidays across all segments of its market, with core product selling early for peak season travel.

 

Coupled with its operation of award-winning camps and lodges in best-in-class locations, the business continues to invest in driving its brand strategy, underpinned with its proprietary software, in order to build engagement and maximise control over its sales pipeline.

 

With booking activity growing steadily in line with the strategic plan, the management has a high level of confidence in the group achieving more and more efficiency through all areas of its operations as its revenues grow, leaving it well placed to continue delivering its social impact agenda through strong commercial success in in the coming periods.

 

Nomad Conservation Group Management Ltd
Strategic report (continued)
For the period ended 30 April 2024
2
Principal risks and uncertainties

The group faces a range of risks and uncertainties, which the directors and management monitor regularly and have implemented control measures to mitigate where possible.

 

Economic risk

 

Economic factors influence consumer demand for travel. Interest in the safari experience is global however, and the groups client base well diversified in respect of its source markets.

 

Natural and geopolitical risk

 

There is a risk that external factors including health, weather and government regulations could affect travel to East Africa. The group works closely with its trade partners to understand the market response to these factors and to respond swiftly to scenarios as they become apparent. The group has a well-diversified portfolio of property across Tanzania that enables it to adapt swiftly to localised events.

 

Legal, regulatory and taxation risks

 

The group is exposed to a diverse range of legal and regulatory environments. In managing the associated risks, the group has a balanced approach of centralised group oversight, coupled with appropriately specialised local frameworks that rely on a combination of internal expertise and independent professional advisors.

 

Liquidity risk

 

The group has a very seasonal cash cycle due to the different travel volumes at particular times of year. The group manages its obligations through fluid and constant cash flow forecasting and monitoring of outcomes in relation to its expectations.

 

Foreign exchange

 

The group prices and sells its product offering in USD, with its key supplies being denominated in USD, TZS and GBP. The group manages its exposure to foreign exchange risk by employing conservative hedging strategies in close alignment to its cash flow cycle.

 

 

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

 

On behalf of the board

M J K Houldsworth
Director
30 January 2025
Nomad Conservation Group Management Ltd
Directors' report
For the period ended 30 April 2024
3

The directors present their annual report and financial statements for the period ended 30 April 2024.

Principal activities

The company was incorporated on 2 May 2023. The principal activity of the company is that of providing

management services, whereas the principal activity of the group continued to be the sale of bespoke safari holiday packages.

Results and dividends

The results for the period are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

M J K Houldsworth
(Appointed 2 May 2023)
C A Stevens
(Appointed 2 May 2023)
G C Theobald
(Appointed 2 May 2023)
A W D N Edwards
(Appointed 2 May 2023)
Auditor

Saffery LLP were appointed as auditor and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

 

 

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

On behalf of the board
M J K Houldsworth
Director
30 January 2025
Nomad Conservation Group Management Ltd
Directors' responsibilities statement
For the period ended 30 April 2024
4

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the group and parent company financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom.

 

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 

In preparing these financial statements, International Accounting Standard 1 requires that directors:

 

 

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

Nomad Conservation Group Management Ltd
Independent auditor's report
To the members of Nomad Conservation Group Management Ltd
5
Opinion

We have audited the financial statements of Nomad Conservation Group Management Ltd (UK) (the ‘parent company’) and its subsidiaries (the ‘group’) for the period ended 30 April 2024 which comprise the group income statement, the group statement of comprehensive income, the group and parent company statement of financial position, the group and parent company statement of changes in equity, the group statement of cash flows and the group and parent company notes to the financial statements, including significant accounting policies.

 

The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

In our opinion:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

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.

Nomad Conservation Group Management Ltd
Independent auditor's report (continued)
To the members of Nomad Conservation Group Management Ltd
6

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the group and parent company financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's 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.

Nomad Conservation Group Management Ltd
Independent auditor's report (continued)
To the members of Nomad Conservation Group Management Ltd
7

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors, communication with component auditors and by updating our understanding of the sector in which the group and parent company operates.

 

Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

 

As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications with component auditors included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Nomad Conservation Group Management Ltd
Independent auditor's report (continued)
To the members of Nomad Conservation Group Management Ltd
8

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's 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.

