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REGISTERED NUMBER: 06027322 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

ABBEY TAVERNA LIMITED

ABBEY TAVERNA LIMITED (REGISTERED NUMBER: 06027322)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 30 NOVEMBER 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 2


ABBEY TAVERNA LIMITED (REGISTERED NUMBER: 06027322)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 588 692
Investment property 5 828,844 471,434
829,432 472,126

CURRENT ASSETS
Debtors 6 2,145 1,856
Cash at bank 27,574 340,201
29,719 342,057
CREDITORS
Amounts falling due within one year 7 355,369 358,287
NET CURRENT LIABILITIES (325,650 ) (16,230 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

503,782

455,896

CREDITORS
Amounts falling due after more than one
year

8

427,180

395,510
NET ASSETS 76,602 60,386

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 76,601 60,385
76,602 60,386

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 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 12 August 2024 and were signed by:



Mrs A Agathangelou - Director


ABBEY TAVERNA LIMITED (REGISTERED NUMBER: 06027322)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 NOVEMBER 2023

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.

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.

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.


ABBEY TAVERNA LIMITED (REGISTERED NUMBER: 06027322)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 NOVEMBER 2023

2. ACCOUNTING POLICIES - continued
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 (2022 - 1 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
£   
COST
At 1 December 2022
and 30 November 2023 2,595
DEPRECIATION
At 1 December 2022 1,903
Charge for year 104
At 30 November 2023 2,007
NET BOOK VALUE
At 30 November 2023 588
At 30 November 2022 692

ABBEY TAVERNA LIMITED (REGISTERED NUMBER: 06027322)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 NOVEMBER 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022 471,434
Additions 357,410
At 30 November 2023 828,844
NET BOOK VALUE
At 30 November 2023 828,844
At 30 November 2022 471,434

The director consider that the market value of the properties as at the year-end to be as stated in the financial statements.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 2,145 1,856

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 3,828 29,146
Other creditors 351,541 329,141
355,369 358,287

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 427,180 395,510

9. RELATED PARTY DISCLOSURES

Included in the other creditors less than one year is an amount of £71,586 (2022: £61,512) due to the director of the company. The loan is interest free and repayable on demand.

Also, included in other creditors less than one year is an amount of £100,972 (2022: £100,972) due to connected company. The loan is interest free and repayable on demand. .

Also, included in other creditors is an amount of £427,180 (2022: £395,510) due to a connected party. The loan is interest free.