Registered number |
13603491 |
ATLANTIC DIGITAL LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
PAGES FOR FILING WITH REGISTRAR |
ATLANTIC DIGITAL LTD | |||
CONTENTS | |||
Page | |||
Balance sheet | 1 - 2 | ||
Notes to the financial statements | 3 - 7 | ||
Balance Sheet | |||||||
as at |
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Company Registration No. | 13603491 | ||||||
Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Intangible assets | 3 | - | |||||
Current assets | |||||||
Debtors | 4 | - | |||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 5 | ( |
- | ||||
Net current assets | |||||||
Total assets less current liabilities | |||||||
Creditors: amounts falling due after more than one year | 6 | ( |
- | ||||
Net (liabilities)/assets | ( |
||||||
Capital and reserves | |||||||
Called up share capital | |||||||
Other equity | - | ||||||
Profit and loss account | ( |
- | |||||
Shareholders' funds | ( |
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………………………………….. | |||||||
Alexander Masterman | |||||||
Director | |||||||
Approved by the board on |
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NOTES TO THE FINANCIAL STATEMENTS | ||||||||
FOR THE YEAR ENDED 31 JULY 2023 | ||||||||
1 | Accounting policies | |||||||
Basis of preparation | ||||||||
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical convention. The principal accounting policies adopted are set out below. |
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Going concern | ||||||||
The validity of this assumption depends on the company being able to trade profitably in the future and the continued support of the companys' directors who are also shareholders. The financial statements do not include any adjustments that would result if the company continued to make losses and such support were withdrawn. If the company was unable to continue to trade, adjustments would have to be made to reduce the value of assets to their recoverable amounts, provide for further liabilities that may arise and to reclassify fixed assets and long term liabilities as current assets and liabilities. The shareholders and directors have expressed their willingness to continue supporting the company for the foreseeable future and hence it is appropriate for the financial statements to be prepared on a going concern basis. |
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Turnover | ||||||||
Intangible fixed assets | ||||||||
Amortisation | ||||||||
Licenses - 33% straight line | ||||||||
Financial instruments | ||||||||
Financial instruments are recognised in the company's balance sheet date when the company becomes party to the contractual provisions of the instruments. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective of impairments found, an impairment loss is recognised in profit and loss accounts. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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Basic financial assets | ||||||||
Derecognition of financial assets | ||||||||
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. | ||||||||
Basic financial liabilities | ||||||||
Derecognition of financial liabilities | ||||||||
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled. | ||||||||
Cash and cash equivalents | ||||||||
Taxation | ||||||||
Current tax | ||||||||
Deferred tax | ||||||||
The carrying amount of deferred tax assets is reviewed at each reporting end date. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the assets is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities relate to taxes levied by the same tax authority. |
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Foreign currency translation | ||||||||
2 | Employees | 2023 | 2022 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
3 | Intangible fixed assets | £ | ||||||
Licenses: | ||||||||
Cost | ||||||||
Additions | ||||||||
At 31 July 2023 | ||||||||
Amortisation | ||||||||
Provided during the year | ||||||||
At 31 July 2023 | ||||||||
Net book value | ||||||||
At 31 July 2023 | ||||||||
4 | Debtors | 2023 | 2022 | |||||
£ | £ | |||||||
Trade debtors | - | |||||||
Other taxes and social security costs | 60,502 | - | ||||||
Other debtors | - | |||||||
Directors' current account | - | |||||||
- | ||||||||
The directors' current account represents amount due from the directors of the company. The maximum amount outstanding during the year was £6,411 and this amount was repaid within nine months after the year end. | ||||||||
5 | Creditors: amounts falling due within one year | 2023 | 2022 | |||||
£ | £ | |||||||
Trade creditors | - | |||||||
Other creditors | - | |||||||
- | ||||||||
6 | Creditors: amounts falling due after one year | 2023 | 2022 | |||||
£ | £ | |||||||
Other creditors | - | |||||||
7 | Related party transactions | |||||||
As at 31 July 2023, the company was owed £488,229 (2022 - £Nil) by Electric Elephant Games Ltd. | ||||||||
As at 31 July 2023, the company owed £97,700 (2022 - £Nil) to 7DG Media Ltd. | ||||||||
8 | Other information | |||||||
Atlantic Digital Ltd is a private company limited by shares and incorporated in England and Wales. The registered office is: Level 5a Maple House, 149 Tottenham Court Road, London, W1T 7NF. |