Hannah Mazrae (Senior Statutory Auditor)
For and on behalf of Saffery LLP
31 January 2025
Statutory Auditors
Midland House
2 Poole Road
Bournemouth
Dorset
United Kingdom
BH2 5QY
Nomad Conservation Group Management Ltd
Group income statement
For the period ended 30 April 2024
9
Period
Year
ended
ended
30 April
30 April
2024
2023
Notes
$
$
Revenue
4
29,247,979
30,827,083
Cost of sales
(21,263,118)
(22,078,852)
Gross profit
7,984,861
8,748,231
Other operating income
-
3,934
Administrative expenses
(6,813,648)
(6,725,516)
Operating profit
1,171,213
2,026,649
Investment revenues
8
5,469
1,224
Finance costs
9
(721,622)
(766,623)
Profit before taxation
455,060
1,261,250
Income tax expense
10
(413,571)
(750,453)
Profit for the period
41,489
510,797
Profit for the financial period is attributable to:
- Owners of the parent company
(452,980)
438,925
- Non-controlling interests
494,469
71,872
41,489
510,797
The income statement has been prepared on the basis that all operations are continuing.
Nomad Conservation Group Management Ltd
Group statement of comprehensive income
For the period ended 30 April 2024
10
Period
Year
ended
ended
30 April
30 April
2024
2023
$
$
Profit for the period
41,489
510,797
Other comprehensive income:
Items that may be reclassified to profit or loss
Currency translation differences:
- Translation gain arising in the period
212,722
85,882
Total other comprehensive income for the period
212,722
85,882
Total comprehensive income for the period
254,211
596,679
Total comprehensive income for the period is attributable to:
- Owners of the parent company
(240,258)
494,457
- Non-controlling interests
494,469
102,222
254,211
596,679
Nomad Conservation Group Management Ltd
Group statement of financial position
As at 30 April 2024
11
2024
2023
Notes
$
$
Non-current assets
Goodwill
11
583,311
583,311
Intangible assets
11
559,325
261,795
Property, plant and equipment
12
10,663,845
10,089,772
Deferred tax asset
20
368,648
744,213
12,175,129
11,679,091
Current assets
Inventories
14
331,778
501,013
Trade and other receivables
16
2,336,464
2,363,053
Current tax recoverable
-
0
5,073
Cash and cash equivalents
3,557,482
3,401,595
6,225,724
6,270,734
Current liabilities
Trade and other payables
17
10,228,750
8,843,873
Current tax liabilities
-
0
82,335
Borrowings
18
1,134,358
627,648
Lease liabilities
19
115,998
408,578
11,479,106
9,962,434
Net current liabilities
(5,253,382)
(3,691,700)
Non-current liabilities
Borrowings
18
2,048,051
3,051,442
Lease liabilities
19
5,732,951
5,968,217
7,781,002
9,019,659
Net liabilities
(859,255)
(1,032,268)
Nomad Conservation Group Management Ltd
Group statement of financial position (continued)
As at 30 April 2024
2024
2023
Notes
$
$
12
Equity
Called up share capital
22
890,762
781,650
Share premium account
23
124,632
733,091
Other reserves
23
457,258
(85,328)
Translation reserve
23
(48,971)
(255,954)
Capital redemption reserve
23
3,000,000
3,000,000
Retained earnings
23
(5,282,936)
(4,829,956)
Equity attributable to owners of the parent company
(859,255)
(656,497)
Non-controlling interests
-
0
(375,771)
Total equity
(859,255)
(1,032,268)
The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
M J K Houldsworth
Director
Company registration number 14840952 (England and Wales)
Nomad Conservation Group Management Ltd
Group statement of changes in equity
For the period ended 30 April 2024
13
Share capital
Share premium account
Capital redemption reserve
Other reserves
Translation reserve
Retained earnings
Total
Non-controlling interest
Total
Notes
$
$
$
$
$
$
$
$
$
Balance at 1 May 2022
781,650
733,091
3,000,000
34,831
(311,485)
(5,268,880)
(1,030,793)
(459,672)
(1,490,465)
Year ended 30 April 2023:
Profit for the year
-
-
-
-
-
438,924
438,924
69,482
508,406
Other comprehensive income:
Currency translation differences
-
-
-
-
-
0
-
-
806
806
Other comprehensive income
-
-
-
-
55,531
-
0
55,531
30,351
85,882
Part purchase of Non controlling interest
-
-
-
(120,159)
-
-
(120,159)
(16,738)
(136,897)
Total comprehensive income
-
-
-
(120,159)
55,531
438,924
374,296
83,901
458,197
Balance at 30 April 2023
781,650
733,091
3,000,000
(85,328)
(255,954)
(4,829,956)
(656,497)
(375,771)
(1,032,268)
Nomad Conservation Group Management Ltd
Group statement of changes in equity (continued)
For the period ended 30 April 2024
Share capital
Share premium account
Capital redemption reserve
Other reserves
Translation reserve
Retained earnings
Total
Non-controlling interest
Total
Notes
$
$
$
$
$
$
$
$
$
14
Balance at 1 May 2023
781,650
733,091
3,000,000
(85,328)
(255,954)
(4,829,956)
(656,497)
(375,771)
(1,032,268)
Period ended 30 April 2024:
Profit
-
-
-
-
-
(452,980)
(452,980)
494,469
41,489
Other comprehensive income:
Currency translation differences
-
-
-
-
212,722
-
0
212,722
-
212,722
Total comprehensive income
-
-
-
-
212,722
(452,980)
(240,258)
494,469
254,211
Transactions with owners:
Issue of share capital
22
109,112
-
0
-
-
-
-
109,112
-
109,112
Acquisition of non-controlling interests
-
-
-
-
-
-
-
(118,698)
(118,698)
Other movements
-
(608,459)
-
542,586
(5,739)
-
(71,612)
-
(71,612)
Balance at 30 April 2024
890,762
124,632
3,000,000
457,258
(48,971)
(5,282,936)
(859,255)
-
(859,255)
Nomad Conservation Group Management Ltd
Group statement of cash flows
For the period ended 30 April 2024
15
2024
2023
Notes
$
$
$
$
Cash flows from operating activities
Cash generated from operations
27
3,801,273
1,678,686
Interest paid
(442,848)
(215,743)
Income taxes paid
(58,394)
(159,418)
Net cash inflow from operating activities
3,300,031
1,303,525
Investing activities
Purchase of intangible assets
(321,376)
(367,407)
Purchase of property, plant and equipment
(2,101,566)
(828,582)
Interest received
5,469
1,159
Net cash used in investing activities
(2,417,473)
(1,194,830)
Financing activities
Proceeds from new bank loans
-
0
3,000,000
Repayment of bank loans
(579,224)
(1,526,172)
Payment of lease liabilities
(112,531)
(365,316)
Net cash (used in)/generated from financing activities
(691,755)
1,108,512
Net increase in cash and cash equivalents
190,803
1,217,207
Cash and cash equivalents at beginning of year
3,401,595
2,177,543
Effect of foreign exchange rates
(34,916)
6,845
Cash and cash equivalents at end of year
3,557,482
3,401,595
Nomad Conservation Group Management Ltd
Notes to the group financial statements
For the period ended 30 April 2024
16
1
Accounting policies
Company information

Nomad Conservation Group Management Ltd (UK) (“the company”) is a private limited company incorporated in England and Wales. The registered office is Unit 5 Manor Farm Barns, Burcombe, Salisbury, SP2 0EJ.

 

The group consists of Nomad Conservation Group Management Ltd (UK) and all of its subsidiaries.

1.1
Reporting period
The financial statements have been prepared for the period from incorporation on 2 May 2023 to 30 April 2024.
1.2
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in US dollar, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest $.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

The merger accounting method has been applied to the Nomad Conservation Group business combination. Under the merger accounting method, the Group accounts for Nomad Conservation Group as if it had always been combined since the original acquisition of the relevant entities by the ultimate controlling party, resulting in the results being shown in the comparatives for the group. The merger accounting method involves accounting for assets and liabilities of the acquired business using existing carrying values rather than fair values, as a result no goodwill has arisen on this combination.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

Nomad Conservation Group Management Ltd
Notes to the group financial statements (continued)
For the period ended 30 April 2024
1
Accounting policies (continued)
17
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Nomad Conservation Group Management Ltd (UK) together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.5
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the truegroup 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.

