Company Registration No. 11656669 (England and Wales)
Nomad Safaris Limited
Annual report and financial statements
for the year ended 30 April 2024
Nomad Safaris Limited
Company information
Directors
A Edwards
Mark Houldsworth
C Stevens
Secretary
S Simpson
Company number
11656669
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 Safaris Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 28
Nomad Safaris Limited
Strategic report
For the year ended 30 April 2024
1
The directors present the strategic report for the year ended 30 April 2024.
Review of the business
The company’s results show turnover for the period of $27.3m, a fall of 6.6% 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 $1m to $3.1m (FY23 $4.1m) and as a percentage of turnover was 11.5% (FY23 13.9%). Margins in the year were affected by pricing of onward component parts of package itineraries, in particular where older postponed bookings were originally priced and sold at lower rates.
The company controlled its administrative expenses which in total rose by 0.9% as a result of a one-off adjustment relating to an irrecoverable debt from a related company in the group.
Operating profit fell by $1m to show a loss of $0.1m (FY23 profit of $0.9m).
At 30 April 2024 the group had net assets of $0.4m (FY23 $0.5m).
During the year, the company has continued to invest 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 company capitalises on continued demand for safari travel in East Africa.
Future outlook
The company continues to see strong demand for bespoke safari holidays across all segments of its market, in the context of which the company constantly evaluates key growth markets as well as routes to new destinations and product that caters to the luxury end of pioneering safari travel.
The company 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.
Nomad Safaris Limited
Strategic report (continued)
For the year ended 30 April 2024
2
Principal risks and uncertainties
The company 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 company’s 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 company works closely with its trade partners to understand the market response to these factors and to respond swiftly to scenarios as they become apparent.
Liquidity risk
The company has a very seasonal cash cycle due to the different travel volumes at particular times of year. The company manages its obligations through fluid and constant cash flow forecasting and monitoring of outcomes in relation to its expectations.
Foreign exchange
The company prices and sells its product offering in USD, with its key supplies being denominated in USD and GBP. The company manages its exposure to foreign exchange risk by employing conservative hedging strategies in close alignment to its cash flow cycle.
C Stevens
Director
30 January 2025
Nomad Safaris Limited
Directors' report
For the year ended 30 April 2024
3
The directors present their annual report and financial statements for the year ended 30 April 2024.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A Edwards
Mark Houldsworth
C Stevens
Auditor
In accordance with the company's articles, a resolution proposing that Saffery LLP be reappointed as auditor of the company will be put at a General Meeting.
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.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
C Stevens
Director
30 January 2025
Nomad Safaris Limited
Directors' responsibilities statement
For the year 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 financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
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, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and 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 Safaris Limited
Independent auditor's report
To the members of Nomad Safaris Limited
5
Opinion
We have audited the financial statements of Nomad Safaris Limited (the 'company') for the year ended 30 April 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 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 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.
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 Safaris Limited
Independent auditor's report (continued)
To the members of Nomad Safaris Limited
6
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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 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 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 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 Safaris Limited
Independent auditor's report (continued)
To the members of Nomad Safaris Limited
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 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 company by discussions with directors and by updating our understanding of the sector in which the company operates.
Laws and regulations of direct significance in the context of the 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 financial statement disclosures. We reviewed the 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 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.
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.
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.
