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Registered number: 02341408










ATLANTIC PROPERTY DEVELOPMENTS PLC










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 
 
COMPANY INFORMATION


Directors
Barbara Lynne Thomas 
Craig Paul Davies 
Zoe Jean Loxton 




Company secretary
Craig Paul Davies



Registered number
02341408



Registered office
Foxfield
Rudry Road

Lisvane

Cardiff

CF14 0SN




Independent auditors
MHA

MHA House

Charter Court

Swansea Enterprise Park

Swansea

SA7 9FS





 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditors' report
7 - 10
Statement of comprehensive income
11
Balance sheet
12 - 13
Statement of changes in equity
14
Statement of cash flows
15
Analysis of net debt
16
Notes to the financial statements
17 - 30


 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

 
The directors present their strategic report for the year ended 31 March 2024.

Business review
 
The results for the year and financial position of the company are as shown in the annexed financial statements.
The business environment remains challenging in the property development and investment sector.
The company has net current liabilities £10,551,953 in 2024 compared with £11,104,189 net current liabilities in 2023. The company has net assets £2,418,061 in 2024 compared with £952,615 in 2023. Included as part of the company's liabilities is an amount owed to a company director of £513,029 (2023 - £1,665,202).
The company's cash at bank balance has increased to £286,608 as at 31 March 2024 from £149,931 as at 31 March 2023.

Page 1

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Principal risks and uncertainties
 
The management of the company is well aware of the risks connected with the purchase and holding of income producing land and sites. Such risks range from geological or locational issues as well as the delays and disappointments connected with receiving planning permission. There are also risks relating to the overall economic climate and in particular the market for land with development potential.
The directors are also aware of the risks associated with property investment. They recognise that there are risks of exposure to a particular tenant not paying their rents, and the company not being able to re-let the properties in the event of tenant failure.
The company manages these risks by employing specialist advisers and consultants with experience of the issues likely to be encountered. This process sometimes increases costs before the company knows what can be subsequently recovered and, like many other companies, there are occasions when not all costs incurred will be covered.
The directors believe that the tenancy risks are mitigated by a pro-active approach to monitoring tenants and the quality of the assets which would be attractive to prospective new tenants.
Credit risk
There are credit risks involved in the employment of construction companies and further credit risks from tenants when buildings are let. The company manages credit risk by restricting dealings to large construction companies with a proven track history and using solicitors who have extensive knowledge of land and property. Furthermore, the bad debt record of the company is very satisfactory. Cash is only deposited with banks after careful consideration of the counterparty credit risks.
Market risk
There are market risks associated with the value of the properties held by the company, with a risk that these values could significantly fluctuate. This has been highlighted in the current year as a result of the continued economic uncertainty. The company manages market risk by regularly monitoring the valuation of property held and ensuring rents charged produce a satisfactory yield.
Liquidity risk
The company actively manages its cash reserves to ensure that the company has sufficient funds available for its operations.
Operational risk
There are operational risks involved in the holding of properties for rental in the event of a catastrophic event, such that the properties can not be utilised by tenants. The company mitigates against this risk through an insurance policy to provide suitable cover against this event. There are also operational risks associated with the failure to follow internal policies. The company manages this risk by operating a strong control environment and ensuring internal policies are followed by staff.

Financial key performance indicators
 
The key measurement of the effectiveness of the company's operations is operating results. The company has recorded an operating profit of £1,073,229 in 2024 (2023 - £1,446,098).

Other key performance indicators
 
The company recorded a net profit of £568,503 (2023 - £969,586) in the year.

Page 2

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Directors' statement of compliance with duty to promote the success of the Company
 
Our plans are formulated to have a positive, beneficial impact on the company over the mid-to-long term. 

The Board takes into consideration the interests of stakeholders in their decision-making. 


This report was approved by the board on 13 November 2024 and signed on its behalf.



Craig Paul Davies
Director

Page 3

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activities of the company in the year under review were those of the acquisition of land and property for development and property investment.
The company does not currently hold property for development. However as noted below the directors are continually seeking new development opportunities.
The company currently operates solely within the United Kingdom, with no overseas branches. 

Dividends

The directors do not recommend the payment of a dividend in respect of the year (2023 - £0).

Directors

The directors who served during the year were:

Barbara Lynne Thomas 
Craig Paul Davies 
Zoe Jean Loxton 

Page 4

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Future developments

The company's performance is in line with the directors' expectations. The directors are continually seeking new development and investment opportunities.

Charitable and political donations

During the year the company made charitable donations of £10,920 (2023 - £13,613) to a number of local and national organisations for general charitable purposes.
During the year the company made political donations of £0 (2023 - £1,500).

Matters covered in the Strategic Report

The company's business activities, together with the factors likely to affect its future development, performance, and position, are set out above and further details are provided in the Strategic Report.