1.6
Revenue

Revenue comprises the fair value of the consideration received or receivable for the performance of services in the ordinary course of business and is stated net of Value Added Tax (VAT) and discounts.

 

Revenue from the sale of safari packages is recognised at a point in time when control of the services is transferred to the customer, generally on the date of departure for travel.

 

Revenue from accommodation and related services is recognised based on bed nights spent by the client at the lodges.

 

The travel, accommodation and other services included in a safari package are transformed into one product for the customer through a significant integration service provided by the Group such that the safari package constitutes one performance obligation for the Group. The Group has generally concluded that it is the principal in its revenue arrangements because it typically controls the services before transferring them to the customer.

 

Revenue is measured at the fair value of the contractual consideration received or receivable excluding amounts collected on behalf of third parties and represents amounts receivable for services in the normal course of business.

 

Other revenues earned by the Group are recognised on the following basis:

- Interest income on a time proportion basis using the effective interest method.

- Dividend income is recognised when the right to receive a dividend has been established.

Nomad Conservation Group Management Ltd
Notes to the group financial statements (continued)
For the period ended 30 April 2024
1
Accounting policies (continued)
18
1.7
Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less impairment losses.

 

The gain on a bargain purchase is recognised in profit or loss in the period of the acquisition.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not subsequently reversed.

1.8
Intangible assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

 

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

1.9
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
4% straight line basis
Fixtures and fittings
12.5% - 25% straight line basis
Plant and equipment
12.5% straight line basis
Computers
25% - 33% straight line basis
Motor vehicles
25% straight line basis
Right of use assets
4% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.10
Non-current investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Nomad Conservation Group Management Ltd
Notes to the group financial statements (continued)
For the period ended 30 April 2024
1
Accounting policies (continued)
19

A subsidiary is an entity controlled by the parent company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.11
Impairment of tangible and intangible assets

At each reporting end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined by the first-in-first-out (FIFO) method. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

Net realisable value is the estimate of the selling price in the ordinary course of business, less selling expenses. Full provision is made for all excess, obsolete and damaged stock.

1.13
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Nomad Conservation Group Management Ltd
Notes to the group financial statements (continued)
For the period ended 30 April 2024
1
Accounting policies (continued)
20
1.14
Financial assets

Financial assets are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the group’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

 

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The parent company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

Nomad Conservation Group Management Ltd
Notes to the group financial statements (continued)
For the period ended 30 April 2024
1
Accounting policies (continued)
21
Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

 

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.15
Financial liabilities

The group recognises financial debt when the group becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the group’s obligations are discharged, cancelled, or they expire.

1.16
Equity instruments

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

1.17
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Nomad Conservation Group Management Ltd
Notes to the group financial statements (continued)
For the period ended 30 April 2024
1
Accounting policies (continued)
22
Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the group has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.18
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.19
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.20
Leases

At inception, the group assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the group recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

Nomad Conservation Group Management Ltd
Notes to the group financial statements (continued)
For the period ended 30 April 2024
1
Accounting policies (continued)
23

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

 

Right-of-use assets are subsequently measured at cost less accumulated depreciation and any accumulated impairment losses, adjusted for any remeasurement of the lease liability. Depreciation is calculated using the straight-line method to write down the cost of each asset to its residual value over its estimated useful life. If ownership of the underlying asset is not expected to pass to the Group at the end of the lease term, the estimated useful life would not exceed the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

 

Increases in the carrying amount arising on revaluation of leasehold land and buildings are recognised in other comprehensive income and accumulated in equity under the heading of revaluation surplus. Decreases that offset previous increases of the same asset are recognised in other comprehensive income. All other decreases are recognised in profit or loss. Annually, the difference between the depreciation charge based on the revalued carrying amount of the asset recognised in profit or loss and depreciation based on the asset's original cost (excess depreciation) is transferred from the revaluation reserve to retained earnings.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the group's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the group is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the group's estimate of the amount expected to be payable under a residual value guarantee; or the group's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

1.21
Foreign exchange

Transactions in currencies other than US dollar are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.22

Related Parties

Related parties are individuals and companies where the individual or Group has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions

Nomad Conservation Group Management Ltd
Notes to the group financial statements (continued)
For the period ended 30 April 2024
24
2
Adoption of new and revised standards and changes in accounting policies

During the financial year, the group has adopted the following new IFRSs (including amendments thereto) and IFRIC interpretations, that became effective for the first time:

Standard

Effective date, annual period beginning on or after

IFRS 17 - Insurance Contracts

1 January 2023

Amendments to IFRS 17 - Insurance Contracts;

and Extension of the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4 Insurance Contracts)

1 January 2023

Disclosure of Accounting Policies (Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements)

1 January 2023

Definition of Accounting Estimates (Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors)

1 January 2023

Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12 Income Taxes)

1 January 2023

International Tax Reform – Pillar Two Model Rules (Amendments to IAS 12)

1 January 2023

Their adoption has not had any material impact on the disclosures or amounts reported in the financial statements.

Standards which are in issue but not yet effective

At the date of authorisation of these financial statements, the following standards and interpretations relevant to the Group and which have not been applied in these financial statements, were in issue but were not yet effective.

Standard

Effective date, annual period beginning on or after

Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)

1 January 2024

Classification of Liabilities as Current or Non-Current, Non-current Liabilities with Covenants: amendments to IAS 1

1 January 2024

Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)

1 January 2024

Lack of Exchangeability (Amendments to IAS 21)

1 January 2025

The directors are evaluating the impact that these standards will have on the financial statements of the company. They do not consider the impact will be material.

Nomad Conservation Group Management Ltd
Notes to the group financial statements (continued)
For the period ended 30 April 2024
2
Adoption of new and revised standards and changes in accounting policies (continued)
25

At the date of authorisation of these financial statements, the following standards and interpretations relevant to group and which have not been applied in these financial statements, have not been endorsed for use in the UK and will not be adopted until such time as endorsement is confirmed.

Standard

Effective date, annual period beginning on or after

Amendments to IFRS 9 and IFRS 7 – Amendments to the Classification and Measurement of Financial Instruments

1 January 2026

Annual Improvements to IFRS Accounting Standards – Volume 11

1 January 2026

IFRS 18 – Presentation and Disclosure in Financial Statements

1 January 2027

IFRS 19 – Subsidiaries without Public Accountability: Disclosures

1 January 2027

3
Critical accounting estimates and judgements

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Critical judgements
Determination of fair values

The Group's accounting policies and disclosures require the determination of fair value for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes as shown below. Where applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability.

