Caseware UK (AP4) 2024.0.164 2024.0.164 2024-05-312024-05-31false11Tour operator122023-06-01truetrue 02094642 2023-06-01 2024-05-31 02094642 2022-06-01 2023-05-31 02094642 2024-05-31 02094642 2023-05-31 02094642 1 2023-06-01 2024-05-31 02094642 d:Director1 2023-06-01 2024-05-31 02094642 c:Buildings 2023-06-01 2024-05-31 02094642 c:Buildings 2024-05-31 02094642 c:Buildings 2023-05-31 02094642 c:Buildings c:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02094642 c:Buildings c:LongLeaseholdAssets 2023-06-01 2024-05-31 02094642 c:Buildings c:LongLeaseholdAssets 2024-05-31 02094642 c:Buildings c:LongLeaseholdAssets 2023-05-31 02094642 c:LandBuildings 2024-05-31 02094642 c:LandBuildings 2023-05-31 02094642 c:PlantMachinery 2023-06-01 2024-05-31 02094642 c:PlantMachinery 2024-05-31 02094642 c:PlantMachinery 2023-05-31 02094642 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02094642 c:MotorVehicles 2023-06-01 2024-05-31 02094642 c:MotorVehicles 2024-05-31 02094642 c:MotorVehicles 2023-05-31 02094642 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02094642 c:FurnitureFittings 2023-06-01 2024-05-31 02094642 c:FurnitureFittings 2024-05-31 02094642 c:FurnitureFittings 2023-05-31 02094642 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02094642 c:ComputerEquipment 2023-06-01 2024-05-31 02094642 c:ComputerEquipment 2024-05-31 02094642 c:ComputerEquipment 2023-05-31 02094642 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02094642 c:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02094642 c:CurrentFinancialInstruments 2024-05-31 02094642 c:CurrentFinancialInstruments 2023-05-31 02094642 c:CurrentFinancialInstruments 6 2024-05-31 02094642 c:CurrentFinancialInstruments 6 2023-05-31 02094642 c:Non-currentFinancialInstruments 2024-05-31 02094642 c:Non-currentFinancialInstruments 2023-05-31 02094642 c:CurrentFinancialInstruments c:WithinOneYear 2024-05-31 02094642 c:CurrentFinancialInstruments c:WithinOneYear 2023-05-31 02094642 c:Non-currentFinancialInstruments c:AfterOneYear 2024-05-31 02094642 c:Non-currentFinancialInstruments c:AfterOneYear 2023-05-31 02094642 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-05-31 02094642 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-05-31 02094642 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-05-31 02094642 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-05-31 02094642 c:ShareCapital 2024-05-31 02094642 c:ShareCapital 2023-05-31 02094642 c:SharePremium 2023-06-01 2024-05-31 02094642 c:SharePremium 2024-05-31 02094642 c:SharePremium 2023-05-31 02094642 c:CapitalRedemptionReserve 2023-06-01 2024-05-31 02094642 c:CapitalRedemptionReserve 2024-05-31 02094642 c:CapitalRedemptionReserve 2023-05-31 02094642 c:RevaluationReserve 2023-06-01 2024-05-31 02094642 c:RevaluationReserve 2024-05-31 02094642 c:RevaluationReserve 2023-05-31 02094642 c:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 02094642 c:RetainedEarningsAccumulatedLosses 2024-05-31 02094642 c:RetainedEarningsAccumulatedLosses 2023-05-31 02094642 c:AcceleratedTaxDepreciationDeferredTax 2024-05-31 02094642 c:AcceleratedTaxDepreciationDeferredTax 2023-05-31 02094642 c:OtherDeferredTax 2024-05-31 02094642 c:OtherDeferredTax 2023-05-31 02094642 d:FRS102 2023-06-01 2024-05-31 02094642 d:Audited 2023-06-01 2024-05-31 02094642 d:FullAccounts 2023-06-01 2024-05-31 02094642 d:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 02094642 d:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 02094642 2 2023-06-01 2024-05-31 02094642 5 2023-06-01 2024-05-31 02094642 6 2023-06-01 2024-05-31 02094642 f:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 02094642









SAFARI CONSULTANTS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
SAFARI CONSULTANTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAFARI CONSULTANTS LIMITED
UNDER SECTION 449 OF THE COMPANIES ACT 2006
 

Opinion


We have audited the financial statements of Safari Consultants Limited (the 'Company') for the year ended 31 May 2024, which comprise  the Statement of Financial Position and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 May 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.


Page 1

 
SAFARI CONSULTANTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAFARI CONSULTANTS LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has 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 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:


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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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.


