Atco Development Limited 01353481 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is property investment. Digita Accounts Production Advanced 6.30.9574.0 true true true 01353481 2023-01-01 2023-12-31 01353481 2023-12-31 01353481 bus:OrdinaryShareClass1 2023-12-31 01353481 core:RetainedEarningsAccumulatedLosses 2023-12-31 01353481 core:RevaluationReserve 2023-12-31 01353481 core:ShareCapital 2023-12-31 01353481 core:CurrentFinancialInstruments 2023-12-31 01353481 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 01353481 core:Non-currentFinancialInstruments 2023-12-31 01353481 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 01353481 core:FurnitureFittings 2023-12-31 01353481 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 01353481 core:OfficeEquipment 2023-12-31 01353481 core:DeferredTaxation 2023-12-31 01353481 bus:SmallEntities 2023-01-01 2023-12-31 01353481 bus:Audited 2023-01-01 2023-12-31 01353481 bus:FullAccounts 2023-01-01 2023-12-31 01353481 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01353481 bus:RegisteredOffice 2023-01-01 2023-12-31 01353481 bus:CompanySecretary1 2023-01-01 2023-12-31 01353481 bus:Director2 2023-01-01 2023-12-31 01353481 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 01353481 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01353481 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 01353481 core:RetainedEarningsAccumulatedLosses core:LandBuildings 2023-01-01 2023-12-31 01353481 core:RevaluationReserve 2023-01-01 2023-12-31 01353481 core:RevaluationReserve core:LandBuildings 2023-01-01 2023-12-31 01353481 core:ShareCapital 2023-01-01 2023-12-31 01353481 core:FurnitureFittings 2023-01-01 2023-12-31 01353481 core:LandBuildings 2023-01-01 2023-12-31 01353481 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01353481 core:OfficeEquipment 2023-01-01 2023-12-31 01353481 core:PlantMachinery 2023-01-01 2023-12-31 01353481 core:DeferredTaxation 2023-01-01 2023-12-31 01353481 core:ParentEntities 2023-01-01 2023-12-31 01353481 countries:AllCountries 2023-01-01 2023-12-31 01353481 2022-12-31 01353481 core:RetainedEarningsAccumulatedLosses 2022-12-31 01353481 core:RevaluationReserve 2022-12-31 01353481 core:ShareCapital 2022-12-31 01353481 core:FurnitureFittings 2022-12-31 01353481 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 01353481 core:OfficeEquipment 2022-12-31 01353481 core:DeferredTaxation 2022-12-31 01353481 2022-01-01 2022-12-31 01353481 2022-12-31 01353481 bus:OrdinaryShareClass1 2022-12-31 01353481 core:CurrentFinancialInstruments 2022-12-31 01353481 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 01353481 core:Non-currentFinancialInstruments 2022-12-31 01353481 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 01353481 core:FurnitureFittings 2022-12-31 01353481 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 01353481 core:OfficeEquipment 2022-12-31 01353481 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 01353481 core:RevaluationReserve 2022-01-01 2022-12-31 01353481 core:ShareCapital 2022-01-01 2022-12-31 01353481 2021-12-31 01353481 core:RetainedEarningsAccumulatedLosses 2021-12-31 01353481 core:RevaluationReserve 2021-12-31 01353481 core:ShareCapital 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01353481

Atco Development Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Atco Development Limited

Contents

Company Information

1

Director's Report

2 to 3

Statement of Director's Responsibilities

4

Independent Auditor's Report

5 to 8

Profit and Loss Account

9

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13 to 21

 

Atco Development Limited

Company Information

Director

E G Z Philopus

Company secretary

M & N Secretaries Limited

Registered office

9 Berners Place
London
W1T 3AD

Holding company

Atco Holdings Limited (Cayman Islands)

Auditors

Mehta & Tengra
Chartered Accountants
Statutory Auditors
9 Berners Place
London
W1T 3AD

 

Atco Development Limited

Director's Report for the Year Ended 31 December 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director of the company

The director who held office during the year was as follows:

E G Z Philopus

Principal activity

The principal activity of the company is property investment.

Review of business

The results for the year and financial position of the company are as shown in the annexed financial statements.

