Tuli Safari Botswana Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 02202952 (England and Wales)

Financial Statements for the Year Ended 30 September 2021

for

Tuli Safari Botswana Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C A Butterfield FCA

R A Collenette FCA

A F Allen

J S Lansdown

H M T Reid

REGISTERED OFFICE:

Hine House

25 Regent Street

Nottingham

NG1 5BS

REGISTERED NUMBER:

02202952 (England and Wales)

AUDITORS:

PKF Francis Clark

Ground Floor

Blackbrook Gate 1

Blackbrook Business Park

Taunton

Somerset

TA1 2PX

FIXED ASSETS

Investments

4

3,560,198

3,817,830

CURRENT ASSETS

Debtors

5

50

50

Cash at bank

103,837

113,244

103,887

113,294

CREDITORS

Amounts falling due within one year

6

7,020

5,539

NET CURRENT ASSETS

96,867

107,755

TOTAL ASSETS LESS CURRENT LIABILITIES

3,657,065

3,925,585

CAPITAL AND RESERVES

Called up share capital

7

3,220,350

3,220,350

Share premium

364,886

364,886

Retained earnings

71,829

340,349

SHAREHOLDERS' FUNDS

3,657,065

3,925,585

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2022 and were signed on its behalf by:

C A Butterfield FCA - Director

1.	STATUTORY INFORMATION

Tuli Safari Botswana Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The going concern basis has been used in preparing these financial statements as the parent company and its shareholders are committed to providing financial support as required to the company and its subsidiary..

Preparation of consolidated financial statements

The company is parent of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts

Significant judgements and estimates

In the process of applying the company's accounting policies the directors are required to make certain judgements, estimates and assumptions that they believe are reasonable based on the information available. The significant judgements and estimates relate to the following:

Impairment of fixed asset investments (including loans) - investments are considered annually for impairment, primarily based upon the underlying company assets and loan balances at the exchange rate prevailing at the year end. Where appropriate current and future expected cashflows would also be taken into account when considering impairment of the underlying subsidiary company and loans to that company.

Investments in subsidiaries

The investment in the subsidiary is included at a carrying value of £109,453 based on the value of the net assets of the subsidiary company. Based on the information available, the Directors believe this is a fair valuation but as detailed in Note 5 there is some uncertainty regarding this.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted. The company has estimated tax losses of £549,320 (2021 £538,430) available to carry forward against certain future activities.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. Gains and losses arising on loans to the subsidiary company are recognised as movements in the investment and so are not subject to corporation tax.

Revenue

Revenue is measured at the fair value of the consideration received or receivable from the provision of services which fall within the company's activities and is shown net of VAT. It is recognised upon delivery of the service.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	FIXED ASSET INVESTMENTS

2021

2020

£

£

Shares in group undertakings

109,453

283,931

Loans to group undertakings

3,450,745

3,533,899

3,560,198

3,817,830

Additional information is as follows:

Shares in

group

undertakings

£

COST

At 1 October 2020

and 30 September 2021

821,673

PROVISIONS

At 1 October 2020

537,742

Provision for year

174,478

At 30 September 2021

712,220

NET BOOK VALUE

At 30 September 2021

109,453

At 30 September 2020

283,931

The historic cost of the shares in group undertakings shown above at a valuation of £109,453 is £758,330.

The investment in the subsidiary is included at a carrying value of £109,453 based on the net assets in the subsidiary accounts. Based on the information available, the Directors believe this is a fair valuation.

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Tuli Safari Lodge (Botswana) (PTY) Limited

Registered office: Unit 3, Block 5, Plot 64511, Fairgrounds Office Park, P O Box 1874, Gaborone, Botswana.

Nature of business: Lodge operator

%

Class of shares:

holding

Ordinary

100.00

2021

2020

£

£

Aggregate capital and reserves

109,453

283,931

Loss for the year/period

(176,902

)

(237,824

)

Loans to

group

undertakings

£

At 1 October 2020

3,533,899

Movement in provision against

loan

(83,154

)

At 30 September 2021

3,450,745

The total provision against the loan to group undertakings at the year end was £910,138 (2021 £826,984). The loan is interest free and repayable on demand. The subsidiary undertaking has entered into a Mortgage Bond for a value of P60,000,000 in favour of the company to secure the value of the loan over the property.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

50

50

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Accruals and deferred income

7,020

5,539

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

14

Deferred

£25

350

350

644

Ordinary

£5000

3,220,000

3,220,000

3,220,350

3,220,350

The deferred shares have no voting rights, have no entitlement to dividends, are non redeemable and are entitled to participate only in the repayment of capital paid up on the shares.

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nicholas Farrant BA MSc FCA (Senior Statutory Auditor)

for and on behalf of PKF Francis Clark