La Vina Limited T/A Barrica Tapas Bar Company Accounts

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COMPANY REGISTRATION NUMBER: 06525483

La Vina Limited T/A Barrica Tapas Bar

Filleted Unaudited Financial Statements

For the year ended

31 August 2017

La Vina Limited T/A Barrica Tapas Bar

Financial Statements

Year ended 31 August 2017

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

La Vina Limited T/A Barrica Tapas Bar

Officers and Professional Advisers

Director	T Luther

Registered office	6 Snow Hill
	London
	England
	EC1A 2AY

La Vina Limited T/A Barrica Tapas Bar

Statement of Financial Position

31 August 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		74,609	74,962

Current assets

Stocks		16,631	12,074
Debtors	6	75,757	150,015
Cash at bank and in hand		98,771	146,002
		---------	---------
		191,159	308,091

Creditors: amounts falling due within one year	7	164,535		173,954
		---------		---------
Net current assets			26,624	134,137
			---------	---------
Total assets less current liabilities			101,233	209,099

Provisions

Taxation including deferred tax	10,784	11,771
	---------	---------
Net assets	90,449	197,328
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	90,349	197,228
	--------	---------
Shareholders funds	90,449	197,328
	--------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 August 2017 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 .

La Vina Limited T/A Barrica Tapas Bar

Statement of Financial Position (continued)

31 August 2017

These financial statements were approved by the board of directors and authorised for issue on 10 April 2018 , and are signed on behalf of the board by:

T Luther
Director

Company registration number: 06525483

La Vina Limited T/A Barrica Tapas Bar

Notes to the Financial Statements

Year ended 31 August 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Snow Hill, London, England, EC1A 2AY.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards. The financial statements are prepared in sterling, which is the functional currency of the entity. The principal activity of the company continued to be that of that of restauranteurs.

Going concern

The directors have prepared the financial statements on the basis the company is a going concern. In making this assessment the directors have considered the working capital requirements and projected profits and cash flows for a period extending at least twelve months beyond the approval of the accounts.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make significant judgements and estimates. These estimates and judgements are continually reviewed and are based on experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. The areas of judgement and estimates applied by the directors are not considered sufficiently significant to require disclosure in these financial statements.

Revenue recognition

Turnover represents net invoiced sales of goods, excluding value added tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold Improvements	-	Over the duration of the lease {10Years}
Fixtures & Fittings	-	15% reducing balance
Equipment	-	25% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 19 (2016: 16 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 September 2016	78,893	175,780	38,110	292,783
Additions	12,668	1,258	1,054	14,980
	--------	---------	--------	---------
At 31 August 2017	91,561	177,038	39,164	307,763
	--------	---------	--------	---------
Depreciation
At 1 September 2016	73,496	117,330	26,995	217,821
Charge for the year	3,335	8,956	3,042	15,333
	--------	---------	--------	---------
At 31 August 2017	76,831	126,286	30,037	233,154
	--------	---------	--------	---------
Carrying amount
At 31 August 2017	14,730	50,752	9,127	74,609
	--------	---------	--------	---------
At 31 August 2016	5,397	58,450	11,115	74,962
	--------	---------	--------	---------

6. Debtors

	2017	2016
	£	£
Other debtors	75,757	150,015
	--------	---------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	79,132	53,998
Corporation tax	6	19,972
Social security and other taxes	28,985	35,655
Other creditors	56,412	64,329
	---------	---------
	164,535	173,954
	---------	---------

8. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Not later than 1 year	86,365	86,000
Later than 1 year and not later than 5 years	356,750	353,115
	---------	---------
	443,115	439,115
	---------	---------

9. Related party transactions

During the year the company advanced a sum of £nil (2012:£80,840) to Donosita Limited a company which is controlled by Mr T Luther . At the balance sheet date a balance of £235 (2016: £87,975) was outstanding and included with other debtors. This loan is interest free, unsecured and repayable on demand. The balance due to the director is included within other creditors. The balances due to the director at the balance sheet are as follows: Mr T Luther £ 28,820(2016: £24,594). The loan from the directors are interest free, unsecured and repayable on demand.

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2015.

No transitional adjustments were required in equity or profit or loss for the year.