Atlantic Lodge (Housing) Limited
Registered number: 05373917
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 128,277 36,138
Investments 4 422,500 422,500
550,777 458,638
Current assets
Stocks 341,049 849,977
Debtors 5 11,783,820 10,086,385
Investments held as current assets 10,913 10,913
Cash at bank and in hand 720,787 431,325
12,856,569 11,378,600
Creditors: amounts falling due within one year 6 (9,730,953) (8,375,059)
Net current assets 3,125,616 3,003,541
Total assets less current liabilities 3,676,393 3,462,179
Creditors: amounts falling due after more than one year 7 (139,017) (31,632)
Net assets 3,537,376 3,430,547
Capital and reserves
Called up share capital 100 100
Profit and loss account 3,537,276 3,430,447
Shareholders' funds 3,537,376 3,430,547
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.
A Alexandrou
Director
Approved by the board on 20 August 2024
Atlantic Lodge (Housing) Limited
Notes to the Accounts
for the year ended 31 August 2023
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 and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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 25% reducing balance
Motor vehicles 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 25 23
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2022 38,884 95,180 134,064
Additions 54,600 80,298 134,898
At 31 August 2023 93,484 175,478 268,962
Depreciation
At 1 September 2022 32,861 65,065 97,926
Charge for the year 15,156 27,603 42,759
At 31 August 2023 48,017 92,668 140,685
Net book value
At 31 August 2023 45,467 82,810 128,277
At 31 August 2022 6,023 30,115 36,138
4 Investments
Other
investments
£
Cost
At 1 September 2022 422,500
At 31 August 2023 422,500
5 Debtors 2023 2022
£ £
Trade debtors 1,955,711 1,465,972
Amounts owed by connected companies 8,816,392 7,227,877
Other loans 340,191 340,191
Directors loan - 373,019
Prepayments 87,074 87,074
Other debtors 584,452 592,252
11,783,820 10,086,385
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 11,148 11,148
Obligations under finance lease and hire purchase contracts 15,436 -
Trade creditors 2,131,902 1,316,719
Amounts owed to connected companies 6,965,134 6,798,017
Corporation tax 50,235 40,352
Other taxes and social security costs 141,591 26,929
Director's loan 10,881 -
Wages owed 781 -
Other creditors and accruals 403,845 181,894
9,730,953 8,375,059
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 21,352 31,632
Obligations under finance lease and hire purchase contracts 117,665 -
139,017 31,632
8 Related party transactions
Included in debtors are amounts of:
£1,822,402 due from Atlantic (Hertford) Limited
£309,575 due from Marlyn Properties Limited
£37,732 due from Waterhouse Properties Limited
£1,124,020 due from Southern Territory (UK) Limited
£2,972,948 due from Friday Hill House Limited
£460,441 due from Atlantic Lodge Limited
£7,361 due from Skin Glow Limited
£647,359 due from STUK03 Ltd
£178,392 due from STUK11 Ltd
£152,057 due from STUK04 Ltd
£350,380 due from APS Investments Ltd
£573,242 due from STUK06 Ltd
£16,100 due from STUK09 Ltd
£10,000 due form GK Phoenix Ltd
£139,380 due from Max Leo Investments Ltd
£15,000 due from Sewardstone Land Ltd

Included in creditors are amounts of:
£1,560,618 due to Atlantic Developments (Cudworth) Limited,
£724,218 due to Icospec Limited
£1,478,927 due to Southern Territory Limited
£1,280,000 due to Real Properties Limited
£172,599 due to Aspire Nation Limited
£213,090 due to STUK05 Ltd
£277,740 due to STUK01 Ltd
£445,577 due to STUK10 Ltd
£985,963 due to STUK07 Ltd
Southern Territory Limited is connected to the company by virtue of being the company's parent.
as and/or A Alexandrou as common directors and shareholders with a significant holding.

Real Properties Limited is a company in which the directors hold a 25% interest each in.

For all the other companies, either individually or both together, the directors have a controlling interest in.

The intercompany loans are made on an interest free basis. There are no set repayment dates for these loans.
9 Transactions with directors
As at 31 August 2023, the directors had loaned the company £10,881. This is included in creditors.
10 Controlling party
The company is a wholly owned subsidiary of Southern Territory Limited, a company registered in England and Wales.
11 Other information
Atlantic Lodge (Housing) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Atlantic Business Centre
1 The Green
London
E4 7ES
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