Egyptian-British Chamber Of Commerce(The - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01561635 (England and Wales)

EGYPTIAN-BRITISH CHAMBER OF

COMMERCE(THE)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr M Al-Miqdadi

Mr A P Baker

Mr A Beshir

Ms J D Bradbury

Mr A Eissa

Dr E El Sadat

Mr M E Elkerdany

Ms I A M Elsherif

Mr I Gray

Dr. Y I Hassan

Dr M A A G Hassanein

Mr R D Lamb

Mr M Omran

Mr M T M Khaled

Mr D L J De Belder

Mr N F Gliddon

SECRETARY:

Mr A P Baker

REGISTERED OFFICE:

1 Burwood Place

London

W2 2UT

REGISTERED NUMBER:

01561635 (England and Wales)

AUDITORS:

Sinclairs Bartrum Lerner

Statutory Auditor

Second Floor

34 Lime Street

London

EC3M 7AT

FIXED ASSETS

Intangible assets

4

2,862

5,722

Tangible assets

5

-

-

2,862

5,722

CURRENT ASSETS

Debtors

6

24,285

24,024

Cash at bank and in hand

266,289

306,642

290,574

330,666

CREDITORS

Amounts falling due within one year

7

46,670

38,401

NET CURRENT ASSETS

243,904

292,265

TOTAL ASSETS LESS CURRENT LIABILITIES

246,766

297,987

RESERVES

Initial contributions by

founder members

44,990

44,990

Capital contributions by

Egyptian Government

48,571

48,571

Income and expenditure account

153,205

204,426

246,766

297,987

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 15th September 2022 and were signed on its behalf by:

Mr A P Baker - Director

1.	STATUTORY INFORMATION

Egyptian-British Chamber Of Commerce(The) is a private company, limited by guarantee , 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

All intangible assets are considered to have a finite useful life of three years and are amortised accordingly.

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.

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.

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.

Depreciation is provided on the following basis:

Short term leasehold property - 33%

Office equipment - 50%

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.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

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.

Going concern

In October 2021, new rules were introduced by the Egyptian government that reduce the level of demand in the company's document certification service. Consequently, actions have been taken by the directors to ensure that the company has reduced its costs and exposures as much as possible, in order to prepare for the reduction in certification income.

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 that have been implemented.

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.

For these reasons, the directors continue to adopt the going concern basis in preparing the annual report and financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1st April 2021

and 31st March 2022

19,227

AMORTISATION

At 1st April 2021

13,505

Amortisation for year

2,860

At 31st March 2022

16,365

NET BOOK VALUE

At 31st March 2022

2,862

At 31st March 2021

5,722

5.	TANGIBLE FIXED ASSETS

Short

Computer

leasehold

equipment

Totals

£

£

£

COST

At 1st April 2021

10,000

5,925

15,925

Disposals

(10,000

)

-

(10,000

)

At 31st March 2022

-

5,925

5,925

DEPRECIATION

At 1st April 2021

10,000

5,925

15,925

Eliminated on disposal

(10,000

)

-

(10,000

)

At 31st March 2022

-

5,925

5,925

NET BOOK VALUE

At 31st March 2022

-

-

-

At 31st March 2021

-

-

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

3,094

4,196

Other debtors

21,191

19,828

24,285

24,024

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

2,079

6,482

Taxation and social security

16,082

16,395

Other creditors

28,509

15,524

46,670

38,401

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Steven Davies (Senior Statutory Auditor)

for and on behalf of Sinclairs Bartrum Lerner

9.	OFF-BALANCE SHEET ARRANGEMENTS

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 April 2023. The future minimum lease payments in respect of these total £12,480 (2021: £42,000) of which £11,520 (2021: £42,000) is payable within 12 months.

10.	GOING CONCERN

In October 2021, new rules were introduced by the Egyptian government that reduce the level of demand in the company's document certification service. Consequently, actions have been taken by the directors to ensure that the company has reduced its costs and exposures as much as possible, in order to prepare for the reduction in certification income.

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 that have been implemented.

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.

For these reasons, the directors continue to adopt the going concern basis in preparing the annual report and financial statements.

11.	SUBSIDIARY UNDERTAKINGS

The company is the sole member of The Middle East Association ("MEA"), a company incorporated in England and Wales and Limited by guarantee.