Page 2

 
SAFARI CONSULTANTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAFARI CONSULTANTS LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We exercise professional judgment and maintain professional skepticism throughout the audit;
- We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control;
- We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control;
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made;
- We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
- We review the scope of the Company's compliance with its regulator, the Civil Aviation Authority ("CAA"), and its membership of The Association of Bonded Travel Organisers Trust ("ABTOT") and sample test relevant documentation to assess this and the effectiveness of its control environment;
- We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements;
- We conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 3

 
SAFARI CONSULTANTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAFARI CONSULTANTS LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Other matters 
 

The comparative figures disclosed in the financial statements were not audited.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





M S Caldicott ACA FCCA CTA (Senior Statutory Auditor)
  
for and on behalf of
White Hart Associates (London) Limited
 
Chartered Accountants and Statutory Auditors
  
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA

31 July 2024
Page 4

 
SAFARI CONSULTANTS LIMITED
REGISTERED NUMBER: 02094642

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
683,287
531,738

Investments
 5 
32,000
32,000

  
715,287
563,738

Current assets
  

Debtors: amounts falling due within one year
 6 
472,481
510,137

Current asset investments
 7 
1,721
1,641

Cash at bank and in hand
 8 
2,135,909
1,951,604

  
2,610,111
2,463,382

Creditors: amounts falling due within one year
 9 
(2,038,648)
(1,711,749)

Net current assets
  
 
 
571,463
 
 
751,633

Total assets less current liabilities
  
1,286,750
1,315,371

Creditors: amounts falling due after more than one year
 10 
(221,239)
(511,360)

Provisions for liabilities
  

Deferred tax
 12 
(40,216)
(13,684)

  
 
 
(40,216)
 
 
(13,684)

Net assets
  
1,025,295
790,327


Capital and reserves
  

Called up share capital 
  
16,575
16,575

Share premium account
 13 
7,500
7,500

Revaluation reserve
 13 
186,917
57,062

Capital redemption reserve
 13 
258,425
258,425

Profit and loss account
 13 
555,878
450,765

  
1,025,295
790,327


Page 5

 
SAFARI CONSULTANTS LIMITED
REGISTERED NUMBER: 02094642
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 July 2024.




R J Slater
Director

The notes on pages 7 to 18 form part of these financial statements.

Page 6

 
SAFARI CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Safari Consultants Limited is a private company Limited by shares incorporated in England & Wales.
The nature of the Company's operations and principal activities are that of a tour operator, specialising in safaris around Africa.
The address of the registered office is Africa House, 2 Cornard Mills, Mill Tye, Great Cornard, Suffolk, CO10 0GW.                                                                               

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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

The following principal accounting policies have been applied:

 
2.2

Going concern

Company management and the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements. 
The directors are confident that the existing funding facilities will provide sufficient headroom to meet the forecast cash requirements during the 12 months from date of approval of the financial  statements having considered any additional requirements that would be contingent on a downturn in activity over the same period.
The directors consider it appropriate to prepare the financial statements on a going concern basis.

Page 7

 
SAFARI CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue represents sales of tours and other services supplied to customers net of VAT. Revenue and expenses are taken to profit and loss account on a final balance received date basis. At this point, the full sales value is recognised as income in the year. Cancellation income is recognised at the date of cancellation.

 
2.5

Interest income

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

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 8

 
SAFARI CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 9

 
SAFARI CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance method were appropriate..

Depreciation is provided on the following basis:

Freehold property
-
2%
on cost of building
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

Valuation of investments

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

 
2.13

Debtors

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

Page 10

 
SAFARI CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

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

  
2.17

Advanced receipts and payments

All revenue received relating to bookings that depart after the balance sheet date on which final balance was not received, is treated as advance receipts and is separately disclosed under accruals and deferred income. Payments made to suppliers relating to such bookings are treated as advance payments and are separately disclosed under prepayments and accrued income.

 
2.18

Financial instruments

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

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

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

Basic financial assets

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

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Page 11

 
SAFARI CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)


Other financial assets

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

Financial liabilities

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

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

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

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

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2023 - 11).

Page 12

 


 
SAFARI CONSULTANTS LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


4.


