Company Registration No. 8824597 (England and Wales)
NEW HORIZONS WILDLIFE TOURS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
NEW HORIZONS WILDLIFE TOURS LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 9
NEW HORIZONS WILDLIFE TOURS LTD
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NEW HORIZONS WILDLIFE TOURS LTD FOR THE YEAR ENDED 31 MARCH 2018
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of New Horizons Wildlife Tours Ltd for the year ended 31 March 2018 which comprise, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of New Horizons Wildlife Tours Ltd, as a body, in accordance with the terms of our engagement letter dated 8 December 2017. Our work has been undertaken solely to prepare for your approval the financial statements of New Horizons Wildlife Tours Ltd
and state those matters that we have agreed to state to the Board of Directors of New Horizons Wildlife Tours Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than New Horizons Wildlife Tours Ltd and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that New Horizons Wildlife Tours Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit of New Horizons Wildlife Tours Ltd. You consider that New Horizons Wildlife Tours Ltd is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of New Horizons Wildlife Tours Ltd. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Baldwins (Nottingham) Limited
26 July 2018
Accountants
370-374 Nottingham Road
Newthorpe
Nottinghamshire
NG16 2ED
NEW HORIZONS WILDLIFE TOURS LTD
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Goodwill
2
14,375
16,875
Tangible assets
3
9,343
12,458
23,718
29,333
Current assets
Debtors
4
17,685
28,694
Cash at bank and in hand
80,965
36,318
98,650
65,012
Creditors: amounts falling due within one year
5
(68,401)
(79,707)
Net current assets/(liabilities)
30,249
(14,695)
Total assets less current liabilities
53,967
14,638
Creditors: amounts falling due after more than one year
6
(885)
(2,269)
Provisions for liabilities
7
(1,775)
(2,367)
Net assets
51,307
10,002
Capital and reserves
Called up share capital
8
50,000
20,000
Profit and loss reserves
1,307
(9,998)
Total equity
51,307
10,002
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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.
The financial statements were approved and signed by the director and authorised for issue on 26 July 2018
Mr C J Hall
Director
Company Registration No. 8824597
NEW HORIZONS WILDLIFE TOURS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information
New Horizons Wildlife Tours Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
370-374 Nottingham Road, Newthorpe, Nottingham, Nottinghamshire, NG16 2ED.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual insta
l
ments over its estimated useful economic life
of 10 years.
1.4
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.
NEW HORIZONS WILDLIFE TOURS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
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:
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance
1.5
Impairment of fixed assets
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
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 (or cash-generating unit) 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 (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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 using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
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.
NEW HORIZONS WILDLIFE TOURS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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.
NEW HORIZONS WILDLIFE TOURS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 6 -
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.11
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 are included in the profit and loss account for the period.
2
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2017 and 31 March 2018
25,000
Amortisation and impairment
At 1 April 2017
8,125
Amortisation charged for the year
2,500
At 31 March 2018
10,625
Carrying amount
At 31 March 2018
14,375
At 31 March 2017
16,875
NEW HORIZONS WILDLIFE TOURS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 7 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2017 and 31 March 2018
18,129
Depreciation and impairment
At 1 April 2017
5,671
Depreciation charged in the year
3,115
At 31 March 2018
8,786
Carrying amount
At 31 March 2018
9,343
At 31 March 2017
12,458
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Corporation tax recoverable
3,123
-
Prepayments and accrued income
14,562
25,592
17,685
25,592
2018
2017
Amounts falling due after more than one year:
£
£
Other debtors
-
3,102
Total debtors
17,685
28,694
NEW HORIZONS WILDLIFE TOURS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 8 -
5
Creditors: amounts falling due within one year
2018
2017
£
£
Obligations under hire purchase
1,384
1,279
Corporation tax
4
-
Other taxation and social security
1,910
331
Other creditors
39
321
Accruals and deferred income
61,010
62,305
Directors loan accounts
4,054
15,471
68,401
79,707
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Obligations under hire purchase
885
2,269
7
Deferred taxation
The following are the deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2018
2017
Balances:
£
£
Accelerated capital allowances
1,775
2,367
2018
Movements in the year:
£
Liability at 1 April 2017
2,367
Credit to profit or loss
(592)
Liability at 31 March 2018
1,775
NEW HORIZONS WILDLIFE TOURS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 9 -
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
50,000 Ordinary of £1 each
50,000
20,000
50,000
20,000
During the year 30,000 ordinary shares were issued at par value.
9
Related party transactions
Transactions with related parties
During the year the following transactions were entered into with related parties:
Name of related party
Nature of relationship
Entities with control, joint control or significant influence over the company
Director
Description of
Income
Payments
transaction
2018
2017
2018
2017
£
£
£
£
Entities with control, joint control or significant influence over the company
Guide costs
8,000
Amounts owed to/by related parties
The following amounts were outstanding at the reporting end date:
Amount owed to
Amounts owed by
2018
2017
2018
2017
£
£
£
£
Entities with control, joint control or significant influence over the company
4,054
15,471
2018-03-31
2017-04-01
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