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Company No: 09097735 (England and Wales)

ATLANTIS DEVELOPMENTS (SOUTH) LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

ATLANTIS DEVELOPMENTS (SOUTH) LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

ATLANTIS DEVELOPMENTS (SOUTH) LIMITED

BALANCE SHEET

As at 30 June 2023
ATLANTIS DEVELOPMENTS (SOUTH) LIMITED

BALANCE SHEET (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 9,429 10,083
9,429 10,083
Current assets
Debtors 4 732,321 357,825
Cash at bank and in hand 37,807 3,900
770,128 361,725
Creditors: amounts falling due within one year 5 ( 670,536) ( 321,096)
Net current assets 99,592 40,629
Total assets less current liabilities 109,021 50,712
Creditors: amounts falling due after more than one year 6 ( 22,309) ( 33,800)
Provision for liabilities ( 1,791) ( 2,798)
Net assets 84,921 14,114
Capital and reserves
Called-up share capital 1 1
Profit and loss account 84,920 14,113
Total shareholders' funds 84,921 14,114

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Atlantis Developments (South) Limited (registered number: 09097735) were approved and authorised for issue by the Director on 07 March 2024. They were signed on its behalf by:

Mr A M Skelton
Director
ATLANTIS DEVELOPMENTS (SOUTH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
ATLANTIS DEVELOPMENTS (SOUTH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Atlantis Developments (South) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Vehicles 25 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 4

3. Tangible assets

Vehicles Office equipment Total
£ £ £
Cost
At 01 July 2022 16,250 7,135 23,385
Additions 0 2,658 2,658
At 30 June 2023 16,250 9,793 26,043
Accumulated depreciation
At 01 July 2022 6,856 6,446 13,302
Charge for the financial year 2,348 964 3,312
At 30 June 2023 9,204 7,410 16,614
Net book value
At 30 June 2023 7,046 2,383 9,429
At 30 June 2022 9,394 689 10,083

4. Debtors

2023 2022
£ £
Trade debtors 184,490 56,761
Other debtors 547,831 301,064
732,321 357,825

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 10,000
Trade creditors 426,494 184,816
Taxation and social security 198,572 98,413
Other creditors 35,470 27,867
670,536 321,096

Hire purchase contracts are secured against the assets to which they relate

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 19,167 27,956
Obligations under finance leases and hire purchase contracts 3,142 5,844
22,309 33,800

There are no amounts included above in respect of which any security has been given by the small entity.

Hire purchase contracts are secured against the assets to which they relate

7. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Mr A Skelton 83,120 0