VICTORIA_TAVERN_E13_LIMIT - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Victoria Tavern E13 Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Courtyard, 14a Sydenham Road, Croydon, London, CR0 2EE.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover represents amounts received for the sale of properties net of VAT.

Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for the sale of the properties.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Included in other debtors is an amount of £Nil (2016: £10,605) due from Essien Properties Ltd, a shareholder of the company and a company in which A Stark has a material interest. There are no terms as to interest or repayment of this balance.

Included in other debtors is an amount of £11,000 (2016: £Nil) due from Adenbuild Construction Ltd, a company in which A Stark and G Sherman have a material interest. There are no terms as to interest or repayment of this balance.

Included in other debtors is an amount of £5,766 (2016: £Nil) due from Linea NW3 Ltd, a company in which A Stark and G Sherman have a material interest. There are no terms as to interest or repayment of this balance.

Included in other debtors is an amount of £4,554 (2016: £Nil) due from Linea N11 Ltd, a company in which A Stark and G Sherman have a material interest. There are no terms as to interest or repayment of this balance.

Included in other creditors is an amount of £Nil (2016: £154,050) due to Lee and Smith Properties Limited, a shareholder of the company and a company in which M G Lee and E J C Smith have a material interest. There are no terms as to interest or repayment of this balance.

Included in other creditors is an amount of £107,972 (2016: £Nil) due to E3 Living Ltd, a company in which A Stark and G Sherman have a material interest. There are no terms as to interest or repayment of this balance.