Nomad Safaris Limited
Independent auditor's report (continued)
To the members of Nomad Safaris Limited
8
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 Safaris Limited
Statement of comprehensive income
For the year ended 30 April 2024
9
2024
2023
Notes
$
$
Revenue
4
27,254,754
29,165,474
Cost of sales
(24,120,791)
(25,100,952)
Gross profit
3,133,963
4,064,522
Administrative expenses
(3,247,883)
(3,218,778)
Operating (loss)/profit
6
(113,920)
845,744
Investment income
9
98,586
94,303
Finance costs
10
-
(10,301)
(Loss)/profit before taxation
(15,334)
929,746
Tax on (loss)/profit
12
(23,020)
(192,524)
(Loss)/profit and total comprehensive income for the financial year
24
(38,354)
737,222
The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
Nomad Safaris Limited
Statement of financial position
As at 30 April 2024
10
2024
2023
Notes
$
$
$
$
Non-current assets
Intangible assets - goodwill
14
583,311
583,311
Other intangible assets
14
559,325
261,794
Property, plant and equipment
17
16,534
20,318
Investments
15
1
1,159,170
865,424
Current assets
Trade and other receivables
18
4,972,915
5,206,066
Cash and cash equivalents
2,783,230
2,619,550
7,756,145
7,825,616
Current liabilities
(8,417,300)
(8,185,339)
Net current liabilities
(661,155)
(359,723)
Total assets less current liabilities
498,015
505,701
Provisions for liabilities
Deferred tax liabilities
21
(82,650)
(51,982)
Net assets
415,365
453,719
Equity
Called up share capital
23
130
130
Retained earnings
24
415,235
453,589
Total equity
415,365
453,719
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:
C Stevens
Director
Company Registration No. 11656669
Nomad Safaris Limited
Statement of changes in equity
For the year ended 30 April 2024
11
Share capital
Retained earnings
Total
Notes
$
$
$
Balance at 1 May 2022
130
66,367
66,497
Year ended 30 April 2023:
Profit and total comprehensive income
-
737,222
737,222
Transactions with owners:
Dividends
13
-
(350,000)
(350,000)
Balance at 30 April 2023
130
453,589
453,719
Year ended 30 April 2024:
Loss and total comprehensive income
-
(38,354)
(38,354)
Balance at 30 April 2024
130
415,235
415,365
Nomad Safaris Limited
Notes to the financial statements
For the year ended 30 April 2024
12
1
Accounting policies
Company information
Nomad Safaris Limited 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. The company's principal activity and nature of its operations is the sale of safari packages.
1.1
Accounting convention
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.
The financial statements are prepared in US Dollars, which is the functional currency of the company. 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.
The following exemptions from the requirements of IFRS have been applied in the preparation of these financial statements, in accordance with FRS 101:
Paragraphs 45(b) and 46 to 52 of IFRS 2, 'share-based payment' (details of the number and weighted average exercise prices of share options, and how the fair value of goods or services received was determined.
IFRS 7, 'Financial instruments: Disclosures'.
Paragraphs 91 to 99 of IFRS 13, 'Fair value measurement' (disclosure of valuation techniques and inputs used for fair value measurement of assets and liabilities).
Paragraph 38 of IAS 1, 'Presentation of financial statements' - comparative information requirements in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16, 'property, plant and equipment'; and
- paragraph 118(e) of IAS 38, 'intangible assets' (reconciliation between the carrying amount at the beginning and end of the period).
- 10(d) (statement of cash flows);
- 16 (statement of compliance with IFRS);
- 38A (requirement for minimum of two primary statements, including cash flow statements);
- 38B-D (additional comparative information);
- 111 (statement of cash flows information); and
- 134-136 (capital management disclosures);
IAS 7, 'statement of cash flows'
Paragraphs 30 and 31 of IAS 8, 'Accounting policies, changes in accounting estimates and errors' (requirement for the disclosure of information when an entity has not applied a new IFRS that has been issued but is not yet effective).
Paragraph 17 of IAS 24, 'Related party disclosures' (key management compensation).
The requirements in IAS 24, 'Related party disclosures', to disclose related party transactions entered into between two or more members of a group
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Nomad Safaris Limited is a wholly owned subsidiary of Nomad Conservation Group Management Limited and the results of Nomad Safaris Limited are included in the consolidated financial statements of Nomad Conservation Group Management Limited which are available from Unit 5 Manor Farm Barns, Burcombe, Wiltshire, United Kingdom, SP2 0EJ.
Nomad Safaris Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
13
1.2
Going concern
The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany 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.
1.3
Revenue
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.
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 company such that the safari package constitutes one performance obligation for the company. The company 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.
The company uses the practical expedient available under IFRS 15.121(a) not to disclose the aggregate amount of the transaction price allocated to unsatisfied performance obligations arising from contracts with an original expected duration of 12 months or less.
1.4
Goodwill
Goodwill represents the excess of the cost of acquisition of a business 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.
