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EGM HOLDINGS LIMITED

Registered Number
09954441
(England and Wales)

Unaudited Financial Statements for the Year ended
29 November 2023

EGM HOLDINGS LIMITED
Company Information
for the year from 30 November 2022 to 29 November 2023

Director

AL-SAFI, Rizq Da'Ud

Registered Address

C/O Redstone Accountancy 253 Monton Road
Eccles
Manchester
M30 9PS

Registered Number

09954441 (England and Wales)
EGM HOLDINGS LIMITED
Balance Sheet as at
29 November 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3129,399970,812
129,399970,812
Current assets
Stocks41,250,000170,342
Debtors24,718-
Cash at bank and on hand20,50881
1,295,226170,423
Creditors amounts falling due within one year5(221,656)(197,067)
Net current assets (liabilities)1,073,570(26,644)
Total assets less current liabilities1,202,969944,168
Creditors amounts falling due after one year6(775,882)(347,495)
Provisions for liabilities7(60,607)(147,339)
Net assets366,480449,334
Capital and reserves
Called up share capital1,0001,000
Revaluation reserve318,983558,900
Profit and loss account46,497(110,566)
Shareholders' funds366,480449,334
The financial statements were approved and authorised for issue by the Director on 28 August 2024, and are signed on its behalf by:
AL-SAFI, Rizq Da'Ud
Director
Registered Company No. 09954441
EGM HOLDINGS LIMITED
Notes to the Financial Statements
for the year ended 29 November 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery-10
Vehicles30-
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20232022
Average number of employees during the year22
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Total

££££
Cost or valuation
At 30 November 22970,0001,942-971,942
Additions--4,5834,583
Transfers(845,000)--(845,000)
At 29 November 23125,0001,9424,583131,525
Depreciation and impairment
At 30 November 22-1,130-1,130
Charge for year-194802996
At 29 November 23-1,3248022,126
Net book value
At 29 November 23125,0006183,781129,399
At 29 November 22970,000812-970,812
4.Stocks

2023

2022

££
Other stocks1,250,000170,342
Total1,250,000170,342
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables-1,501
Bank borrowings and overdrafts209,731160,941
Taxation and social security10,70023,325
Other creditors-10,077
Accrued liabilities and deferred income1,2251,223
Total221,656197,067
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.
6.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts775,882347,495
Total775,882347,495
7.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)60,607147,339
Total60,607147,339