Company registration number 05918480 (England and Wales)
OXFORD HOTELS & INNS MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
OXFORD HOTELS & INNS MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
A M Khalastchi
E M F Khalastchi
P S D Khalastchi
N Khalastchi
M R Khalastchi
S Khalastchi
D F Khalastchi
L Khalastchi
J Khalastchi
Company number
05918480
Registered office
2 Leman Street
London
United Kingdom
E1W 9US
Auditor
Gravita II LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
OXFORD HOTELS & INNS MANAGEMENT LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 17
OXFORD HOTELS & INNS MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 28 APRIL 2024
- 1 -

The directors present the strategic report for the Period ended 28 April 2024.

Review of the business

The financial year ended 28 April 24 has shown continued improvement in revenues. Hotel revenues increased to £23,398,752 (2023: £20,071,227), up 16.5%.

Pubs and Inns have been generally consistent on rental revenues year-on-year but wet-led margins remain challenging as beer and spirit pricing have hit historic peaks in a time period when consumer spending has been stretched by rising inflation and economic uncertainty in the UK.

Hotel REVPAR was up 20.1%, with occupancy up 7.6% and average room rate up 5.2%. Room sales being 52.7% of total sales (2023: 55.8%).

The Russian invasion of Ukraine and inflationary cost pressures had a significant impact on energy costs across the hotel estate and also significantly impacted the Tenanted estate.

Principal risks and uncertainties

Risks are regularly reviewed by the hotel management team and those that could materially affect the business are:

Staffing risk – The business must recruit, train and retain high quality staff to enable it to deliver its services to guests.

Mitigation: All new employees undertake an induction process and receive ongoing training and development to encourage an attitude for team work and the delivery of operational values and standards. Regular team communication sessions are held to cascade information between hotel general managers, heads of departments and team members.

Cyber and data security risk – remains a key risk as it could reduce the effectiveness of systems, open finance processes to fraud or result in a loss of data.

Mitigation: A series of IT security controls are in place, including up-to-date antivirus software across the estate and these are reviewed on a continual basis. All data is backed up to Cloud storage facilities.

On behalf of the board

P S D Khalastchi
Director
22 October 2024
OXFORD HOTELS & INNS MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 28 APRIL 2024
- 2 -

The directors present their report and financial statements for the period ended 28 April 2024. The comparatives are for the period ended 30 April 2023.

Principal activities
The principal activity of the company continued to be that of the management of hotels and public houses.
Results and dividends

The results for the Period are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the Period and up to the date of signature of the financial statements were as follows:

A M Khalastchi
E M F Khalastchi
P S D Khalastchi
N Khalastchi
M R Khalastchi
S Khalastchi
D F Khalastchi
L Khalastchi
J Khalastchi
Auditor

The auditor, Gravita II LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

OXFORD HOTELS & INNS MANAGEMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
- 3 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
P S D Khalastchi
Director
22 October 2024
OXFORD HOTELS & INNS MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OXFORD HOTELS & INNS MANAGEMENT LIMITED
- 4 -
Opinion

We have audited the financial statements of Oxford Hotels & Inns Management Limited (the 'company') for the period ended 28 April 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

 

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

OXFORD HOTELS & INNS MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OXFORD HOTELS & INNS MANAGEMENT LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

OXFORD HOTELS & INNS MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OXFORD HOTELS & INNS MANAGEMENT LIMITED (CONTINUED)
- 6 -
The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment by for example forgery, or intentional misrepresentation or through collusion. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

OXFORD HOTELS & INNS MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OXFORD HOTELS & INNS MANAGEMENT LIMITED (CONTINUED)
- 7 -
John Donohoe FCA
Senior Statutory Auditor
For and on behalf of Gravita II LLP
25 October 2024
Chartered Accountants
Statutory Auditor
Aldgate Tower
2 Leman Street
London
E1 8FA
OXFORD HOTELS & INNS MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 28 APRIL 2024
- 8 -
Period
Period
ended
ended
28 April
30 April
2024
2023
Notes
£
£
Turnover
2
23,398,752
22,059,322
Cost of sales
(4,024,098)
(3,816,288)
Gross profit
19,374,654
18,243,034
Administrative expenses
(19,463,789)
(18,336,572)
Other operating income
90,602
92,618
Operating profit/(loss)
3
1,467
(920)
Interest receivable and similar income
6
11
-
0
Profit/(loss) before taxation
1,478
(920)
Taxation
7
-
0
-
0
Profit/(loss) for the financial Period
1,478
(920)
Total comprehensive loss for the Period
1,478
(920)
OXFORD HOTELS & INNS MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
28 APRIL 2024
28 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
8
142,758
161,098
Debtors
9
2,871,865
3,595,106
Cash at bank and in hand
2,008,805
2,490,378
5,023,428
6,246,582
Creditors: amounts falling due within one year
10
(5,006,308)
(6,230,940)
Net current assets
17,120
15,642
Capital and reserves
Called up share capital
11
1
1
Profit and loss reserve
12
17,119
15,641
Total equity
17,120
15,642
The financial statements were approved by the board of directors and authorised for issue on 22 October 2024 and are signed on its behalf by:
P S D Khalastchi
Director
Company Registration No. 05918480
OXFORD HOTELS & INNS MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 APRIL 2024
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 2 May 2022
1
16,561
16,562
Period ended 30 April 2023:
Loss and total comprehensive income
-
(920)
(920)
Balance at 30 April 2023
1
15,641
15,642
Period ended 28 April 2024:
Profit and total comprehensive income
-
1,478
1,478
Balance at 28 April 2024
1
17,119
17,120
OXFORD HOTELS & INNS MANAGEMENT LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 28 APRIL 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
16
(481,584)
(657,000)
Investing activities
Interest received
11
-
0
Net cash generated from/(used in) investing activities
11
-
0
Net decrease in cash and cash equivalents
(481,573)
(657,000)
Cash and cash equivalents at beginning of Period
2,490,378
3,147,378
Cash and cash equivalents at end of Period
2,008,805
2,490,378
OXFORD HOTELS & INNS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
- 12 -
1
Accounting policies
Company information