Disclosure in the Strategic Report

Included in the company's strategic report is a review of the business and a description of the principal risks and uncertainties facing the company. 

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

Engagement with suppliers, customers and others

The directors are committed to developing and maintaining strong relationships with the company's customers and suppliers. 

Page 5

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company has not consumed more than 40,000 kWh of energy in this reporting period. 

It qualifies as a low energy user under these regulations and it is not required to report on its emissions, energy consumption or energy efficiency action. 



Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Following a rebranding exercise on 15 May 2023, the trading name of the company's independent auditor changed from MHA MacIntyre Hudson to MHA.

The auditorsMHAwill be proposed for reappointment in accordance with section 489 of the Companies Act 2006.

This report was approved by the board on 13 November 2024 and signed on its behalf.
 





Craig Paul Davies
Director

Page 6

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATLANTIC PROPERTY DEVELOPMENTS PLC
 

Opinion


We have audited the financial statements of Atlantic Property Developments PLC (the 'Company') for the year ended 31 March 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 7

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATLANTIC PROPERTY DEVELOPMENTS PLC (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATLANTIC PROPERTY DEVELOPMENTS PLC (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud.
- Review of legal and professional fees for evidence of legal work undertaken or fines/penalties incurred.
- Reviewing of financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud;
- Discussions with management over any potential or suspected fraud.
- Performing substantive tests of detail over the completeness/existence of income within the financial system


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 9

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATLANTIC PROPERTY DEVELOPMENTS PLC (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Brian Garland BA ACA (Senior statutory auditor)
  
for and on behalf of
MHA
 
Swansea, United Kingdom

7 January 2025

.



MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313). 

Page 10

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
  
708,114
771,459

Gross profit
  
708,114
771,459

Administrative expenses
  
(339,437)
(509,525)

Other operating income
  
704,552
1,184,164

Operating profit
  
1,073,229
1,446,098

Interest receivable and similar income
  
9,822
9,390

Interest payable and similar expenses
  
(336,178)
(348,648)

Profit before tax
  
746,873
1,106,840

Tax on profit
 9 
(178,370)
(137,254)

Profit for the financial year
  
568,503
969,586

Other comprehensive income for the year
  

Total comprehensive income for the year
  
568,503
969,586

The notes on pages 17 to 30 form part of these financial statements.



Page 11

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
REGISTERED NUMBER: 02341408

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 10 
2,832,440
1,636,516

Tangible assets
 11 
88,080
18,147

Investment property
 12 
10,761,246
10,761,245

  
13,681,766
12,415,908

Current assets
  

Debtors
 13 
2,549,100
5,124,038

Cash at bank and in hand
 14 
286,608
149,931

  
2,835,708
5,273,969

Creditors: amounts falling due within one year
 15 
(13,387,661)
(16,378,158)

Net current liabilities
  
 
 
(10,551,953)
 
 
(11,104,189)

Total assets less current liabilities
  
3,129,813
1,311,719

Creditors: amounts falling due after more than one year
 16 
(53,666)
-

Provisions for liabilities
  

Deferred tax
 18 
(658,086)
(359,104)

  
 
 
(658,086)
 
 
(359,104)

Net assets
  
2,418,061
952,615


Capital and reserves
  

Called up share capital 
  
52,000
52,000

Other reserves
  
1,974,255
1,077,312

Profit and loss account
  
391,806
(176,697)

  
2,418,061
952,615


Page 12

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
REGISTERED NUMBER: 02341408
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 November 2024.




Craig Paul Davies
Director

The notes on pages 17 to 30 form part of these financial statements.

Page 13

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Fair value reserve
Retained earnings
Total equity

£
£
£
£


At 1 April 2022
52,000
2,113,144
(1,146,283)
1,018,861


Comprehensive income for the year

Profit for the year
-
-
969,586
969,586

Fair value gains
-
(1,035,832)
-
(1,035,832)



At 31 March 2023
52,000
1,077,312
(176,697)
952,615


Comprehensive income for the year

Profit for the year
-
-
568,503
568,503

Fair value gains
-
896,943
-
896,943


At 31 March 2024
52,000
1,974,255
391,806
2,418,061


The notes on pages 17 to 30 form part of these financial statements.