Director
The company is a wholly owned subsidiary and the interests of the director are disclosed in the financial
statements of the parent company

Taxation Status

The company is a close company within the provision of the Income and Corporation Taxes Act 2010.

Fixed Assets

Changes in fixed assets are given in notes 7 and 8 to the financial statements.

Related party transactions

Except as stated in note 16 to the financial statements, none of the directors had any other material interests at any time of the year in any contract of significance in relation to the business of the company.

Financial instruments
The company financial instruments include bank balances,trade creditors and inter-company financing.Day to day operations continue to be funded through cash flow and from the reserves within the business.

Company policy on payment of creditors
The Company 's current policy concerning the payment of trade creditors is to:

- Pay in accordance with the Company's contractual and other legal obligations.
- Agree in specific cases payment terms with a supplier that reflect the particular nature of a client contract.
- Ensure that regular suppliers are aware of our standard payment terms and that these are respected and acted upon.

Disclosure of information to the auditors

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Mehta & Tengra as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Atco Development Limited

Director's Report for the Year Ended 31 December 2023

Approved and authorised by the director on 11 December 2024
 

.........................................
E G Z Philopus
Director

 

Atco Development Limited

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

 

Atco Development Limited

Independent Auditor's Report to the Members of Atco Development Limited

Opinion

We have audited the financial statements of Atco Development Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A '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 December 2023 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 auditor 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 UK, including the FRC’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 director's 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 original financial statements were authorised for issue.

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

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Atco Development Limited

Independent Auditor's Report to the Members of Atco Development Limited

Opinion on other matter 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Director's Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.

We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities [set out on page 4], the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 auditor’s 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Atco Development Limited

Independent Auditor's Report to the Members of Atco Development Limited

In identifying and assessing risks of material misstatements in respect of irregularities, including fraud and
non-compliance and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets.
- results of our enquiries of management about their own identification and assessment of the risks and
irregularities;
- any matters we identified having obtained and reviewed the company's documentation of their policies and
procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances
of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

As a result of these procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified that greatest potential for fraud is revenue recognition. In common with all
audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of
management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in,
focusing on provisions of those laws and regulations that had a direct effect on the determination of material
amounts and disclosures in the financial statements. The key laws and regulations we considered in this context
include the UK Companies Act, pension legislation and tax legislation.

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 is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 2006. Our 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 auditor’s 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.

 

Atco Development Limited

Independent Auditor's Report to the Members of Atco Development Limited

......................................
Mr J J Mehta (Senior Statutory Auditor)
For and on behalf of Mehta & Tengra, Statutory Auditor

Statutory Auditors
9 Berners Place
London
W1T 3AD

11 December 2024

 

Atco Development Limited

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

 

202,227

-

Gross profit

 

202,227

-

Administrative expenses

 

(198,066)

(291,123)

Other operating income

 

-

200,000

Operating profit/(loss)

 

4,161

(91,123)

Gain on revaluation of investment property

 

959,014

-

Interest payable and similar expenses

 

(2,926)

(1,986)

   

956,088

(1,986)

Profit/(loss) before tax

5

960,249

(93,109)

Tax on profit/(loss)

 

(241,998)

-

Profit/(loss) for the financial year

 

718,251

(93,109)

The above results were derived from continuing operations.

 

Atco Development Limited

Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Profit/(loss) for the year

718,251

(93,109)

Total comprehensive income for the year

718,251

(93,109)

 

Atco Development Limited

(Registration number: 01353481)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

7

-

5,541,009

Investment property

8

6,500,000

-

 

6,500,000

5,541,009

Current assets

 

Debtors

9

215,085

223,822

Cash at bank and in hand

 

9,274

24,162

 

224,359

247,984

Creditors: Amounts falling due within one year

10

(103,885)

(105,462)

Net current assets

 

120,474

142,522

Total assets less current liabilities

 

6,620,474

5,683,531

Creditors: Amounts falling due after more than one year

10

(1,674,644)

(1,697,950)

Provisions for liabilities

11

(1,029,156)

(787,158)

Net assets

 

3,916,674

3,198,423

Capital and reserves

 