Property, plant and equipment

The cost of the property, plant and equipment is depreciated over the estimated useful life of the asset. The estimated useful life is based on expected usage of the asset and expected physical wear and tear, which depends on operational factors. Management has not considered any residual value necessary as it was deemed immaterial.

Going concern

Judgements made by management and those charged with governance with regard to the appropriateness of the going concern assumptions are discussed under Note 1.4.

Assessment of goodwill

Determining whether goodwill is impaired requires an estimation of the value in use of the cash generating unit to which goodwill has been allocated. The value in use calculation requires the directors to estimate the future cash flows expected to arise from the cash generating unit and to apply suitable growth and discount rates. Further details are included in Note 11.

Nomad Conservation Group Management Ltd
Notes to the group financial statements (continued)
For the period ended 30 April 2024
3
Critical accounting estimates and judgements (continued)
26
Assessment of impairment of trade receivables

Determining whether trade receivables are impaired requires an estimation of the likelihood of recovery of individual customer balances. Management consider various factors, including the ageing of the balances and knowledge of the customer relationship.

 

Deferred tax assets

Deferred tax assets are recognised for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Recoverability of deferred tax assets have been assessed for each subsidiary based on the forecasted taxable profit to be generated during the next financial period. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits together with future tax planning strategies.

 

4
Revenue
2024
2023
$
$
Revenue analysed by class of business
Nomad services
13,659,810
13,286,815
Third party services
15,163,844
17,326,709
Credits and refunds
372,750
189,135
Other sales
51,575
24,424
29,247,979
30,827,083
2024
2023
$
$
Revenue analysed by geographical market
United Kingdom
8,522,740
8,643,589
North America
7,942,527
10,403,770
Africa
7,739,762
5,931,666
Rest of World
5,042,950
5,848,058
29,247,979
30,827,083
Nomad Conservation Group Management Ltd
Notes to the group financial statements (continued)
For the period ended 30 April 2024
27
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
$
$
For audit services
Audit of the financial statements of the group and company
5,380
12,365
Audit of the financial statements of the company's subsidiaries
56,087
48,185
61,467
60,550
For other services
Tax services
5,385
43,620
Other services
26,963
49,531
Total non-audit fees
32,348
93,151
6
Employees

The average monthly number of persons (including directors) employed by the group during the period was:

2024
2023
Number
Number
318
300

Their aggregate remuneration comprised:

2024
2023
$
$
Wages and salaries
4,156,743
3,985,754
Social security costs
294,919
272,731
Retirement benefits
326,327
289,330
4,777,989
4,547,815
7
Directors' remuneration
2024
2023
$
$
Remuneration for qualifying services
691,890
686,486
Company pension contributions to defined contribution schemes
27,459
7,515
719,349
694,001

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 1).

Nomad Conservation Group Management Ltd
Notes to the group financial statements (continued)
For the period ended 30 April 2024
7
Directors' remuneration (continued)
28
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
$
$
Remuneration for qualifying services
199,899
204,396
Company pension contributions to defined contribution schemes
8,947
-
8
Investment income
2024
2023
$
$
Interest income
Financial instruments measured at amortised cost:
Other interest income on financial assets
5,469
1,224
9
Finance costs
2024
2023
$
$
Interest on bank overdrafts and loans
222,373
243,578
Interest on right of use asset
499,249
523,045
Total interest expense
721,622
766,623
10
Income tax expense
2024
2023
$
$
Current tax
UK corporation tax on profits for the current period
-
0
644,263
Foreign taxes and reliefs
121,058
-
0
121,058
644,263
Deferred tax
Origination and reversal of temporary differences
292,513
106,190
Total tax charge
413,571
750,453
Nomad Conservation Group Management Ltd
Notes to the group financial statements (continued)
For the period ended 30 April 2024
10
Income tax expense (continued)
29

The charge for the period can be reconciled to the profit per the income statement as follows:

2024
2023
$
$
Profit before taxation
455,060
1,261,250
Expected tax charge based on a corporation tax rate of 25.00% (2023: 32.08%)
113,765
404,584
Effect of expenses not deductible in determining taxable profit
337,816
35,304
Utilisation of tax losses not previously recognised
-
(38,103)
Effect of change in UK corporation tax rate
-
(29)
Double tax relief
(7,648)
-
Group relief
-
(4,623)
Permanent capital allowances in excess of depreciation
(30,226)
(56,493)
Other non-reversing timing differences
-
92,458
Effect of overseas tax rates
-
34,498
Under/(over) provided in prior years
-
49,408
Deferred tax adjustments
30,641
67,382
Tax at marginal rate
(210)
-
Current tax - alternative minimum tax
67,896
(42,000)
Origination and reversal of timing differences
(237,101)
70,619
Interest expense restriction
52,932
55,674
Effect of IFRS 16
48,847
87,054
Foreign tax
(6,851)
(5,787)
CSR paid
-
507
Effect of overseas tax rates
43,710
-
Taxation charge for the period
413,571
750,453
11
Intangible assets
Goodwill
Software
Total
$
$
$
Cost
At 30 April 2023
583,311
424,105
1,007,416
Additions - internally generated
-
0
321,376
321,376
Disposals
-
0
(186,155)
(186,155)
At 30 April 2024
583,311
559,325
1,142,636
Nomad Conservation Group Management Ltd
Notes to the group financial statements (continued)
For the period ended 30 April 2024
11
Intangible assets
Goodwill
Software
Total
$
$
$ (continued)
30
Amortisation and impairment
At 30 April 2023
-
0
162,310
162,310
Charge for the year
-
0
19,344
19,344
Eliminated on disposals
-
0
(181,654)
(181,654)
At 30 April 2024
-
0
-
0
-
0
Carrying amount
At 30 April 2024
583,311
559,325
1,142,636
At 30 April 2023
583,311
261,795
845,106
Impairment tests for cash generating units

Goodwill acquired in a business combination is tested annually for impairment. It is allocated to cash generating units (CGUs) that are expected to benefit from synergies of the combination as follows:

2024
2023
$
$
Assets and liabilities acquired by Nomad Safaris Limited
583,311
583,311
583,311
583,311

The recoverable amount of each CGU is determined by reference to its value in use.

