REGISTERED NUMBER: 00758379 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

FOR

A.A. MICHAELIDES (BROOK GREEN) LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A.A. Michaelides

Mr A Michaelides

Mrs M.M. Michaelides

Mrs J.M. O'Keefe

SECRETARY:

Mr A.A. Michaelides

REGISTERED OFFICE:

Global House

303 Ballards Lane

London

N12 8NP

REGISTERED NUMBER:

00758379 (England and Wales)

ACCOUNTANTS:

Pittalis Gilchrist LLP

Chartered Certified Accountants

Global House

303 Ballards Lane

London

N12 8NP

FIXED ASSETS

Tangible assets

3

7,276,610

7,389,394

CURRENT ASSETS

Debtors

4

515,167

526,817

Cash at bank

300,967

276,443

816,134

803,260

CREDITORS

Amounts falling due within one year

5

487,332

399,315

NET CURRENT ASSETS

328,802

403,945

TOTAL ASSETS LESS CURRENT LIABILITIES

7,605,412

7,793,339

CREDITORS

Amounts falling due after more than one year

6

(1,950,784

)

(2,107,517

)

PROVISIONS FOR LIABILITIES

7

(720,248

)

(720,321

)

NET ASSETS

4,934,380

4,965,501

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Revaluation reserve

8

2,771,831

2,825,797

Retained earnings

2,062,549

2,039,704

SHAREHOLDERS' FUNDS

4,934,380

4,965,501

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 8 March 2019 and were signed on its behalf by:

Mr A Michaelides - Director

1.	STATUTORY INFORMATION

A.A. Michaelides (Brook Green) Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Revenue recognition

Revenue represents amounts received from rooms let out and rents received. Revenue for the provision of

services is recognised when the services are provided to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Freehold buildings

-

Nil from the date of purchase to 30 June 2016 and 50 years straight line thereafter.

The director considers this to be appropriate as substantial repairs have been carried out since the date of

purchase maintaining the value of the property at its initial cost.

Land and building held and used in the Company's own activities for production and supply of goods or for

administration purposes are stated in the statement of financial position at their revalued amounts. Revaluations

are carried out regularly so that the carrying amounts do not materially differ form using the fair value at the date of

the statement of financial position.

Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve.

Once the property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation

reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings

unless an asset is derecognised.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

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.

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.

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.

3.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

COST OR VALUATION

At 1 July 2017

and 30 June 2018

7,500,000

54,886

7,554,886

DEPRECIATION

At 1 July 2017

112,500

52,992

165,492

Charge for year

112,500

284

112,784

At 30 June 2018

225,000

53,276

278,276

NET BOOK VALUE

At 30 June 2018

7,275,000

1,610

7,276,610

At 30 June 2017

7,387,500

1,894

7,389,394

The directors revalued all the freehold properties owned by the company by comparing them to other hotel

properties in the area. They have based the valuations on the lower end of market value.

Cost or valuation at 30 June 2018 is represented by:

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

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

7,500,000

54,886

7,554,886

4.

DEBTORS

30.6.18

30.6.17

£

£

Amounts falling due within one year:

Other debtors

21,167

34,317

Amounts falling due after more than one year:

Other debtors

494,000

492,500

Aggregate amounts

515,167

526,817

The above debtors include an amount of £494,000 (2017 - £492,500) which is due after more than one year.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.18

30.6.17

£

£

Bank loans and overdrafts

166,471

147,291

Amounts owed to related companies

268,529

226,221

Taxation and social security

46,499

22,670

Other creditors

5,833

3,133

487,332

399,315

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.18

30.6.17

£

£

Bank loans

1,600,784

1,757,517

Other creditors

350,000

350,000

1,950,784

2,107,517

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

864,329

1,021,062

The bank loan is secured by a charge on some of the freehold properties owned by the company.

7.	PROVISIONS FOR LIABILITIES

30.6.18

30.6.17

£

£

Deferred tax

Accelerated capital allowances

307

380

Deferred tax

719,941

719,941

720,248

720,321

Deferred

tax

£

Balance at 1 July 2017

720,321

Provided during year

(73

)

Balance at 30 June 2018

720,248

8.

RESERVES

Revaluation

reserve

£

At 1 July 2017

2,825,797

Freehold properties

(53,966

)

At 30 June 2018

2,771,831

9.	RELATED PARTY DISCLOSURES

Rental income includes £54,000 (2017: £54,000) received from The Hotel Group Ltd, a connected company under

the common control of the shareholders.

Creditors includes an amount of £618,529 (2017 - £576,221) owed to The Hotel Group Ltd, a connected company

under the common control of the shareholders.

Debtors includes an amount of £362,000 (2017 - £260,500) owed by Juan Ltd a company under the common

control of two of the directors.

10.	ULTIMATE CONTROLLING PARTY

The directors control the company as a result of directly owning 100% of the issued share capital of the company.