Called up share capital

12

50,000

50,000

Fair value reserve

4,072,795

3,355,779

Retained earnings

(206,121)

(207,356)

Shareholders' funds

 

3,916,674

3,198,423

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 11 December 2024
 

.........................................
E G Z Philopus
Director

 

Atco Development Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Fair value reserve
£

Retained earnings
£

Total
£

At 1 January 2023

50,000

3,355,779

(207,356)

3,198,423

Profit for the year

-

-

718,251

718,251

Other comprehensive income

-

717,016

(717,016)

-

Total comprehensive income

-

717,016

1,235

718,251

At 31 December 2023

50,000

4,072,795

(206,121)

3,916,674

Share capital
£

Fair value reserve
£

Retained earnings
£

Total
£

At 1 January 2022

50,000

3,355,779

(114,247)

3,291,532

Loss for the year

-

-

(93,109)

(93,109)

At 31 December 2022

50,000

3,355,779

(207,356)

3,198,423

 

Atco Development Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
9 Berners Place
London
W1T 3AD
United Kingdom

The principal place of business is:
42 Albermarle Street
3rd Floor
London
W1S 4JH

These financial statements were authorised for issue by the director on 11 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102
'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related
party transactions with wholly owned subsidiaries within the group.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Atco Development Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Freehold land is not depreciated.

Asset class

Depreciation method and rate

Freehold property

2% on cost

Furniture and fittings

2% on cost

Office equipment

20% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Atco Development Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligations and a reliable estimate can be made.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Atco Development Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Atco Development Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

3,300

3,300

Other fees to auditors

All other non-audit services

1,200

1,200


 

5

Profit/loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

23

91,774

6

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Deferred taxation

Revaluation of investment property

241,998

-

 

Atco Development Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Tangible assets

Freehold property
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

6,526,312

133,428

65,779

6,725,519

Reclassification

(6,526,312)

-

-

(6,526,312)

At 31 December 2023

-

133,428

65,779

199,207

Depreciation

At 1 January 2023

985,326

133,418

65,766

1,184,510

Charge for the year

-

10

13

23

Reclassification

(985,326)

-

-

(985,326)

At 31 December 2023

-

133,428

65,779

199,207

Carrying amount

At 31 December 2023

-

-

-

-

At 31 December 2022

5,540,986

10

13

5,541,009

8

Investment property

2023
£

Investment properties additions

5,540,986

Investment properties fair value adjustments

959,014

At 31 December

6,500,000

Investment property was valued on an open market basis on 31 December 2023 by the director.

Cost or valuation at 31 December 2023 is represented by:

Investment property
 £

Valuation in 2000

441,625

Valuation in 2001

87,000

Valuation in 2014

3,614,312

Valuation in 2023

959,014

Depreciation

(985,326)

Cost

2,383,375

6,500,000

 

Atco Development Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

9

Debtors

Current

2023
£

2022
£

Trade debtors

50,684

52,737

Other taxation

2,550

694

Prepayments

2,154

12,682

Other debtors

121,046

119,058

Corporation tax recoverable

38,651

38,651

 

215,085

223,822

 

Atco Development Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

10

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

4,389

1,347

Accruals and deferred income

18,600

18,600

Other creditors

29,863

34,942

Amount due to holding company

1,633

1,633

Social security and other taxes

671

671

Corporation tax

48,729

48,269

103,885

105,462

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

14

1,674,644

1,697,950

11

Provisions for liabilities

Deferred tax
£

Total
£

At 1 January 2023

787,158

787,158

Revaluation of investment property

241,998

241,998

At 31 December 2023

1,029,156

1,029,156

12

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

50,000

50,000

50,000

50,000

       

13

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

 

Atco Development Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Fair value reserve
£

Retained earnings
£

Revaluation of investment property

717,016

(717,016)

14

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

1,674,644

1,697,950

The above loan is unsecured, interest free and repayable after more than one year.

15

Ultimate parent company

The ultimate parent company and controlling party is Atco Holdings Limited, registered in the Cayman Islands.

16

Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102
'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.There are no other related party transactions to report

 

17

Going concern

The director has agreed to support the company by not withdrawing the loan.