Registered number
09700471
EGY Hotels Limited
Report and Accounts
31 July 2023
EGY Hotels Limited
Company Information
Directors
Mr H Khalil
Accountants
SNB Accountancy Services Ltd
Devonshire House
582 Honeypot Lane
Stanmore
Middlesex
HA7 1JS
Registered office
51 Grange Park
Ealing
London
England
W5 3PR
Registered number
09700471
EGY Hotels Limited
Registered number: 09700471
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 4,000 6,000
Tangible assets 4 124,750 121,595
128,750 127,595
Current assets
Debtors 5 100,291 59,592
Cash at bank and in hand 114,774 162,500
215,065 222,092
Creditors: amounts falling due within one year 6 (57,414) (55,220)
Net current assets 157,651 166,872
Total assets less current liabilities 286,401 294,467
Creditors: amounts falling due after more than one year 7 (24,868) (33,820)
Net assets 261,533 260,647
Capital and reserves
Called up share capital 260,000 260,000
Profit and loss account 1,533 647
Shareholders' funds 261,533 260,647
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr H Khalil
Director
Approved by the board on 16 January 2024
EGY Hotels Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery 25% on reducing balance
Fixtures, fittings, tools and equipment 25% on reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2022 20,000
At 31 July 2023 20,000
Amortisation
At 1 August 2022 14,000
Provided during the year 2,000
At 31 July 2023 16,000
Net book value
At 31 July 2023 4,000
At 31 July 2022 6,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Leasehold property Plant and machinery etc Total
£ £ £
Cost
At 1 August 2022 182,853 10,469 193,322
Additions 3,700 12,378 16,078
At 31 July 2023 186,553 22,847 209,400
Depreciation
At 1 August 2022 63,999 7,728 71,727
Charge for the year 9,143 3,780 12,923
At 31 July 2023 73,142 11,508 84,650
Net book value
At 31 July 2023 113,411 11,339 124,750
At 31 July 2022 118,854 2,741 121,595
5 Debtors 2023 2022
£ £
Amounts owed by group undertakings 53,800 800
Prepayments 3,263 11,560
Rent deposit paid 43,228 43,228
Other debtors - 4,004
100,291 59,592
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,946 9,946
Trade creditors 12,250 24,265
Corporation tax 25,699 9,231
Other taxes and social security costs 10 -
VAT liability 9,509 11,645
Other creditors - 133
57,414 55,220
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 24,868 33,820
The bank loan is unsecured and received under the Government's 'Bounce Back Loan' scheme.
8 Related party transactions
JulieAndrew Ltd (incorporated in the UK) received dividends in the sum of £95,000 (2022: £22,000).
Included within the profit and loss account is management fees in the sum of £20,000 payable to JulieAndrew Ltd.
Included within the debtors is an amount of £53,800 receivable from JulieAndrew Ltd.
9 Controlling party
Mr H Khalil is the ulitimate controlling party by virtue of his shareholding in JulieAndrew Ltd that is the parent company of EGY Hotels Ltd.
10 Other information
EGY Hotels Limited is a private company limited by shares and incorporated in England. Its registered office is:
51 Grange Park
Ealing
London
England
W5 3PR
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