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.
1.5
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:
Software 20% straight line per annum
Amortisation of intangible assets is included in administrative expenses.
Nomad Safaris Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
14
1.6
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:
Fixtures and fittings
25% straight line per annum
Computers
25% straight line per annum
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.
1.7
Non-current investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
Impairment of tangible and intangible assets
At each reporting end date, the company 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 company 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.
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.
Nomad Safaris Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
15
1.9
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.
1.10
Financial assets
Financial assets are recognised in the company's statement of financial position when the company 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 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.
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.
1.11
Financial liabilities
The company recognises financial debt when the company 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 company’s obligations are discharged, cancelled, or they expire.
Nomad Safaris Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
16
1.12
Equity instruments
Equity instruments issued by the 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 at the discretion of the company.
1.13
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 or loss for the year. Taxable profit or loss differs from net profit or loss 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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 'other comprehensive income', in which case the deferred tax is also dealt with in 'other comprehensive income'. Deferred tax assets and liabilities are offset when the company 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.
1.14
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.
A termination benefit liability is recognised at the earlier of when the entity can no longer withdraw the offer of the termination benefit and when the entity recognises any related restructuring costs.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense when employees have rendered the service entitling them to the contributions.
Nomad Safaris Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
17
1.16
Leases
At inception, the company 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 company 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.
The company 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.
1.17
Foreign exchange
Transactions in currencies other than US dollars 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.
2
Adoption of new and revised standards and changes in accounting policies
During the financial year, the company has adopted the following new IFRSs (including amendments thereto) and IFRIC interpretations, that became effective for the first time:
| Effective date, annual period beginning on or after |
IFRS 17 - Insurance Contracts | |
Amendments to IFRS 17 - Insurance Contracts; and Extension of the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4 Insurance Contracts) | |
Disclosure of Accounting Policies (Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements) | |
Definition of Accounting Estimates (Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors) | |
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12 Income Taxes) | |
International Tax Reform – Pillar Two Model Rules (Amendments to IAS 12) | |
Their adoption has not had any material impact on the disclosures or amounts reported in the financial statements.
Nomad Safaris Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
2
Adoption of new and revised standards and changes in accounting policies (continued)
18
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 company and which have not been applied in these financial statements, were in issue but were not yet effective.
| Effective date, annual period beginning on or after |
Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) | |
Classification of Liabilities as Current or Non-Current, Non-current Liabilities with Covenants: amendments to IAS 1 | |
Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) | |
Lack of Exchangeability (Amendments to IAS 21) | |
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.
At the date of authorisation of these financial statements, the following standards and interpretations relevant to company 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.
| Effective date, annual period beginning on or after |
Amendments to IFRS 9 and IFRS 7 – Amendments to the Classification and Measurement of Financial Instruments | |
Annual Improvements to IFRS Accounting Standards – Volume 11 | |
IFRS 18 – Presentation and Disclosure in Financial Statements | |
IFRS 19 – Subsidiaries without Public Accountability: Disclosures | |
3
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’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.
Critical judgements
i) Assessment of impairment 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 14.
Nomad Safaris Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
3
Critical accounting judgements and key sources of estimation uncertainty (continued)
19
ii) 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. Further details are included in note 19.
4
Revenue
The company derives revenue from the transfer of services at a point in time in the following major service lines and geographical regions:
2024
2023
$
$
Revenue analysed by class of business
Sale of safari packages
27,254,754
29,165,474
2024
2023
$
$
Revenue analysed by geographical market
United Kingdom
8,471,164
8,619,165
North America
7,942,527
10,403,770
Africa
5,798,111
4,294,481
Rest of world
5,042,952
5,848,058
27,254,754
29,165,474
5
Contracts with customers
The company 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
(8,011,847)
(7,580,068)
(8,736,247)
Analysis of contract assets
2024
2023
$
$
Supplier prepayments
1,609,694
1,754,422
The company 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.
Nomad Safaris Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
5
Contracts with customers (continued)
20
Analysis of contract liabilities
2024
2023
$
$
Customer payments in advance
8,011,847
7,580,068
Contract liabilities are recognised by the company in connection with customer payments in advance for safari packages with a departure date in the future. In common with industry practice, the company requires customers to pay a deposit to secure a booking and the balance must be paid prior to departure for travel.