 

The key assumptions for the value in use calculations are those regarding future operating cash flows, discount rates and growth rates. These assumptions have been revised in the year in light of the current economic environment. Management estimates discount rates using pre-tax rates that reflect current market estimates of the time value of money and the risks specific to the CGU. The growth rates are based upon management's assessment of industry growth forecasts.

The group prepares cash flow forecasts derived from the most recent financial budgets approved by management for the next financial year and extrapolates cash flows up to five years.

 

The rate used to discount the forecast cash flows is 10.0%.

Nomad Conservation Group Management Ltd
Notes to the group financial statements (continued)
For the period ended 30 April 2024
31
12
Property, plant and equipment
Leasehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Right of use assets
Total
$
$
$
$
$
$
$
$
Cost
At 1 May 2022
4,956,130
-
0
1,293,462
835,372
41,318
972,010
7,085,567
15,183,859
Additions
201,340
232,735
116,339
194,766
6,695
82,740
-
0
834,615
IFRS Adjustments
-
0
-
0
-
0
-
0
-
0
-
0
(121,067)
(121,067)
Foreign currency adjustments
(50,211)
(1,185)
(13,766)
(9,301)
-
0
(10,065)
(71,553)
(156,081)
At 30 April 2023
5,107,259
231,550
1,396,035
1,020,837
48,013
1,044,685
6,892,947
15,741,326
Additions
1,032,121
661,138
120,638
152,304
4,970
130,395
-
0
2,101,566
Disposals
-
0
-
0
-
0
(1,151)
(15,077)
-
0
-
0
(16,228)
IFRS Adjustments
-
0
-
0
-
0
-
0
-
0
-
0
137,868
137,868
Transfer
253,189
(253,189)
-
0
-
0
-
0
-
0
-
0
-
Foreign currency adjustments
(537,692)
(28,124)
(133,865)
(99,680)
-
0
(101,598)
(628,999)
(1,529,958)
At 30 April 2024
5,854,877
611,375
1,382,808
1,072,310
37,906
1,073,482
6,401,816
16,434,574
Accumulated depreciation and impairment
At 1 May 2022
1,375,001
-
0
976,448
692,042
27,686
907,840
1,049,714
5,028,731
Charge for the period
202,590
-
0
83,097
75,133
7,327
47,869
261,085
677,101
Foreign currency adjustments
(15,036)
-
0
(10,368)
(7,393)
-
0
(9,458)
(12,023)
(54,278)
At 30 April 2023
1,562,555
-
0
1,049,177
759,782
35,013
946,251
1,298,776
5,651,554
Charge for the period
217,545
-
0
87,384
62,554
6,403
56,531
247,126
677,543
Eliminated on disposal
-
0
-
0
-
0
(1,151)
(14,747)
-
0
-
0
(15,898)
Foreign currency adjustments
(153,280)
-
0
(100,455)
(72,279)
-
0
(89,485)
(126,971)
(542,470)
At 30 April 2024
1,626,820
-
0
1,036,106
748,906
26,669
913,297
1,418,931
5,770,729
Nomad Conservation Group Management Ltd
Notes to the group financial statements (continued)
For the period ended 30 April 2024
12
Property, plant and equipment
Leasehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Right of use assets
Total
$
$
$
$
$
$
$
$ (continued)
32
Carrying amount
At 30 April 2024
4,228,057
611,375
346,702
323,404
11,237
160,185
4,982,885
10,663,845
At 30 April 2023
3,544,704
231,550
346,858
261,055
13,000
98,434
5,594,171
10,089,772
Nomad Conservation Group Management Ltd
Notes to the group financial statements (continued)
For the period ended 30 April 2024
12
Property, plant and equipment (continued)
33

All property, plant and equipment of Nomad Tanzania Limited are pledged as security against borrowings as disclosed in note 17.

 

Nomad Tanzania Limited has leased park land for rented camping sites. The leases are for an average

period of 25 years, with options to renew. The leases do not contain any restrictions or covenants other than the protective rights of the lessor.

 

13
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Principal activity
% Held
Direct
Indirect
Nomad Conservation Group
Block 9A & 9B, Cascavelle Business Park, Petite Rivière Noire Road, Cascavelle, 90522, Republic of M
Holding company
100.00
-
Nomad Tanzania Limited
Engira Road No.44, P.O. Box 681, Arusha, Tanzania
Operation of luxury lodges
-
100.00
Nomad Safaris Limited
Unit 5 Manor Farm Barns, Burcombe, Salisbury, SP2 0EJ
Sale of safari packages
100.00
-
The Travel Book Company Limited
Unit 5 Manor Farm Barns, Burcombe, Salisbury, SP2 0EJ
Retail of books
100.00
-

During the year, Nomad Conservation Group Management Limited purchased 416,000 shares in Nomad Tanzania Limited in a share for share exchange with consideration with a fair value of £1,006,699.

14
Inventories
2024
2023
$
$
Camp supplies
302,163
467,916
Bookshop stock
29,615
33,097
331,778
501,013
Nomad Conservation Group Management Ltd
Notes to the group financial statements (continued)
For the period ended 30 April 2024
34
15
Contracts with customers
The group has recognised the following assets and liabilities related to contracts with customers:
2024
2023
2023
Period end
Period end
Period start
$
$
$
Contracts in progress
Contract costs recoverable
1,609,694
1,754,422
1,726,303
Contract liabilities
(8,503,171)
(7,854,617)
(9,098,033)
Analysis of contract liabilities
2024
2023
$
$
Supplier prepayments
1,609,694
1,754,422

The group has recognised an asset, included in trade and other receivables, in respect of supplier prepayments for the direct costs of safari packages with future departure dates.

Analysis of contract liabilities
2024
2023
$
$
Customer payments in advance
8,503,171
7,854,617

Contract liabilities are recognised by the group in connection with customer payments in advance for safari packages with a departure date in the future. In common with industry practice, the group requires customers to pay a deposit to secure a booking and the balance must be paid prior to departure for travel.

 

The group's contracts with customers generally do not exceed 12 months in duration, from the booking date to the date of departure for travel. Therefore the group has no long-term unsatisfied performance obligations to disclose.

