GEORGE INN (UK) LIMITED |
Notes to the Accounts |
for the year ended 31 March 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Going concern |
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The accounts have been prepared on a going concern basis as the group has sufficient resources and assets to meet the liabilities. |
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Turnover |
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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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
2 |
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1 |
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3 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Trade debtors |
25,500 |
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27,986 |
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Other debtors |
4,002 |
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- |
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29,502 |
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27,986 |
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4 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Trade creditors |
1,177 |
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3,828 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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1,187,479 |
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1,107,679 |
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Corporation tax |
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14,346 |
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13,376 |
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Other creditors |
5,860 |
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109,796 |
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1,208,862 |
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1,234,679 |
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5 |
Related party transactions |
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The Company has taken advantage of the exemption available in FRS 102 whereby it has not disclosed transactions with the immediate parent company or any wholly owned subsidiary undertsaking of the group. |
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At the balance sheet date, the loan payable to Matra Holdings (UK) Limited amounted to £1,187,479 (2022: £1,107,679). The companies are related by way of common directors. The loan is interest free and unsecured. |
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6 |
Parent company |
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The immediate parent company is Matra Holdings (UK) Limited, a company registered in England and Wales. The ultimate parent company is Matra Limited, a company incorporated in Jersey. The ultimate controlling party is Nayef Marar. |
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7 |
Other information |
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GEORGE INN (UK) LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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The Scalpel, 18th Floor |
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52 Lime Street |
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London |
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EC3M 7AF |