The company'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 company has no long-term unsatisfied performance obligations to disclose.
Significant changes in contract assets and liabilities
There have been no significant changes to the company's revenue recognition policies or the nature of the company'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 company has secured from customers which is impacted by various market factors.
6
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the year is stated after charging/(crediting):
$
$
Exchange losses
10,609
18,443
Depreciation of property, plant and equipment
8,682
9,193
Amortisation of intangible assets (included within administrative expenses)
19,344
34,160
7
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
$
$
For audit services
Audit of the financial statements of the company
26,783
23,544
Group reporting to the auditor of the parent company
-
4,834
26,783
28,378
For other services
Accountancy services
4,500
4,395
Tax services
-
2,197
Other services
19,238
Total non-audit fees
4,500
25,830
Nomad Safaris Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
21
8
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
18
17
Their aggregate remuneration comprised:
2024
2023
$
$
Wages and salaries (including social security costs)
1,429,220
1,459,580
Pension costs
59,391
34,226
1,488,611
1,493,806
9
Investment income
2024
2023
$
$
Interest income
Interest on bank deposits
5,469
Interest receivable from group companies
93,117
94,303
Total income
98,586
94,303
10
Finance costs
2024
2023
$
$
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
10,301
11
Directors' remuneration
2024
2023
$
$
Remuneration for qualifying services
540,734
500,281
Company pension contributions to defined contribution schemes
27,459
7,515
568,193
507,796
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 1).
Nomad Safaris Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
22
12
Taxation
2024
2023
$
$
Current tax
UK corporation tax on profits for the current period
-
82,335
Foreign taxes and reliefs
(7,648)
17,730
(7,648)
100,065
Deferred tax
Origination and reversal of temporary differences
30,668
92,459
Total tax charge
23,020
192,524
The (credit)/charge for the year can be reconciled to the (loss)/profit per the income statement as follows:
2024
2023
$
$
(Loss)/profit before taxation
(15,334)
929,746
Expected tax (credit)/charge based on a corporation tax rate of 25.00% (2023: 19.50%)
(3,834)
181,300
Effect of expenses not deductible in determining taxable profit
44,391
283
Effect of change in UK corporation tax rate on deferred tax
(29)
Double tax relief
(7,648)
Group relief
(4,623)
Fixed asset differences
(31,035)
(56,493)
Effect of overseas tax rates
(9,312)
17,730
Tax at marginal rate
(210)
-
Origination and reversal of timing differences
30,668
92,459
Trading losses utilised
-
(38,103)
Taxation charge for the year
23,020
192,524
13
Dividends
2024
2023
2024
2023
Amounts recognised as distributions:
per share
per share
Total
Total
$
$
$
$
Ordinary shares
Interim dividend paid
-
3,500.00
-
350,000
Nomad Safaris Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
23
14
Intangible fixed assets
Goodwill
Software
Total
$
$
$
Cost
At 30 April 2023
583,311
424,104
1,007,415
Additions
321,376
321,376
Disposals
(186,155)
(186,155)
At 30 April 2024
583,311
559,325
1,142,636
At 30 April 2023
162,310
162,310
Charge for the year
19,344
19,344
Eliminated on disposals
(181,654)
(181,654)
At 30 April 2024
Carrying amount
At 30 April 2024
583,311
559,325
1,142,636
At 30 April 2023
583,311
261,794
845,105
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
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 company 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 Safaris Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
24
15
Investments
Current
Non-current
2024
2023
2024
2023
$
$
$
$
Investments in subsidiaries
-
-
-
1
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.
