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Registered number: 01342528
Atlantis Travel Of London Limited
Financial Statements
For The Year Ended 31 December 2023
Kalculus
Chartered Accountants, Registered Auditors & Business Advisors
Financial Statements
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 01342528
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 337,737 329,454
Investments 5 100 100
337,837 329,554
CURRENT ASSETS
Debtors 6 82,291 234,216
Cash at bank and in hand 1,483,288 1,339,505
1,565,579 1,573,721
Creditors: Amounts Falling Due Within One Year 7 (640,997 ) (605,267 )
NET CURRENT ASSETS (LIABILITIES) 924,582 968,454
TOTAL ASSETS LESS CURRENT LIABILITIES 1,262,419 1,298,008
NET ASSETS 1,262,419 1,298,008
CAPITAL AND RESERVES
Called up share capital 8 150,000 150,000
Revaluation reserve 9 265,750 265,750
Profit and Loss Account 846,669 882,258
SHAREHOLDERS' FUNDS 1,262,419 1,298,008
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr M Goldstein
Director
6 June 2024
The notes on pages 2 to 4 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Atlantis Travel Of London Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01342528 . The registered office is 2nd Floor Gadd House, Arcadia Avenue, London, N3 2JU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 1% on cost
Motor Vehicles 25% on cost
Fixtures & Fittings 15% reducing balance
Computer Equipment 33% reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2022: 10)
10 10
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Page 3
4. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 280,000 137,503 59,162 123,836 600,501
Additions - 61,243 - - 61,243
As at 31 December 2023 280,000 198,746 59,162 123,836 661,744
Depreciation
As at 1 January 2023 35,650 60,820 53,301 121,276 271,047
Provided during the period 1,550 49,686 879 845 52,960
As at 31 December 2023 37,200 110,506 54,180 122,121 324,007
Net Book Value
As at 31 December 2023 242,800 88,240 4,982 1,715 337,737
As at 1 January 2023 244,350 76,683 5,861 2,560 329,454
5. Investments
Listed
£
Cost
As at 1 January 2023 100
As at 31 December 2023 100
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 100
As at 1 January 2023 100
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 58,996 219,713
Prepayments and accrued income 10,566 4,090
Other debtors - 2,118
Directors Expenses 12,729 8,295
82,291 234,216
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Page 4
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 464,977 446,655
Bank loans and overdrafts 7,861 -
Corporation tax 4,478 56,607
Other taxes and social security 78,882 46,062
Other creditors 27,994 25,116
Accruals and deferred income 24,628 30,381
Directors' loan accounts 32,177 446
640,997 605,267
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 150,000 150,000
9. Reserves
Revaluation Reserve
£
As at 1 January 2023 265,750
As at 31 December 2023 265,750
10. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
11. Audit Information
The auditors report on the account of Atlantis Travel Of London Limited for the year ended 31 December 2023 was unqualified
The auditor's report was signed by Philip Horesh (Senior Statutory Auditor) for and on behalf of Kalculus , Statutory Auditor
Page 4