COMPANY REGISTRATION NUMBER:
02610817
Atlantic Technica Properties Ltd (formerly Technica Pharmaceuticals Ltd) |
|
Filleted Unaudited Financial Statements |
|
Atlantic Technica Properties Ltd (formerly Technica Pharmaceuticals Ltd) |
|
Statement of Financial Position |
|
30 April 2024
Fixed assets
Investments |
5 |
|
750,000 |
750,000 |
|
|
|
|
|
Current assets
Debtors |
6 |
391 |
|
6,361 |
Cash at bank and in hand |
93,516 |
|
76,960 |
|
-------- |
|
-------- |
|
93,907 |
|
83,321 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
318,237 |
|
321,416 |
|
--------- |
|
--------- |
Net current liabilities |
|
224,330 |
238,095 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
525,670 |
511,905 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
71,567 |
71,567 |
|
|
--------- |
--------- |
Net assets |
|
454,103 |
440,338 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
|
454,003 |
440,238 |
|
|
--------- |
--------- |
Shareholders funds |
|
454,103 |
440,338 |
|
|
--------- |
--------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Atlantic Technica Properties Ltd (formerly Technica Pharmaceuticals Ltd) |
|
Statement of Financial Position (continued) |
|
30 April 2024
These financial statements were approved by the
board of directors
and authorised for issue on
3 October 2024
, and are signed on behalf of the board by:
Company registration number:
02610817
Atlantic Technica Properties Ltd (formerly Technica Pharmaceuticals Ltd) |
|
Notes to the Financial Statements |
|
Year ended 30 April 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have considered the basis of the preparation of the accounts and are satisfied that the accounts should be prepared under the going concern basis. This has been agreed following confirmation from the director that it is their intention to provide continuing support to the business.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2023:
2
).
5.
Investments
|
Investment Property |
|
£ |
Valuation |
|
At 1 May 2023 and 30 April 2024 |
750,000 |
|
--------- |
Impairment |
|
At 1 May 2023 and 30 April 2024 |
– |
|
--------- |
|
|
Carrying amount |
|
At 30 April 2024 |
750,000 |
|
--------- |
At 30 April 2023 |
750,000 |
|
--------- |
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
– |
1,450 |
Other debtors |
391 |
4,911 |
|
---- |
------- |
|
391 |
6,361 |
|
---- |
------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
2,260 |
440 |
Corporation tax |
3,385 |
2,724 |
Other creditors |
312,592 |
318,252 |
|
--------- |
--------- |
|
318,237 |
321,416 |
|
--------- |
--------- |
|
|
|
8.
Reserves
|
|
2024 |
2023 |
|
|
£ |
£ |
|
Called up share capital |
100 |
100 |
|
Revaluation reserve |
214,700 |
244,700 |
|
Profit and loss account |
225,538 |
213,862 |
|
|
--------- |
--------- |
|
Shareholders funds |
440,338 |
458,662 |
|
|
--------- |
--------- |
|
|
|
|
Of the above reserves, the revaluation reserves are profits which are not available for distribution as they are unrealised.
9.
Related party transactions
Included within creditors is £306,500 (2023: £312,500) owed to the directors at the year end. No interest was charged on this balance.