Movements in non-current investments
Shares in subsidiaries
$
Cost or valuation
At 1 May 2023
1
Disposals
(1)
At 30 April 2024
-
Carrying amount
At 30 April 2024
-
At 30 April 2023
1
16
Subsidiaries
Details of the company's subsidiaries at 30 April 2024 are as follows:
Name of undertaking
Address
Class of
shares held
% Held
Direct
Indirect
The Travel Book Company Limited
1
Ordinary shares
-
-
Registered office addresses (all UK unless otherwise indicated):
1
Unit 5 Manor Farm Barns Burcombe Lane, Burcombe, Salisbury, England, SP2 0EJ
Nomad Safaris Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
25
17
Property, plant and equipment
Fixtures and fittings
Computers
Total
$
$
$
Cost
At 30 April 2023
10,158
48,013
58,171
Additions
258
4,970
5,228
Disposals
(1,151)
(15,077)
(16,228)
At 30 April 2024
9,265
37,906
47,171
Accumulated depreciation and impairment
At 30 April 2023
2,840
35,013
37,853
Charge for the year
2,279
6,403
8,682
Eliminated on disposal
(1,151)
(14,747)
(15,898)
At 30 April 2024
3,968
26,669
30,637
Carrying amount
At 30 April 2024
5,297
11,237
16,534
At 30 April 2023
7,318
13,000
20,318
18
Trade and other receivables
2024
2023
$
$
Trade receivables
10,203
22,375
Provision for bad and doubtful debts
-
(12,519)
10,203
9,856
VAT recoverable
36,953
52,608
Amounts owed by fellow group undertakings
3,174,961
3,298,084
Other receivables
5,350
3,269
Prepayments and accrued income
1,745,448
1,842,249
4,972,915
5,206,066
19
Trade receivables - credit risk
Fair value of trade receivables
The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.
No significant receivable balances are impaired at the reporting end date.
Nomad Safaris Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
19
Trade receivables - credit risk (continued)
26
Movement in the allowances for doubtful debts
2024
2023
$
$
Balance at 1 May 2023
12,519
43,945
Additional allowance recognised
-
12,519
Amounts written off as uncollectible
(12,519)
(43,945)
Balance at 30 April 2024
-
12,519
20
Trade and other payables
2024
2023
$
$
Trade payables
214,261
218,848
Payments received on account
8,011,847
7,580,068
Accruals and deferred income
146,876
156,936
Current tax laibility
82,335
Social security and other taxation
44,316
70,320
Other payables
-
76,832
8,417,300
8,185,339
The directors consider that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate to their fair values.
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.
ACAs
Tax losses
Total
$
$
$
Deferred tax asset at 1 May 2022
(3,350)
(37,127)
(40,477)
Deferred tax movements in prior year
Credit to profit or loss
55,332
37,127
92,459
Deferred tax liability at 1 May 2023
51,982
51,982
Deferred tax movements in current year
(Credit)/charge to profit or loss
30,668
-
30,668
Deferred tax liability at 30 April 2024
82,650
82,650
Nomad Safaris Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
27
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
$
$
Charge to profit or loss in respect of defined contribution schemes
59,391
34,226
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
$
$
Authorised
Ordinary shares of $1.30 each
100
100
130
130
Issued
Ordinary shares of $1.30 each
100
100
130
130
The company has a single class of shares which have full voting rights and rights to dividends and capital distributions (upon winding up).
24
Retained earnings
Retained earnings represents the company's cumulative profits and losses net of dividends.
25
Lease commitments
The company has no lease arrangements under the scope of IFRS 16 Leases.
The company has elected not to apply the requirements of IFRS 16 to its short-term lease (as a lessee) in respect of its office premises. The company has recognised a total cost of $22,846 (2023: $21,500) through the income statement in respect of these leases during the year.
The outstanding commitment at the year end under this short-term lease is $2,208 (2023: $1,290).
26
Related party transactions
Transactions between wholly owned subsidiaries or with their parent company are exempt from disclosure under exemptions available under FRS101.
The remuneration of key management personnel, including directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.
2024
2023
$
$
Short-term employee benefits
568,193
507,796
Nomad Safaris Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
28
27
Controlling party
The immediate parent undertaking is Nomad Conservation Group Management Limited.
The ultimate parent undertaking and largest group to consolidate these financial statements is Nomad Conservation Group Holdings Limited. Copies of the Nomad Conservation Group Holdings Limited financial statements can be obtained from their registered office at Unit 5 Manor Farm Barns, Burcombe, Salisbury, SP2 0EJ.
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