Company Registration No. 05649357 (England and Wales)
NATURAL WORLD SAFARIS LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
NATURAL WORLD SAFARIS LTD
COMPANY INFORMATION
Directors
W R Bolsover
Mr J K Retallack
Mr A C Roberts
(Appointed 8 November 2022)
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 LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
NATURAL WORLD SAFARIS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
40,041
34,054
Tangible assets
5
51,927
57,772
Investments
6
2
1
91,970
91,827
Current assets
Debtors
7
7,726,626
9,108,511
Cash at bank and in hand
132,606
800,288
7,859,232
9,908,799
Creditors: amounts falling due within one year
8
(7,239,140)
(10,242,171)
Net current assets/(liabilities)
620,092
(333,372)
Total assets less current liabilities
712,062
(241,545)
Creditors: amounts falling due after more than one year
9
(784,348)
(1,556,689)
Net liabilities
(72,286)
(1,798,234)
Capital and reserves
Called up share capital
10
18,378
10,700
Share premium account
11
1,392,322
Profit and loss reserves
(1,482,986)
(1,808,934)
Total equity
(72,286)
(1,798,234)
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 2022 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.
The 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 LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 April 2023 and are signed on its behalf by:
W R Bolsover
Director
Company Registration No. 05649357
NATURAL WORLD SAFARIS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2021
10,600
(755,388)
(744,788)
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
-
(1,053,546)
(1,053,546)
Issue of share capital
10
100
-
100
Balance at 31 December 2021
10,700
(1,808,934)
(1,798,234)
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
325,948
325,948
Issue of share capital
10
7,678
745,887
-
753,565
Other movements
11
-
646,435
-
646,435
Balance at 31 December 2022
18,378
1,392,322
(1,482,986)
(72,286)
NATURAL WORLD SAFARIS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
1
Accounting policies
Company information
Natural World Safaris Ltd 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 amounts 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
Going concern
At the time of approving the financial statements, on the basis of its trading performance truefollowing recovery of the industry post pandemic and the availability of investment support, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
1.4
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
1.5
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.
NATURAL WORLD SAFARIS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.6
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.
1.7
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.
1.8
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. Amounts 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.
NATURAL WORLD SAFARIS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 6 -
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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 leases asset are consumed.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
NATURAL WORLD SAFARIS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 7 -
1.14
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. In particular the income received in advance of tours commencing and costs incurred in advance of the same.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
24
18
4
Intangible fixed assets
Website and software
£
Cost
At 1 January 2022
73,370
Additions
15,000
At 31 December 2022
88,370
Amortisation and impairment
At 1 January 2022
39,316
Amortisation charged for the year
9,013
At 31 December 2022
48,329
Carrying amount
At 31 December 2022
40,041
At 31 December 2021
34,054
NATURAL WORLD SAFARIS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022
379,532
Additions
8,986
At 31 December 2022
388,518
Depreciation and impairment
At 1 January 2022
321,760
Depreciation charged in the year
14,831
At 31 December 2022
336,591
Carrying amount
At 31 December 2022
51,927
At 31 December 2021
57,772
6
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
2
1
Fixed asset investments not carried at market value
The fixed asset investment represents a 100% interest in Natural Photography Safaris Limited, a company incorporated in England and Wales.
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2022
1
Additions
1
At 31 December 2022
2
Carrying amount
At 31 December 2022
2
At 31 December 2021
1
NATURAL WORLD SAFARIS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
3,756,162
4,692,436
Unpaid share capital
650,000
Corporation tax recoverable
15,725
15,725
Other debtors
69,745
135,023
Prepayments and accrued income
3,234,994
4,265,327
7,726,626
9,108,511
8
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
118,211
105,571
Trade creditors
1,813,402
2,444,116
Corporation tax
800
Other taxation and social security
32,151
28,445
Other creditors
5,275,376
7,663,239
7,239,140
10,242,171
9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
784,348
1,556,689
10
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary A shares of 1p each
937,208
960,000
9,373
9,600
Ordinary B shares of 1p each
900,546
60,000
9,005
600
Ordinary C shares of 1p each
-
50,000
-
500
1,837,754
1,070,000
18,378
10,700
Of the above 356,457 ordinary A 1p shares have been allotted but are not yet paid, see note 7.
On 8 November 2022, 50,000 ordinary 1p C shares and 790,546 ordinary 1p A shares were redesignated as 840,546 ordinary 1p B shares.
NATURAL WORLD SAFARIS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
11
Share premium account
2022
2021
£
£
At the beginning of the year
Issue of new shares
745,887
Other movements
646,435
At the end of the year
1,392,322
The other movement on the share premium account relates to the amount due in respect of shares allotted but not yet paid for see note 7 and note 10.
12
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:
2022
2021
£
£
150,000
44,802
13
Capital commitments
Amounts contracted for but not provided in the financial statements:
2022
2021
£
£
Acquisition of intangible assets
15,000
-
14
Related party transactions
Dividends totalling £0 (2021 - £0) were paid in the year in respect of shares held by the company's directors.
Advances of £42,561 were repaid by a director in the year, this represented the maximum indebtedness in the period. No amount is outstanding at the year end.
15
Parent company
During the year the company share ownership changed such that KnoWhere Pte. Ltd of 6B Orange Grove Road, #04-00 Como House, Singapore, 258332, acquired a 51% interest. Group accounts are not prepared.
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