Company Registration No. 06603179 (England and Wales)
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
D H Yeo
R M Ward
Secretary
K Rajendra
(Appointed 11 July 2018)
Company number
06603179
Registered office
30 Argyll Street
London
United Kingdom
W1F 7EB
Auditor
Gerald Edelman
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 - 6
Income statement
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 - 19
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2019
- 1 -
The directors present the strategic report for the year ended 30 June 2019.
Fair review of the business
The directors are satisfied with the results for the year. The company recharges its staff and central costs to related UK
undertakings.
The position of the company at the year end
As shown in the
income statement
, the reported
loss
represents the results of the year'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 year end.
The financial position of the company remains satisfactory.
The principal risks and uncertainties that could affect the company's business are summarised below:
Economic climate
The UK’s exit from the European Union in January 2020 continues to give rise to further uncertainty as there may be pressures regarding the ability of the company to recruit suitable staff.
Planning has addressed
the issues and the
current economic climate by continued improvement in the company's recruitment, training and cost control.
The coronavirus pandemic declared in March 2020 has given rise to uncertainty as staff levels may be affected as well as a short term impact on income levels. The UK group hold good cash reserves to shelter the impact. In addition, announcements by Government of various initiatives to support businesses to address short-term income shortfalls should enable the company to continue operationally.
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 year 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 YEAR ENDED 30 JUNE 2019
- 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.
R M Ward
Director
25 June 2020
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2019
- 3 -
The directors present their annual report and financial statements for the year ended 30 June 2019.
Principal activities
The principal activity of the company in the period under review was the provision of staff services
to fellow subsidiary companies
.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
D H Yeo
R M Ward
Results and dividends
The results for the year are set out on page 7.
No dividends will be distributed for the year ended 30 June 201
9
.
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The company's policy is to consult and discuss with employees at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
Auditor
The auditor, Gerald Edelman, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 4 -
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:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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.
Going concern
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.
Given the current coronavirus pandemic, announcements by Government of various initiatives to support businesses to address short-term income shortfalls should enable the company to continue operationally.
Thus the going concern basis has been adopted in preparing the financial statements for the year ended 3
0 June
201
9
.
On behalf of the board
R M Ward
Director
25 June 2020
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 year ended 30 June 2019 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows 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:
-
give a true and fair view of the state of the company's affairs as at 30 June 2019 and of its loss for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
.
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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
:
-
the information given in the strategic report and the directors' r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
- 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 identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, 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.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s 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.
Howard Woolf FCA (Senior Statutory Auditor)
for and on behalf of Gerald Edelman
30 June 2020
Chartered Accountants
Statutory Auditor
73 Cornhill
London
EC3V 3QQ
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2019
- 7 -
2019
2018
Notes
£
£
Turnover
3
12,059,328
11,658,812
Administrative expenses
(12,066,333)
(11,677,649)
Loss before taxation
(7,005)
(18,837)
Tax on loss
6
-
-
Loss for the financial year
(7,005)
(18,837)
The income statement has been prepared on the basis that all operations are continuing operations.
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2019
- 8 -
2019
2018
£
£
Loss for the year
(7,005)
(18,837)
Other comprehensive income
-
-
Total comprehensive income for the year
(7,005)
(18,837)
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2019
30 June 2019
- 9 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
7
1,118
5,538
Current assets
Debtors
9
3,285,054
3,055,154
Cash at bank and in hand
304,645
1,059
3,589,699
3,056,213
Creditors: amounts falling due within one year
10
(3,644,022)
(3,107,951)
Net current liabilities
(54,323)
(51,738)
Total assets less current liabilities
(53,205)
(46,200)
Capital and reserves
Called up share capital
12
1
1
Profit and loss reserves
(53,206)
(46,201)
Total equity
(53,205)
(46,200)
The financial statements were approved by the board of directors and authorised for issue on 25 June 2020 and are signed on its behalf by:
R M Ward
Director
Company Registration No. 06603179
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2019
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2017
1
(27,364)
(27,363)
Year ended 30 June 2018:
Loss and total comprehensive income for the year
-
(18,837)
(18,837)
Balance at 30 June 2018
1
(46,201)
(46,200)
Year ended 30 June 2019:
Loss and total comprehensive income for the year
-
(7,005)
(7,005)
Balance at 30 June 2019
1
(53,206)
(53,205)
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2019
- 11 -
2019
2018
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
18
340,832
(81,456)
Investing activities
Purchase of tangible fixed assets
-
(4,211)
Net cash used in investing activities
-
(4,211)
Net cash used in financing activities
-
-
Net increase/(decrease) in cash and cash equivalents
340,832
(85,667)
Cash and cash equivalents at beginning of year
(36,187)
49,480
Cash and cash equivalents at end of year
304,645
(36,187)
Relating to:
Cash at bank and in hand
304,645
1,059
Bank overdrafts included in creditors payable within one year
-
(37,246)
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
- 12 -
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 40 Bermondsey Street, London, SE1 3UD.
