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Registered number: 12411294
Gargash Manor Hotel Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12411294
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 80,000 160,000
Tangible Assets 5 865,841 727,828
945,841 887,828
CURRENT ASSETS
Debtors 6 9,647,190 8,423,973
Cash at bank and in hand 51,243 883,993
9,698,433 9,307,966
Creditors: Amounts Falling Due Within One Year 7 (10,379,361 ) (9,997,755 )
NET CURRENT ASSETS (LIABILITIES) (680,928 ) (689,789 )
TOTAL ASSETS LESS CURRENT LIABILITIES 264,913 198,039
NET ASSETS 264,913 198,039
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 264,813 197,939
SHAREHOLDERS' FUNDS 264,913 198,039
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr T A Gargash
Director
Mrs A A Omar
Director
21/03/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
Gargash Manor Hotel Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12411294 . The registered office is Weston Manor Hotel, Northampton Road, Bicester, OX25 3QL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% per annum on straight line basis
Fixtures & Fittings 15% per annum on straight line basis
Computer Equipment 15% per annum on straight line basis
2.6. Foreign Currencies
The company's functional and presentational currency is GBP. Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 32 (2023: 21)
32 21
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4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 400,000
As at 31 March 2024 400,000
Amortisation
As at 1 April 2023 240,000
Provided during the period 80,000
As at 31 March 2024 320,000
Net Book Value
As at 31 March 2024 80,000
As at 1 April 2023 160,000
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 145,818 718,736 35,197 899,751
Additions 11,667 336,164 796 348,627
Disposals (10,279 ) (28,969 ) (1,083 ) (40,331 )
As at 31 March 2024 147,206 1,025,931 34,910 1,208,047
Depreciation
As at 1 April 2023 31,099 131,070 9,754 171,923
Provided during the period 22,081 153,890 5,236 181,207
Disposals (2,618 ) (7,968 ) (338 ) (10,924 )
As at 31 March 2024 50,562 276,992 14,652 342,206
Net Book Value
As at 31 March 2024 96,644 748,939 20,258 865,841
As at 1 April 2023 114,719 587,666 25,443 727,828
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 7,376 2,236
Other debtors 9,639,814 8,421,737
9,647,190 8,423,973
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 188,559 475,951
Other creditors 10,189,531 9,519,798
Taxation and social security 1,271 2,006
10,379,361 9,997,755
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Related Party Transactions
Included within other creditors is an amount of £10,153,937 (2023: £9,485,629) due to a director. The loan is interest free and repayable on demand.
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