Abbey Taverna Limited - Accounts to registrar (filleted) - small 23.1.2

Abbey Taverna Limited - Accounts to registrar (filleted) - small 23.1.2

ABBEY TAVERNA LIMITED - Company Information

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REGISTERED NUMBER: 06027322 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2022

FOR

ABBEY TAVERNA LIMITED
ABBEY TAVERNA LIMITED (REGISTERED NUMBER: 06027322)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 30 NOVEMBER 2022




Page

Statement of Financial Position 1

Notes to the Financial Statements 2


ABBEY TAVERNA LIMITED (REGISTERED NUMBER: 06027322)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 692 814
Investment property 5 471,434 684,445
472,126 685,259

CURRENT ASSETS
Debtors 6 1,856 -
Cash at bank 340,201 31,975
342,057 31,975
CREDITORS
Amounts falling due within one year 7 358,287 335,776
NET CURRENT LIABILITIES (16,230 ) (303,801 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
455,896
381,458

CREDITORS
Amounts falling due after more than one
year
8
395,510
440,529
NET ASSETS/(LIABILITIES) 60,386 (59,071 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 60,385 (59,072 )
60,386 (59,071 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 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 director and authorised for issue on 10 July 2023 and were signed by:





Mrs A Agathangelou - Director


The notes form part of these financial statements

Page 1
ABBEY TAVERNA LIMITED (REGISTERED NUMBER: 06027322)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 NOVEMBER 2022

1. STATUTORY INFORMATION

Abbey Taverna Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 06027322

Registered office: 1 Kings Avenue
London
N21 3NA

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.

The financial statements have been prepared on a going concern basis as the directors are satisfied that the company will have adequate resources to meet its liabilities to third parties as they fall due.

Significant judgements and estimates
In the application of the company's accounting policies, the director is 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 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.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue represents the property management fees and value of rental income chargeable in respect of the company's investment property. Revenue is recognised when services are rendered to the customers.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery 15% on reducing balance

The company has adopted the policy of not depreciating the assets in the year of acquisition. However, full depreciation will be provided in the year of disposal.

Page 2 continued...
ABBEY TAVERNA LIMITED (REGISTERED NUMBER: 06027322)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 NOVEMBER 2022

2. ACCOUNTING POLICIES - continued

Investment property
Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date.

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 material 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.

Cash and cash equivalent
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

Page 3 continued...
ABBEY TAVERNA LIMITED (REGISTERED NUMBER: 06027322)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 NOVEMBER 2022

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
£   
COST
At 1 December 2021
and 30 November 2022 2,595
DEPRECIATION
At 1 December 2021 1,781
Charge for year 122
At 30 November 2022 1,903
NET BOOK VALUE
At 30 November 2022 692
At 30 November 2021 814

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2021 684,445
Disposals (213,011 )
At 30 November 2022 471,434
NET BOOK VALUE
At 30 November 2022 471,434
At 30 November 2021 684,445

2022 2021
£ £
Cost 471,434 684,445

Investment property was valued on an open market basis on 30 November 2022 by the director.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Other debtors 1,856 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts - 41,915
Taxation and social security 29,146 11,880
Other creditors 329,141 281,981
358,287 335,776

Page 4 continued...
ABBEY TAVERNA LIMITED (REGISTERED NUMBER: 06027322)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 NOVEMBER 2022

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans - 43,519
Other creditors 395,510 397,010
395,510 440,529

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 43,519

9. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans - 85,434

The bank loan is secured on the property by way of fixed and floating charge on the freehold property and contains a negative pledge.

10. RELATED PARTY DISCLOSURES

Included in the other creditors less than one year is an amount of £61,512 (2021: £49,303) due to the director of the company. The loan is interest free and repayable on demand.

Also included in other creditors more than one year is an amount of £100,972 (2021: £100,972) due to parties with director's embedded interest. The loan is interest free.

Also included in other creditors less than one year is an amount of £395,510 (2021: £397,010) due to parties with director's embedded interest. The loan is interest free.

Page 5