Company registration number 01290993 (England and Wales)
ATLANTA TRUST LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ATLANTA TRUST LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
ATLANTA TRUST LIMITED (REGISTERED NUMBER: 01290993)
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
980,438
874,876
Investment property
6
9,413,994
10,075,910
Investments
7
80,000
80,000
10,474,432
11,030,786
Current assets
Stocks
738,243
1,104,924
Debtors
8
611,978
889,663
Cash at bank and in hand
4,034,725
2,863,611
5,384,946
4,858,198
Creditors: amounts falling due within one year
9
(621,241)
(883,031)
Net current assets
4,763,705
3,975,167
Total assets less current liabilities
15,238,137
15,005,953
Provisions for liabilities
(63,092)
(34,388)
Net assets
15,175,045
14,971,565
Capital and reserves
Called up share capital
1,508,844
1,508,844
Share premium account
781,689
781,689
Non-distributable profits reserve
10
833,582
518,569
Distributable profit and loss reserves
12,050,930
12,162,463
Total equity
15,175,045
14,971,565

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

ATLANTA TRUST LIMITED (REGISTERED NUMBER: 01290993)
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
Mrs M I Wright
Director
ATLANTA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Atlanta Trust Limited is a private company limited by shares incorporated in England and Wales. The registered office is 615/623 Princes Road, Dartford, Kent, DA2 6HH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. The investment properties are not subject to depreciation.

It is the policy of the company to take advantage of the exemptions conferred by section 248 of the Companies Act 2006 from preparing the group accounts.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of consideration received or receivable for the goods, services and rental income 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. The following criteria must also be met before turnover is recognised.

Turnover for the sale of goods is recognised when all of the following conditions are met:

Turnover from a contract to provide services is recognised in the period in which the services and rental services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

ATLANTA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
1% on cost of buildings, land is not subject to depreciation
Land and buildings Leasehold
10% on cost
Plant and machinery
20% on cost, 20% on reducing balance and 10% on cost
Fixtures, fittings & equipment
33% on reducing balance, 20% on cost and 10% on cost
Computer equipment
33% on reducing balance
Motor vehicles
25% on reducing balance

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.

1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. Investment properties are not subject to depreciation in accordance with FRS102.

 

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

ATLANTA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

ATLANTA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

 

A deferred tax asset is only recognised when it is clear that the asset will crystallise within the following accounting period. Should the asset not crystallise within this period, then no recognition shall be made.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.13
Retirement benefits

The company makes contributions to a money purchase contribution scheme, the assets of the scheme being held separately from the assets of the company. The pension cost charge represents contributions payable to the scheme.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15

Foreign Exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

ATLANTA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.16

Research and Development Expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
12
12
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
154,350
Amortisation and impairment
At 1 January 2023 and 31 December 2023
154,350
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
ATLANTA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
5
Tangible fixed assets
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2023
758,406
173,757
872,791
77,521
73,287
159,158
2,114,920
Additions
-
0
-
0
-
0
-
0
2,627
183,590
186,217
Disposals
-
0
-
0
-
0
-
0
-
0
(50,800)
(50,800)
At 31 December 2023
758,406
173,757
872,791
77,521
75,914
291,948
2,250,337
Depreciation and impairment
At 1 January 2023
26,544
173,757
824,816
77,278
71,732
65,917
1,240,044
Depreciation charged in the year
3,792
-
0
9,595
81
657
38,749
52,874
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
-
0
(23,019)
(23,019)
At 31 December 2023
30,336
173,757
834,411
77,359
72,389
81,647
1,269,899
Carrying amount
At 31 December 2023
728,070
-
0
38,380
162
3,525
210,301
980,438
At 31 December 2022
731,862
-
0
47,975
243
1,555
93,241
874,876
ATLANTA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
6
Investment property
2023
£
Fair value
At 1 January 2023
10,075,911
Additions
42,532
Disposals
(601,052)
Revaluations
(103,397)
At 31 December 2023
9,413,994

The directors have assessed the open market value of the investment properties at 31 December 2023 to be £9,413,994 (2022 - £10,075,911). External acquisitions during the year are valued at fair value which, in the opinion of the directors, is their acquisition cost during the year.

7
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
80,000
80,000
Fixed asset investments not carried at market value

The fixed asset investment is made up of the shares held in Abwood Machine Tools Limited. The value of this investment is equal to the capital and reserves of the company.

8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
573,385
451,652
Other debtors
38,593
27,927
611,978
479,579
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
-
0
410,084
Total debtors
611,978
889,663
ATLANTA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
12,317
52,143
Amounts owed to group undertakings
80,000
80,000
Taxation and social security
157,964
88,266
Other creditors
370,960
662,622
621,241
883,031
10
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
518,569
580,915
Non distributable profits in the year
315,013
(62,346)
At the end of the year
833,582
518,569
11
Financial commitments, guarantees and contingent liabilities

The company has entered into an agreement with the company's bank whereby any liabilities to the bank are secured by way of a fixed charge over a property owned by the company.

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