Company registration number 06603179 (England and Wales)
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
D H Yeo
R M Ward
Company number
06603179
Registered office
30 Argyll Street
London
United Kingdom
W1F 7EB
Auditor
Gerald Edelman LLP
73 Cornhill
London
EC3V 3QQ
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Income statement
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 20
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 JANUARY 2024
- 1 -

The directors present the strategic report for the period ended 31 January 2024.

Review of the business

The directors are satisfied with the results for the period. The company recharges its staff and central costs to related UK undertakings.

 

The position of the company at the period end

As shown in the income statement, the reported profit represents the results of the period's trading. Staff and related costs are effectively recharged at cost to related entities and thus there are no effective key performance indicators.

 

The statement of financial position, shows the company's financial position at the period end. The financial position of the company remains satisfactory, and is based on confirmed financial support from fellow group undertakings.

Principal risks and uncertainties

The principal risks and uncertainties that could affect the company's business are summarised below:

 

Economic climate

The company is exposed to the current economic climate that may affect the ability of the company to recruit suitable staff. In particular, there remains some element of uncertainty surrounding the UK's exit from the European Union in addition to the rising cost of living in evidence across the world. Planning has addressed this by continued improvement in the company's recruitment, training and cost control.

 

Regulatory changes

Whilst the current regulatory environment has remained stable, this is an identified risk of the company to ensure compliance. Professional advisors are consulted when necessary in order to ensure compliance with laws and regulations.

 

Health and safety

The risk of non compliance with health and safety legislation is minimised through comprehensive training, review and development of policies and procedures to maintain standards.

 

Financing

See Financial instruments.

 

Financial instruments

The company's principal financial instruments comprise bank balances, trade creditors and loans to and from related undertakings. The main purpose of these instruments is to raise funds for the company and to finance the company's operations. The company's approach to managing risks applicable to the financial instruments concerned is shown below.

 

Price risk

Price risk is managed by regularly negotiating prices with suppliers.

 

Interest rate risk

The company finances its operations through loans from its fellow subsidiary undertakings. The inter-company advances are provided interest free and are effectively repayable on demand.

 

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Primarily this is achieved through financial support from its fellow subsidiary undertakings. The company policy throughout the period has been to ensure continuity of funding. Short term flexibility is achieved by financial support from its fellow group undertakings.

 

 

 

ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 2 -
Key performance indicators

This company does not have any key performance indicators as costs are effectively recharged at cost to fellow UK group undertakings.

On behalf of the board

.............................................
R M Ward
Director
Date: .............................................
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 JANUARY 2024
- 3 -

The directors present their annual report and financial statements for the period ended 31 January 2024.

Principal activities

The principal activity of the company in the period under review was the provision of staff services to fellow subsidiary companies.

Results and dividends

The results for the period are set out on page 9.

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:

D H Yeo
R M Ward
Auditor

The auditor, Gerald Edelman 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 (FRS102 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.

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.

ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 4 -
Going concern

The company has net assets of £6,318 as at 31 January 2024. Having reviewed the company's financial forecasts and expected future cash flows, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Two of the group entities, Aqua Brit Limited and Hutong Limited, have confirmed their intention to provide financial support, should it be required over the twelve months from the date of signing these financial statements. The directors therefore consider that the company has access to sufficient funding to meet its financial obligations as they fall due. As a result the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
R M Ward
Director
30 January 2025
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
- 5 -
Opinion

We have audited the financial statements of ANKH Concepts Hospitality Management Limited (the 'company') for the period ended 31 January 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:

ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED (CONTINUED)
- 6 -
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.

 

Our audit procedures were primarily directed towards testing the accounting systems in operation upon which we have based our assessment of the financial statements for the period ended 31 January 2024.

 

We planned our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with law or regulations.

Extent to which the audit was considered capable of detecting irregularities, including fraud

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED (CONTINUED)
- 7 -
Audit response to risks identified

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 are not limited to:

The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance.

 

Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the directors.

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.

ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED (CONTINUED)
- 8 -

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.

Saskia Harrison
Senior Statutory Auditor
For and on behalf of Gerald Edelman LLP
30 January 2025
Chartered Accountants
Statutory Auditor
73 Cornhill
London
EC3V 3QQ
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
INCOME STATEMENT
FOR THE PERIOD ENDED 31 JANUARY 2024
- 9 -
Period
Year
ended
ended
31 January
30 June
2024
2023
Notes
£
£
Turnover
3
12,666,264
16,095,036
Administrative expenses
(12,664,808)
(16,085,979)
Profit before taxation
1,456
9,057
Tax on profit
7
-
0
(803)
Profit for the financial period
1,456
8,254

The income statement has been prepared on the basis that all operations are continuing operations.

ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 JANUARY 2024
31 January 2024
- 10 -
31 January 2024
30 June 2023
Notes
£
£
£
£
Current assets
Debtors
8
7,157,201
5,181,529
Cash at bank and in hand
210,733
999,178
7,367,934
6,180,707
Creditors: amounts falling due within one year
9
(7,361,616)
(6,175,845)
Net current assets
6,318
4,862
Capital and reserves
Called up share capital
10
1
1
Profit and loss reserves
6,317
4,861
Total equity
6,318
4,862

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
R M Ward
Director
Company registration number 06603179 (England and Wales)
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JANUARY 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2022
1
(3,393)
(3,392)
Year ended 30 June 2023:
Profit and total comprehensive income
-
8,254
8,254
Balance at 30 June 2023
1
4,861
4,862
Period ended 31 January 2024:
Profit and total comprehensive income
-
1,456
1,456
Balance at 31 January 2024
1
6,317
6,318
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 JANUARY 2024
- 12 -
2024
2023
Notes
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
16
(788,445)
71,640
Income taxes paid
-
0
(4,196)
Net cash (outflow)/inflow from operating activities
(788,445)
67,444
Net (decrease)/increase in cash and cash equivalents
(788,445)
67,444
Cash and cash equivalents at beginning of period
999,178
931,734
Cash and cash equivalents at end of period
210,733
999,178
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
- 13 -
1
Accounting policies
Company information

ANKH Concepts Hospitality Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 Argyll Street, London, United Kingdom, W1F 7EB. The trading address is 200 Borough High Street, London, SE1 1JX.

1.1
Reporting period

The company's reported results are for a shorter period, following a decision by the directors to shorten the accounting reference date from 30 June 2024 to 31 January 2024. This period is shorter than the usual 12-month accounting year. Comparatives are for the year ended 30 June 2023.

 

1.2
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.

1.3
Going concern

The company has net assets of £6,318 as at 31 January 2024. Having reviewed the company's financial forecasts and expected future cash flows, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Two of the group entities, Aqua Brit Limited and Hutong Limited, have confirmed their intention to provide financial support, should it be required over the twelve months from the date of signing these financial statements. The directors therefore consider that the company has access to sufficient funding to meet its financial obligations as they fall due. As a result the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.4
Turnover

Turnover represents fees receivable for services net of VAT. Income is recognised when staff and related services are provided and are recharged at cost.

1.5
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.

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:

Computer equipment
- 20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the income statement.

1.6
Cash and cash equivalents

Cash and cash equivalents 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.

ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 14 -
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 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 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 the income statement.

 

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 the income statement.

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.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, in addition to advances from fellow group companies, 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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.

1.8
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.

ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 15 -
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/period. 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.

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 income statement, 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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the income statement 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.

1.13
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 in the period are included on the income statement.

ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 16 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. In the opinion of the directors, there are no material estimates included in these financial statements.

3
Turnover

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Staff and head office costs recharged
12,666,264
16,095,036
4
Operating profit
2024
2023
Operating profit for the period is stated after charging/(crediting):
£
£
Exchange gains
-
0
(4,222)
Fees payable to the company's auditor for the audit of the company's financial statements
6,750
6,250
Operating lease charges
112,000
142,464
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 17 -
5
Employees

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

2024
2023
Number
Number
Staff
589
472

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
11,628,705
14,555,746
Social security costs
655,284
820,799
Pension costs
113,637
148,531
12,397,626
15,525,076
6
Tangible fixed assets
Computer equipment
£
Cost or valuation
At 1 July 2023 and 31 January 2024
27,245
Depreciation and impairment
At 1 July 2023 and 31 January 2024
27,245
Carrying amount
At 31 January 2024
-
0
At 30 June 2023
-
0

Land and buildings have nil year on year.

 

7
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
-
0
803
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
7
Taxation
(Continued)
- 18 -

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,456
9,057
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
364
1,721
Adjustments in respect of prior years
(364)
(803)
Permanent capital allowances in excess of depreciation
-
0
(115)
Taxation charge for the period
-
803
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,259
-
0
Amounts owed by group undertakings
7,092,821
5,100,582
Other debtors
32,000
32,000
Prepayments and accrued income
23,121
48,947
7,157,201
5,181,529
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
51,877
102,900
Amounts owed to group undertakings
5,774,085
4,980,813
Taxation and social security
1,281,064
952,487
Other creditors
92,451
46,543
Accruals and deferred income
162,139
93,102
7,361,616
6,175,845
10
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 19 -
11
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to the income statement  in respect of defined contribution schemes
113,637
148,531

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

12
Financial commitments, guarantees and contingent liabilities

ANKH Concepts Hospitality Management Limited and its fellow subsidiary undertakings have provided cross guarantees as part of a group guarantee arrangement in order to secure a bank loan of £5m with a fellow subsidiary undertaking. The directors, R M Ward and D H Yeo, have provided personal guarantees limited to £3m. In addition, the bank hold charges on two privately owned properties of the directors.

13
Related party transactions

The company has taken advantage of the exemption available under FRS102 whereby it has not disclosed transactions and balances with any wholly owned group companies.

14
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
160,000
192,000
Between two and five years
-
0
80,000
Within one year
160,000
272,000
15
Ultimate controlling party

The immediate parent company is ANKH Concepts Limited and the ultimate parent company is Contemporary Global Limited. Both companies are registered in the British Virgin Islands.

ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 20 -
16
Cash (absorbed by)/generated from operations
2024
2023
£
£
Profit for the period after tax
1,456
8,254
Adjustments for:
Taxation charged
-
0
803
Movements in working capital:
Increase in debtors
(1,975,672)
(36,893)
Increase in creditors
1,185,771
99,476
Cash (absorbed by)/generated from operations
(788,445)
71,640
17
Analysis of changes in net funds
1 July 2023
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
999,178
(788,445)
210,733
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