Page 14

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
746,873
1,106,840

Adjustments for:

Depreciation of tangible assets
6,740
2,459

Loss on disposal of tangible assets
1,699
-

Finance Income
(9,822)
(9,390)

Decrease in debtors
2,574,939
92,671

(Decrease)/increase in creditors
(1,891,186)
412,982

Corporation tax (paid)
(137,254)
(73,065)

Net cash generated from operating activities

1,291,989
1,532,497


Cash flows from investing activities

Purchase of tangible fixed assets
(78,373)
(1,781)

Purchase of investment properties
-
(756,934)

Interest received
9,822
9,390

Net cash from investing activities

(68,551)
(749,325)

Cash flows from financing activities

New finance leases
65,413
-

Amounts introduced by members
106,135
23,673

Drawings paid to members
(1,258,309)
(711,050)

Net cash used in financing activities
(1,086,761)
(687,377)

Net increase in cash and cash equivalents
136,677
95,795

Cash and cash equivalents at beginning of year
149,931
54,136

Cash and cash equivalents at the end of year
286,608
149,931


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
286,608
149,931

286,608
149,931


The notes on pages 17 to 30 form part of these financial statements.

Page 15

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024





At 1 April 2023
Cash flows
New finance leases
At 31 March 2024
£

£

£

£

Cash at bank and in hand

149,931

136,677

-

286,608

Debt due within 1 year

(1,665,202)

1,152,173

-

(513,029)

Finance leases

-

17,352

(82,765)

(65,413)


(1,515,271)
1,306,202
(82,765)
(291,834)

The notes on pages 17 to 30 form part of these financial statements.

Page 16

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Atlantic Property Developments Plc is a public company, registered in England and Wales. The company's registered number is 02341408 and registered office address is Foxfield Rudry Road, Lisvane, Cardiff, Wales, CF14 0SN.
The presentation currency of the financial statements is the Pound Sterling (£).
Monetary amounts in these financial statements are rounded to the nearest £.
The company's principal activity is the acquisition of land and property for development and property investment.


2.


Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. 

3.Accounting policies

 
3.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
3.2

Significant judgement and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 which 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 if the revision only effects that period or in the period of the revision and future periods if the revision affects both current and future periods.
Recoverability of related party debtors
The directors assess the recoverability of related party debtor balances at the reporting date and make provisions against balances where deemed necessary. The directors review the financial position of related party companies to assess their ability to repay the debt.

Page 17

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.Accounting policies (continued)

 
3.3

Going concern

The company's business activities, together with the factors likely to affect its future development, performance, and position, are set out on pages 1 to 3. The company made a profit in the year ended 31 March 2024, with net current liabilities as of that date. The company had net assets of £2,418,061 as at 31 March 2024.
In preparing the financial statements, the directors have considered the current financial position of the company and likely future cashflows. The directors are confident that the company is well placed to manage its business risks successfully, despite the uncertain economic outlook.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

  
3.4

Turnover

Turnover represents the value of rents and service charges and insurance recharges receivable, exclusive of value added tax.

  
3.5

Revenue recognition

Rents receivable are accounted for as operating lease income and credited to the income and expenditure account on a straight-line basis over the lease term, with any rental increases recognised during the period to which they relate. Service charge income and insurance recharges are recognised evenly over the period to which it relates.
Management fees receivable are accounted for evenly over the period to which they relate.

  
3.6

Intangible assets

Intangible assets relate to Crypto-assets. Intangible assets are recognised initially at cost and subsequently revalued at each balance sheet date. Fair value is based on the quoted market price at the balance sheet date. Revaluation gains or losses are recognised in Other Comprehensive Income, except where the value falls below cost. Impairments of assets below cost are recognised in profit or loss. The company does not hold cryptocurrency for speculative purposes.

 
3.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 18

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.Accounting policies (continued)

 
3.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
on cost
Fixtures and fittings
-
15%
on cost and 10% on cost
Computer equipment
-
15%
on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
3.9

Investment property

Investment property is shown at most recent valuation at fair value. In accordance with FRS 102 investment property is not depreciated. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. Surpluses or deficits on revaluation are then transferred from Retained Earnings to a separate non-distributable reserve.

Page 19

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.Accounting policies (continued)

  
3.10

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. 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.
Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments that are classified as payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the company, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Page 20

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.Accounting policies (continued)

  
3.11

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
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.

  
3.12

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

  
3.13

Provisions and contingent liabilities

Provisions are recognised when the company has a present obligation as a result of a past event, it is probable that the company will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Otherwise, material contingent liabilities are disclosed unless the transfer of economic benefits is remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.

Page 21

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Rental income
671,250
730,714

Service charge income
24,251
28,785

Insurance recharges
12,613
11,960

708,114
771,459


All turnover arose within the United Kingdom.


5.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
162,292
165,180

Social security costs
14,255
14,575

Other pension costs
5,651
6,592

182,198
186,347


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Management
5
4


6.

Interest receivable

2024
2023
        £
        £
Interest receivable from related parties

9,822

9,390
 


.





Page 22

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
129,944
135,033

Company contributions to defined contribution pension schemes
2,642
3,106

132,586
138,139


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.


8.


