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ATLANTIS EUROPEAN LIMITED
Notes to the financial statements
For the Year Ended 31 March 2024
Atlantis European Limited is a private limited company, incorporated in England and Wales, registration number 02690237. The Company's registered office is Unit 6, Bayford Street Industrial Park, Bayford Street, London, E8 3SE. These accounts have been presented in Sterling, and amounts have been rounded to the nearest pound.
The company's principal activity is the sale of art materials.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
The directors consider the going concern basis to be appropriate since they have confirmed they will provide the company with whatever financial support may be necessary in order to enable the company to meet its liabilities and commitments as they fall due for 12 months from the date of approval of these financial statements.
Turnover relates to the supply of artist's materials and is recognised upon delivery or at point of sale. Turnover is measured as the fair value of the consideration received or receivable, excluding value added tax.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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