Caseware UK (AP4) 2024.0.164 2024.0.164 2024-08-312024-08-31truetruetruetruetruetruetruetruetruetruetruetruetruetruetrue2023-09-01falseNo description of principal activity810truefalse 03555561 2023-09-01 2024-08-31 03555561 2022-09-01 2023-08-31 03555561 2024-08-31 03555561 2023-08-31 03555561 2022-09-01 03555561 c:Director3 2023-09-01 2024-08-31 03555561 c:Director4 2023-09-01 2024-08-31 03555561 c:Director5 2023-09-01 2024-08-31 03555561 c:RegisteredOffice 2023-09-01 2024-08-31 03555561 d:ComputerEquipment 2023-09-01 2024-08-31 03555561 d:ComputerEquipment 2024-08-31 03555561 d:ComputerEquipment 2023-08-31 03555561 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 03555561 d:CurrentFinancialInstruments 2024-08-31 03555561 d:CurrentFinancialInstruments 2023-08-31 03555561 d:Non-currentFinancialInstruments 2024-08-31 03555561 d:Non-currentFinancialInstruments 2023-08-31 03555561 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 03555561 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 03555561 d:Non-currentFinancialInstruments d:AfterOneYear 2024-08-31 03555561 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 03555561 d:ShareCapital 2023-09-01 2024-08-31 03555561 d:ShareCapital 2024-08-31 03555561 d:ShareCapital 2022-09-01 2023-08-31 03555561 d:ShareCapital 2023-08-31 03555561 d:ShareCapital 2022-09-01 03555561 d:RetainedEarningsAccumulatedLosses 2023-09-01 2024-08-31 03555561 d:RetainedEarningsAccumulatedLosses 2024-08-31 03555561 d:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 03555561 d:RetainedEarningsAccumulatedLosses 2023-08-31 03555561 d:RetainedEarningsAccumulatedLosses 2022-09-01 03555561 c:OrdinaryShareClass1 2023-09-01 2024-08-31 03555561 c:OrdinaryShareClass1 2024-08-31 03555561 c:OrdinaryShareClass1 2023-08-31 03555561 c:FRS101 2023-09-01 2024-08-31 03555561 c:Audited 2023-09-01 2024-08-31 03555561 c:FullAccounts 2023-09-01 2024-08-31 03555561 c:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 03555561 c:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 03555561 d:FinancialInstrumentsFairValueThroughProfitOrLoss 2023-09-01 2024-08-31 03555561 d:FinancialLiabilitiesAmortisedCost 2023-09-01 2024-08-31 03555561 d:FinancialInstrumentsDesignatedFairValueThroughProfitOrLoss 2023-09-01 2024-08-31 03555561 e:PoundSterling 2023-09-01 2024-08-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 03555561







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2024


TOURVEST DESTINATION MANAGEMENT UK LIMITED






































img7734.png                        

 


TOURVEST DESTINATION MANAGEMENT UK LIMITED
 


 
COMPANY INFORMATION


Directors
Mr M Wiest 
Mr B Coetzee 
Mr M B Nicholls 




Registered number
03555561



Registered office
Lynton House
7-12 Tavistock Square

London

WC1H 9LT




Independent auditors
Menzies LLP
Chartered Accountants

Lynton House

7 - 12 Tavistock Square

London

WC1H 9LT





 


TOURVEST DESTINATION MANAGEMENT UK LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Statement of Changes in Equity
2
Notes to the Financial Statements
3 - 13


 


TOURVEST DESTINATION MANAGEMENT UK LIMITED
REGISTERED NUMBER:03555561



STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

  

Fixed assets
  

Tangible assets
 5 
2,160
3,224

  
2,160
3,224

Current assets
  

Debtors: amounts falling due within one year
 6 
590,839
2,158,576

Cash at bank and in hand
  
824,753
456,385

  
1,415,592
2,614,961

Creditors: amounts falling due within one year
 7 
(1,093,826)
(2,550,186)

Net current assets
  
 
 
321,766
 
 
64,775

Total assets less current liabilities
  
323,926
67,999

  

Creditors: amounts falling due after more than one year
 8 
(1,037,243)
(987,464)

  
(713,317)
(919,465)

  

  

Net assets excluding pension asset
  
(713,317)
(919,465)

Net liabilities
  
(713,317)
(919,465)


Capital and reserves
  

Called up share capital 
 10 
2
2

Profit and loss account
 11 
(713,319)
(919,467)

  
(713,317)
(919,465)


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

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

The Company has opted not to file the statement of comprehensive income 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 11 November 2024.

