REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2022 |
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FOR |
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A.A. MICHAELIDES (BROOK GREEN) LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2022 |
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FOR |
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A.A. MICHAELIDES (BROOK GREEN) LIMITED |
A.A. MICHAELIDES (BROOK GREEN) LIMITED (REGISTERED NUMBER: 00758379) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2022 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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A.A. MICHAELIDES (BROOK GREEN) LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2022 |
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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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ACCOUNTANTS: |
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Chartered Certified Accountants |
Global House |
303 Ballards Lane |
London |
N12 8NP |
A.A. MICHAELIDES (BROOK GREEN) LIMITED (REGISTERED NUMBER: 00758379) |
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STATEMENT OF FINANCIAL POSITION |
30 JUNE 2022 |
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30/6/22 | 30/6/21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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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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CREDITORS |
Amounts falling due after more than one
year |
8 |
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( |
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PROVISIONS FOR LIABILITIES | 9 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
A.A. MICHAELIDES (BROOK GREEN) LIMITED (REGISTERED NUMBER: 00758379) |
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STATEMENT OF FINANCIAL POSITION - continued |
30 JUNE 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income 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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A.A. MICHAELIDES (BROOK GREEN) LIMITED (REGISTERED NUMBER: 00758379) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2022 |
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1. | STATUTORY INFORMATION |
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A.A. Michaelides (Brook Green) Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Revenue recognition |
Revenue is measured at the fair value of services provided net of VAT. Revenue for the provision of services is recognised when the services are provided to the customer. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Freehold buildings are not depreciated over their useful economic life in accordance with FRS 15 and it is also a departure from the general requirement of the Companies Act 2006. The directors have always adopted a policy of continued maintenance and upkeep of its buildings which extends the useful economic life of its assets to over 50 years. This is evidenced by the fact that the company has been operating its trade for almost 50 years and intends to continue to do so. |
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In addition, due to the high residual value and the very long useful economic life no depreciation is charged due to immateriality. |
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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 statement of financial position date. |
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A.A. MICHAELIDES (BROOK GREEN) LIMITED (REGISTERED NUMBER: 00758379) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2022 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2021 |
and 30 June 2022 |
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DEPRECIATION |
At 1 July 2021 |
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Charge for year |
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At 30 June 2022 |
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NET BOOK VALUE |
At 30 June 2022 |
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At 30 June 2021 |
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Cost or valuation at 30 June 2022 is represented by: |
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Fixtures |
Freehold | and |
property | fittings | Totals |
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Valuation in 2019 | (418,000 | ) | - | (418,000 | ) |
Valuation in 2016 | 1,791,086 | - | 1,791,086 |
Valuation in 2013 | 1,463,052 | - | 1,463,052 |
Valuation in 2011 | 343,618 | - | 343,618 |
Cost | 3,902,244 | 54,886 | 3,957,130 |
7,082,000 | 54,886 | 7,136,886 |
A.A. MICHAELIDES (BROOK GREEN) LIMITED (REGISTERED NUMBER: 00758379) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2022 |
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5. | TANGIBLE FIXED ASSETS - continued |
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If the properties had not been revalued they would have been included at the following historical cost: |
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30/6/22 | 30/6/21 |
£ | £ |
Cost | 3,902,244 | 3,902,244 |
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Freehold properties were valued on an open market basis on 3 July 2018 by Copping Joyce Chartered surveyors . |
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The fair value of the freehold properties as of June 2022 has been arrived at after considering the professional valuation above and primarily based on a valuation performed on the date by the directors. The directors are not professionally qualified valuers and therefore the valuation was arrived at by reference to market evidence of transaction prices for similar properties in its location, considering the general condition of the properties, the number of rooms and general facilities. |
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6. | DEBTORS |
30/6/22 | 30/6/21 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Amounts owed by connected companies | 234,479 | - |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/22 | 30/6/21 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to connected companies | - | 132,892 |
Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30/6/22 | 30/6/21 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more than 5 years | 1,667,894 | 1,122,635 |
A.A. MICHAELIDES (BROOK GREEN) LIMITED (REGISTERED NUMBER: 00758379) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2022 |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
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The bank loan is secured by a charge on some of the freehold properties owned by the company. |
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9. | PROVISIONS FOR LIABILITIES |
30/6/22 | 30/6/21 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
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Deferred tax | 640,521 | 640,521 |
640,681 | 640,709 |
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Deferred |
tax |
£ |
Balance at 1 July 2021 |
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Provided during year | ( |
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Balance at 30 June 2022 |
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10. | RELATED PARTY DISCLOSURES |
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Debtors includes an amount of £234,479 (June 2021 - £132,892 [Creditor]) owed by The Hotel Group Ltd, a connected company under the common control of the shareholders. |
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Debtors includes an amount of £362,000 (June 2021 - £362,000) owed by Juan Ltd a company under the common control of two of the directors. |
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11. | POST BALANCE SHEET EVENTS |
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The COVID-19 pandemic has developed rapidly throughout 2020 and 2021. The outbreak of the coronavirus disease has led the world economy into an unprecedented health care crisis and caused considerable global disruption in business activities and everyday life. |
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In its effort to contain and limit the spread of Covid 19, the U.K. like most countries in the world, imposed strict measures including travel restrictions, strict quarantine and suspension of normal business operations. |
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The resulting impact of the virus on the operations and measures taken by various governments to contain the virus have negatively affected the company's results in the reporting period. |
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At this stage, the full impact of the current crisis on global economy and overall business activities cannot be estimated with reasonable certainty. |
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Despite the impact of COVID-19 management has determined that the actions that it has taken are sufficient to mitigate the uncertainty, management have proactively obtained financial assistance and have therefore prepared the financial statements on a going concern basis. |