Tuli Safari Botswana Limited - Limited company accounts 11.9

REGISTERED NUMBER: 02202952 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 28 February 2015

for

Tuli Safari Botswana Limited

Page

Company Information

1

Report of the Directors

2

Profit and Loss Account

3

Statement of Total Recognised Gains and Losses

4

Balance Sheet

5

Notes to the Financial Statements

7

DIRECTORS:

N D S Brown FCA

C A Butterfield FCA

R A Hoole

S N S Penrose

A L Roughton

REGISTERED OFFICE:

North Lodge Farm

Widmerpool Lane

Widmerpool

Nottingham

NG12 5QE

REGISTERED NUMBER:

02202952 (England and Wales)

ACCOUNTANTS:

Tuli Safari Botswana Limited

North Lodge Farm

Widmerpool Lane

Widmerpool

Nottingham

NG12 5QE

The directors present their report with the financial statements of the company for the year ended 28 February 2015.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a holding company. The

subsidiary company owns and operates a safari lodge in the Northern Tuli Game Reserve, Botswana.

Following the flooding in 2013 the extensive refurbishment of the Lodge including the construction of 8

new luxury tented rooms was completed during the year and the Lodge re-opened in August 2014.

The refurbishment was funded through a rights issue subscribed by Shareholders which was approved

during January 2014.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 March 2014 to the date

of this report.

N D S Brown FCA

C A Butterfield FCA

R A Hoole

S N S Penrose

A L Roughton

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act

2006 relating to small companies.

ON BEHALF OF THE BOARD:

C A Butterfield FCA - Director

30 November 2015

TURNOVER

-

Administrative expenses

2,989

20,933

OPERATING LOSS

2

(2,989

)

(20,933

)

Interest receivable and similar income

1,679

1,337

(1,310

)

(19,596

)

Movement in provision against

fixed asset investments

3

50,527

340,494

LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION

(51,837

)

(360,090

)

Tax on loss on ordinary activities

4

-

LOSS FOR THE FINANCIAL YEAR

(51,837

)

(360,090

)

LOSS FOR THE FINANCIAL YEAR

(51,837

)

(360,090

)

Unrealised investment surplus/ (deficit)

32,784

(396,021

)

TOTAL RECOGNISED GAINS AND LOSSES
RELATING TO THE YEAR

(19,053

)

(756,111

)

FIXED ASSETS

Investments

5

3,218,175

2,598,918

CURRENT ASSETS

Debtors

6

2,774

585

Cash at bank

115,528

772,746

118,302

773,331

CREDITORS

Amounts falling due within one year

7

4,000

20,719

NET CURRENT ASSETS

114,302

752,612

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,332,477

3,351,530

CAPITAL AND RESERVES

Called up share capital

8

2,100,350

Share premium

9

1,904,847

Revaluation reserve

9

223,123

190,339

Profit and loss account

9

(895,843

)

(844,006

)

SHAREHOLDERS' FUNDS

3,332,477

3,351,530

3,332,477

3,351,530

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as
at the end of each financial year and of its profit or loss for each financial year in accordance with the
requirements of Sections 394 and 395 and which otherwise comply with the requirements of the
Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 30 November 2015 and were signed
on its behalf by:

C A Butterfield FCA - Director

N D S Brown FCA - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention, modified to

include the revaluation of certain fixed assets and in accordance with the Financial Reporting

Standard for Smaller Entities (effective April 2008).

Preparation of consolidated financial statements

The financial statements contain information about Tuli Safari Botswana Limited as an individual

company and do not contain consolidated financial information as the parent of a group. The

company has taken the option under Section 398 of the Companies Act 2006 not to prepare

consolidated financial statements.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of

exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate

of exchange on the date of the transaction.

Investments

Fixed asset investments are stated on a basis which takes account of the professional valuation of the

properties in the subsidiary undertaking.

2.	OPERATING LOSS

The operating loss is stated after charging:

28.2.15

28.2.14

£

Directors' remuneration

-

3.	MOVEMENT IN PROVISION AGAINST

FIXED ASSET INVESTMENTS

28.2.15

28.2.14

£

Movement in provision against

fixed asset investments

50,527

340,494

4.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose on ordinary activities for the year ended 28 February 2015

nor for the year ended 28 February 2014.

Factors that may affect future tax charges

The company has estimated losses of £415,000 (2014: £389,000) available for carry forward against

certain future activities.

No provision for deferred tax has been made in the financial statements. The potential unprovided

liability in respect of unrealised investment valuation gains calculated at 20% (2014: 21%) was

approximately £40,000 (2014: £40,000).

5.	FIXED ASSET INVESTMENTS

28.2.15

28.2.14

£

Shares in group undertakings

223,153

190,369

Loans to group undertakings

2,995,022

2,408,549

3,218,175

2,598,918

Additional information is as follows:

Shares in

group

undertakings

£

At 1 March 2014 - valuation

190,369

Movement

32,784

At 28 February 2015 - valuation

223,153

The historic cost of the shares in group undertakings shown above at valuation of £223,153 is £30.

The company's investments at the balance sheet date in the share capital of companies include the

following:

Tuli Safari Lodge (Botswana) (PTY) Limited

Country of incorporation: Botswana

Nature of Business: Lodge operator

%

Class of shares:

holding

Ordinary

100

28.2.15

28.2.14

£

Aggregate capital and reserves

223,153

190,000

Profit/ (loss) for the year

46,221

(290,000

)

Loans to

group

undertakings

£

At 1 March 2014

2,408,549

New in year

637,000

Movement in provision against

loan

(50,527

)

At 28 February 2015

2,995,022

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.15

28.2.14

£

Other debtors

2,774

585

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.15

28.2.14

£

Other creditors

4,000

20,719

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.15

28.2.14

value:

£

14

Deferred

£25

350

84

Ordinary

£25,0

00

2,100,000

2,100,350

The deferred shares have no voting rights, have no entitlement to dividends and are non redeemable

and are entitled to participate in the repayment of capital paid up on the shares only.

9.

RESERVES

Profit

and loss

Share

Revaluation

account

premium

reserve

Totals

£

At 1 March 2014

(844,006

)

1,904,847

190,339

1,251,180

Deficit for the year

(51,837

)

-

(51,837

)

Revaluation in year

-

32,784

At 28 February 2015

(895,843

)

1,904,847

223,123

1,232,127

10.

CONTROL

The directors do not consider there to be a controlling party.