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Registered number: 08459282









TIMBUKTU TRAVEL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
TIMBUKTU TRAVEL LIMITED
 
 
COMPANY INFORMATION


Directors
I W Petzer 
J W C Prince 
G R Trotter 
J Ghinn 




Registered number
08459282



Registered office
27 Old Gloucester Street

London

WC1N 3AX




Accountants
Ecovis Wingrave Yeats UK Limited

Chartered Accountants

3rd Floor, Waverley House

7-12 Noel Street

London

W1F 8GQ





 
TIMBUKTU TRAVEL LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 10


 
TIMBUKTU TRAVEL LIMITED
REGISTERED NUMBER: 08459282

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 5 
4,788
11,478

Investments
 6 
5,260
5,260

  
10,048
16,738

Current assets
  

Debtors: amounts falling due within one year
 7 
1,583,940
2,541,411

Cash at bank in hand
  
101,552
124,875

  
1,685,492
2,666,286

Creditors: amounts falling due within one year
 8 
(3,449,831)
(4,036,027)

Net current liabilities
  
 
 
(1,764,339)
 
 
(1,369,741)

Total assets less current liabilities
  
(1,754,291)
(1,353,003)

Creditors: amounts falling due after more than one year
  
(31,417)
(37,217)

  

Net liabilities
  
(1,785,708)
(1,390,220)


Capital and reserves
  

Called up share capital 
  
3
3

Share premium account
  
393,089
393,089

Profit and loss account
  
(2,178,800)
(1,783,312)

  
(1,785,708)
(1,390,220)


Page 1

 
TIMBUKTU TRAVEL LIMITED
REGISTERED NUMBER: 08459282
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 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 28 May 2025.




J Ghinn
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
TIMBUKTU TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Timbuktu Travel Limited is a private company, limited by shares, incorporated in England and Wales,
registration number 08459282. The registered office is 27 Old Gloucester Street, London, England, WC1N 3AX.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors are committed to ensuring that the Company can meet its liabilities as and when they
fall due for a period of at least 12 months from the date of approval of these financial statements. As a result, the directors consider it appropriate that these financial statements are prepared on the
going concern basis.

 
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 Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
TIMBUKTU TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Interest income

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

 
2.6

Borrowing costs

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

 
2.7

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
TIMBUKTU TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.8

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 the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%
Computer equipment
-
33%

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.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

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.

 
2.11

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 5

 
TIMBUKTU TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

  
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans
and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an cimpairment loss is recognised in the Statement of Comprehensive Income.

 
2.13

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2023 - 11).

Page 6

 
TIMBUKTU TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Taxation



Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 20%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(395,488)
(352,374)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20%)
(98,872)
(70,484)

Effects of:


Fixed asset differences
-
(189)

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,039
6,858

Remeasurement of deferred tax for changes in tax rates
-
(15,943)

Movement in deferred tax not recognised
95,833
79,758

Total tax charge for the year
-
-

Page 7

 
TIMBUKTU TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 June 2023
10,107
15,579
25,686


Additions
48
837
885



At 31 May 2024

10,155
16,416
26,571



Depreciation


At 1 June 2023
6,160
8,048
14,208


Charge for the year on owned assets
3,760
3,815
7,575



At 31 May 2024

9,920
11,863
21,783



Net book value



At 31 May 2024
235
4,553
4,788



At 31 May 2023
3,947
7,531
11,478


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 June 2023
5,260



At 31 May 2024
5,260




Page 8

 
TIMBUKTU TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Debtors

2024
2023
£
£


Trade debtors
402,468
901,996

Other debtors
1,175,891
1,631,893

Prepayments and accrued income
5,581
7,522

1,583,940
2,541,411



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
5,800
5,800

Trade creditors
749,932
1,266,600

Amounts owed to group undertakings
1,479,329
799,936

Other taxation and social security
1,205
10,688

Other creditors
4,296
54,437

Accruals and deferred income
1,209,269
1,898,566

3,449,831
4,036,027


Page 9

 
TIMBUKTU TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
5,800
5,800


5,800
5,800

Amounts falling due 1-2 years

Bank loans
31,417
37,217


31,417
37,217



37,217
43,017


In 2020, the company obtained a bounce back loan totalling £50,000.

The loan is repayable in monthly instalments over a period of 5 years, which started from 2021. No
interest was payable by the Company over the first 12 months of the loan, and interest is subsequently
charged at 2.5% per annum.


10.


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 £1,457 (2023 - £371). Contributions totalling £1,934 (2023 - £462) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 10