Registered number: 12696871
ATLANTIC NOMAD LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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ATLANTIC NOMAD LTD
COMPANY INFORMATION
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C/O Ecovis 3rd Floor, Waverley House
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Ecovis Wingrave Yeats UK Limited
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3rd Floor, Waverley House
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ATLANTIC NOMAD LTD
CONTENTS
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Notes to the financial statements
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ATLANTIC NOMAD LTD
REGISTERED NUMBER: 12696871
BALANCE SHEET
AS AT 30 JUNE 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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.
The notes on pages 3 to 7 form part of these financial statements.
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ATLANTIC NOMAD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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
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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.
The following principal accounting policies have been applied:
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.
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Foreign currency translation
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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'.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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ATLANTIC NOMAD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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:
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.
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.
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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.
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.
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.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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There were no significant judgments made during the period.
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ATLANTIC NOMAD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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The average monthly number of employees, including directors, during the year was 1 (2023 - 1).
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The company has tax losses of £367,830 (2023 - £273,787) available to offset against future profits.
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Charge for the year on owned assets
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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.
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ATLANTIC NOMAD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Called up share capital not paid
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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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.
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ATLANTIC NOMAD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Allotted, called up and partly paid
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90 (2023 - 90) Ordinary shares of £1.00 each
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10 (2023 - 10) Ordinary "A" shares of £1.00 each
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Related party transactions
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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.
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