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Company No: 8711964 (England and Wales)

TRANSATLANTIC ENTERTAINMENT LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

TRANSATLANTIC ENTERTAINMENT LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

TRANSATLANTIC ENTERTAINMENT LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
TRANSATLANTIC ENTERTAINMENT LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 4,149 4,779
4,149 4,779
Current assets
Debtors 5 158,020 246,998
Cash at bank and in hand 6 593,174 584,446
751,194 831,444
Creditors: amounts falling due within one year 7 ( 186,466) ( 214,083)
Net current assets 564,728 617,361
Total assets less current liabilities 568,877 622,140
Creditors: amounts falling due after more than one year 8 ( 19,333) ( 27,333)
Provision for liabilities 9, 10 ( 1,037) ( 1,195)
Net assets 548,507 593,612
Capital and reserves
Called-up share capital 11 1,000 1,000
Profit and loss account 547,507 592,612
Total shareholder's funds 548,507 593,612

For the financial year ending 31 December 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 Transatlantic Entertainment Ltd (registered number: 8711964) were approved and authorised for issue by the Director. They were signed on its behalf by:

Gideon Joseph
Director

19 September 2024

TRANSATLANTIC ENTERTAINMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
TRANSATLANTIC ENTERTAINMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Transatlantic Entertainment Ltd (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 35 Ballards Lane, London N3 1XW, 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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 Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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:

Plant and machinery etc.

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including the director 7 8

3. Dividends on equity shares

2023 2022
£ £
Amounts recognised as distributions to equity holders in the financial year:
Final dividend for the financial year ended 31 December 2023 of £363,347 (2022: £347,533) per ordinary share 363,347 347,533

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 10,004 10,004
Additions 3,470 3,470
Disposals ( 4,317) ( 4,317)
At 31 December 2023 9,157 9,157
Accumulated depreciation
At 01 January 2023 5,225 5,225
Charge for the financial year 1,161 1,161
Disposals ( 1,378) ( 1,378)
At 31 December 2023 5,008 5,008
Net book value
At 31 December 2023 4,149 4,149
At 31 December 2022 4,779 4,779

5. Debtors

2023 2022
£ £
Trade debtors 61,020 132,043
Other debtors 97,000 114,955
158,020 246,998

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 593,174 584,446

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 10,812 55,295
Taxation and social security 138,120 115,393
Other creditors 37,534 43,395
186,466 214,083

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

2023 2022
£ £
Bank loans 19,333 27,333

9. Provision for liabilities

2023 2022
£ £
Deferred tax 1,037 1,195

10. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 1,195) ( 845)
Credited/(charged) to the Statement of Income and Retained Earnings 158 ( 350)
At the end of financial year ( 1,037) ( 1,195)

11. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

12. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Balance at start of the year 29,100 37,812
Amount advanced 19,100 392,560
Amount repaid (37,097) (401,272)
Balance at end of year 11,103 29,100