Safari and Beach Travel Limited 31/08/2020 iXBRL

Safari and Beach Travel Limited 31/08/2020 iXBRL

SAFARI AND BEACH TRAVEL LIMITED - Company Information

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Company registration number: 06882433
Safari and Beach Travel Limited
Unaudited filleted financial statements
31 August 2020
SAFARI AND BEACH TRAVEL LIMITED
Contents
Statement of financial position
Notes to the financial statements
SAFARI AND BEACH TRAVEL LIMITED
STATEMENT OF FINANCIAL POSITION
31 AUGUST 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 15,832 16,952
_______ _______
15,832 16,952
Current assets
Debtors 6 705,778 200,562
Cash at bank and in hand 818,054 725,398
_______ _______
1,523,832 925,960
Creditors: amounts falling due
within one year 7 ( 1,205,635) ( 752,691)
_______ _______
Net current assets 318,197 173,269
_______ _______
Total assets less current liabilities 334,029 190,221
Creditors: amounts falling due
after more than one year 8 ( 145,000) -
Provisions for liabilities ( 3,008) ( 3,221)
_______ _______
Net assets 186,021 187,000
_______ _______
Capital and reserves
Called up share capital 30,002 30,002
Fair value reserve 11 ( 8,174) 6,228
Profit and loss account 11 164,193 150,770
_______ _______
Shareholders funds 186,021 187,000
_______ _______
For the year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 February 2021 , and are signed on behalf of the board by:
Joanna Jenkins
Director
Company registration number: 06882433
SAFARI AND BEACH TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sorley Farm, Loddiswell Road, Kingsbridge, Devon, TQ7 4BP.
Principal activity
The principal activity of the company is trading operating tours in Africa.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration for services rendered, net of discounts and Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Website costs - 10 % straight line
Fittings fixtures and equipment - 25 % reducing balance
Computer equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2019: 6 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Computer equipment Total
£ £ £ £
Cost
At 1 September 2019 25,826 18,248 20,638 64,712
Additions - 2,959 647 3,606
_______ _______ _______ _______
At 31 August 2020 25,826 21,207 21,285 68,318
_______ _______ _______ _______
Depreciation
At 1 September 2019 18,572 14,136 15,052 47,760
Charge for the year 1,401 1,767 1,558 4,726
_______ _______ _______ _______
At 31 August 2020 19,973 15,903 16,610 52,486
_______ _______ _______ _______
Carrying amount
At 31 August 2020 5,853 5,304 4,675 15,832
_______ _______ _______ _______
At 31 August 2019 7,254 4,112 5,586 16,952
_______ _______ _______ _______
6. Debtors
2020 2019
£ £
Trade debtors 361,872 34,290
Other debtors 343,906 166,272
_______ _______
705,778 200,562
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Bank loans and overdrafts 5,000 -
Trade creditors 10,978 11,848
Accruals and deferred income 19,158 8,639
Social security and other taxes 12,669 39,245
Other creditors 1,157,830 692,959
_______ _______
1,205,635 752,691
_______ _______
8. Creditors: amounts falling due after more than one year
2020 2019
£ £
Bank loans and overdrafts 145,000 -
_______ _______
9. Government grants and other support
The amounts recognised in the for government grants and other support are as follows:
2020 2019
£ £
Recognised in other operating income:
Government grants recognised directly in income 45,770 -
_______ _______
In addition, included within creditors is a bank loan balance of £150,000 (2019 - £Nil) that has been guaranteed up to 80% of its outstanding capital value by the UK government.
10. Financial instruments at fair value
2020 2019
£ £
Financial assets measured at fair value through profit or loss
Derivative financial assets (8,174) 6,228
_______ _______
11. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
12. Events after the end of the reporting period
In March 2020 the UK Government announced measures to mitigate the spread of coronavirus (COVID-19) within the UK, including social distancing and a lockdown. Despite these measures being supplemented by a range of financial support packages made available to businesses, the directors consider that overall there will continue to be an adverse financial impact on the business in the remainder of 2020. The financial effect of this cannot be reliably estimated given the inherent uncertainties surrounding the situation, including the longer-term impact this has had on economic activity and the possibility of future resurgence of the virus.
13. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Loans to / (from) directors at 1 September 2019 Loans to / (from) the directors Amounts repaid Balance at 31 August 2020
£ £ £ £
Directors ( 45,217) 90,504 ( 35,940) 9,347
_______ _______ _______ _______
Loans to / (from) directors at 1 September 2018 Loans to / (from) the directors Amounts repaid Balance at 31 August 2019
£ £ £ £
Directors ( 40,000) 66,546 ( 71,763) ( 45,217)
_______ _______ _______ _______