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Registered number: 12696871









ATLANTIC NOMAD LTD







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
ATLANTIC NOMAD LTD
 
 
COMPANY INFORMATION


Director
J W Carmichael 




Registered number
12696871



Registered office
C/O Ecovis 3rd Floor, Waverley House
7-12 Noel St

London

W1F 8GQ




Accountants
Ecovis Wingrave Yeats UK Limited
Chartered Accountants

3rd Floor, Waverley House

7-12 Noel Street

London

W1F 8GQ





 
ATLANTIC NOMAD LTD
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 7


 
ATLANTIC NOMAD LTD
REGISTERED NUMBER: 12696871

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 6 
28
732

  
28
732

Current assets
  

Work in progress
 7 
171,445
93,888

Debtors: amounts falling due within one year
 8 
20,862
100

Cash at bank and in hand
  
35,782
81,582

  
228,089
175,570

Creditors: amounts falling due within one year
 9 
(181,390)
(55,338)

Net current assets
  
 
 
46,699
 
 
120,232

Total assets less current liabilities
  
46,727
120,964

Creditors: amounts falling due after more than one year
 10 
(425,626)
(400,747)

  

Net liabilities
  
(378,899)
(279,783)


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
  
(378,999)
(279,883)

  
(378,899)
(279,783)


Page 1

 
ATLANTIC NOMAD LTD
REGISTERED NUMBER: 12696871
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 January 2025.




J W Carmichael
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
ATLANTIC NOMAD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Atlantic Nomad Ltd is a private company, limited by shares, incorporated in England & Wales, registration number 12696871. The company's registered office is 3rd Floor, Waverley House, 7-12 Noel Street, London, W1F 8GQ.

2.Accounting policies

 
2.1

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 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.

The following principal accounting policies have been applied:

 
2.2

Going concern

The director has considered the plans for the Company and the cash flow requirements of the business. The director believes that the Company will continue to be able to meet its liabilities as and when they fall due for a period of no less than 12 months from the date of signing of these financial statements. As a result these financial statements have been prepared on the basis that the Company is a going concern.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
ATLANTIC NOMAD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

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:

Computer equipment
-
3 years

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.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

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.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.9

Work in progress

Work in progress represents development expenditure where management believe that there is sufficient likelihood of the development project achieving full production. Work in progress is therefore is considered fully recoverable at the balance sheet date.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

There were no significant judgments made during the period. 

Page 4

 
ATLANTIC NOMAD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


5.


Taxation

The company has tax losses of £367,830 (2023 - £273,787) available to offset against future profits.


6.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 July 2023
2,114



At 30 June 2024

2,114



Depreciation


At 1 July 2023
1,382


Charge for the year on owned assets
704



At 30 June 2024

2,086



Net book value



At 30 June 2024
28



At 30 June 2023
732


7.


Work in progress

2024
2023
£
£

Development costs
171,445
93,888

171,445
93,888


Work in progress represents development expenditure where management believe that there is sufficient likelihood of the development project achieving full production. Work in progress is therefore is considered fully recoverable at the balance sheet date.

Page 5

 
ATLANTIC NOMAD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Debtors

2024
2023
£
£


Trade debtors
2,646
-

Other debtors
18,116
-

Called up share capital not paid
100
100

20,862
100



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
211

Trade creditors
9,900
2,100

Director's loan account
80,899
15,335

Accruals and deferred income
90,591
37,692

181,390
55,338



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
425,626
400,747

425,626
400,747


On 1 July 2020 the Company entered into an agreement with IPR.VD Fund II KY, a company incorporated in Helsinki, Finland to make available a facility to fund a slate of development projects and certain overhead costs as agreed between the two parties. At the balance sheet date the Company had drawn down a total of £425,626 (2023 - £400,747). The loan is interest-free, unsecured and repayable at a premium from future income generated from relevant development and production projects in accordance with the terms of the underlying agreement.

Page 6

 
ATLANTIC NOMAD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Share capital

2024
2023
£
£
Allotted, called up and partly paid



90 (2023 - 90) Ordinary shares of £1.00 each
90
90
10 (2023 - 10) Ordinary "A" shares of £1.00 each
10
10

100

100



12.


Related party transactions

During the year, the director granted loans to the Company totalling £65,564 (2023 - £295). At the year end date, the amount owing to the director totalled £80,899 (2023 - £15,335). This amount is unsecured, interest free, and repayable on demand.

 
Page 7