ATLANTIS REAL ESTATE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ATLANTIS REAL ESTATE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
ATLANTIS REAL ESTATE LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
374,301
374,301
Investments
4
400,240
500,240
774,541
874,541
Current assets
Stocks
2,930,835
2,569,865
Debtors
5
2,040,547
2,187,046
Cash at bank and in hand
84
345,915
4,971,466
5,102,826
Creditors: amounts falling due within one year
6
(6,232,598)
(5,368,136)
Net current liabilities
(1,261,132)
(265,310)
Total assets less current liabilities
(486,591)
609,231
Creditors: amounts falling due after more than one year
7
(11,667)
(21,667)
Net (liabilities)/assets
(498,258)
587,564
Capital and reserves
Called up share capital
8
2,000,000
2,000,000
Profit and loss reserves
(2,498,258)
(1,412,436)
Total equity
(498,258)
587,564
The notes on pages 2 - 7 form an integral part of these financial statements.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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 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 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.

The financial statements were approved and signed by the director and authorised for issue on 27 May 2025
Morris Nourani
Director
Company Registration No. 06161479
ATLANTIS REAL ESTATE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Atlantis Real Estate Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Saffron Wharf, 18-20 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.

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-size group under section 383 of the Companies Act 2006. The company has taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

1.2
Going concern

As at 31 March 2024, the company's liabilities exceeded its liquid assets. The company is dependent on loans provided by the director and its parent company. The director and its parent company have confirmed that they do not intend to request repayment of the loans for the foreseeable future and the director therefore considers it appropriate to prepare accounts on a going concern basis.true

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 account date. Changes in fair value are recognised in profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

ATLANTIS REAL ESTATE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks

Work in progress is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises the cost of property purchased for resale, plus development costs, maintenance costs, and interest payable in respect of loans used to fund the purchase, up to the date the property is complete and put on sale.

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.

1.6
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.

1.7
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 REAL ESTATE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to reserves, in which case the deferred tax is also dealt with in reserves.

1.8
Leases

Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

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
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
374,301

Investment property comprises a London flat at cost plus refurbishment costs. The director confirms that its fair value at the year end is not materially different from its cost.

4
Fixed asset investments
2024
2023
£
£
Investments in subsidiaries
400,187
500,187
Investments in associates
53
53
400,240
500,240
Fixed asset investments not carried at market value

The investment in the subsidiary companies is reflected in the financial statements at cost less any impairment provision.

ATLANTIS REAL ESTATE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in subsidiaries and associates
£
Cost or valuation
At 1 April 2023 & 31 March 2024
500,240
Impairment
At 1 April 2023
-
Impairment losses
100,000
At 31 March 2024
100,000
Carrying amount
At 31 March 2024
400,240
At 31 March 2023
500,240
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings and associates
538,941
564,628
Amounts owed by undertakings in which the company has a participating interest
529,105
1,366,605
Other debtors
908,942
223,000
Prepayments and accrued income
63,559
32,813
2,040,547
2,187,046

See note 9 for details of related party debtors included above.

ATLANTIS REAL ESTATE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Corporation tax
3,070
3,070
Other taxation and social security
27,698
6,815
Other creditors
6,174,841
5,322,088
Accruals and deferred income
16,989
26,163
6,232,598
5,368,136

Bank loans relate to a Bounce Back loan, which is secured by HM Government.

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

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,667
21,667

Bank loans relate to a Bounce Back loan, which is secured by HM Government.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,000,000
2,000,000
2,000,000
2,000,000
ATLANTIS REAL ESTATE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
9
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Interest receivable
2024
2023
£
£
Entities over which the entity has control, joint control or significant influence
34,701
33,291

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
2,223,400
2,236,000
Director
2,723,465
1,999,750

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
1,068,046
1,931,233
Other information

The company has given a guarantee to Investec Bank over a loan owed by Atlantis Highams Limited to the bank. The amount of the loan as at 31 March 2024 was £3,000,000.

 

The security for this guarantee consists of the company's shares in Atlantis Highams Limited.

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