ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

Registered number: 02503049

AFRICA EXCLUSIVE LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2025

AFRICA EXCLUSIVE LIMITED

REGISTERED NUMBER: 02503049

STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	4		109,345		139,985
Tangible assets	5		26,662		25,651
			136,007		165,636
Current assets
Debtors: amounts falling due within one year	6	736,270		836,955
Cash at bank and in hand	7	846,430		462,361
		1,582,700		1,299,316
Creditors: amounts falling due within one year	8	(1,482,243)		(1,201,134)
Net current assets			100,457		98,182
Total assets less current liabilities			236,464		263,818
Creditors: amounts falling due after more than one year	9		(350,000)		(426,791)

Net liabilities			(113,536)		(162,973)

Capital and reserves
Called up share capital	12	75,004	75,004
Share premium account	13	180,550	180,550
Profit and loss account	13	(369,090)	(418,527)
		(113,536)	(162,973)

Page 1

AFRICA EXCLUSIVE LIMITED

REGISTERED NUMBER: 02503049

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 30 SEPTEMBER 2025

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies 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 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 11 December 2025.

J Burdett

Director

The notes on pages 7 to 17 form part of these financial statements.

Page 2


		AFRICA EXCLUSIVE LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2025

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 October 2024	75,004	180,550	(418,527)	(162,973)
Comprehensive income for the year
Profit for the year	-	-	49,437	49,437
Total comprehensive income for the year	-	-	49,437	49,437
Total transactions with owners	-	-	-	-
At 30 September 2025	75,004	180,550	(369,090)	(113,536)

The notes on pages 7 to 17 form part of these financial statements.

Page 3


		AFRICA EXCLUSIVE LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2024

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 October 2023	75,004	180,550	(364,723)	(109,169)
Comprehensive income for the year
Loss for the year	-	-	(53,804)	(53,804)
Total comprehensive income for the year	-	-	(53,804)	(53,804)
Total transactions with owners	-	-	-	-
At 30 September 2024	75,004	180,550	(418,527)	(162,973)

The notes on pages 7 to 17 form part of these financial statements.

Page 4

AFRICA EXCLUSIVE LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit/(loss) for the financial year	49,437	(53,804)
Adjustments for:
Amortisation of intangible assets	39,536	33,406
Depreciation of tangible assets	6,156	7,293
Loss on disposal of tangible assets	-	3,041
Interest paid	9,593	27,465
Interest received	(3,255)	(11,778)
Taxation charge	24,669	(25,730)
Decrease/(increase) in debtors	79,603	(55,001)
Increase/(decrease) in creditors	280,421	(279,821)
Corporation tax received	-	3,939
Fair value of foreign currency contracts	(11,508)	18,499
Net cash generated from operating activities	474,652	(332,491)

Cash flows from investing activities
Purchase of intangible fixed assets	(8,896)	(109,185)
Purchase of tangible fixed assets	(7,167)	(6,175)
Interest received	3,255	11,778
Net cash from investing activities	(12,808)	(103,582)

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AFRICA EXCLUSIVE LIMITED

STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

		2025	2024
		£	£


Cash flows from financing activities
Repayment of loans	(68,182)	(68,181)
Interest paid	(9,593)	(27,465)
Net cash used in financing activities	(77,775)	(95,646)
Net increase/(decrease) in cash and cash equivalents	384,069	(531,719)
Cash and cash equivalents at beginning of year	462,361	994,080
Cash and cash equivalents at the end of year	846,430	462,361

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	846,430	462,361
	846,430	462,361

The notes on pages 7 to 17 form part of these financial statements.

Page 6

AFRICA EXCLUSIVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

1.	General information

Africa Exclusive Limited is a private company limited by shares and incorporated in England. Its registered office is Office12 and 13, 10 Headlands, Kettering NN15 7HP.

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 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

The management reviews the financial position and the forecasts for the Company on a regular basis, to ensure they are in a position to react to and mitigate the financial impact from any downturn in trading. The directors have made an assessment of the Company's ability to continue as a going concern, and have considered a number of future scenarios, synthesizing key drivers of the Company’s trading performance, including consumer demand, post balance sheet trading, booking trajectory, and impact from both financial and geopolitical instability. However, economic uncertainty from interest rates and a new UK government means the Company remains in a volatile environment.

The directors have prepared budgets and cashflow forecasts to March 2027 which reflect good operational liquidity and profitability throughout. 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.

As a result, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.

2.3

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. Turnover represents revenue receivable from tours departed during the year plus 25% of non refundable cash deposits received on the bookings departing in future.

Page 7

AFRICA EXCLUSIVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.6

Interest income

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

2.7

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.

2.8

Borrowing costs

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

2.9

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.

Page 8

AFRICA EXCLUSIVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.10

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.

2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Video footage	-	5 years
Development expenditure	-	5 years
Brands	-	5 years

2.12

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.

