ATLAS COMMERCIAL PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Atlas Commercial Property Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is Riding Court House, Riding Court Road, Datchet, Berkshire, England, SL3 9JT.
The company specialises in commercial property rental.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006, and on the assumption that the company is a going concern.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis, notwithstanding, the net current liabilities of £1,214,842 (2022 - £1,315,131), which the directors believe to be appropriate for the following reason.
The directors have confirmed that Atlas FM Limited, which has a common director, has provided the company with an undertaking that they will continue to support the company until it is in a position to repay the outstanding loan.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue represents income from the provision of rental properties and other services provided by the company. Rental income is recognised over the length of the respective lease term. Revenue relating to other services is recognised when the service is provided.
Investment property is carried at fair value determined annually by other directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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