Tangible fixed assets






Freehold property
Property improvement
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£
£



Cost or valuation


At 1 June 2023
525,000
4,525
28,805
48,727
67,793
36,198
711,048


Additions
-
-
-
-
4,911
3,093
8,004


Revaluations
110,000
-
-
-
-
-
110,000



At 31 May 2024

635,000
4,525
28,805
48,727
72,704
39,291
829,052



Depreciation


At 1 June 2023
48,000
4,525
27,400
1,015
66,104
32,266
179,310


Charge for the year on owned assets
-
-
351
11,928
879
1,297
14,455


On revalued assets
(48,000)
-
-
-
-
-
(48,000)



At 31 May 2024

-
4,525
27,751
12,943
66,983
33,563
145,765



Net book value



At 31 May 2024
635,000
-
1,054
35,784
5,721
5,728
683,287



At 31 May 2023
477,000
-
1,405
47,712
1,689
3,932
531,738

Page 13

 
SAFARI CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

           4.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
635,000
477,000

635,000
477,000



5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 June 2023
32,000



At 31 May 2024
32,000





6.


Debtors

2024
2023
£
£


Other debtors
78,367
198,831

Prepayments and accrued income
394,114
311,306

472,481
510,137


Prepayments and accrued income includes advance payments to suppliers for departures after the balance sheet date amounting to £376,388 (2023: £280,630). 


7.


Current asset investments

2024
2023
£
£

Listed investments
1,721
1,641

1,721
1,641


Page 14

 
SAFARI CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,135,909
1,951,604

2,135,909
1,951,604



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans (See note 11)
-
110,116

Trade creditors
120,347
85,502

Corporation tax
86,470
99,183

Other taxation and social security
16,206
15,547

Other creditors
-
8,573

Accruals and deferred income
1,754,350
1,327,327

Financial instruments
61,275
65,501

2,038,648
1,711,749


Accruals and deferred income above and in note 10, shown within creditors due after more than one year, includes amounts relating to customer monies held on account for holidays departing after the balance sheet date amounting to £1,958,283 (2023: £1,654,793). 
For IATA BSP creditor, see note 17 below.


10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans (See note 11)
-
170,299

Accruals and deferred income
221,239
341,061

221,239
511,360


Page 15

 
SAFARI CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
110,116


-
110,116

Amounts falling due 1-2 years

Bank loans
-
110,116


-
110,116

Amounts falling due 2-5 years

Bank loans
-
60,183


-
60,183


-
280,415


Bank loans include a loan from the Company's bankers HSBC UK Bank Plc amounting to £500,000 The loan was drawn down in December 2018 payable over 7 years term at a fixed interest rate of 1.98% per annum over the base rate.This loan has been repaid in full in the current financial year.
Bank loans also include a further loan from the Company's bankers HSBC UK Bank Plc amounting to £250,000 drawn down in May 2020 supported by the Coronavirus Business Interruption Loan Scheme. The loan is for 6 years with no capital repayments for the first 12 months. There is no interest payable for the first 12 months and an interest rate at 3.99% per annum charged over the base rate thereafter. This loan has been repaid in full in the current financial year.

Page 16

 
SAFARI CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

12.


Deferred taxation




2024


£






At beginning of year
(13,684)


Charged to profit or loss
1,613


Charged to other comprehensive income
(28,145)



At end of year
(40,216)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(12,071)
(13,684)

Charged to other comprehensive income
(28,145)
-

(40,216)
(13,684)


13.


Reserves

Share premium account

Share premium account includes any premiums received on issue of share capital. Any transaction costs associated with issuing of shares are deducted from share premium.

Revaluation reserve

Revaluation reserve includes the accumulation of freehold property revaluations gains and losses.

Capital redemption reserve

The capital redemption reserve includes the nominal value of all of the Company's own share capital that it has repurchased.

Profit and loss account

The profit and loss account includes all current and prior periods retained profits.


14.


Prior year adjustment

On 31 January 2023, the company redeemed 250,000 redeemable preference shares of £1 each at par. The required adjustments to the capital redemption reserve and profit and loss account have now been made in the comparative figures for 2023.

Page 17

 
SAFARI CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

15.


Contingent liabilities

The company currently holds an Air Travel Organiser's License (ATOL) issued by the Civil Aviation Authority (CAA) and is a member of the Association of Bonded Travel Organisers Trust (ABTOT).
As at 31 May 2024, there were contingent liabilities given by the Company in the normal course of business in respect of ABTOT bonds, amounting to £284,000 (2023: £230,629). 


16.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £12,891 (2023: £10,132) . Contributions totalling £Nil (2023: £Nil) were payable to the fund at the reporting date.


17.


BSP outstanding

As at 31 May 2024, an amount of £22,167 was payable to International Air Transport Association (IATA) for tickets issued in the month of May 2024. 


18.


Post balance sheet events

The directors have concluded that no other material events have occurred since the date of approval of these financial statements that would affect the financial statements of the Company.


19.


Controlling party

The Company was under the control of the directors throughout the year, by virtue of their shareholdings.

 
Page 18