Company No:
Contents
| Note | 2024 | |
| £ | ||
| Fixed assets | ||
| Investment property | 3 |
|
| 378,187 | ||
| Current assets | ||
| Debtors | 4 |
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| Cash at bank and in hand |
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|
| 18,060 | ||
| Creditors: amounts falling due within one year | 5 | (
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| Net current liabilities | (174,373) | |
| Total assets less current liabilities | 203,814 | |
| Creditors: amounts falling due after more than one year | 6 | (
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| Net liabilities | (
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| Capital and reserves | ||
| Called-up share capital | 7 |
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| Profit and loss account | (
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| Total shareholders' deficit | (
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Director's responsibilities:
The financial statements of Atlantic Coast Investments Limited (registered number:
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Mr A J Gibbings
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year, unless otherwise stated.
Atlantic Coast Investments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £6,161. The Company is supported through loans from connected companies. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements . Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
| 2024 | |
| Number | |
| Monthly average number of persons employed by the Company during the year, including the director |
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| Investment property | |
| £ | |
| Valuation | |
| As at 01 January 2024 |
|
| Additions | 378,187 |
| As at 31 December 2024 |
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The fair value of the company's investment property was not revalued in the current year as the property was acquired within the year and the view was taken that there was no material change in the value of the property.
| 2024 | |
| £ | |
| Other debtors |
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| 2024 | |
| £ | |
| Amounts owed to director |
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| Accruals |
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| Other creditors |
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| 2024 | |
| £ | |
| Bank loans (secured) |
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| 2024 | |
| £ | |
| Allotted, called-up and fully-paid | |
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Other related party transactions
| 2024 | |
| £ | |
| Amounts owed to companies under the control of the directors | 190,083 |