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REGISTERED NUMBER: 11737596 (England and Wales)


















Atlas Saturn Holdco Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30th September 2023






Atlas Saturn Holdco Limited (Registered number: 11737596)






Contents of the Financial Statements
for the year ended 30th September 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Profit and loss account 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


Atlas Saturn Holdco Limited

Company Information
for the year ended 30th September 2023







DIRECTORS: S J McGawn
C D Jeffrey
P Connor





REGISTERED OFFICE: Atlas Leisure Homes Limited
Wiltshire Road
Hull
East Yorkshire
HU4 6PD





REGISTERED NUMBER: 11737596 (England and Wales)





AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Atlas Saturn Holdco Limited (Registered number: 11737596)

Strategic Report
for the year ended 30th September 2023

The directors present their strategic report for the year ended 30th September 2023.

REVIEW OF BUSINESS
As an intermediate holding company the only costs associated to the business are finance costs and other related expenditure.

Post year-end we have re-financed the business through a sale and leaseback of the land we own and use through our subsidiary business Atlas Leisure Homes Limited. This has significantly improved working capital and provided funds for clearing all secured debt.

POST BALANCE SHEET EVENTS
A sale and leaseback of land owned by the subsidiary business Atlas Leisure Homes Limited has been completed on 13th August 2024. Funds from the sale have been used to repay bank loans held by the subsidiary and to provide a significant increase in working capital. Atlas Leisure Homes Limited has also provided funds via an inter-company loan, to enable the intermediate holding company to repay bank loans.

PRINCIPAL RISKS AND UNCERTAINTIES
As the company is an intermediate holding company, the key risk facing the company is the performance of its subsidiary company to ensure that the value of its investment is supported.

KEY PERFORMANCE INDICATORS
As the company is an intermediate holding company, there are no key performance indicators based on the performance of the company. The key performance indicators of the group are turnover, cost control, cash flow and profitability.

ON BEHALF OF THE BOARD:





S J McGawn - Director


14th August 2024

Atlas Saturn Holdco Limited (Registered number: 11737596)

Report of the Directors
for the year ended 30th September 2023

The directors present their report with the financial statements of the company for the year ended 30th September 2023.

DIVIDENDS

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st October 2022 to the date of this report.

S J McGawn
C D Jeffrey

Other changes in directors holding office are as follows:

P Connor was appointed as a director after 30th September 2023 but prior to the date of this report.

M A Durrant ceased to be a director after 30th September 2023 but prior to the date of this report.

POST BALANCE SHEET EVENTS
The company acts as an intermediate parent company and financing company for the Atlas Leisure Homes group. The company has repaid the loan taken out in the year in the post balance sheet period and is not expected to enter any new financing arrangements in the going concern assessment period to September 2025.

As such, the company is not expected to have any material transactions following the repayment of the loan. The directors consider the current cash resources of the company sufficient to meet its liabilities as they fall due during this period and therefore continue to adopt the going concern basis of preparation in these financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Atlas Saturn Holdco Limited (Registered number: 11737596)

Report of the Directors
for the year ended 30th September 2023


AUDITORS
The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S J McGawn - Director


14th August 2024

Report of the Independent Auditors to the Members of
Atlas Saturn Holdco Limited

Opinion
We have audited the financial statements of Atlas Saturn Holdco Limited (the 'company') for the year ended 30th September 2023 which comprise the Profit and loss account, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30th September 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Atlas Saturn Holdco Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Atlas Saturn Holdco Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with relevant regulators and the company's legal advisors.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Atlas Saturn Holdco Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Matthew Fox FCCA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

16th August 2024

Atlas Saturn Holdco Limited (Registered number: 11737596)

Profit and loss account
for the year ended 30th September 2023

2023 2022
Notes £    £   

TURNOVER - -
OPERATING PROFIT - -

Income from shares in group
undertakings

131,301

137,304
131,301 137,304

Interest payable and similar expenses 4 168,334 145,263
LOSS BEFORE TAXATION (37,033 ) (7,959 )

Tax on loss 5 (37,033 ) (7,959 )
PROFIT FOR THE FINANCIAL YEAR - -

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

-

-

Atlas Saturn Holdco Limited (Registered number: 11737596)

Balance Sheet
30th September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 6 10,462,089 10,462,089

CURRENT ASSETS
Cash at bank 110 155

CREDITORS
Amounts falling due within one year 7 8,347,913 10,312,244
NET CURRENT LIABILITIES (8,347,803 ) (10,312,089 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,114,286

150,000

CREDITORS
Amounts falling due after more than one
year

8

1,964,286

-
NET ASSETS 150,000 150,000

CAPITAL AND RESERVES
Called up share capital 11 150 150
Share premium 12 149,850 149,850
SHAREHOLDERS' FUNDS 150,000 150,000