Oxford Hotels & Inns Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Leman Street, London, E1W 9US. The principal place of business is PO Box 677, Sittingbourne, ME10 9NE.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have truea reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

 

The company has the continued financial and operational support of the owners, and the stakeholders. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the total income receivable net of VAT and trade discounts, all of which arise in the United Kingdom, from:

 

Hotel trade:

Trading activities of the hotels arise primarily from the letting of rooms, sale of food, beverages and other hotel services. Revenue is recognised on the daily occupation of accommodation and once the service is rendered.

 

Pub trade:

Trading activities of the pubs arise primarily from rentals from tenants and the sale of beer to those tenants. Revenue is recognised once the service is rendered.

 

Management services:

Income represents the providing of management services which are recognised once the service is rendered.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and finished goods.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash at bank and in hand

Cash and cash equivalents include cash in hand, deposits held at call with banks, and bank overdrafts.

OXFORD HOTELS & INNS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
1
Accounting policies
(Continued)
- 13 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 payments 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. Amounts 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.

OXFORD HOTELS & INNS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.10
Provisions
A provision is recognised in the balance sheet when there is a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. The amount recognised as a provision is the best estimate of the expenditure required to settle the obligation at the balance sheet date.
2
Turnover
2024
2023
£
£
Turnover
Rendering of services
22,378,171
20,982,329
Sale of products
1,020,581
1,076,993
23,398,752
22,059,322
3
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the period is stated after charging:
£
£
Operating lease charges
16,886
32,339
OXFORD HOTELS & INNS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
- 15 -
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
22,000
21,000
5
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2024
2023
Number
Number
Directors
9
9

The company incurred outsourced staff costs of £8,214,441 (2023: £7,823,832 ).

 

The directors of the company are not remunerated for their services to the company. There are no key management personnel other than the directors.

6
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
11
-
0
7
Taxation

The actual charge for the Period can be reconciled to the expected charge/(credit) for the Period based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
1,478
(920)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2023: 19.00%)
281
(175)
Unutilised tax losses
(281)
175
Taxation charge for the period
-
-
OXFORD HOTELS & INNS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
- 16 -
8
Stocks
2024
2023
£
£
Finished goods and products for resale
142,758
161,098
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
570,952
750,606
Other debtors
1,526,376
1,600,153
Prepayments and accrued income
774,537
1,244,347
2,871,865
3,595,106
10
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,881,321
2,264,411
Other taxation and social security
219,907
243,333
Other creditors
1,787,098
2,573,912
Accruals and deferred income
1,117,982
1,149,284
5,006,308
6,230,940
11
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and repayment of capital.

12
Reserves
Profit and loss reserves

Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.

OXFORD HOTELS & INNS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
- 17 -
13
Related party transactions
Transactions with related parties

During the Period the company entered into the following transactions with related parties:

Transactions with entities jointly controlled by directors of the company
2024
2023
£
£
Losses recharged to property owners
(29,018)
(33,401)
Profits payable to property owners
3,752,178
2,868,020
Balance owed to related parties
946,608
1,063,295
Balance owed by related parties
1,386,417
1,538,699
14
Ultimate controlling party

By virtue of his shareholding, Mr F Khalastchi is the Ultimate controlling party.

15
Analysis of changes in net funds
1 May 2023
Cash flows
28 April 2024
£
£
£
Cash at bank and in hand
2,490,378
(481,573)
2,008,805
16
Cash absorbed by operations
2024
2023
£
£
Profit/(loss) for the Period after tax
1,478
(920)
Adjustments for:
Investment income
(11)
-
0
Movements in working capital:
Decrease in stocks
18,340
10,436
Decrease/(increase) in debtors
723,241
(638,897)
Decrease in creditors
(1,224,632)
(27,619)
Cash absorbed by operations
(481,584)
(657,000)
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