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AFRICA EXCLUSIVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.12

Tangible fixed assets (continued)

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:

				Fixtures and fittings	-	10%	Reducing balance
				Computer equipment	-	20%	Straight-line

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.

2.13

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.

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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

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

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.

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AFRICA EXCLUSIVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.17

Financial instruments (continued)

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.

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.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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AFRICA EXCLUSIVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.17

Financial instruments (continued)

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is 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 creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

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AFRICA EXCLUSIVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Employees

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

	2025	2024
	No.	No.

Average number of employees	17	20

4.	Intangible assets

	Video footage	Development expenditure	Total
	£	£	£
Cost
At 1 October 2024	43,463	157,570	201,033
Additions	-	8,896	8,896
Disposals	-	(8,185)	(8,185)
At 30 September 2025	43,463	158,281	201,744
Amortisation
At 1 October 2024	20,164	40,884	61,048
Charge for the year on owned assets	8,692	30,844	39,536
On disposals	-	(8,185)	(8,185)
At 30 September 2025	28,856	63,543	92,399
Net book value
At 30 September 2025	14,607	94,738	109,345
At 30 September 2024	23,299	116,686	139,985

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AFRICA EXCLUSIVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

5.	Tangible fixed assets

	Fixtures and fittings	Computer equipment	Total
	£	£	£
Cost or valuation
At 1 October 2024	85,638	54,676	140,314
Additions	1,741	5,426	7,167
Disposals	-	(30,755)	(30,755)
At 30 September 2025	87,379	29,347	116,726
Depreciation
At 1 October 2024	73,858	40,805	114,663
Charge for the year on owned assets	1,313	4,843	6,156
Disposals	-	(30,755)	(30,755)
At 30 September 2025	75,171	14,893	90,064
Net book value
At 30 September 2025	12,208	14,454	26,662
At 30 September 2024	11,780	13,871	25,651

Debtors

					2025	2024
					£	£


Trade debtors	2,067	-
Other debtors	35,346	57,373
Prepayments and accrued income	572,227	632,289
Deferred taxation	122,624	147,293
Financial instruments	4,006	-
	736,270	836,955

Included in prepayments and accrued income is the sum of £531,908 (2024 - £588,416) of supplier payments made in advance for departures post 30 September 2025.

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AFRICA EXCLUSIVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

7.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	846,430	462,361
	846,430	462,361

8.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank loans	45,455	68,182
Trade creditors	110,226	52,676
Other taxation and social security	34,029	88,870
Other creditors	23,922	18,271
Accruals and deferred income	1,268,611	965,633
Financial instruments	-	7,502
	1,482,243	1,201,134

Included in deferred income is the sum of £1,000,285 (2023 - £740,424) of customer monies received in advance for departures post 30 September 2025.

9.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	-	45,455
Other loans	350,000	350,000
Other creditors	-	31,336
	350,000	426,791

Other loans consist of shareholder's loans which are subject to a subordinated undertaking in favour of the Civil Aviation Authority ("CAA") and cannot be paid without the CAA's prior written consent.

Bank loans consist of Coronavirus business interruption loan which is provided by NatWest Bank and is supported by the Coronavirus Business Interruption Loan Scheme. The loan is for a 72 month term with no capital repayments or interest payments in the the first 12 months. Interest is payable at 2.71% per annum over the bank base rate thereafter.

Page 15

AFRICA EXCLUSIVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Amounts falling due within one year
Bank loans	45,455	68,182
	45,455	68,182
Amounts falling due 1-2 years
Bank loans	-	45,455
Other loans	350,000	350,000
	350,000	395,455


	395,455	463,637

11.	Deferred taxation

		2025
		£

	At beginning of year	147,293
	Charged to profit or loss	(24,669)
	At end of year	122,624

The deferred tax asset is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances	(34,136)	(34,833)
Tax losses carried forward	156,760	182,126
	122,624	147,293

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AFRICA EXCLUSIVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

12.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

75,004 (2024 - 75,004) Ordinary shares shares of £1.00 each	75,004	75,004

13.

Reserves

Share premium account

Share premium is the amount by which the amount received by the Company for a share issue exceeds its nominal value.

Profit and loss account

The profit and loss account represents the net distributable reserves of the Company at the date of the statement of financial position.

14.	Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension charge represents contributions payable by the Company to the fund and amounted to £11,420 (2024: £13,480).

15.	Related party transactions
	Exclusive Americas Limited - Mr W Hoffman and Mr J Burdett the directors and shareholders are also directors and shareholders in Exclusive Americas Limited.There is £32,875 due from the related party (2023: £32,875) at the year end included in debtors due within one year. Exclusive Americas Limited was dormant and there were no transactions in the year.

16.	Controlling party

In the opinion of the directors there is no one controlling party.

Page 17