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ATLAS HIVE WESTON LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Atlas Hive Weston Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is Combe House 33 Oakfield Road, Bristol, England, BS8 2AT and its registered number is 11703332.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The statement of financial position is showing net liabilities of £30,818 (2021 - £15,012). The company is reliant on the support of fellow group companies and the directors which have given their assurance that they will continue to support the company for the forseeable future and therefore the financial statements have been prepared on a going concern basis.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
The company has entered into an agreement which grants them a call option to purchase land, on which they are planning to develop residential units, subject to certain contractual criteria being met. Planning and development fees, legal and professional fees, deposit payments and other related costs are included within these financial statements as “other debtors” and will be reclassified as investment property once the call option is exercised.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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