VICTORY GP LTD
REGISTERED NUMBER:
08518766
ABBREVIATED BALANCE SHEET
AS AT
31 JULY 2016
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CREDITORS:
amounts falling due within one year
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NET CURRENT (LIABILITIES)/ASSETS
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS:
amounts falling due after more than one year
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For the year ending 31 July 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 ("the Act") relating to small companies.
Director's responsibilities:
 
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·
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;
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
 
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The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on
25 April 2017
.
The notes on page 2 form part of these financial statements.
Page 1
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VICTORY GP LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2016
1.
ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015)
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At the year end the company has a negative balance sheet. The directors are of the opinion that the use of the going concern basis is appropriate as the company continues to have the support of the director and related companies. They agree to provide funds to ensure that the company meets its obligations as and when they fall due, and that those funds will not be repaid to the detriment of the company’s ability to operate.
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Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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2.
CREDITORS:
Amounts falling due within one year
A fixed and floating charge and negative pledge in favour of Jordan International Bank plc for the sum of £1,838,730 (2015 - £1,231,160) is held over the freehold property known as 11 Greenwood Park, Kingston Upon Thames, KT2 7EA (land registry title SGL24213).
A fixed and floating charge and negative pledge in favour of Contour No 1 LLP for the sum of £524,419 (2015 - £430,076) is held over the freehold property known as 11 Greenwood Park. Kingston Upon Thames, KT2 7EA (land registry title SGL24213).
3.
SHARE CAPITAL
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Allotted, called up and fully paid
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100
Ordinary
shares of £
1
each
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Page 2
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