ATLANTIS ROTHERHITHE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ATLANTIS ROTHERHITHE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ATLANTIS ROTHERHITHE LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1
4,382
Investment property
4
90,000
1,490,000
90,001
1,494,382
Current assets
Stocks
1,141,072
1,724,130
Debtors
5
66,548
49,191
Cash at bank and in hand
59,150
86,020
1,266,770
1,859,341
Creditors: amounts falling due within one year
6
(1,058,785)
(2,967,429)
Net current assets/(liabilities)
207,985
(1,108,088)
Total assets less current liabilities
297,986
386,294
Creditors: amounts falling due after more than one year
8
(11,667)
(21,667)
Net assets
286,319
364,627
Capital and reserves
Called up share capital
9
2
2
Share premium account
18,998
18,998
Other reserves
281,000
281,000
Profit and loss reserves
(13,681)
64,627
Total equity
286,319
364,627
The notes on pages pages 3 to 7 form an integral part of these financial statements.
ATLANTIS ROTHERHITHE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 4 April 2025
M Nourani
Director
Company registration number 10093756 (England and Wales)
ATLANTIS ROTHERHITHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Atlantis Rotherhithe Limited is a private company limited by shares incorporated in England and Wales. The registered office is 18-20 Saffron Wharf, Shad Thames, London, SE1 2YQ.
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 investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for property sales in the normal course of business. It also includes the value of property transferred from current assets to fixed asset investment property, at market valuation at the date of transfer.
Revenue from the sale of property is recognised when the company has transferred the significant risks and rewards of ownership to the buyer. This is when contracts are completed.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
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. The surplus or deficit on revaluation is recognised in profit or loss.
ATLANTIS ROTHERHITHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Work in progress, comprising property under development, is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads including borrowing costs as described above that have been incurred in bringing the property under development to their present condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).
Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.
All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.
Amortised cost: the original transaction value, less amounts settled, less any adjustment for impairment.
Effective interest method: where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.
Derecognition of financial assets
Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.
Financial liabilities cease to be recognised when and only when the company's obligations are discharged, cancelled, or they expire.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
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.
ATLANTIS ROTHERHITHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
No deferred taxation has been provided because the company has no assets or liabilities which may give rise to a timing difference.
1.10
Leases
Rental income arising from operating leases on investment property is accounted for on a straight line basis over the period of the lease term, up to the next rent review.
Tenant lease incentives are recognised as a reduction of rental revenue on a straight line basis over the same period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 April 2023
21,906
Disposals
(7,448)
At 31 March 2024
14,458
Depreciation and impairment
At 1 April 2023
17,524
Depreciation charged in the year
4,381
Eliminated in respect of disposals
(7,448)
At 31 March 2024
14,457
Carrying amount
At 31 March 2024
1
At 31 March 2023
4,382
ATLANTIS ROTHERHITHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Investment property
2024
£
Fair value
At 1 April 2023
1,490,000
Disposals
(1,400,000)
At 31 March 2024
90,000
Investment property comprises the commercial part of the property developed by the company.
In the opinion of the directors, there has been no material movement in the open market value of the property.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
56,528
31,510
Corporation tax recoverable
6,418
Other debtors
3,602
13,000
Prepayments and accrued income
4,681
66,548
49,191
6
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
7
770,000
2,321,625
Amounts owed to group undertakings
182,192
210,692
Taxation and social security
8,422
Other creditors
64,901
351,675
Accruals and deferred income
41,692
75,015
1,058,785
2,967,429
See note 10 for details of related party creditors.
7
Loans and overdrafts
2024
2023
£
£
Bank loans
781,667
2,343,292
Payable within one year
770,000
2,321,625
Payable after one year
11,667
21,667
ATLANTIS ROTHERHITHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Loans and overdrafts
(Continued)
- 7 -
The first bank loan is secured by a fixed charge over the company land and buildings, by assignment over the rental income of the company, and by first security over a Jersey bank deposit maintained to the value of 6 months' interest, together with a personal guarantee from the director.
The second bank loan is a bounce back loan and is secured by H.M. Government.
The primary bank loan repayments are conditional on the sale of properties. As properties are sold, 55% of the gross proceeds are used to repay the loan balance. Interest is charged at a fixed rate of 6.45% per annum and is payable quarterly.
The loan has a final repayment date in 2028, but is technically repayable on demand and is also subject to repayment as properties are sold, as detailed above. Although it is not envisaged by either party that early demand for full repayment will be made, the loan should be shown as repayable within one year.
The second bank loan is repayable in equal instalments over 5 years from June 2021. Interest has been charged from that date at 2.5% per annum.
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
7
11,667
21,667
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
190
190
2
2
10
Related party transactions
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
240,089
555,363
Director
7,004
7,004
These loan creditors are unsecured, interest free, and repayable on demand.