REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31st July 2024 |
for |
Your Safari Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31st July 2024 |
for |
Your Safari Limited |
Your Safari Limited (Registered number: 06673386) |
Contents of the Financial Statements |
for the Year Ended 31st July 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Your Safari Limited |
Company Information |
for the Year Ended 31st July 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
The Lodge |
93 Normanston Drive |
Oulton Broad |
Lowestoft |
Suffolk |
NR32 2PX |
Your Safari Limited (Registered number: 06673386) |
Balance Sheet |
31st July 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Your Safari Limited (Registered number: 06673386) |
Balance Sheet - continued |
31st July 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Your Safari Limited (Registered number: 06673386) |
Notes to the Financial Statements |
for the Year Ended 31st July 2024 |
1. | STATUTORY INFORMATION |
Your Safari Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable during the accounting period, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Motor vehicles | - |
Computer equipment | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Your Safari Limited (Registered number: 06673386) |
Notes to the Financial Statements - continued |
for the Year Ended 31st July 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Going concern |
As set out in previous years' accounts, the Coronavirus pandemic has had a significant impact on the travel industry with holidays and tours being cancelled and postponed - often a number of times. The company has not been immune to the impact of the pandemic but the directors took significant steps to minimise the effect on the company. This included reducing costs where possible during difficult times and working with customers to re-arrange tours to more suitable times. The directors are pleased to confirm that they have been successful in their efforts to manage this during unprecedented times. The company has bounced back in the last three years trading and is profitable again. |
At the balance sheet date, the company had net liabilities due to a director's loan balance. The company has agreed to repay the loan balance over a period of time, subject to the financial resources of the company. Repayments have been agreed at £24,000 per annum. The director has agreed to the repayment plan and has agreed not to seek instalments under the repayment plan unless the company is financially able to do so. The director will continue to provide ongoing financial support from the date of approval of these financial statements. |
As a result of the above, and having considered the company's cash requirements for the year from the date of these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. |
The directors believe it is appropriate to prepare the financial statements on a going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1st August 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st July 2024 |
DEPRECIATION |
At 1st August 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st July 2024 |
NET BOOK VALUE |
At 31st July 2024 |
At 31st July 2023 |
Your Safari Limited (Registered number: 06673386) |
Notes to the Financial Statements - continued |
for the Year Ended 31st July 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Trade creditors |
Other creditors |
The company accounts for trips to take place in future accounting periods in Accruals & Deferred Income within Creditors - amounts falling due within one year. Costs in relation to future trips are accounted for in Prepayments within Debtors - amounts falling due within one year. Only when a trip has been completed can the full income and related costs be taken to the Profit & Loss Account. |
In order to manage future trips, the company subscribes to Protected Travel Services including the PTS Trust Account Solution providing full package travel regulation compliance. This facility includes an independently supervised Trust bank account to manage customer income for future trips and related expenditure. The balance on this account at the end of the year stood at £59,260 (2023: £75,626). |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 8) |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 7,149 | 14,764 |
8. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Your Safari Limited (Registered number: 06673386) |
Notes to the Financial Statements - continued |
for the Year Ended 31st July 2024 |
8. | LOANS - continued |
2024 | 2023 |
£ | £ |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 7,149 | 14,764 |
The company took out a loan under the Government supported Bounce Back Loan Scheme in June 2020 for £50,000. Interest is calculated at 2.5% per annum, fixed throughout the term of the loan. No formal security has been given by the company or by the directors for this loan. The loan is supported by the Bounce Back Loan Scheme Guarantee. |
Loan repayments were scheduled to commence 13 months after the loan was advanced, and continue for 5 years thereafter. |
The loan has been renegotiated, with repayments starting with effect from August 2023 and the term of the loan has been extended to 7 years ending June 2030. All other loan terms remain the same. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
10. | RELATED PARTY DISCLOSURES |
Mrs K Haylett, director, has lent money to the company in the past years. The total balance owing at the end of the year stood at £24,585 (2023: £79,782). The director has agreed, subject to sufficient funds being available, that the company pay up to £24,000 per annum to reduce the loan balance. Consequently, £24,000 (2023: £24,000) of the loan balance has been included within Creditors - amounts due in less than one year, with the balance being shown in Creditors - amounts due after more than one year. No interest is being charged and no security has been given for the loan. |