Mr B Coetzee
Director

The notes on pages 3 to 13 form part of these financial statements.
Page 1

 


TOURVEST DESTINATION MANAGEMENT UK LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 September 2022
2
(1,018,075)
(1,018,073)


Comprehensive income for the year

Profit for the year

-
98,608
98,608


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
98,608
98,608


Total transactions with owners
-
-
-



At 1 September 2023
2
(919,467)
(919,465)


Comprehensive income for the year

Profit for the year

-
206,148
206,148


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
206,148
206,148


Total transactions with owners
-
-
-


At 31 August 2024
2
(713,319)
(713,317)


The notes on pages 3 to 13 form part of these financial statements.

Page 2

 


TOURVEST DESTINATION MANAGEMENT UK LIMITED
 


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

1.


General information

Tourvest Destination Management UK Limited is a private company limited by shares, incorporated in England & Wales under the Companies Act. The address of the registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9LT. The company's principal place of business is One Crown Square, Church Street East, Woking, Surrey, GU21 6HR.
The principal activity of the Company is the sale of sports travel products.


2.


Adoption of Financial Reporting Standards (IFRS)

For all periods up to 31 August 2023, Tourvest Destination Management UK Ltd has prepared its financial statements in accordance with the Financial Reporting Standard 102, The directors have taken the decision the prepare the annual financial statments of Tourvest Destination Management UK Ltd for the period ended 31 August 2024 in accordance with the Financial Reporting Standards 101 (FRS 101).
Accordingly, these financial statements have been prepared for the first time in accordance with IFRS and covered by IFRS 1, First-time adoption of IFRS. The transition date to FRS 101 was 1 September 2022.
In preparing these financial statements the comparative figures previously reported under FRS 102 have been restated for the transition to IFRS. The disclosures required by IFRS regarding the transition are given in note 3,3.

3.Accounting policies

 
3.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 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:

Page 3

 


TOURVEST DESTINATION MANAGEMENT UK LIMITED
 


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

3.Accounting policies (continued)

 
3.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations
the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held For Sale and Discontinued Operations
the requirement of paragraph 24(b) of IFRS 6 Exploration for and Evaluation of Mineral Resources to disclose the operating and investing cash flows arising from the exploration for and evaluation of mineral resources
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
 - paragraph 118(e) of IAS 38 Intangible Assets;
 - paragraphs 76 and 79(d) of IAS 40 Investment Property; and
 - paragraph 50 of IAS 41 Agriculture
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 74A(b) of IAS 16
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

This information is included in the consolidated financial statements of Tourvest Africa (Pty) Limited as at 31 August 2024 and these financial statements may be obtained from Stonewedge Office Park, 1 Wedgewood 
Page 4

 


TOURVEST DESTINATION MANAGEMENT UK LIMITED
 


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

3.Accounting policies (continued)


3.2
Financial Reporting Standard 101 - reduced disclosure exemptions (continued)

Link Road, Bryanston, Johannesbury, 2021, South Africa.

 
3.3

Going concern

The financial statements for the company are prepared on the going concern basis. In making this assessment,the directors have reviewed the company's cash flow forecast for the 12 months following the signing of thefinancial statements, which shows that the company will be able to meet its obligations as and when they fall due. The directors have also considered how sensitive this cash flow forecast is to reasonably possible scenarios and are satisfied that the company will have sufficient headroom on cash were these scenarios to materialise. Further, the ultimate parent company has confirmed its willingness to provide additional funding to the company to meet its short term obligations as and when they fall due if such additional funding is needed.

Page 5

 


TOURVEST DESTINATION MANAGEMENT UK LIMITED
 


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

3.Accounting policies (continued)

 
3.4

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.

 
3.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money.

A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.

Rendering of services

Revenue from providing services is recognised in the accounting period in which the services are rendered, namely being when the date of travel, stay or event as appropriate.

For fixed-price contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously.

 
3.6

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.

 
3.7

Borrowing costs

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

Page 6

 


TOURVEST DESTINATION MANAGEMENT UK LIMITED
 


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

3.Accounting policies (continued)

 
3.8

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.

 
3.9

Taxation

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.

 
3.10

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a combination of straight-line and reducing balance method..

Depreciation is provided on the following basis:

Computer equipment
-
33% 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.

 
3.11

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.

