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COMPANY REGISTRATION NUMBER: 04847129
El-Gamal and Co Limited
Filleted Unaudited Abridged Financial Statements
31 July 2024
El-Gamal and Co Limited
Abridged Financial Statements
Year ended 31 July 2024
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
El-Gamal and Co Limited
Abridged Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
8,187,775
8,194,354
Investments
6
30,270
30,270
------------
------------
8,218,045
8,224,624
Current assets
Debtors
163,491
59,991
Cash at bank and in hand
287,349
500,927
---------
---------
450,840
560,918
Creditors: amounts falling due within one year
366,461
320,851
---------
---------
Net current assets
84,379
240,067
------------
------------
Total assets less current liabilities
8,302,424
8,464,691
Creditors: amounts falling due after more than one year
3,500,855
3,791,005
------------
------------
Net assets
4,801,569
4,673,686
------------
------------
Capital and reserves
Called up share capital
1
1
Revaluation reserve
3,450,000
3,450,000
Profit and loss account
1,351,568
1,223,685
------------
------------
Shareholders funds
4,801,569
4,673,686
------------
------------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 July 2024 in accordance with Section 444(2A) of the Companies Act 2006.
El-Gamal and Co Limited
Abridged Statement of Financial Position (continued)
31 July 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 16 April 2025 , and are signed on behalf of the board by:
Mr F El-Gamal
Director
Company registration number: 04847129
El-Gamal and Co Limited
Notes to the Abridged Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Holly View, Hendon, NW4 3SZ.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is the rental income received or receivable stated net of discounts and of Value Added Tax.
Tax
The taxation expense represents the aggregate amount of current recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
25% reducing balance
Motor Vehicle
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangements as either financial assets, financial liabilities or equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
£
Cost
At 1 August 2023 and 31 July 2024
8,235,173
------------
Depreciation
At 1 August 2023
40,819
Charge for the year
6,579
------------
At 31 July 2024
47,398
------------
Carrying amount
At 31 July 2024
8,187,775
------------
At 31 July 2023
8,194,354
------------
6. Investments
£
Cost
At 1 August 2023 and 31 July 2024
30,270
--------
Impairment
At 1 August 2023 and 31 July 2024
--------
Carrying amount
At 31 July 2024
30,270
--------
At 31 July 2023
30,270
--------
7. Director's advances, credits and guarantees
At the year end the company owed Mr F El-Gamal £279,992 (2023: £246,428) in non-interest bearing loans.