Interest payable and similar expenses

2024
2023
£
£


Interest payable on related party loans
335,407
348,648

Finance leases and hire purchase contracts
771
-

336,178
348,648


9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
178,370
137,254


178,370
137,254


Total current tax
178,370
137,254
There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of  25% (2023 - 19%).


There were no factors that may affect future tax charges.

Page 23

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Intangible assets




Other intangible assets

£



Cost


At 1 April 2023
1,636,516


Disposals
(718,292)


Revaluation surplus
1,914,216



At 31 March 2024

2,832,440






Net book value



At 31 March 2024
2,832,440



At 31 March 2023
1,636,516

Other Intangible Fixed Assets relate to Crypto-assets at fair value.



Page 24

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
-
18,666
12,944
31,610


Additions
77,225
-
1,148
78,373



At 31 March 2024

77,225
18,666
14,092
109,983



Depreciation


At 1 April 2023
-
7,292
6,171
13,463


Charge for the year on owned assets
4,827
1,909
1,704
8,440



At 31 March 2024

4,827
9,201
7,875
21,903



Net book value



At 31 March 2024
72,398
9,465
6,217
88,080



At 31 March 2023
-
11,374
6,773
18,147

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
72,398
-

72,398
-

Page 25

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Investment property


Investment property

£



Valuation


At 1 April 2023
10,761,245



At 31 March 2024
10,761,245

The fair value of investment property has been determined with reference to rental yields and existing market data in similar geographical areas.

The 2024 valuations were made by the directors, on an open market value for existing use basis.

The valuation was carried out by a company director, and the directors consider that the cost represents the fair value of the investment properties as at 31 March 2024 having considered market conditions at the reporting date and rental yields on the properties.





13.


Debtors

2024
2023
£
£



Trade debtors
12,600
4,200

Amounts owed by related parties
-
1,250,765

Other debtors
2,513,907
3,848,753

Prepayments and accrued income
22,593
20,320

2,549,100
5,124,038



14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
286,608
149,931

286,608
149,931


Page 26

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
29,905
73,458

Amounts owed to related parties
12,450,279
14,275,630

Corporation tax
178,370
137,254

Other taxation and social security
36,100
35,044

Obligations under finance lease and hire purchase contracts
11,747
-

Other creditors
513,030
1,689,968

Accruals and deferred income
168,230
166,804

13,387,661
16,378,158


The following liabilities were secured:

2024
2023
£
£



Hire purchase contracts
82,765
-

82,765
-

Details of security provided:

Hire purchase contracts are secured on the assets to which they relate. 


16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
53,666
-

53,666
-


Page 27

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
11,748
-

Between 1-5 years
71,017
-

82,765
-


18.


Deferred taxation




2024


£






At beginning of year
(359,102)


Charged to profit or loss
(298,981)



At end of year
(658,083)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Deferred tax
(658,083)
(359,104)

(658,083)
(359,104)

Deferred tax is in respect of fair value gains on Intangible assets. 

Page 28

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.

Share capital

Allotted, called up and fully paid:

2024
2023
        £
        £
Number:         Class:             Nominal value:

37,500            Ordinary A                   £1

37,500

37,500
 
12,500            Ordinary B                   £1

12,500

12,500
 
2,000              Ordinary C                   £1

2,000

2,000
 

52,000

52,000
 

The "A" and "B" £1 ordinary shares rank pari passu in all respects. The shares carry voting rights, rights on winding up, have an entitlement to receive dividends at the discretion of the company's directors and are non-redeemable.
The "C" £1 ordinary shares issued have rights to receive dividends at the discretion of the company's directors and are non-redeemable. The "C" share carry no voting rights. 


20.


Reserves

Retained earnings represents all current and prior period retained profits and losses.
Other reserves relates to Fair value reserve in respect of revaluation gains on Crypto-assets in Intangible fixed assets.


21.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the pension schemes are held separately from those of the company in independently administered funds.
The pension cost charge represents contributions payable by the company to the fund amounting to £5,651 (2023 - £6,592). 


22.


Directors' advances, credits and guarantees

Amounts of £513,029 (2023 - £1,665,202) were due to the director Mrs B L Thomas at the balance sheet date.
The loan is unsecured, interest free, and repayable on demand.

Page 29

 
ATLANTIC PROPERTY DEVELOPMENTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

23.

Related party disclosures

Other related parties

2024
2023
        £
        £
Amounts due by related parties

-

1,250,766
 
Amounts due to related parties

12,450,279

14,275,631
 

The loan balances are unsecured and repayable on demand.
Amounts due from related parties are the amounts considered recoverable by the directors, net of provision for doubtful debts.


24.


Ultimate controlling party

The directors consider the director Mrs B L Thomas to be the controlling party.

 
Page 30