ATLANTIS HIGHAMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ATLANTIS HIGHAMS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ATLANTIS HIGHAMS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
3
6,000,000
7,000,000
Debtors
4
270,663
205,923
Cash at bank and in hand
1,260
6,093
6,271,923
7,212,016
Creditors: amounts falling due within one year
5
(4,232,649)
(4,017,033)
Net current assets
2,039,274
3,194,983
Creditors: amounts falling due after more than one year
7
(3,011,667)
(3,021,667)
Net (liabilities)/assets
(972,393)
173,316
Capital and reserves
Called up share capital
8
276
276
Profit and loss reserves
(972,669)
173,040
Total equity
(972,393)
173,316

The notes on pages pages 2 to 5 form an integral part of these financial statements.

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 23 April 2025
M Nourani
Director
Company registration number 10466783 (England and Wales)
ATLANTIS HIGHAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Atlantis Highams 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

At 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. If required, the director or shareholders will provide support. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost comprises acquisition costs, professional fees, and borrowing costs, and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated fair value less costs to sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.4
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.

ATLANTIS HIGHAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
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.

1.5
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.

 

There is no tax charge in the current period of account because the company has made taxable losses which are available to carry forward.

Deferred tax

No deferred taxation has been provided as there are no gains or losses in the financial statements which will give rise to a timing difference.

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
Stocks
2024
2023
£
£
Stocks
6,000,000
7,000,000

Borrowing costs capitalised during the year amounted to £296,390 (2023 - £225,259).

 

The carrying value is stated after an impairment provision of £1,308,416 (2023: £123,396).

ATLANTIS HIGHAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
220,312
180,005
Prepayments and accrued income
50,351
25,918
270,663
205,923
5
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
6
10,000
10,000
Tenants' deposits
111,777
79,928
Taxation and social security
9,445
-
0
Other creditors
4,000,562
3,865,062
Accruals and deferred income
100,865
62,043
4,232,649
4,017,033

See note 9 for details of creditors owed to related parties included in other creditors.

6
Loans and overdrafts
2024
2023
£
£
Bank loans
3,021,667
3,031,667
Payable within one year
10,000
10,000
Payable after one year
3,011,667
3,021,667

The bank loan of £3,000,000 is secured by a first charge over the company's property and all other fixed assets including goodwill and proceeds of insurance and the benefits of contracts and warranties relating to the same; and a floating charge over all the company's assets; by a fixed charge over all the company's rental income; and by a personal guarantee of the director.

 

The bank loan of £21,667 (2023 - £31,667) is a bounce back loan repayable in 60 instalments starting from June 2021. Interest is charged at 2.5% p.a. The loan is secured by HM Government.

7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
6
3,011,667
3,021,667
ATLANTIS HIGHAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
276
276
276
276
9
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Shareholders
4,000,562
3,865,062

These loans are unsecured, interest free, and repayable on demand.

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