REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2024 |
FOR |
ATLAS RISK MANAGEMENT LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 |
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 |
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 |
DEPRECIATION |
At 1st August 2023 |
Charge for year |
At 31st July 2024 |
NET BOOK VALUE |
At 31st July 2024 |
At 31st July 2023 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1st August 2023 |
Revaluations |
At 31st July 2024 |
NET BOOK VALUE |
At 31st July 2024 |
At 31st July 2023 |
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 |
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 |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
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 |
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). |