REGISTERED NUMBER: SC047171 (Scotland)

Unaudited Financial Statements

for the Year Ended 30 June 2017

for

ABG (CONTINENTAL) RESTAURANTS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

B Bartolomei

Mrs G Di Meo

SECRETARY:

Mrs G Di Meo

REGISTERED OFFICE:

Suite 411

Baltic Chambers

50 Wellington Street

Glasgow

G2 6HJ

REGISTERED NUMBER:

SC047171 (Scotland)

ACCOUNTANTS:

SD Business Management

Suite 411 Baltic Chambers

50 Wellington Street

Glasgow

Strathclyde

G2 6HJ

FIXED ASSETS

Tangible assets

3

73,000

73,000

CURRENT ASSETS

Debtors

4

-

470

Cash at bank

238

2,640

238

3,110

CREDITORS

Amounts falling due within one year

5

2,826

2,120

NET CURRENT (LIABILITIES)/ASSETS

(2,588

)

990

TOTAL ASSETS LESS CURRENT LIABILITIES

70,412

73,990

CAPITAL AND RESERVES

Called up share capital

99

99

Retained earnings

70,313

73,891

SHAREHOLDERS' FUNDS

70,412

73,990

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 7 December 2017 and were signed on its behalf by:

Mrs G Di Meo - Director

1.	STATUTORY INFORMATION

ABG (Continental) Restaurants Ltd is a private company, limited by shares , registered in Scotland. The

company's registered number and registered office address can be found on the Company Information

page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

In accordance with their responsibility as a director, the director has considered the appropriateness of

the going concern basis for the preparation of the financial statements.

Changes in accounting policies

As this is the first period for which the financial statements have been prepared under FRS 102, a

transitional adjustment has been made with regard to investment properties. The result of this adjustment

is that property revaluations are now being included within Profit & Loss for the year in which the

revaluation takes place.

The revaluation reserve has therefore been cleared to Profit & Loss resulting in a non-distributable

reserve of £69,855 being included in reserves.

Turnover

Turnover represents the gross amount of rental income received.

Freehold property

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

not provided

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet 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.

Properties

The company's properties are held for long term investment and in accordance with the standards:

i)Investment properties are revalued annually and the aggregate surplus or deficit is transferred to Profit

& Loss as a non-distributable reserve; and

ii) No depreciation or amortisation is provided in respect of heritable investment properties.

The requirement of the Companies Act 2006 is to depreciate all properties, but this conflicts with the

generally accepted accounting principle set out in SSAP 19. The directors consider that, as properties are

not held for consumption but for investment, to depreciate them would not give a true and fair view and

that it is necessary to adopt SSAP 19 in order to give a true and fair view. If the departure for the Act

had not been made, there would be no further depreciation accounted for as the property has been fully

depreciated.

3.	TANGIBLE FIXED ASSETS

Freehold property was valued on an open market basis by the directors. On 04 October 2004 the external

valuation was carried out by R. W. Hall, Surveyors.

Cost or valuation at 30 June 2017 is represented by:

Freehold

property

£

Valuation in 2006

33,000

Cost

40,000

73,000

If the freehold property is realised at the revalued amount, Corporation Tax will arise amounting to

£7,741 (2016 - £7,973 )

Revaluations on this property have led to a non-distributable profit of £69,855 to be included within

reserves.

The above asset is held for the purpose of providing an operating lease.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Prepayments

-

470

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Tax

264

1,080

Directors' current accounts

500

-

Accrued expenses

2,062

1,040

2,826

2,120