REGISTERED NUMBER:
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EGYPTIAN-BRITISH CHAMBER OF |
COMMERCE(THE) |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST MARCH 2021 |
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REGISTERED NUMBER:
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EGYPTIAN-BRITISH CHAMBER OF |
COMMERCE(THE) |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST MARCH 2021 |
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EGYPTIAN-BRITISH CHAMBER OF |
COMMERCE(THE) (REGISTERED NUMBER: 01561635) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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EGYPTIAN-BRITISH CHAMBER OF |
COMMERCE(THE) |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
Forum House |
First Floor |
15-18 Lime Street |
London |
EC3M 7AN |
EGYPTIAN-BRITISH CHAMBER OF |
COMMERCE(THE) (REGISTERED NUMBER: 01561635) |
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BALANCE SHEET |
31ST MARCH 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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RESERVES |
Initial contributions by |
founder members |
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Capital contributions by |
Egyptian Government |
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Income and expenditure account |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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EGYPTIAN-BRITISH CHAMBER OF |
COMMERCE(THE) (REGISTERED NUMBER: 01561635) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2021 |
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1. | STATUTORY INFORMATION |
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Egyptian-British Chamber Of Commerce(The) is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Intangible assets |
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured ar cost less any accumulated amortisation and any accumulated impairment losses. |
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All intangible assets are considered to have a finite useful life of three years and are amortised accordingly. |
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Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historicall cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
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The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are changed to profit or loss during the period in which they are incurred. |
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. |
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Depreciation is provided on the following basis: |
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Short term leasehold property - 33% |
Office equipment - 50% |
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The assets residual values, useful lives and depreciation methods are review, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
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Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account. |
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EGYPTIAN-BRITISH CHAMBER OF |
COMMERCE(THE) (REGISTERED NUMBER: 01561635) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2021 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Going concern |
It has been announced by the Egyptian government that new rules will be introduced in October 2021 that the directors consider will present significant challenges in terms of the level of demand for the company's document certification service. The directors believe these changes will have a negative impact on the certification income of the company. |
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As part of the directors' assessment of going concern they have prepared detailed cash flow and profit and loss forecasts for the 12 months from the date of approval of these accounts. These forecasts have been prepared on an appropriate basis, taking into account the new rule changes being implemented. |
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The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and to discharge its liabilities when due. Although the company incurred a deficit during the year, it still has significant cash reserves available if required to continue operationally for the 12 months from the date of approval of these accounts. |
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For these reasons, the directors continue to adopt the going concern basis in preparing the annual report and financial statements. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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EGYPTIAN-BRITISH CHAMBER OF |
COMMERCE(THE) (REGISTERED NUMBER: 01561635) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2021 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1st April 2020 |
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Additions |
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At 31st March 2021 |
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AMORTISATION |
At 1st April 2020 |
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Charge for year |
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At 31st March 2021 |
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NET BOOK VALUE |
At 31st March 2021 |
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At 31st March 2020 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1st April 2020 |
and 31st March 2021 |
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DEPRECIATION |
At 1st April 2020 |
and 31st March 2021 |
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NET BOOK VALUE |
At 31st March 2021 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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EGYPTIAN-BRITISH CHAMBER OF |
COMMERCE(THE) (REGISTERED NUMBER: 01561635) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2021 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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9. | OFF-BALANCE SHEET ARRANGEMENTS |
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At the year end date the company had operating lease commitments in respect of land and buildings which are not included in the balance sheet and which extend to May 2022. The future minimum lease payments in respect of these total £42,000 (2020: £84,075) of which £42,000 (2020: £42,075) is payable within 12 months. |
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10. | RELATED PARTY DISCLOSURES |
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Included in debtors is £Nil (2020: £3,000) due from The Middle East Association ("MEA"), a subsidiary of the company. |
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11. | POST BALANCE SHEET EVENTS |
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New rules changes impacting certification income |
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It has been announced by the Egyptian government that new rules will be introduced in October 2021 that the directors consider will present significant challenges in terms of the level of demand of the company's document certification service. The directors believe these changes will have a negative impact on the certification income of the company. |
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The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and to discharge it liabilities when due. Although the company incurred a deficit during the year, it still has significant cash reserves available if required to continue operationally for the 12 months from the date of approval of these accounts. |
EGYPTIAN-BRITISH CHAMBER OF |
COMMERCE(THE) (REGISTERED NUMBER: 01561635) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2021 |
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12. | SIGNIFICANT EVENTS |
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Covid-19 |
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The COVID-19 pandemic has had a significant negative impact on global trade and economies. Both the UK and Egyptian governments have announced robust fiscal packages which have assisted with trade. COVID-19 has had a negative impact on the company in the year with certification income lower than in the previous year. However, since the year end, certification income levels are increasing each month. The majority of income is received in advance so credit control is not an issue. The company does not have any debt or loans outstanding and therefore can manage its cash flow position carefully. With the UK vaccine roll-out going well, the directors are optimistic that the company's certification income will not be a severely impacted by COVID-19 going forward. |
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13. | SUBSIDIARY UNDERTAKINGS |
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The company is the sole member of The Middle East Association ("MEA"), a company incorporated in England and Wales and Limited by guarantee. |