Significant changes in contract assets and liabilities

There have been no significant changes to the group's revenue recognition policies or the nature of the group's contracts with customers during the period. The movements in the contract assets and liabilities at each reporting date reflect the level of future bookings which the group has secured from customers which is impacted by various market factors.

Nomad Conservation Group Management Ltd
Notes to the group financial statements (continued)
For the period ended 30 April 2024
35
16
Trade and other receivables
2024
2023
$
$
Trade receivables
10,204
9,877
VAT recoverable
84,363
70,160
Amounts owed by fellow group undertakings
5,035
-
0
Other receivables
300,875
148,600
Prepayments
1,935,987
2,134,416
2,336,464
2,363,053
17
Trade and other payables
2024
2023
$
$
Trade payables
553,088
338,965
Payments received on account
8,503,171
7,854,617
Amounts owed to related parties
2,776
35,000
Accruals
241,857
174,277
Social security and other taxation
109,440
70,320
Other payables
818,418
370,694
10,228,750
8,843,873
18
Borrowings
Current
Non-current
2024
2023
2024
2023
$
$
$
$
Borrowings held at amortised cost:
Bank loans
1,134,358
627,648
2,048,051
3,051,442

Maturity based on the repayment structure of non-current borrowings is as follows:

2024
2023
$
$
Between 1 and 2 years
1,102,177
945,881
Between 2 and 5 years
945,874
1,736,096
Over 5 years
-
369,465
2,048,051
3,051,442
Nomad Conservation Group Management Ltd
Notes to the group financial statements (continued)
For the period ended 30 April 2024
18
Borrowings (continued)
36

Nomad Tanzania Limited has overdraft facilities with CRDB Plc. of USD 3,000,000. It also has a term loan facility of USD 700,000 with CRDB Bank Plc. The USD facility attracts interest of 8%.

 

The bank facilities are secured by way of a fixed and floating charge over the underlying assets of the group.

 

The loan held in Nomad Tanzania Limited has a balance of $337,079 and attracts interest of 8%.

 

The loan held in Nomad Conservation Group Limited has a balance of $2,845,330 attracts interest of 6%.

19
Lease liabilities

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2024
2023
$
$
Current liabilities
115,998
408,578
Non-current liabilities
5,732,951
5,968,217
5,848,949
6,376,795
20
Deferred taxation
2024
2023
$
$
Deferred tax liabilities
(52,704)
-
0
Deferred tax assets
(315,944)
(744,213)
(368,648)
(744,213)
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and movements thereon during the current and prior reporting period.

Nomad Conservation Group Management Ltd
Notes to the group financial statements (continued)
For the period ended 30 April 2024
20
Deferred taxation (continued)
37
ACAs
Tax losses
Provisions
Unrealised exchange differences
Total
$
$
$
$
$
Deferred tax liability/(asset) at 1 May 2022
10,113
(1,289,037)
(49,662)
11,266
(1,317,320)
Deferred tax movements in prior year
Charge/(credit) to profit or loss
69,063
439,581
25,497
28,353
562,494
Exchange adjustments
(207)
10,701
378
(259)
10,613
Deferred tax liability/(asset) at 1 May 2023
78,969
(838,755)
(23,787)
39,360
(744,213)
Deferred tax movements in current year
Charge/(credit) to profit or loss
32,390
401,889
21,924
(188,434)
267,769
Exchange adjustments
26,018
82,191
1,863
(2,276)
107,796
Deferred tax liability/(asset) at 30 April 2024
137,377
(354,675)
-
0
(151,350)
(368,648)
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
$
$
Charge to profit or loss in respect of defined contribution schemes
326,327
289,330

The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary of $1 each
890,762
-
890,762
-

Ordinary shares are classified as equity. Each ordinary share has full voting rights, dividend rights and rights on a return of capital.

 

On the 2 May 2023, 781,650 ordinary shares were issued in a share for share exchange with Nomad Conservation Group Limited.

 

During the year, 109,112 ordinary shares were issued in a share for share exchange for 233,744 shares in Nomad Conservation Group Limited with a fair value of $233,744.

Nomad Conservation Group Management Ltd
Notes to the group financial statements (continued)
For the period ended 30 April 2024
38
23
Reserves

Share premium

Includes any premiums received on the issue of share capital. Any transaction costs associated with the issue of shares are deducted from the share premium.

 

Capital redemption reserve

The capital redemption reserves represents amounts transferred from share capital on re-purchase of own shares.

 

Translation reserve

The translation reserve represents the cumulative exchange rate differences arising from the translation of foreign subsidiaries' financial statements into the reporting currency of the parent company.

 

Other reserves

Other reserves include various reserves not classified by more defined categories.

 

Retained earnings

Retained earnings represent accumulated profits and losses net of dividends.

24
Related party transactions

Remuneration totalling $79,948 (2023: $87,772) was paid to family members of directors.

 

During the year sales totalling $54,746 (2023: $39,732) were made to directors, $323 (2023: $nil) remained outstanding and included in trade debtors at the balance sheet date.

 

During the year purchases totalling $115,886 (2023: $88,715) were made from related companies. No balances were outstanding at the balance sheet date.

 

Included in other debtors are amounts of $241,378 (2023: $198,357) that reflect interest free shareholder loans arising from the group’s capital re-structuring activities.

 

Included in other creditors are amounts of $2,776 (2023: $35,000) due to the group directors.

25
Controlling party
The ultimate parent undertaking and the largest group to consolidate these financial statements is Nomad Conservation Group Holdings Limited. Copies of the Nomad Conservation Group Holdings Limited consolidated financial statements can be obtained from their registered office at Unit 5 Manor Farm Barns, Burcombe, Wiltshire, United Kingdom, SP2 0EJ.

The ultimate controlling party is Blink C.V. as the majority shareholders of the Company.
Nomad Conservation Group Management Ltd
Notes to the group financial statements (continued)
For the period ended 30 April 2024
39
26
Financial risk management

The Group’s activities expose it to a variety of financial risks through its financial assets and financial

liabilities.

 

The most important components of financial risk are:

 

a) Credit risk

The Group has no significant concentration on credit risk. The Group has policies in place to ensure that sales are made to customers with appropriate credit history. Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties, as a means of mitigating the risk of financial loss from defaults.

 

The Group’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables, estimated by management based on prior experience and represents the Group’s maximum exposure to credit risk. No credit limit was exceeded during the reporting period and management does not expect any losses from non-performance by these counterparties.

