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Registered number: 02690237










ATLANTIS EUROPEAN LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




















 
ATLANTIS EUROPEAN LIMITED
 
 
Company Information


Directors
Mrs E.M. Winthrop 
Mr M.D. Winthrop 




Company secretary
Mrs E.M Winthrop



Registered number
02690237



Registered office
Unit 6
Bayford Street Industrial Park

Bayford Street

London

E8 3SE





 
ATLANTIS EUROPEAN LIMITED
Registered number: 02690237

Balance sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
893

  
-
893

Current assets
  

Stocks
  
598,000
718,000

Debtors: amounts falling due after more than one year
 5 
52,000
52,000

Debtors: amounts falling due within one year
 5 
21,116
1,420

Cash at bank and in hand
  
1,490
10,857

  
672,606
782,277

Creditors: amounts falling due within one year
 6 
(498,870)
(518,743)

Net current assets
  
 
 
173,736
 
 
263,534

Total assets less current liabilities
  
173,736
264,427

  

Net assets
  
173,736
264,427


Capital and reserves
  

Called up share capital 
 7 
80,000
80,000

Profit and loss account
  
93,736
184,427

  
173,736
264,427


Page 1

 
ATLANTIS EUROPEAN LIMITED
Registered number: 02690237
    
Balance sheet (continued)
As at 31 March 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 June 2025.




Mrs E.M. Winthrop
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
ATLANTIS EUROPEAN LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Going concern

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.

 
2.3

Turnover

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.

 
2.4

Tangible fixed assets

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:

Equipment
-
15% per annum

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.

Page 3

 
ATLANTIS EUROPEAN LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. 

 
2.10

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.11

Pensions

Defined contribution plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Staff Benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

Page 4

 
ATLANTIS EUROPEAN LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.13

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2023 - 11).

Page 5

 
ATLANTIS EUROPEAN LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

4.


Tangible fixed assets





Equipment

£



Cost or valuation


At 1 April 2023
8,927



At 31 March 2024

8,927



Depreciation


At 1 April 2023
8,034


Charge for the year
893



At 31 March 2024

8,927



Net book value



At 31 March 2024
-



At 31 March 2023
893


5.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
52,000
52,000

52,000
52,000


2024
2023
£
£

Due within one year

Trade debtors
1,082
1,420

Tax recoverable
20,034
-

21,116
1,420


Page 6

 
ATLANTIS EUROPEAN LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
152,265
55,885

Corporation tax
22,152
22,152

Other taxation and social security
47,764
271,900

Other creditors
276,689
168,806

498,870
518,743



7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



80,000 (2023 - 80,000) Ordinary shares of £1.00 each
80,000
80,000



8.


Commitments under operating leases

At 31 March 2024 the Company had total commtments under non-cancellable operating leases over the remaining life of those lease of £624,067 (2023: £786,867) not included on the balance sheet.



9.


Related party transactions

During the year the directors maintained loan accounts with the company in order to pay expenses on behalf of the company. As at 31 March 2024 the company owed the directors £120,673 (2023: £25,615). The amounts are interest free and repayable upon demand.

 
Page 7