Company registration number 13325660 (England and Wales)
London Atelier Investments Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Pages For Filing With Registrar
Pinnick Lewis LLP
Chartered Certified Accountants
Handel House
95 High Street
Edgware
HA8 7DB
London Atelier Investments Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
London Atelier Investments Limited
BALANCE SHEET
As At 30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
555,312
542,169
Current assets
Debtors
4
881
Cash at bank and in hand
9,775
15,746
10,656
15,746
Creditors: amounts falling due within one year
5
(162,296)
(163,387)
Net current liabilities
(151,640)
(147,641)
Total assets less current liabilities
403,672
394,528
Creditors: amounts falling due after more than one year
6
(391,020)
(391,020)
Provisions for liabilities
(2,497)
Net assets
10,155
3,508
Capital and reserves
Called up share capital
2
2
Investment property reserve
7
10,646
Distributable profit and loss reserves
(493)
3,506
Total equity
10,155
3,508
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
London Atelier Investments Limited
BALANCE SHEET (CONTINUED)
As At 30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 January 2025 and are signed on its behalf by:
Mr P Zamanpour
Director
Company registration number 13325660 (England and Wales)
London Atelier Investments Limited
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 April 2024
- 3 -
1
Accounting policies
Company information
London Atelier Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Handel House, 95 High Street, Edgware, Middlesex, HA8 7DB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rent received excluding value added tax relating to the principal activities of the company during the year.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
London Atelier Investments Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 April 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 May 2023
542,169
Revaluations
13,143
At 30 April 2024
555,312
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
881
London Atelier Investments Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 April 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
220
Corporation tax
878
Other creditors
162,296
162,289
162,296
163,387
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
391,020
391,020
7
Investment property reserve
2024
2023
£
£
At the beginning of the year
-
-
Non distributable profits in the year
10,646
-
At the end of the year
10,646
-
8
Related party transactions
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2024
2023
2024
2023
£
£
£
£
London Atelier Limited
52,500
56,500