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 a
mounts
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
These financial statements have been prepared on a going concern basis which assumes that the company will continue to trade. The validity of this assumption is dependent upon the continued support from the company's fellow
true
UK
subsidiary undertakings.
The UK group hold good cash reserves to help shelter the impact of the current coronavirus pandemic. In addition, announcements by Government of various initiatives to support businesses to address short-term income shortfalls should enable the company to continue operationally.
If the company was unable to continue to trade, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for further liabilities that might arise and to reclassify fixed assets as current assets.
1.3
Turnover
Turnover represents fees receivable for services net of VAT. Income is recognised when staff services are provided and are recharged at cost.
1.4
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:
Fixtures & fittings
- 20% on cost
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
.
1.5
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 YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 13 -
1.6
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.
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.
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.
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 14 -
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. A
m
ounts 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.
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
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.
1.9
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.
1.10
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 lease
s
asset are consumed.
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.
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 15 -
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2019
2018
£
£
Turnover analysed by class of business
Turnover
12,059,328
11,658,812
4
Operating loss
2019
2018
Operating loss for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
3,750
3,750
Depreciation of owned tangible fixed assets
4,420
4,754
Operating lease charges
101,168
90,280
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Staff
422
428
Their aggregate remuneration comprised:
2019
2018
£
£
Wages and salaries
11,085,551
10,833,553
Social security costs
591,039
563,275
Pension costs
87,537
48,731
11,764,127
11,445,559
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 16 -
6
Taxation
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2019
2018
£
£
Loss before taxation
(7,005)
(18,837)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2018: 19.00%)
(1,331)
(3,579)
Group relief
1,331
3,579
Taxation charge for the year
-
-
7
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
£
£
£
Cost
At 1 July 2018
5,840
27,245
33,085
Disposals
(5,840)
-
(5,840)
At 30 June 2019
-
27,245
27,245
Depreciation and impairment
At 1 July 2018
5,285
22,262
27,547
Depreciation charged in the year
555
3,865
4,420
Eliminated in respect of disposals
(5,840)
-
(5,840)
At 30 June 2019
-
26,127
26,127
Carrying amount
At 30 June 2019
-
1,118
1,118
At 30 June 2018
555
4,983
5,538
8
Financial instruments
2019
2018
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
3,279,553
3,047,301
Carrying amount of financial liabilities
Measured at amortised cost
2,958,754
2,654,828
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 17 -
9
Debtors
2019
2018
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
3,272,886
2,704,696
Other debtors
6,667
6,667
Prepayments and accrued income
5,501
343,791
3,285,054
3,055,154
10
Creditors: amounts falling due within one year
2019
2018
Notes
£
£
Bank loans and overdrafts
11
-
37,246
Trade creditors
27,289
36,128
Amounts owed to group undertakings
2,800,276
2,505,944
Taxation and social security
685,268
453,123
Other creditors
21,364
5,856
Accruals and deferred income
109,825
69,654
3,644,022
3,107,951
There is a fixed and floating charge over the present and future assets of the company in favour of the company's bankers.
11
Loans and overdrafts
2019
2018
£
£
Bank overdrafts
-
37,246
Payable within one year
-
37,246
12
Share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary shares of £1 each
1
1
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 18 -
13
Retirement benefit schemes
2019
2018
Defined contribution schemes
£
£
Charge to the income statement in respect of defined contribution schemes
87,537
48,731
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.
14
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 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.
15
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:
2019
2018
£
£
Within one year
100,000
90,000
16
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.
17
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
.
The
company is controlled by the trusts of D Yeo, in which D Yeo has a beneficial interest.
ANKH CONCEPTS HOSPITALITY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 19 -
18
Cash generated from/(absorbed by) operations
2019
2018
£
£
Loss for the year after tax
(7,005)
(18,837)
Adjustments for:
Depreciation and impairment of tangible fixed assets
4,420
4,754
Movements in working capital:
(Increase)/decrease in debtors
(229,900)
901,286
Increase/(decrease) in creditors
573,317
(968,659)
Cash generated from/(absorbed by) operations
340,832
(81,456)
2019-06-30
2018-07-01
false
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