Company Registration No. 05649357 (England and Wales)
NATURAL WORLD SAFARIS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
NATURAL WORLD SAFARIS LIMITED
COMPANY INFORMATION
Directors
W R Bolsover
G W Bolsover CBE
Mrs C Bolsover
Mr J K Retallack
(Appointed 1 August 2019)
Ms C Payne
(Appointed 11 May 2020)
Company number
05649357
Registered office
Granta Lodge
71 Graham Road
Malvern
Worcestershire
WR14 2JS
Accountants
Kendall Wadley LLP
Granta Lodge
71 Graham Road
Malvern
Worcestershire
WR14 2JS
NATURAL WORLD SAFARIS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
NATURAL WORLD SAFARIS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
63,748
-
Tangible assets
4
147,147
163,756
Investments
5
1
1
210,896
163,757
Current assets
Debtors
6
6,804,145
6,243,693
Cash at bank and in hand
916,503
1,058,924
7,720,648
7,302,617
Creditors: amounts falling due within one year
7
(7,500,271)
(7,203,092)
Net current assets
220,377
99,525
Total assets less current liabilities
431,273
263,282
Provisions for liabilities
Deferred tax liability
8
39,141
31,114
(39,141)
(31,114)
Net assets
392,132
232,168
Capital and reserves
Called up share capital
10,600
10,500
Profit and loss reserves
381,532
221,668
Total equity
392,132
232,168
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
NATURAL WORLD SAFARIS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2019
31 December 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 August 2020 and are signed on its behalf by:
W R Bolsover
Director
Company Registration No. 05649357
NATURAL WORLD SAFARIS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2018
10,000
240,856
250,856
Year ended 31 December 2018:
Profit and total comprehensive income for the year
-
95,812
95,812
Issue of share capital
500
-
500
Dividends
-
(115,000)
(115,000)
Balance at 31 December 2018
10,500
221,668
232,168
Year ended 31 December 2019:
Profit and total comprehensive income for the year
-
324,918
324,918
Issue of share capital
100
-
100
Dividends
-
(165,054)
(165,054)
Balance at 31 December 2019
10,600
381,532
392,132
NATURAL WORLD SAFARIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 4 -
1
Accounting policies
Company information
Natural World Safaris Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Granta Lodge, 71 Graham Road, Malvern, Worcestershire, WR14 2JS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised
at the point of departure of a tour
at the fair value of the consideration received or receivable for services provided in the normal course of business
.
1.3
Intangible fixed assets other than goodwill
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website and software
25% reducing balance
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Fixed asset investments
Interests in subsidiaries, are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
NATURAL WORLD SAFARIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss
.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the
asset
is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
1.7
Cash at bank and in hand
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less
.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Financial assets classified as receivable within one year are not amortised.
Classification of 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 deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are
initially recognised at transaction price.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
NATURAL WORLD SAFARIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
NATURAL WORLD SAFARIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 29 (2018 - 24).
2019
2018
Number
Number
Total
29
24
3
Intangible fixed assets
Website and software
£
Cost
At 1 January 2019
-
Additions
73,370
At 31 December 2019
73,370
Amortisation and impairment
At 1 January 2019
-
Amortisation charged for the year
9,622
At 31 December 2019
9,622
Carrying amount
At 31 December 2019
63,748
At 31 December 2018
-
NATURAL WORLD SAFARIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 8 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2019
338,217
Additions
26,682
At 31 December 2019
364,899
Depreciation and impairment
At 1 January 2019
174,461
Depreciation charged in the year
43,291
At 31 December 2019
217,752
Carrying amount
At 31 December 2019
147,147
At 31 December 2018
163,756
5
Fixed asset investments
2019
2018
£
£
Shares in group undertakings and participating interests
1
1
Fixed asset investments not carried at market value
The fixed asset investment represents a 50% interest in Natural Photography Safaris Limited, a company incorporated in England and Wales.
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2019 & 31 December 2019
1
Carrying amount
At 31 December 2019
1
At 31 December 2018
1
NATURAL WORLD SAFARIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 9 -
6
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
3,542,984
3,096,026
Corporation tax recoverable
14,935
14,616
Other debtors
172,399
158,426
Prepayments and accrued income
3,073,827
2,974,625
6,804,145
6,243,693
7
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
1,486,178
1,838,940
Corporation tax
111,168
92,053
Other taxation and social security
19,170
18,796
Other creditors
5,883,755
5,253,303
7,500,271
7,203,092
8
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2019
2018
Balances:
£
£
Accelerated Capital Allowances
40,070
31,114
Retirement benefit obligations
(929)
-
39,141
31,114
2019
Movements in the year:
£
Liability at 1 January 2019
31,114
Charge to profit or loss
8,027
Liability at 31 December 2019
39,141
The deferred tax liability set out above is expected to reverse within four years and relates to accelerated capital allowances that are expected to mature within the same period.
NATURAL WORLD SAFARIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 10 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
103,641
57,022
10
Events after the reporting date
Subsequent to the balance sheet date the WHO declared the coronavirus, “Covid-19”, a pandemic. This resulted in lockdown measures being implemented on a global basis with the majority of travel suspended, and scheduled departures not able to take place.
The directors are negotiating with suppliers with a view to agreeing deferred arrangements for booked clients travel. So far this is yielding a 95% success rate which is very encouraging. Due to the unique nature of trips provided the majority of clients are amenable to the postponed travel arrangements.
The coronavirus continues to have an affect with localised spikes and it is inevitable that future revenue will be affected, but it is not possible at present to quantify the extent of this.
11
Related party transactions
Dividends totalling £165,054 (2018 - £115,000) were paid in the year in respect of shares held by the company's directors.
Advances of £40,861 are due from a director. The amounts are unsecured and carry interest at the official rate for beneficial loans. The amount advanced during the year is £980 in respect of the interest due and £40,861 represents the maximum indebtedness in the period.
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21 August 2020
CCH Software
CCH Accounts Production 2020.200
No description of principal activity
W R Bolsover
G W Bolsover CBE
Mrs C Bolsover
Mr J K Retallack
Ms C Payne
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