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REGISTERED NUMBER: 04162305 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2024

FOR

ATLAS RISK MANAGEMENT LIMITED

ATLAS RISK MANAGEMENT LIMITED (REGISTERED NUMBER: 04162305)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31st July 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ATLAS RISK MANAGEMENT LIMITED

COMPANY INFORMATION
for the Year Ended 31st July 2024







DIRECTORS: Mr C W Skinner
Mr D K Wilson
Mr M F Kenny





SECRETARY: Mr D K Wilson





REGISTERED OFFICE: 109 Timber Wharf
32 Worsley Street
Manchester
M15 4NX





REGISTERED NUMBER: 04162305 (England and Wales)





ACCOUNTANTS: Xeinadin
100 Barbirolli Square
Manchester
M2 3BD

ATLAS RISK MANAGEMENT LIMITED (REGISTERED NUMBER: 04162305)

BALANCE SHEET
31st July 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 320,993 339,634
Investments 5 148,537 106,801
469,530 446,435

CURRENT ASSETS
Debtors 6 15,138 12,115
Cash at bank 113,925 227,691
129,063 239,806
CREDITORS
Amounts falling due within one year 7 (135,873 ) (173,248 )
NET CURRENT (LIABILITIES)/ASSETS (6,810 ) 66,558
TOTAL ASSETS LESS CURRENT
LIABILITIES

462,720

512,993

CREDITORS
Amounts falling due after more than one
year

8

(67,836

)

(114,717

)
NET ASSETS 394,884 398,276

CAPITAL AND RESERVES
Called up share capital 10 2,880 2,880
Capital redemption reserve 1,120 1,120
Retained earnings 390,884 394,276
SHAREHOLDERS' FUNDS 394,884 398,276

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ATLAS RISK MANAGEMENT LIMITED (REGISTERED NUMBER: 04162305)

BALANCE SHEET - continued
31st July 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13th September 2024 and were signed on its behalf by:





Mr D K Wilson - Director


ATLAS RISK MANAGEMENT LIMITED (REGISTERED NUMBER: 04162305)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31st July 2024


1. STATUTORY INFORMATION

Atlas Risk Management Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 04162305, and registered office address and principal place of business is 109, Timber Wharf, 32 Worsley Street, Castlefield, Manchester, M15 4NX.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover comprises of brokerage fees and commission income from the sale of insurance policies and is recognised in the profit and loss account in full when receivable for policies accepted or renewed during the financial year. Alterations in turnover arising from premium adjustments and cancellations are taken into account as and when such adjustments are made. Additional commission receivable from certain insurances based upon underwriting results is accrued in the profit and loss account when the relevant underwriting results can be estimated reliably.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on tangible fixed assets are charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods:

Fixtures and fittings-20% on cost
Office equipment-33% on cost
Leasehold property-2% on cost

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items of tangible fixed assets have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

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 evidence of impairment is found, an impairment loss is recognised in profit or loss.

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.


ATLAS RISK MANAGEMENT LIMITED (REGISTERED NUMBER: 04162305)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st July 2024


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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leasing commitments
Operating lease payments are recognised as an expense on straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand. Bank borrowings are included in creditors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 7 ) .

ATLAS RISK MANAGEMENT LIMITED (REGISTERED NUMBER: 04162305)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st July 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Long and Office
leasehold fittings equipment Totals
£    £    £    £   
COST
At 1st August 2023
and 31st July 2024 336,633 46,629 21,946 405,208
DEPRECIATION
At 1st August 2023 22,263 28,013 15,298 65,574
Charge for year 6,733 8,060 3,848 18,641
At 31st July 2024 28,996 36,073 19,146 84,215
NET BOOK VALUE
At 31st July 2024 307,637 10,556 2,800 320,993
At 31st July 2023 314,370 18,616 6,648 339,634

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1st August 2023 106,801
Revaluations 41,736
At 31st July 2024 148,537
NET BOOK VALUE
At 31st July 2024 148,537
At 31st July 2023 106,801

Cost or valuation at 31st July 2024 is represented by:

Other
investments
£   
Valuation in 2018 (7,826 )
Valuation in 2019 3,541
Valuation in 2020 653
Valuation in 2021 33,105
Valuation in 2022 (9,415 )
Valuation in 2023 8,880
Valuation in 2024 41,736
Cost 77,863
148,537

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 15,138 12,115

ATLAS RISK MANAGEMENT LIMITED (REGISTERED NUMBER: 04162305)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st July 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 15,370 13,859
Taxation and social security 66,995 69,585
Other creditors 53,508 89,804
135,873 173,248

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 67,836 114,717

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 6,357 59,282

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 83,206 128,576

National Westminster Bank PLC holds a charge, dated 27th January 2020, creating a fixed and floating charge over the company's property.

National Westminster Bank PLC holds a charge, dated 29th April 2020, creating a fixed charge over the property at 109, Timber Wharf, 32 Worsley Street, Castlefield, Manchester, M15 4NX.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:


Number:

Class
Nominal
Value:

2024


2023
£ £
959 Ordinary B £1.00 959 959
477 Ordinary D £1.00 477 477
956 Ordinary E £1.00 956 956
2 Ordinary F £1.00 2 2
1 Ordinary G £1.00 1 1
1 Ordinary H £1.00 1 1
1 Ordinary I £1.00 1 1
1 Ordinary J £1.00 1 1
2 Ordinary K £1.00 2 2
2 Ordinary L £1.00 2 2
1 Ordinary M £1.00 1 1
477 Ordinary N £1.00 477 477

2,880 2,880

ATLAS RISK MANAGEMENT LIMITED (REGISTERED NUMBER: 04162305)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st July 2024


11. OTHER FINANCIAL COMMITMENTS

At the year end the total operating lease commitments that are not shown on the balance sheet were £22,355 (2023 - £32,457).