 

b) Liquidity risk management

The Group manages liquidity risk by maintaining adequate reserves and banking facilities, by continuously forecasting, managing cash flows and matching the maturity profiles of financial assets and liabilities.

 

c) Capital risk management

The Group manages its capital to ensure that the Group will be able to continue as a going concern while maximising the return to stakeholders through the optimisation of the debt and equity balance. The Group’s overall strategy remains unchanged from last year.

 

The Group’s objectives when managing capital are:

 

The Group sets the amount of capital in proportion to risk. The Group manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders or adjust the amount of capital expenditure. Consistently with others in the industry, the Group monitors capital on the basis of net debt-to-equity percentage. This percentage is calculated as net debt divided by net debt plus total equity. Net debt is calculated as total debt (as shown in the statement of financial position) less cash and cash equivalents. Capital comprises all components of equity (i.e. share capital, retained earnings/(accumulated losses), capital contribution and all other reserves).

Nomad Conservation Group Management Ltd
Notes to the group financial statements (continued)
For the period ended 30 April 2024
40
27
Cash generated from operations
2024
2023
$
$
Profit for the period before income tax
455,060
1,261,250
Adjustments for:
Finance costs
721,622
766,623
Investment income
(5,469)
(1,224)
Gain on bargain purchase
-
(3,934)
Amortisation and impairment of intangible assets
19,344
34,160
Depreciation and impairment of property, plant and equipment
677,543
677,101
Loan arrangement fee
-
0
30,000
Profit or loss on fixed assets
4,832
-
Exchange (gain)/loss
332,607
104,192
Movements in working capital:
Decrease/(increase) in inventories
169,235
(366,377)
Increase in trade and other receivables
(17,578)
(112,177)
Increase/(decrease) in trade and other payables
1,444,077
(710,928)
Cash generated from operations
3,801,273
1,678,686
Nomad Conservation Group Management Ltd (UK)
Company statement of financial position
As at 30 April 2024
30 April 2024
41
2024
Notes
$
Non-current assets
Investments
30
1,015,525
1,015,525
Current assets
Trade and other receivables
31
50,986
50,986
Current liabilities
Trade and other payables
32
104,044
104,044
Net current liabilities
(53,058)
Non-current liabilities
-
Net assets
962,467
Equity
Called up share capital
33
890,762
Share premium account
124,632
Retained earnings
(52,927)
Total equity
962,467

As permitted by trues408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s loss for the period was $52,927.

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

The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
M J K Houldsworth
Director
Company registration number 14840952 (England and Wales)
Nomad Conservation Group Management Ltd (UK)
Company statement of changes in equity
For the period ended 30 April 2024
42
Share capital
Share premium account
Retained earnings
Total
Notes
$
$
$
$
Balance at 1 May 2022
-
0
-
0
-
0
-
Year ended 30 April 2023:
Balance at 30 April 2023
-
0
-
0
-
0
-
Period ended 30 April 2024:
Loss and total comprehensive income
-
-
(52,927)
(52,927)
Transactions with owners:
Issue of share capital
33
890,762
124,632
-
1,015,394
Balance at 30 April 2024
890,762
124,632
(52,927)
962,467
Nomad Conservation Group Management Ltd (UK)
Notes to the company financial statements
For the period ended 30 April 2024
43
28
Accounting policies
Company information

Nomad Conservation Group Management Ltd (UK) is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5 Manor Farm Barns, Burcombe, Salisbury, SP2 0EJ.

28.1
Reporting period
The financial statements have been prepared for the period from incorporation on 2 May 2023 to 30 April 2024.
28.2
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in US dollar, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest $.

The company applies accounting policies consistent with those applied by the group. To the extent that an accounting policy is relevant to both group and parent company financial statements, please refer to the group financial statements for disclosure of the relevant accounting policy.

28.3
Going concern

The directors have at the time of approving the financial statements, 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.

29
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
Number
Total
-
30
Investments
Current
Non-current
2024
2024
$
$
Investments in subsidiaries
-
0
1,015,525
-
0
1,015,525
Fair value of financial assets carried at amortised cost

Except as detailed below the directors believe that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.

Nomad Conservation Group Management Ltd (UK)
Notes to the company financial statements (continued)
For the period ended 30 April 2024
30
Investments (continued)
44
Investment in subsidiary undertakings

Details of the company's principal operating subsidiaries are included in Note 13 of the group financial statements.

31
Trade and other receivables
2024
$
VAT recoverable
15,782
Prepayments
35,204
50,986
32
Trade and other payables
2024
$
Amounts owed to group undertakings
94,823
Accruals
9,221
104,044
33
Share capital
Refer to note 22 of the group financial statements.
34
Reserves

Refer to note 23 of the group financial statements.

