REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 November 2023 |
for |
Atlantic Towers Developments Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 November 2023 |
for |
Atlantic Towers Developments Limited |
Atlantic Towers Developments Limited (Registered number: 09332673) |
Contents of the Financial Statements |
for the Year Ended 30 November 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Atlantic Towers Developments Limited |
Company Information |
for the Year Ended 30 November 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
116 Duke Street |
Liverpool |
Merseyside |
L1 5JW |
Atlantic Towers Developments Limited (Registered number: 09332673) |
Balance Sheet |
30 November 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The director acknowledges his 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. |
Atlantic Towers Developments Limited (Registered number: 09332673) |
Balance Sheet - continued |
30 November 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Atlantic Towers Developments Limited (Registered number: 09332673) |
Notes to the Financial Statements |
for the Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
Atlantic Towers Developments Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors have prepared the financial statements on a going concern basis despite the net liability position at the balance sheet date, the sale of the development post year end will create a profit and a net asset position. |
Significant judgements and estimates |
There are no judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable on property development and associated fees, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised as the services are completed. |
Tangible fixed assets |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Financial instruments |
Other loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
Directors loans and intercompany loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at 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 and loss. |
Atlantic Towers Developments Limited (Registered number: 09332673) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
Atlantic Towers Developments Limited (Registered number: 09332673) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
Amounts owed by group undertakings |
Amounts owed by associates |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to associates | 660,145 | 429,101 |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 8,796 | 13,889 |
8. | SECURED DEBTS |
A fixed and floating charge dated 29 March 2022, is held over the freehold land known as 50 - 60 Waterloo Road, a property owned by Waterloo Aparthotel Limited, by Kufflink Bridging Limited. |
Atlantic Towers Developments Limited (Registered number: 09332673) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
9. | RELATED PARTY DISCLOSURES |
Included within other debtors is an amount of £338,095, (2022 £380,449), owing from Waterloo Aparthotel Limited, a company under the the control of Mr Mr D Murphy. |
Included within other debtors is an amount of £nil, (2022 £354), owing from Mercury Car Parks Limited, a company under the the control of Mr Mr D Murphy. |
Included within other debtors is an amount of £34,421, (2022 £37,203, creditor), owing to Pennystone Properties Limited, a company under the the control of Mr Mr D Murphy. |
Included within other debtors is an amount of £5,994, (2022 £19,844), owing from DMUR Group Limited, a company under the the control of Mr Mr D Murphy. |
Included within other creditors is an amount of £231,044, (2022 £18,956, debtor), owing to Vauxhall Residential Developments Limited, a company under the the control of Mr D Murphy. |
Included within other creditors is an amount of £429,101, (2022 £429,101, debtor), owing to Vauxhall Developments Limited, a company related by common control. |
The balances are interest free and repayable on demand. |