Registered number
03090701
ATLANTIS BOOKSHOP LIMITED
Unaudited Filleted Accounts
31 March 2024
ATLANTIS BOOKSHOP LIMITED
Registered number: 03090701
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 7,896 6,519
Current assets
Stocks 37,394 35,278
Debtors 4 5,250 4,388
Cash at bank and in hand 58,985 83,330
101,629 122,996
Creditors: amounts falling due within one year 5 (23,229) (28,544)
Net current assets 78,400 94,452
Total assets less current liabilities 86,296 100,971
Creditors: amounts falling due after more than one year 6 (196,992) (208,998)
Net liabilities (110,696) (108,027)
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account (111,696) (109,027)
Shareholders' funds (110,696) (108,027)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Geraldine Beskin Bali Beskin
Director Director
Approved by the board on 31 July 2024
ATLANTIS BOOKSHOP LIMITED
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods, recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% p.a. on reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
1 Accounting policies (continued)
Going concern
At the balance sheet date, the company's liabilities exceeded its assets. The directors and shareholders have undertaken that they will continue to give financial support to the company for at least twelve months from the date of signing these accounts. The Directors therefore consider it appropriate to prepare the accounts on a going concern basis.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 26,453
Additions 2,771
At 31 March 2024 29,224
Depreciation
At 1 April 2023 19,934
Charge for the year 1,394
At 31 March 2024 21,328
Net book value
At 31 March 2024 7,896
At 31 March 2023 6,519
4 Debtors 2024 2023
£ £
Other debtors 5,250 4,388
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,541 6,091
Trade creditors 10,465 19,346
Other creditors 7,223 3,107
23,229 28,544
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,031 17,022
Other creditors 184,961 191,976
196,992 208,998
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 17,572 23,113
The loan repesents a standard bank "Bounce Back Loan" secured by government guarantee, with interest at 2.5%, and repayable over 6 years with no interest or capital repayments in first 12 months.
8 Related party transactions
Other creditors falling due after more than one year represents a loan from the directors which is unsecured, interest-free and with no fixed repayment date.
9 Other information
ATLANTIS BOOKSHOP LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
49A Museum Street
London
WC1A 1LY
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