Page 7

 


TOURVEST DESTINATION MANAGEMENT UK LIMITED
 


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

3.Accounting policies (continued)

  
3.12

Provisions for liabilties

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation
that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the
amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the
obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to
settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
3.13

Financial instruments


The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets and financial liabilities are initially measured at fair value. 

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

Fair value through profit or loss

All of the Company's financial assets are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset. 

Impairment of financial assets

The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.

Financial liabilities

Fair value through profit or loss

Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship.
Page 8

 


TOURVEST DESTINATION MANAGEMENT UK LIMITED
 


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

3.Accounting policies (continued)


3.13
Financial instruments (continued)


At amortised cost

Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.


4.


Employees

2024
2023
£
£

Wages and salaries
520,373
484,921

Social security costs
55,471
40,261

Cost of defined contribution scheme
12,181
10,163

588,025
535,345


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


        2024
        2023
            No.
            No.







Average number of employees
8
10

Page 9

 


TOURVEST DESTINATION MANAGEMENT UK LIMITED
 


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

5.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 September 2023
15,386



At 31 August 2024

15,386



Depreciation


At 1 September 2023
12,162


Charge for the year on owned assets
1,064



At 31 August 2024

13,226



Net book value



At 31 August 2024
2,160



At 31 August 2023
3,224


6.


Debtors

2024
2023
£
£


Trade debtors
15,853
29,543

Amounts owed by group undertakings
8,208
101,544

Other debtors
205,372
166,698

Prepayments
361,406
1,860,791

590,839
2,158,576


Amounts due from group undertakings are unsecured and repayable on demand.

Page 10

 


TOURVEST DESTINATION MANAGEMENT UK LIMITED
 


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

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,649
10,649

Trade creditors
67,865
36,443

Other taxation and social security
12,913
14,037

Other creditors
282,886
357,355

Accruals and deferred income
719,513
2,131,702

1,093,826
2,550,186



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
7,406
18,054

Amounts owed to group undertakings
1,029,837
969,410

1,037,243
987,464



9.
Credit losses


2024
Expected Defualt rate
Carrying amount
Credit loss allowance

Current
0.06%
2,281
1.29

31-60 days
0.17%
17,317
29.35

61-90 days
1.86%
-
-

90+ days
5.50%
1,361
74.79

Intercompany balances
0.94%
8,114
76.56

29,073
182

The expected credit loss figure has been arrived at by allocating a risk probability against different categories of debt after removing balances against which a specific provision has already been made. The provision is forward-looking, based on the expected losses of debtor balances held at the reporting date
The prior year provisions have not been restated as a result of expected credit loss provisions under IFRS 9. The potential expected credit loss provision is not considered material to the financial statements.


Page 11

 


TOURVEST DESTINATION MANAGEMENT UK LIMITED
 


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

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary shares of £1.00 each
2
2



11.


Reserves

Profit and loss account

The reserve records retained earnings and accumulated losses.


12.


Capital commitments

The Company had no capital commitments at 31 August 2024 (2023: £nil).


13.


Pension commitments

The Company operates a defined contributions pension scheme. At the balance sheet date, pension contributions totaling £Nil (2023: £83) were payable.


14.


Related party transactions

The Company has entered into the following related party transactions and/or hold the following balances at the year end.
Included within creditors is a balance of £877,516 (2023: £811,371) including interest accrued due to Tourvest Holdings (Pty) Ltd, an intermediate parent entity. The balance outstanding at 31 August 2024 is subordinated and as such is classified as falling due after more than one year.
Included within creditors is a balance of £152,321 (2023: £158,039) due to African Tourism Holdings (Pty) Ltd, the immediate parent entity. The loan is interest free. The balance outstanding at 31 August 2024 is subordinated and as such is classified as falling due after more than one year.


15.


Ultimate parent company

The immediate parent company is African Tourism Holdings (Pty) Ltd, a company incorporated in Mauritius, whose registered office is Level 3, Alexander House, 35 Cybercity, Ebene 72201.
The ultimate parent company, for which consolidated financial statements are drawn up, is Tourvest Africa (Pty) Ltd, a company registered in South Africa. The parent company's registered office is: Stonewedge Office Park, 1 Wedgewood Link Road, Bryanston, 2021.

Page 12

 


TOURVEST DESTINATION MANAGEMENT UK LIMITED
 


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

16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 August 2024 was unqualified.

The audit report was signed on 13 November 2024 by Robin Hopkins FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 13