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Registration number: 06572864

I Room Hotels Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

I Room Hotels Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

I Room Hotels Ltd

Company Information

Directors

Mr S Gouda

Mr M N Zaki Abouelsaad

Registered office

25 Collingham Place
London
SW5 0QF

Accountants

Richlands Business Advisers Limited
Chartered Accountants
42-46 Station Road
Edgware
Middlesex
HA8 7AB

 

I Room Hotels Ltd

(Registration number: 06572864)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

3,471,639

3,335,921

Current assets

 

Debtors

6

10,895

33,502

Cash at bank and in hand

 

24,438

117,174

 

35,333

150,676

Creditors: Amounts falling due within one year

7

(429,957)

(478,792)

Net current liabilities

 

(394,624)

(328,116)

Total assets less current liabilities

 

3,077,015

3,007,805

Creditors: Amounts falling due after more than one year

7

(1,979,000)

(1,705,530)

Net assets

 

1,098,015

1,302,275

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

1,097,015

1,301,275

Shareholders' funds

 

1,098,015

1,302,275

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 

.........................................

Mr S Gouda
Director

 

I Room Hotels Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
25 Collingham Place
London
SW5 0QF
United Kingdom

These financial statements were authorised for issue by the Board on 5 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

I Room Hotels Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% per annum on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

I Room Hotels Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

I Room Hotels Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

1,000

1,000

At 30 April 2024

1,000

1,000

Amortisation

At 1 May 2023

1,000

1,000

At 30 April 2024

1,000

1,000

Carrying amount

At 30 April 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

3,320,001

76,782

3,396,783

Additions

99,658

53,386

153,044

At 30 April 2024

3,419,659

130,168

3,549,827

Depreciation

At 1 May 2023

-

60,862

60,862

Charge for the year

-

17,326

17,326

At 30 April 2024

-

78,188

78,188

Carrying amount

At 30 April 2024

3,419,659

51,980

3,471,639

At 30 April 2023

3,320,001

15,920

3,335,921

Included within the net book value of land and buildings above is £3,419,659 (2023 - £3,320,001) in respect of freehold land and buildings.
 

 

I Room Hotels Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

2,433

2,517

Other debtors

8,462

30,985

 

10,895

33,502

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

21,000

63,332

Taxation and social security

 

31,009

54,161

Other creditors

 

34,438

104

Accrued expenses

 

5,500

26,802

Corporation tax payable

 

-

41,515

Directors current account

 

338,010

292,878

 

429,957

478,792

Due after one year

 

Loans and borrowings

9

1,979,000

1,705,530

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

1,979,000

1,705,530

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

1,000

1,000

1,000

1,000

       
 

I Room Hotels Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,979,000

1,705,530

Current loans and borrowings

2024
£

2023
£

Bank borrowings

21,000

63,332