Tuli Safari Botswana Limited - Limited company accounts 16.3

REGISTERED NUMBER: 02202952 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 29 February 2016

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)

The directors present their report with the financial statements of the company for the year ended 29 February 2016.

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.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 March 2015 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 provisions of Part 15 of the Companies Act 2006

relating to small companies.

ON BEHALF OF THE BOARD:

C A Butterfield FCA - Director

14 May 2016

TURNOVER

-

Administrative expenses

2,973

2,989

OPERATING LOSS

2

(2,973

)

(2,989

)

Interest receivable and similar income

285

1,679

(2,688

)

(1,310

)

Movement in provision against

fixed asset investments

3

190,592

50,527

LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION

(193,280

)

(51,837

)

Tax on loss on ordinary activities

4

-

LOSS FOR THE FINANCIAL YEAR

(193,280

)

(51,837

)

LOSS FOR THE FINANCIAL YEAR

(193,280

)

(51,837

)

Unrealised investment surplus/ (deficit)

(152,874

)

32,784

TOTAL RECOGNISED GAINS AND LOSSES
RELATING TO THE YEAR

(346,154

)

(19,053

)

FIXED ASSETS

Investments

5

2,883,057

3,218,175

CURRENT ASSETS

Debtors

6

722

2,774

Cash at bank

102,544

115,528

103,266

118,302

CREDITORS

Amounts falling due within one year

7

-

4,000

NET CURRENT ASSETS

103,266

114,302

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,986,323

3,332,477

CAPITAL AND RESERVES

Called up share capital

8

2,100,350

Share premium

9

1,904,847

Revaluation reserve

9

70,249

223,123

Profit and loss account

9

(1,089,123

)

(895,843

)

SHAREHOLDERS' FUNDS

2,986,323

3,332,477

2,986,323

3,332,477

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2016 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 provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The financial statements were approved by the Board of Directors on 14 May 2016 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:

29.2.16

28.2.15

£

Directors' remuneration

-

3.	MOVEMENT IN PROVISION AGAINST

FIXED ASSET INVESTMENTS

29.2.16

28.2.15

£

Movement in provision against

fixed asset investments

190,592

50,527

4.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose on ordinary activities for the year ended 29 February 2016

nor for the year ended 28 February 2015.

Factors that may affect future tax charges

The company has estimated losses of £415,000 (2015: £415,000) 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% (2015: 20%) was

approximately £nil (2015: £40,000).

5.	FIXED ASSET INVESTMENTS

29.2.16

28.2.15

£

Shares in group undertakings

70,279

223,153

Loans to group undertakings

2,812,778

2,995,022

2,883,057

3,218,175

Additional information is as follows:

Shares in

group

undertakings

£

At 1 March 2015 - valuation

223,153

Movement

(152,874

)

At 29 February 2016 - valuation

70,279

The historic cost of the shares in group undertakings shown above at valuation of £70,279 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

29.2.16

28.2.15

£

Aggregate capital and reserves

70,279

223,153

Profit/ (loss) for the year

(138,811

)

46,221

Loans to

group

undertakings

£

At 1 March 2015

2995,022

New in year

8,348

Movement in provision against

loan

(190,592

)

At 29 February 2016

2,812,778

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.2.16

28.2.15

£

Other debtors

722

2,774

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.2.16

28.2.15

£

Other creditors

-

4,000

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

29.2.16

28.2.15

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 2015

(895,843

)

1,904,847

223,123

1,232,127

Deficit for the year

(193,280

)

-

(193,280

)

Revaluation in year

-

(152,874

)

(152,874

)

At 29 February 2016

(1,089,123

)

1,904,847

70,249

885,973

10.

CONTROL

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