The financial statements were approved by the Board of Directors and authorised for issue on 14th August 2024 and were signed on its behalf by:





S J McGawn - Director


Atlas Saturn Holdco Limited (Registered number: 11737596)

Statement of Changes in Equity
for the year ended 30th September 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1st October 2021 150 - 149,850 150,000

Changes in equity
Balance at 30th September 2022 150 - 149,850 150,000

Changes in equity
Balance at 30th September 2023 150 - 149,850 150,000

Atlas Saturn Holdco Limited (Registered number: 11737596)

Notes to the Financial Statements
for the year ended 30th September 2023

1. STATUTORY INFORMATION

Atlas Saturn Holdco Limited is a private company, limited by shares , registered in England and Wales. 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 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.

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102: The Financial Reporting Standard in the UK and Republic of Ireland (FRS 102) Section 1A and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern
The financial statements have been prepared on the going concern basis. In making their assessment, the directors have considered the results for the year and the current financial position of the company, as well as the cash flow forecasts and funding available during the going concern assessment period to September 2025. The Directors have concluded that there are no indications of material uncertainties that may cast doubt on the company's ability to continue to trade as a going concern and therefore continue to adopt the going concern basis of preparation.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b)
and 11.48(c);
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about Atlas Saturn Holdco Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Atlas Leisure Holdco Limited, Wiltshire Road, Hull, East Yorkshire HU4 6PD.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.


Atlas Saturn Holdco Limited (Registered number: 11737596)

Notes to the Financial Statements - continued
for the year ended 30th September 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

3. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 30th September 2023 nor for the year ended 30th September 2022.

The average number of employees during the year was as follows:
2023 2022

Directors 3 4


4. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 168,334 145,263

5. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
Group relief (37,033 ) (7,959 )
Tax on loss (37,033 ) (7,959 )

Atlas Saturn Holdco Limited (Registered number: 11737596)

Notes to the Financial Statements - continued
for the year ended 30th September 2023

5. TAXATION - continued

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Loss before tax (37,033 ) (7,959 )
Loss multiplied by the standard rate of corporation tax in the UK of
25% (2022 - 19%)

(9,258

)

(1,512

)

Effects of:
Income not taxable for tax purposes (32,825 ) (27,600 )
Changes in tax rate 5,050 21,153
Total tax credit (37,033 ) (7,959 )

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakin
£   
COST
At 1st October 2022
and 30th September 2023 10,462,089
NET BOOK VALUE
At 30th September 2023 10,462,089
At 30th September 2022 10,462,089

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Atlas Leisure Homes Limited
Registered office: Wiltshire Road, Hull, HU4 6PD.
Nature of business: Manufacture and sale of caravan holiday homes
%
Class of shares: holding
Ordinary 100.00

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 9) 357,143 3,500,000
Amounts owed to group undertakings 7,990,770 6,812,244
8,347,913 10,312,244

Atlas Saturn Holdco Limited (Registered number: 11737596)

Notes to the Financial Statements - continued
for the year ended 30th September 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 9) 1,964,286 -

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 357,143 3,500,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 357,143 -

Amounts falling due between two and five years:
Bank loans - 2-5 years 1,607,143 -

The company received a £2,500,000 bank loan in March 2023. At 30th September 2023 the amount outstanding on the loan is £2,321,429. The loan is repayable by monthly instalments over a 4 year period with the remaining balance being payable in March 2027. The interest rate on this loan is SONIA plus a margin of 3.1%.

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 2,321,429 3,500,000

The bank loans are secured by fixed and floating charges over the company's assets.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
150 Ordinary 1 150 150

Atlas Saturn Holdco Limited (Registered number: 11737596)

Notes to the Financial Statements - continued
for the year ended 30th September 2023

12. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1st October 2022 - 149,850 149,850
Profit for the year - -
At 30th September 2023 - 149,850 149,850

13. ULTIMATE PARENT COMPANY

The company's immediate parent company is Atlas Leisure Holdco Limited, a company registered in England and Wales. Atlas Leisure Holdco Limited is the company's ultimate parent undertaking. Copies of Atlas Leisure Holdco Limited's financial statements can be obtained from Companies House.

14. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

15. POST BALANCE SHEET EVENTS

Since the year end the subsidiary company Atlas Leisure Homes Limited has completed a re-finance of the business through a sale and leaseback of land owned. Atlas Leisure Homes Limited has provided funds via an inter-company loan, to enable the intermediate holding company to repay bank loans see Note 9.

16. ULTIMATE CONTROLLING PARTY

The company is not controlled by any one party.