Company Registration No. SC199440 (Scotland)
ECOSSE TAVERNS LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
ECOSSE TAVERNS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ECOSSE TAVERNS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 SEPTEMBER 2016
30 September 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
325,000
325,749
Current assets
Debtors
1,168
261
Cash at bank and in hand
3,391
323
4,559
584
Creditors: amounts falling due within one year
(8,388)
(8,839)
Net current liabilities
(3,829)
(8,255)
Total assets less current liabilities
321,171
317,494
Creditors: amounts falling due after more than one year
(150,711)
(152,701)
170,460
164,793
Capital and reserves
Called up share capital
3
100
100
Revaluation reserve
106,212
106,212
Profit and loss account
64,148
58,481
Shareholders' funds
170,460
164,793
For the financial year ended 30 September 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
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;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 14 June 2017
Mr D A Allen
Director
Company Registration No. SC199440
ECOSSE TAVERNS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents rental income receivable during the year.
rental income receivable during the year.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
20% on reducing balance
Investment property is included in the balance sheet at its open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal on an individual investment property is expected to be permanent in which case it is recognised in the profit and loss account for the year.
This is in accordance with the FRSSE which, unlike the Schedule 1 of The Small Companies and Groups (Accounts and Directors' Report) Regulations 2008, does not require depreciation of investment properties. Investment property is held for its investment potential and not for use by the company and so its current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.
1.5
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
ECOSSE TAVERNS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 October 2015
344,224
Disposals
(19,224)
At 30 September 2016
325,000
Depreciation
At 1 October 2015
18,475
On disposals
(19,224)
Charge for the year
749
At 30 September 2016
-
Net book value
At 30 September 2016
325,000
At 30 September 2015
325,749
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100