2024-04-302023-05-02falseCCH SoftwareCCH Accounts Production 2024.210M J K HouldsworthC A StevensG C TheobaldA W D N EdwardsL O De VereA I Tavares De Matos Pimentafalse14840952bus:Consolidated2023-05-022024-04-3014840952bus:ConsolidatedGroupCompanyAccounts2023-05-022024-04-3014840952bus:Director12023-05-022024-04-3014840952bus:Director22023-05-022024-04-3014840952bus:Director32023-05-022024-04-3014840952bus:Director42023-05-022024-04-3014840952bus:Director52023-05-022024-04-3014840952bus:Director62023-05-022024-04-30148409522023-05-022024-04-3014840952bus:Consolidated2024-04-30148409522024-04-3014840952core:ContinuingOperationsbus:Consolidated2023-05-022024-04-3014840952bus:Consolidated2022-05-012023-04-3014840952core:ContinuingOperationsbus:Consolidated2022-05-012023-04-30148409522022-05-012023-04-3014840952core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-05-022024-04-3014840952core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-05-012023-04-3014840952core:RetainedEarningsAccumulatedLosses2023-05-022024-04-3014840952core:ForeignCurrencyTranslationReservebus:Consolidated2023-05-022024-04-3014840952core:ForeignCurrencyTranslationReservebus:Consolidated2022-05-012023-04-3014840952bus:Consolidated12022-05-012023-04-3014840952bus:Consolidated22023-05-022024-04-3014840952core:Goodwillbus:Consolidated2024-04-3014840952core:Goodwillbus:Consolidated2023-04-3014840952core:IntangibleAssetsOtherThanGoodwillbus:Consolidated2024-04-3014840952core:IntangibleAssetsOtherThanGoodwillbus:Consolidated2023-04-30148409522023-04-3014840952bus:Consolidated2023-04-3014840952bus:Consolidated2023-05-0114840952core:CurrentFinancialInstrumentsbus:Consolidated2024-04-3014840952core:CurrentFinancialInstrumentscore:FinancialInstrumentsIncludingThoseHeldForSalebus:Consolidated2024-04-3014840952core:CurrentFinancialInstrumentscore:FinancialInstrumentsIncludingThoseHeldForSalebus:Consolidated2023-04-3014840952core:CurrentFinancialInstruments2024-04-3014840952core:Non-currentFinancialInstrumentsbus:Consolidated2024-04-3014840952core:Non-currentFinancialInstrumentsbus:Consolidated2023-04-3014840952core:ShareCapitalbus:Consolidated2024-04-3014840952core:ShareCapitalbus:Consolidated2023-04-3014840952core:SharePremiumbus:Consolidated2024-04-3014840952core:SharePremiumbus:Consolidated2023-04-3014840952core:ForeignCurrencyTranslationReservebus:Consolidated2024-04-3014840952core:ForeignCurrencyTranslationReservebus:Consolidated2023-04-3014840952core:CapitalRedemptionReservebus:Consolidated2024-04-3014840952core:CapitalRedemptionReservebus:Consolidated2023-04-3014840952core:RetainedEarningsAccumulatedLosses2024-04-3014840952core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-04-3014840952core:Non-controllingInterests2024-04-3014840952core:Non-controllingInterests2023-04-3014840952core:ShareCapitalbus:Consolidated2022-04-3014840952core:SharePremiumbus:Consolidated2022-04-3014840952core:CapitalRedemptionReservebus:Consolidated2022-04-3014840952core:ShareCapital2024-04-3014840952core:SharePremium2024-04-3014840952core:ShareCapital2022-04-30148409522022-04-3014840952core:ShareCapital2023-04-3014840952core:SharePremium2023-04-3014840952core:RetainedEarningsAccumulatedLosses2023-04-3014840952core:ShareCapitalbus:Consolidated2023-05-022024-04-3014840952core:SharePremiumbus:Consolidated2023-05-022024-04-3014840952core:ShareCapital2023-05-022024-04-3014840952bus:Consolidated12023-05-022024-04-3014840952core:Goodwillbus:Consolidated2023-05-022024-04-3014840952core:IntangibleAssetsOtherThanGoodwillbus:Consolidated2023-05-022024-04-3014840952core:FinancialInstrumentsFairValueThroughProfitOrLossbus:Consolidated2023-05-022024-04-3014840952core:Held-to-maturityFinancialAssetsbus:Consolidated2023-05-022024-04-3014840952core:Available-for-saleFinancialAssetsbus:Consolidated2023-05-022024-04-3014840952core:ForeignTaxbus:Consolidated12023-05-022024-04-3014840952core:ForeignTaxbus:Consolidated12022-05-012023-04-3014840952core:ComputerSoftwarebus:Consolidated2023-04-3014840952core:ComputerSoftwarebus:Consolidated2024-04-3014840952core:ComputerSoftwarebus:Consolidated2023-05-022024-04-3014840952core:Goodwillbus:Consolidated2023-05-0114840952core:ComputerSoftwarebus:Consolidated2023-05-01148409522023-05-0114840952core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-04-3014840952core:ConstructionInProgressAssetsUnderConstructionbus:Consolidated2022-04-3014840952core:PlantMachinerybus:Consolidated2022-04-3014840952core:FurnitureFittingsbus:Consolidated2022-04-3014840952core:ComputerEquipmentbus:Consolidated2022-04-3014840952core:MotorVehiclesbus:Consolidated2022-04-3014840952core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2022-04-3014840952core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-05-0114840952core:ConstructionInProgressAssetsUnderConstructionbus:Consolidated2023-05-0114840952core:PlantMachinerybus:Consolidated2023-05-0114840952core:FurnitureFittingsbus:Consolidated2023-05-0114840952core:ComputerEquipmentbus:Consolidated2023-05-0114840952core:MotorVehiclesbus:Consolidated2023-05-0114840952core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2023-05-0114840952core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-04-3014840952core:ConstructionInProgressAssetsUnderConstructionbus:Consolidated2024-04-3014840952core:PlantMachinerybus:Consolidated2024-04-3014840952core:FurnitureFittingsbus:Consolidated2024-04-3014840952core:ComputerEquipmentbus:Consolidated2024-04-3014840952core:MotorVehiclesbus:Consolidated2024-04-3014840952core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2024-04-3014840952core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-05-012023-04-3014840952core:ConstructionInProgressAssetsUnderConstructionbus:Consolidated2022-05-012023-04-3014840952core:PlantMachinerybus:Consolidated2022-05-012023-04-3014840952core:FurnitureFittingsbus:Consolidated2022-05-012023-04-3014840952core:ComputerEquipmentbus:Consolidated2022-05-012023-04-3014840952core:MotorVehiclesbus:Consolidated2022-05-012023-04-3014840952core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2022-05-012023-04-3014840952core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-05-022024-04-3014840952core:ConstructionInProgressAssetsUnderConstructionbus:Consolidated2023-05-022024-04-3014840952core:PlantMachinerybus:Consolidated2023-05-022024-04-3014840952core:FurnitureFittingsbus:Consolidated2023-05-022024-04-3014840952core:ComputerEquipmentbus:Consolidated2023-05-022024-04-3014840952core:MotorVehiclesbus:Consolidated2023-05-022024-04-3014840952core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2023-05-022024-04-3014840952core:CurrentFinancialInstrumentsbus:Consolidated2023-04-3014840952core:CurrentFinancialInstruments2023-04-3014840952bus:Consolidated2022-04-3014840952core:Non-currentFinancialInstruments2024-04-3014840952bus:CompanyLimitedByGuarantee2023-05-022024-04-3014840952bus:Auditedbus:Consolidated2023-05-022024-04-3014840952bus:FullIFRS2023-05-022024-04-3014840952bus:FullAccounts2023-05-022024-04-30xbrli:purexbrli:sharesiso4217:GBP